About The Author

Jack Scoville

Jack Scoville is an often quoted market analyst in the grain and soft commodities sectors. You will find his commentary throughout the Reuters, Wall Street Journal, Dow Jones, Bloomberg, and Barron's publications. Contact Mr. Scoville at (312) 264-4322

DJ USDA Grain Inspections for Export in Metric Tons – Jun 06
COUNTRY OF DESTINATION IS REPORTED AS KNOWN AT THE TIME OF EXPORTATION.
INFORMATION CONTAINED IN THIS REPORT REFLECTS EXPORTED GRAIN INSPECTED
AND WEIGHED THROUGH THE AUTHORITY UNDER THE U.S. GRAIN STANDARDS ACT.
NO ADDITIONAL ANALYSIS, COMPILATIONS OR DATA IS AVAILABLE
GRAINS INSPECTED AND/OR WEIGHED FOR EXPORT
REPORTED IN WEEK ENDING JUN 02, 2022
— METRIC TONS —
————————————————————————-
CURRENT PREVIOUS
———– WEEK ENDING ———- MARKET YEAR MARKET YEAR
GRAIN 06/02/2022 05/26/2022 06/03/2021 TO DATE TO DATE
BARLEY 0 73 0 0 0
CORN 1,434,683 1,411,734 1,426,845 43,733,073 52,608,324
FLAXSEED 0 0 0 0 0
MIXED 0 0 0 0 0
OATS 0 0 0 0 0
RYE 0 0 0 0 0
SORGHUM 207,953 144,690 65,550 6,328,772 6,271,629
SOYBEANS 350,416 403,617 239,384 49,852,901 56,907,092
SUNFLOWER 0 0 0 2,260 240
WHEAT 352,779 344,907 531,921 225,845 194,485
Total 2,345,831 2,305,021 2,263,700 100,142,851 115,981,770
————————————————————————-
CROP MARKETING YEARS BEGIN JUNE 1 FOR WHEAT, RYE, OATS, BARLEY AND
FLAXSEED; SEPTEMBER 1 FOR CORN, SORGHUM, SOYBEANS AND SUNFLOWER SEEDS.
INCLUDES WATERWAY SHIPMENTS TO CANADA

DJ U.S. April Grain Imports-June 7
In kilograms, from the U.S. Commerce Department, converted to
pounds by Dow Jones.
—-Apr 2022—- —-Mar 2022—-
kilograms pounds kilograms pounds
durum wheat 249,188 549,460 23,976 52,867
spring wheat 217,728 480,090 190,512 420,079
winter wheat 0 0 0 0
wheat/meslin 0 0 0 0
TOTAL WHEAT 466,916 1,029,550 214,488 472,946
barley 25,675,688 56,614,892 58,429,385 128,836,794
oats 888,977 1,960,194 1,429,016 3,150,980
corn 26,570,641 58,588,263 14,788,620 32,608,907
other corn 4,282,862 9,443,711 5,451,604 12,020,787
TOTAL CORN 30,853,503 68,031,974 20,240,224 44,629,694

DJ U.S. Apr Soymeal, Vegetable Oils/Oilseed Imports-June 7
In kilograms from the U.S. Commerce Department, converted to pounds
by Dow Jones.
—-Apr 2022—- —-Mar 2022—-
kilograms pounds kilograms pounds
coconut oil 50,369,805 111,065,420 26,223,663 57,823,177
palm kernel oil 30,417,348 67,070,252 21,513,583 47,437,451
palm oil 131,149,661 289,185,003 131,820,545 290,664,302
soybean 47,093,898 103,842,045 29,180,685 64,343,410
soymeal 0 0 0 0
soyoil 10,668,381 23,523,780 10,063,692 22,190,441
rapeseed oil
edible 164,063,099 361,759,133 180,968,432 399,035,393
rapeseed oil,
inedible 283 624 81,548 179,813

