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

WHEAT
General Comments: Wheat markets were higher last week after a week of choppy trading. News that Ukraine thinks it can export via the Black Sea even with Russian bombing was negative for the market as were reports from the crop tour that the Dakotas That Spring Wheat crops have above average yield potential for the year. Russia said exports of Wheat have increased significantly so far this season. Russia had bombed the Odessa port and maybe more ports in Ukraine. Both countries along with the UN had come to an agreement to allow for Ukrainian grain exports from the Black Sea but then Russia blew up the port the next day and threw the whole agreement into doubt. Those doubts increased earlier this week as new reports suggested more bombing was going on. It is thought to be unlikely that much will move from Ukraine right away as the infrastructure internally and at the ports needs to be rebuilt and now more damage has been added to Ukrainian ports. It is also unknown how much Wheat and Corn could be available for export even with no infrastructure problems as many areas have been bombed by the Russians. Trends are mixed in all three markets. Export demand is thought to be improving as US prices are now competitive in the world market and many are still scared to send boats into the Black Sea to pick up Russian or Ukrainian Wheat. Hot and dry weather is back for this week in central and southern areas. Northern Plains and Canadian Prairies weather has been improved with showers and storms but is still variable. Europe is too hot and dry.
Overnight News: The southern Great Plains should get mostly dry conditions. Temperatures should average above normal. Northern areas should see showers and storms. Temperatures will average above normal. The Canadian Prairies should see mostly dry conditions. Temperatures should average above normal.
Chart Analysis: Trends in Chicago are mixed. Support is at 793, 786, and 766 September, with resistance at 846, 854, and 914 September. Trends in Kansas City are mixed. Support is at 853, 833, and 820 September, with resistance at 8915, 948, and 978 September. Trends in Minneapolis are mixed. Support is at 899, 869, and 853 September, and resistance is at 947, 956, and 999 September.

COT — Supplemental Report – Option and Futures Combined Positions as of July 26, 2022
: Reportable Positions : Nonreportable
:—————————————————————————————- : Positions
: Non-Commercial : Commercial : Index Traders : Total
: Long : Short :Spreading: Long : Short : Long : Short : Long : Short : Long : Short
——————————————————————————————————————-
WHEAT-SRW – CHICAGO BOARD OF TRADE
CFTC Code #001602 Open Interest is 404,440
: Positions :
: 27,631 78,970 129,075 65,862 125,756 149,365 31,024 371,934 364,825: 32,507 39,615
: Changes from: July 19, 2022 (Change in open interest: -7,004) :
: -806 3,300 -3,183 1,283 -1,559 -5,518 -5,127 -8,224 -6,570: 1,219 -435
: Percent of Open Interest Represented by Each Category of Trader :
: 6.8 19.5 31.9 16.3 31.1 36.9 7.7 92.0 90.2: 8.0 9.8
: Total Traders: 326 Number of Traders in Each Category :
: 69 90 114 83 97 45 29 268 268:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of July 26, 2022
: Reportable Positions : Nonreportable
:—————————————————————————————- : Positions
: Non-Commercial : Commercial : Index Traders : Total
: Long : Short :Spreading: Long : Short : Long : Short : Long : Short : Long : Short
——————————————————————————————————————-
WHEAT-HRW – CHICAGO BOARD OF TRADE
CFTC Code #001612 Open Interest is 181,353
: Positions :
: 19,181 31,285 34,711 49,313 85,727 58,093 7,813 161,298 159,537: 20,055 21,816
: Changes from: July 19, 2022 (Change in open interest: 2,362) :
: 888 3,317 -546 1,589 1,295 -915 -1,631 1,016 2,434: 1,346 -72
: Percent of Open Interest Represented by Each Category of Trader :
: 10.6 17.3 19.1 27.2 47.3 32.0 4.3 88.9 88.0: 11.1 12.0
: Total Traders: 214 Number of Traders in Each Category :
: 38 40 58 70 73 37 18 177 164:
——————————————————————————————————————-

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of July 26, 2022
: Reportable Positions :
:————————————————————————————————————- :
: Producer/Merchant : : : :
: Processor/User : Swap Dealers : Managed Money : Other Reportables :
: Long : Short : Long : Short :Spreading: Long : Short :Spreading: Long : Short :Spreading :
—————————————————————————————————————-
WHEAT-HRSpring – MINNEAPOLIS GRAIN EXCHANGE (CONTRACTS OF 5,000 BUSHELS) :
CFTC Code #001626 Open Interest is 63,008 :
: Positions :
: 36,871 39,412 2,040 825 53 4,386 4,028 2,364 3,103 1,358 3,858 :
: Changes from: July 19, 2022 :
: 811 -802 29 50 -7 -961 -337 332 -37 234 7 :
: Percent of Open Interest Represented by Each Category of Trader :
: 58.5 62.5 3.2 1.3 0.1 7.0 6.4 3.8 4.9 2.2 6.1 :
: Number of Traders in Each Category Total Traders: 92 :
: 44 42 4 . . 6 10 9 6 8 10 :
—————————————————————————————————————-