DJ U.S. April Grain Exports-May 7
In kilograms (top) and in bushels (bottom), except flour in cwt and malt
in pounds. /1 denotes includes commercial and donated. Source: U.S. Department
of Commerce.
(*)NOTE: Year ago figures reflect data reported at that time.
Data includes Exports and Re-Exports.
——- In Kilograms ——-
Apr 22 Mar 22 Feb 22 Apr 21
Barley 60,650 409,237 81,898 1,102,550
Corn /1 6,974,723,000 7,446,178,000 6,653,302,000 8,499,404,000
Sorghum 795,711,000 1,299,258,000 881,257,000 1,024,366,000
Oats 2,308,945 2,590,323 4,405,934 6,264,150
Rye 68,006 170,407 69,260 102,005
Wheat /1 1,751,414,716 1,712,412,944 1,854,656,428 2,615,264,074
wheat flour /1 20,766,149 20,623,577 18,349,723 23,421,703
Malt 22,871,221 21,290,948 19,067,929 35,895,849
——- In Bushels, CWT or Pounds ——-
Apr 22 Mar 22 Feb 22 Apr 21
Barley 2,786 18,796 3,762 50,639
Corn /1 274,579,898 293,140,071 261,926,242 334,603,321
Sorghum 31,325,437 51,149,003 34,693,200 40,327,094
Oats 159,072 178,457 303,541 431,561
Rye 2,677 6,709 2,727 4,016
Wheat /1 64,352,814 62,919,759 68,146,259 96,093,519
wheat flour /1 457,815 454,672 404,542 516,360
Malt 50,422,420 46,938,514 42,037,595 79,136,814
1/Includes commercial and donated.

DJ U.S. April Oilseed, Meal, Oils/Fats Exports-May 7
In kilograms (top). Oils in pounds, soybeans in bushels, meal and hulls in
short tons (bottom). Source: U.S. Department of Commerce.
(*)NOTE: Year ago figures reflect data reported at that time.
Data includes Exports and Re-Exports.
——- In Kilograms ——-
Apr 22 Mar 22 Feb 22 Apr 21
soybeans 3,658,179,451 3,184,487,751 3,792,027,681 1,386,274,262
soyoil 76,315,058 120,901,482 106,888,467 59,774,837
crude 65,670,166 110,428,276 83,276,495 50,336,093
refined 169,501 82,579 50,131 125,898
other/1 10,196,497 10,056,110 23,282,021 8,840,033
hydrogenated 278,894 334,517 279,820 472,813
cottonseed oil 4,920,499 3,325,824 5,331,238 3,085,608
crude 141,190 218,278 241,423 833,763
refined 3,938,060 2,426,630 4,350,457 1,041,699
other/1 552,523 408,758 550,642 1,210,146
hydrogenated 288,726 272,158 188,716 0
sunseeds 1,743,139 169,981 0 67,020
sunseed oil 6,892,746 7,422,149 5,038,571 4,584,933
rapeseed 3,763,736 22,020,840 11,248,554 10,372,703
rapeseed oil 10,646,127 14,236,389 10,518,202 12,340,223
crude 2,977,871 3,183,106 3,125,950 5,213,297
refined 7,668,256 11,053,283 7,392,252 7,126,926
linseed meal 225,528 134,174 0 166,858
cottonseed meal 5,490,792 2,467,303 2,863,104 3,829,086
soymeal 943,376,389 915,366,094 802,479,409 754,644,230
soymeal/flour 117,955,857 167,076,845 172,032,020 179,797,768
soymeal hulls 15,304,000 4,082,000 7,630,000 25,606,000
lard 8,249,335 1,452,756 948,697 2,216,412
edible tallow 9,617,460 6,981,604 5,068,015 13,488,847
inedible tallow 8,895,902 7,988,346 10,223,146 14,642,525
ch white grease 0 0 14,646 0
——- In Bushels, Pounds or Short Tons ——-
Apr 22 Mar 22 Feb 22 Apr 21
soybeans 134,413,706 117,008,694 139,331,736 50,936,337
soyoil 168,245,932 266,542,188 235,648,773 131,780,980
crude 144,777,958 243,452,717 183,593,276 110,972,108
refined 373,686 182,056 110,520 277,558
other/1 22,479,432 22,169,931 51,328,079 19,488,940
hydrogenated 614,856 737,484 616,898 1,042,374
cottonseed oil 10,847,845 7,332,188 11,753,370 6,802,602
crude 311,271 481,221 532,247 1,838,133
refined 8,681,938 5,349,804 9,591,118 2,296,554
other/1 1,218,105 901,157 1,213,958 2,667,916
hydrogenated 636,532 600,006 416,048 0
sunseeds 3,842,964 374,744 0 147,754
sunseed oil 15,195,906 16,363,040 11,108,150 10,108,049
rapeseed 8,297,619 48,547,650 24,798,821 22,867,900
rapeseed oil 23,470,696 31,385,871 23,188,670 27,205,539
crude 6,565,083 7,017,549 6,891,541 11,493,354
refined 16,905,614 24,368,322 16,297,129 15,712,185
linseed meal 249 148 0 184
cottonseed meal 6,053 2,720 3,156 4,221
soymeal 1,039,884 1,009,008 884,573 831,844
soymeal flour/me 130,023 184,169 189,631 198,191
soymeal hulls 16,870 4,500 8,411 28,225
lard 18,186,674 3,202,779 2,091,519 4,886,353
edible tallow 21,202,874 15,391,805 11,173,062 29,737,822
inedible tallow 19,612,110 17,611,291 22,538,183 32,281,247
ch white grease 0 0 32,289 0