RICE:
General Comments: Rice was slightly higher last week with the harvest under way in Texas. Yield reports have been variable. Trends are turning up again on the daily charts. It remains very hot and dry in Texas and the other growing areas are likely to see hot and dry conditions over the next couple of weeks. Crop conditions are mostly good to excellent for now in Arkansas but the weather could turn hot and dry and hat could hurt overall production potential. Mississippi and Louisiana are called in good condition but crops in these states could also be stressed for the next couple of weeks. Texas Rice is developing with water availability from the lakes very limited this year and maybe next year.
Overnight News: The Delta should get mostly dry conditions. Temperatures should be above normal.
Chart Analysis: Trends are mixed to up with objectives of 1751 and 1842 September. Support is at 1676, 1652, and 1646 September and resistance is at 1719, 1730, and 1754 September.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of July 26, 2022
: Reportable Positions :
:————————————————————————————————————- :
: Producer/Merchant : : : :
: Processor/User : Swap Dealers : Managed Money : Other Reportables :
: Long : Short : Long : Short :Spreading: Long : Short :Spreading: Long : Short :Spreading :
—————————————————————————————————————-
ROUGH RICE – CHICAGO BOARD OF TRADE (CONTRACTS OF 200,000 POUNDS) :
CFTC Code #039601 Open Interest is 9,298 :
: Positions :
: 4,208 6,449 156 0 0 989 748 0 930 728 704 :
: Changes from: July 19, 2022 :
: -95 130 0 0 0 34 -16 0 4 -43 -54 :
: Percent of Open Interest Represented by Each Category of Trader :
: 45.3 69.4 1.7 0.0 0.0 10.6 8.0 0.0 10.0 7.8 7.6 :
: Number of Traders in Each Category Total Traders: 54 :
: 15 18 . 0 0 7 . 0 7 10 5 :
—————————————————————————————————————-

CORN AND OATS:
General Comments: Corn closed higher last week on buying tied to the weather forecasts that featured a return to hot and dry weather and on the lower than expected crop condition ratings released Monday by USDA. The bombing of the Odessa port in Ukraine by Russian armed forces was also a reason to buy Corn as Corn is a big export item for Ukraine. Some selling was seen and was tied to worries about the world economic health and Corn demand moving forward and news that Ukraine thinks it will still be able to export through the Black Sea even with the Russian bombing. Corn is a weather market again as hot and dry forecasts returned for at least the next couple of weeks. Crop condition ratings were a little worse than expected by the trade in the Monday USDA reports and look to suffer more when the hot weather returns to the Midwest from the Great Plains. The weather is just too variable in the US for top production and yields. Basis levels in the Midwest are strong amid light farm selling.
Overnight News:
Chart Analysis: Trends in Corn are mixed to up with objectives of 638 and 710 September. Support is at 600, 581, and 565 September, and resistance is at 632, 634, and 6345 September. Trends in Oats are mixed. Support is at 435, 421, and 416 September, and resistance is at 461, 470, and 477 September.

COT — Supplemental Report – Option and Futures Combined Positions as of July 26, 2022
: Reportable Positions : Nonreportable
:—————————————————————————————- : Positions
: Non-Commercial : Commercial : Index Traders : Total
: Long : Short :Spreading: Long : Short : Long : Short : Long : Short : Long : Short
——————————————————————————————————————-
CORN – CHICAGO BOARD OF TRADE
CFTC Code #002602 Open Interest is 1,812,824
: Positions :
: 136,893 110,804 532,415 500,235 857,607 465,747 89,016 1,635,290 1,589,842: 177,534 222,983
: Changes from: July 19, 2022 (Change in open interest: -65,397) :
: -9,026 834 -37,311 1,717 -15,486 -18,777 -13,816 -63,397 -65,779: -2,000 382
: Percent of Open Interest Represented by Each Category of Trader :
: 7.6 6.1 29.4 27.6 47.3 25.7 4.9 90.2 87.7: 9.8 12.3
: Total Traders: 803 Number of Traders in Each Category :
: 158 111 202 375 414 55 29 686 673:
——————————————————————————————————————-