Crop Progress
Date 29-May 22-May 2021 Avg
Cotton Planted 84 68 70 76
Cotton Squaring 11 7 9 10
Corn Planted 94 86 98 92
Corn Emerged 78 61 89 81
Soybeans Planted 78 66 89 79
Soybeans Emerged 56 39 74 59
Sorghum Planted 56 40 50 55
Rice Emerged 89 79 90 89
Peanuts Planted 88 79 86 87
Sugarbeets Planted 94 75 100 100
Sunflowers Planted 33 21 57 50
Oats Planted 94 88 99 97
Oats Emerged 80 71 94 91
Oats Headed 26 36 33
Winter Wheat Headed 79 72 84 84
Winter Wheat Harvested 5 2 6
Spring Wheat Planted 82 73 99 97
Spring Wheat Emerged 55 42 89 83
Barley Planted 91 8598 97 93
Barley Emerged 73 62 86 84

Crop Condition
Very Poor Poor Fair Good Excellent
Cotton This Week 2 13 37 43 5
Cotton Last Week 3 13 38 40 4
Cotton Last Year 1 14 39 41 5

Corn This Week 1 3 23 61 12
Corn Last Week
Corn Last Year 1 4 23 58 14

Winter Wheat This Week 23 17 30 26 4
Winter Wheat Last Week 23 17 31 25 4
Winter Wheat Last Year 5 13 32 42 8

Sorghum This Week 5 11 38 43 3
Sorghyum Last Week
Sorghum Last Year 1 2 23 66 8

Rice This Week 0 2 26 57 15
Rice Last Week 0 2 27 57 14
Rice Last Year 0 1 24 82 13

Peanuts This Week 1 6 20 64 9
Peanuts Last Week 0 6 21 68 5
Peanuts Last Year 1 7 31 55 6

Oats This Week 12 10 23 47 8
Oats Last Week 13 10 26 45 6
Oats Last Year 5 13 36 39 7

Barley This Week 3 16 35 38 8
Barley Last Week 2 12 40 38 8
Barley Last Year 6 12 39 40 3

Pastures and Ranges This Week 19 24 29 25 3
Pastures and Ranges Last Week 22 24 30 22 2
Pastures and Ranges Last Year 17 20 28 27 8