SOYBEANS
General Comments: Soybeans and both products were higher last week on what appeared to be speculative buying as the weather forecasts became hot and dry again after some showers early this week and as USDA showed more deterioration in the crop condition ratings released on Monday than the trade had expected. Futures were led higher by August with the market clearly looking for Soybeans sales from producers and not finding any as many producers appear to be sold out. Many Midwest areas got rain in the last week or two and could be in line for more showers this week before the hot and dry conditions return. More crop condition losses are possible in the coming weeks as the hot and dry weather arrives just in time for pod setting and filling. Basis levels are still strong in the Midwest. There are still renewed Chinese lockdowns and China has been importing less as a result. There are currently lockdowns to varying degrees in Shanghai, Shenzhen, and Wuhan. There is less Chinese demand for Soy products due to the lockdowns there. The lockdowns are now for one week instead of one month as they were before. Ideas are that purchases could increase as the lockdowns and port closures are finally eased by the government there. China has been a major buyer of US Soybeans this year after a very slow start due to the problems in South America.
Overnight News:
Chart Analysis: Trends in Soybeans are up with objectives of 1764 August. Support is at 1601, 1573, and 1553 August, and resistance is at 1679, 1689, and 1692 August. Trends in Soybean Meal are up with no objectives. Support is at 496.00, 469.00, and 460.00 July, and resistance is at 4513.00 520.00, and 526.00 August. Trends in Soybean Oil are up with objectives of 7050 and 7850 August. Support is at 6580, 6470, and 6400 August, with resistance at 7070, 7130, and 67260 August.

COT — Supplemental Report – Option and Futures Combined Positions as of July 26, 2022
: Reportable Positions : Nonreportable
:—————————————————————————————- : Positions
: Non-Commercial : Commercial : Index Traders : Total
: Long : Short :Spreading: Long : Short : Long : Short : Long : Short : Long : Short
——————————————————————————————————————-
SOYBEANS – CHICAGO BOARD OF TRADE
CFTC Code #005602 Open Interest is 724,199
: Positions :
: 77,924 49,832 171,217 231,324 371,386 197,657 55,500 678,122 647,934: 46,077 76,265
: Changes from: July 19, 2022 (Change in open interest: -58,520) :
: 1,889 248 -28,513 -16,471 -17,001 -13,955 -9,430 -57,049 -54,696: -1,471 -3,823
: Percent of Open Interest Represented by Each Category of Trader :
: 10.8 6.9 23.6 31.9 51.3 27.3 7.7 93.6 89.5: 6.4 10.5
: Total Traders: 578 Number of Traders in Each Category :
: 132 111 160 197 254 55 26 460 483:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of July 26, 2022
: Reportable Positions : Nonreportable
:—————————————————————————————- : Positions
: Non-Commercial : Commercial : Index Traders : Total
: Long : Short :Spreading: Long : Short : Long : Short : Long : Short : Long : Short
——————————————————————————————————————-
SOYBEAN OIL – CHICAGO BOARD OF TRADE
CFTC Code #007601 Open Interest is 414,842
: Positions :
: 33,225 40,178 86,721 159,811 246,021 107,486 17,994 387,244 390,914: 27,598 23,928
: Changes from: July 19, 2022 (Change in open interest: -21,510) :
: 406 4,878 -7,710 -10,536 -16,158 -2,526 -1,895 -20,365 -20,884: -1,145 -625
: Percent of Open Interest Represented by Each Category of Trader :
: 8.0 9.7 20.9 38.5 59.3 25.9 4.3 93.3 94.2: 6.7 5.8
: Total Traders: 280 Number of Traders in Each Category :
: 50 60 80 92 101 42 19 231 223:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of July 26, 2022
: Reportable Positions : Nonreportable
:—————————————————————————————- : Positions
: Non-Commercial : Commercial : Index Traders : Total
: Long : Short :Spreading: Long : Short : Long : Short : Long : Short : Long : Short
——————————————————————————————————————-
SOYBEAN MEAL – CHICAGO BOARD OF TRADE
CFTC Code #026603 Open Interest is 438,045
: Positions :
: 70,140 11,949 91,777 99,731 292,859 125,646 12,965 387,294 409,551: 50,751 28,494
: Changes from: July 19, 2022 (Change in open interest: -5,999) :
: 7,472 -1,486 -7,285 -9,702 677 1,114 114 -8,401 -7,980: 2,403 1,982
: Percent of Open Interest Represented by Each Category of Trader :
: 16.0 2.7 21.0 22.8 66.9 28.7 3.0 88.4 93.5: 11.6 6.5
: Total Traders: 278 Number of Traders in Each Category :
: 75 30 71 84 100 43 15 239 198:
——————————————————————————————————————-