WHEAT
General Comments: Winter Wheat markets were higher as the focus remained on Russia and its offer to allow ships into Ukrainian ports to take grain. Russia bombed Kiev and another port in Ukraine over the weekend so no one thinks that a solution to the crisis is coming anytime soon now. The UN said negotiations are making progress but there was still a long way to go before any deal could be concluded. USDA noted mostly stable conditions for the Winter Wheat crops yesterday but noted Spring Wheat planting remained far behind average. The Winter Wheat harvest is underway in the US. Minneapolis Spring Wheat futures weather remained bad for planting in the northern Great Plains and the Canadian Prairies although it was drier over the weekend. Europe is too hot and dry and India and Pakistan both got major heat waves and dry conditions although it is cooler now.
Overnight News: The southern Great Plains should get isolated to scattered showers. Temperatures should average near to below normal. Northern areas should see isolated to scattered showers. Temperatures will average below normal. The Canadian Prairies should see isolated showers in eastern areas. Temperatures should average near to below normal.
Chart Analysis: Trends in Chicago are mixed. Support is at 1069, 1037, and 1027 July, with resistance at 1115, 1134, and 1170 July. Trends in Kansas City are mixed. Support is at 1137, 1119, and 1113 July, with resistance at 1192, 1213, and 1257 July. Trends in Minneapolis are mixed. Support is at 1214, 11590, and 1180 July, and resistance is at 1239, 1256, and 1288 July.

RICE:
General Comments: Rice was sharply higher yesterday and rends turned mixed in the market. Growing conditions in US areas are said to be good. There are still ideas of less production of US Rice this year but the good conditions are starting to limit loss ideas. Trends are trying to turn up on the daily charts but are still mixed overall. The planting pace is catching up to normal, but acreage estimates are still down for the next crop. Some traders note that it will be difficult to move Rice at current price levels and they are worried about domestic and export demand moving forward. The export sales reports in recent weeks have shown less demand. Indian exporters are reported to be actively booking Rice sales in fears of a government embargo similar to what happened to Wheat and for the same reasons. It was hot and dry in growing areas but many of these areas are in better shape now.
Overnight News: The Delta should get isolated showers. Temperatures should be near to above normal.
Chart Analysis: Trends are mixed. Support is at 1677, 1672, and 1661 July and resistance is at 1741, 1764, and 1782 July.

CORN AND OATS:
General Comments: Corn and Oats were both higher yesterday as the US crops got into the ground and emerged under what was considered good conditions. However, there could be more than 2.0 million acres of unplanted Corn ground this year in the Dakotas and into western Minnesota . The government in Russia said again that it was willing to discuss terms with the west for shipments of Ukraine grain to get safe passage, but ideas are that the terms Russia will ask for will be so onerous that they will be rejected. The UN said it is negotiating with Russia and progress is being made but that any deal was still far away. USDA noted that planting progress for US crops is just above the average and condition ratings were strong. The areas left to be planted are primarily in the Dakotas and might not get planted as the insurance planting dates have passed. The risk to plant now would be much higher without the insurance and the high costs of inputs. There are also pockets of area left to be planted in the big production states. The weather was variable last week with periods of rain and very cool temperatures and then warm and dry conditions and more of the same is expected this week. Many think the top end of the yield has been taken off the Corn crop due to the delayed planting. It already thinks there is reduced planted area because of the March planning intentions reports from USDA and the bad planting weather.
Overnight News:
Chart Analysis: Trends in Corn are mixed. Support is at 736, 726, and 721 July, and resistance is at 7455, 761, and 772 July. Trends in Oats are mixed. Support is at 663, 644, and 625 July, and resistance is at 708, 709, and 716 July.

SOYBEANS
General Comments: Soybeans and the products were mixed but Soybeans are holding overall as the US cash market runs low on Soybeans and farmers are reluctant sellers. There is less Chinese demand for Soy products due to the lockdowns there although China is trying to lift the lockdowns. Soybean Oil is not going to restaurants as quickly as in the past due to Covid lockdowns and Meal demand is down as well as less meat is being produced for the same reason. There are still fears of a cooling economy in China. China has been a major buyer of US Soybeans this year after a very slow start due to the problems in South America. They are buying for this year and already have booked a large amount of new crop Soybeans to cover future needs. Most of the current buying is for next year.
Overnight News:
Chart Analysis: Trends in Soybeans are mixed. Support is at 1674, 1665, and 1645 July, and resistance is at 1741, 1749, and 1768 July. Trends in Soybean Meal are down with objectives of 408.00 and 390.00 July. Support is at 406.00, 395.00, and 393.00 July, and resistance is at 420.00 426.00, and 429.00 July. Trends in Soybean Oil are mixed to up with objectives of 8500, and 8680 July. Support is at 8030, 7650, and 7500 July, with resistance at 8270, 8460, and 8680 July.

CANOLA AND PALM OIL
General Comments: Palm Oil was higher on ideas of less Malaysian production due to worker shortages from Covid and on the potential for strong exports for the month from Malaysia. The market was closed today for a holiday. The Indonesian government is now imposing a domestic reserve on exporters to limit export sales. Some analysts think Palm Oil is topping out anyway due to reduced demand ideas. Hopes for better demand from India keep the market supported, but Chinese demand could be less. A new Covid outbreak is reported in China and cities and infrastructure has been shut down, including some airports and water ports. The economy could slow down and affect demand. Production from Malaysia is expected to increase as well as the Covid lockdowns finally go away and as the weather is good for production. Canola was sharply higher yesterday as planting progress has been slow in the Prairies. The Canadian Dollar was weaker. The crops are going in the ground and the growing conditions are much improved. StatsCan said that Canadian farmers intend to reduce planted area for Canola this year and use the area to plant Wheat instead.
Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 1126.00, 1122.00, and 1108.00 July, with resistance at 1177.00, 1195.00, and 1200.00 July. Trends in Palm Oil are mixed. Support is at 6030, 5830, and 5700 September, with resistance at 6450, 6640, and 6760 September.

Midwest Weather Forecast:: Mostly dry today. Temperatures should average near to below normal.

US Gulf Cash Basis

Corn HRW SRW Soybeans Soybean Meal Soybean Oil
May 103 July 195 July 120 July 146 July
June 103 July 195 July 120 July 146 July
July 97 July 175 July 80 July 158 July

DJ ICE Canada Cash Grain Close – Jun 6
WINNIPEG — The following are the closing cash canola prices
from ICE Futures.
Source: ICE Futures
1 Canada NCC Best Bid
Price Basis Contract Change
CANOLA
*Par Region 1184.30 75.50 July 2022 dn 2.10
Basis: Thunder Bay 1168.70 45.00 July 2022 up 14.90
Basis: Vancouver 1188.70 65.00 July 2022 up 14.90
All prices in Canadian dollars per metric tonne.
*Quote for previous day.
Source: Commodity News Service Canada (news@marketsfarm.com,
or 204-414-9084)

DJ Malaysian PM Cash Market Prices for Palm Oil – June 7
The following are prices for Malaysian palm oil in the cash market at 1000 GMT Tuesday, supplied by commodity broker Matthes & Porton Bhd.
Prices are quoted in U.S. dollars a metric ton, except for crude palm oil and palm kernel oil, which are in ringgit a ton. Palm kernel oil prices are in ringgit a pikul, a Malaysian measurement equivalent to 60 kilograms.
Refined, bleached and deodorized palm oil, FOB, Malaysian ports
Offer Change Bid Change Traded
Jun 1697.50 +10.00 Unquoted – –
Jul/Aug/Sep 1572.50 -05.00 Unquoted – –
Oct/Nov/Dec 1472.50 +05.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Jun 1700.00 +10.00 Unquoted – –
Jul/Aug/Sep 1575.00 -05.00 Unquoted – –
Oct/Nov/Dec 1475.00 +05.00 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
June 1610.00 00.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
June 1325.00 +05.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
June 6850.00 +50.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
June 400.00 -04.00 Unquoted – –
($1=MYR4.393)

DJ China Dalian Grain Futures Closing Prices, Volume – Jun 07
Soybean No. 1
Turnover: 81,514 lots, or 5.07 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-22 6,271 6,296 6,248 6,265 6,304 6,270 -34 53,831 90,088
Sep-22 6,213 6,213 6,176 6,184 6,231 6,192 -39 19,330 58,300
Nov-22 5,996 6,011 5,976 5,983 6,014 5,992 -22 8,021 30,770
Jan-23 5,984 5,984 5,953 5,962 5,981 5,965 -16 321 5,187
Mar-23 – – – 5,954 5,954 5,954 0 0 112
May-23 5,958 5,959 5,951 5,951 5,964 5,955 -9 11 68
Corn
Turnover: 302,378 lots, or 8.71 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-22 2,845 2,849 2,831 2,834 2,848 2,839 -9 38,385 187,997
Sep-22 2,883 2,897 2,878 2,881 2,893 2,886 -7 226,793 1,308,202
Nov-22 2,892 2,900 2,881 2,883 2,897 2,889 -8 11,511 112,101
Jan-23 2,896 2,904 2,886 2,889 2,901 2,894 -7 13,982 126,505
Mar-23 2,898 2,906 2,892 2,896 2,907 2,897 -10 11,263 71,699
May-23 2,934 2,938 2,923 2,927 2,945 2,929 -16 444 7,210
Soymeal
Turnover: 755,495 lots, or 30.93 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-22 4,191 4,226 4,185 4,197 4,243 4,196 -47 21,276 67,330
Aug-22 4,246 4,264 4,218 4,233 4,276 4,239 -37 30,578 206,987
Sep-22 4,129 4,154 4,106 4,123 4,166 4,129 -37 574,740 1,222,813
Nov-22 4,047 4,058 4,014 4,032 4,063 4,035 -28 31,722 131,743
Dec-22 3,970 3,983 3,940 3,961 3,984 3,959 -25 9,441 57,177
Jan-23 3,882 3,890 3,844 3,864 3,891 3,867 -24 68,251 367,170
Mar-23 3,724 3,732 3,697 3,711 3,736 3,714 -22 14,022 29,856
May-23 3,603 3,613 3,580 3,592 3,616 3,593 -23 5,465 51,325
Palm Oil
Turnover: 599,154 lots, or 72.51 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jun-22 15,820 15,820 15,820 15,820 15,934 15,820 -114 1 240
Jul-22 13,904 14,070 13,780 14,024 13,990 13,936 -54 17,282 22,706
Aug-22 12,744 12,928 12,680 12,870 12,794 12,820 26 12,711 54,665
Sep-22 12,060 12,208 11,966 12,160 12,046 12,082 36 523,087 397,591
Oct-22 11,718 11,898 11,688 11,868 11,696 11,778 82 10,961 37,341
Nov-22 11,564 11,692 11,488 11,662 11,480 11,572 92 9,792 21,216
Dec-22 11,394 11,506 11,306 11,458 11,306 11,402 96 1,874 2,805
Jan-23 11,212 11,334 11,152 11,290 11,168 11,238 70 22,860 65,022
Feb-23 11,108 11,232 11,102 11,232 11,122 11,140 18 5 56
Mar-23 10,988 11,080 10,968 11,080 11,012 11,034 22 7 144
Apr-23 10,848 10,944 10,848 10,944 10,898 10,920 22 4 103
May-23 10,704 10,810 10,662 10,792 10,710 10,746 36 570 4,415
Soybean Oil
Turnover: 466,514 lots, or 55.37 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-22 12,266 12,376 12,218 12,372 12,266 12,284 18 2,152 15,084
Aug-22 12,076 12,192 12,028 12,184 12,036 12,094 58 11,862 73,232
Sep-22 11,906 12,004 11,846 11,998 11,872 11,916 44 392,763 479,096
Nov-22 11,634 11,788 11,634 11,766 11,626 11,700 74 11,112 49,110
Dec-22 11,542 11,672 11,520 11,660 11,508 11,586 78 13,983 15,853
Jan-23 11,442 11,560 11,414 11,550 11,410 11,478 68 25,708 76,469
Mar-23 11,108 11,286 11,106 11,270 11,154 11,212 58 7,923 13,768
May-23 10,774 10,860 10,728 10,860 10,786 10,808 22 1,011 7,138
Notes:
1) Unit is Chinese yuan a metric ton;
2) Ch. is day’s settlement minus previous settlement;
3) Volume and open interest are in lots;
4) One lot is equivalent to 10 metric tons.

Questions? Ask Jack Scoville today at 312-264-4322