CANOLA AND PALM OIL
General Comments: Palm Oil was higher last week on news that China had committed to buy another 1.0 million tons of Palm Oil from Indonesia. It was positive demand news for a market that needed some new demand. Futures were lowr today with Chicago Soybean Oil price action. Malaysia and Indonesia are making moves to expand demand in the face of increasing supply. Refiners in Malaysia have pledged to lower the price of cooking oil for internal consumption in an effort to help control inflation. Indonesia is offering incentives to move the product into domestic and export channels. Export reports from the private sources are showing the weaker demand this month and this has been the trend for the last few months. 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 higher along with Soybean Oil and Palm Oil. Crude Oil was also higher and the rally in petroleum supported rallies in vegetable oils. The growing conditions are much improved with rans being reported in recent days but the rains are bringing some concerns about disease showing.
Overnight News:
Chart Analysis: Trends in Canola are mixed to up with objectives of 958.00 and 1091.00 November. Support is at 861.00, 833.00, and 809.00 November, with resistance at 917.00, 922.00, and 937.00 November. Trends in Palm Oil are mixed to up wit4h objectives of 4780 and 5680 October. Support is at 4080, 3760, and 3520 October, with resistance at 4340, 4460, and 4840 October.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of July 26, 2022
: Reportable Positions :
:————————————————————————————————————- :
: Producer/Merchant : : : :
: Processor/User : Swap Dealers : Managed Money : Other Reportables :
: Long : Short : Long : Short :Spreading: Long : Short :Spreading: Long : Short :Spreading :
—————————————————————————————————————-
USD Malaysian Crude Palm Oil C – CHICAGO MERCANTILE EXCHANGE (CONTRACTS OF 25 METRIC TONS) :
CFTC Code #037021 Open Interest is 48,539 :
: Positions :
: 36,770 34,853 4,048 4,751 1,347 0 40 0 3,520 2,920 2,680 :
: Changes from: July 19, 2022 :
: 760 1,548 0 -440 -200 0 40 0 -52 -960 -320 :
: Percent of Open Interest Represented by Each Category of Trader :
: 75.8 71.8 8.3 9.8 2.8 0.0 0.1 0.0 7.3 6.0 5.5 :
: Number of Traders in Each Category Total Traders: 20 :
: 7 9 . . . 0 . 0 4 . . :
—————————————————————————————————————-

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of July 26, 2022
: Reportable Positions :
:————————————————————————————————————- :
: Producer/Merchant : : : :
: Processor/User : Swap Dealers : Managed Money : Other Reportables :
: Long : Short : Long : Short :Spreading: Long : Short :Spreading: Long : Short :Spreading :
—————————————————————————————————————-
CANOLA – ICE FUTURES U.S. (20 Metric Tonnes) :
CFTC Code #135731 Open Interest is 153,644 :
: Positions :
: 120,203 100,324 2,226 4,373 393 6,122 16,645 11,906 2,092 7,209 9,447 :
: Changes from: July 19, 2022 :
: 5,466 769 445 560 30 -1,542 3,181 673 197 -281 -34 :
: Percent of Open Interest Represented by Each Category of Trader :
: 78.2 65.3 1.4 2.8 0.3 4.0 10.8 7.7 1.4 4.7 6.1 :
: Number of Traders in Each Category Total Traders: 313 :
: 39 78 4 6 . 14 53 20 29 116 44 :
—————————————————————————————————————-

Midwest Weather Forecast:: Mostly dry or isolated showers today. Temperatures should average above normal.

US Gulf Cash Basis

Corn HRW SRW Soybeans Soybean Meal Soybean Oil
July
92 July
165 July
70 July
90 July

August
187 Sep
160 Sep
115 Seo
175 Aug

September
160 Sep
165 Sep
117 Sep
125 Aug

DJ ICE Canada Cash Grain Close – Jul 29
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 891.95 28.35 Nov. 2022 up 39.20
Basis: Thunder Bay 927.80 35.00 Nov. 2022 up 14.20
Basis: Vancouver 957.80 65.00 Nov. 2022 up 4.20
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 – August 1
The following are prices for Malaysian palm oil in the cash market at 1000 GMT Monday, 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
Aug 1062.50 -20.00 Unquoted – –
Sept 1042.50 -30.00 Unquoted – –
Oct/Nov/Dec 1022.50 -35.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Aug 1065.00 -20.00 Unquoted – –
Sept 1045.00 -30.00 Unquoted – –
Oct/Nov/Dec 1025.00 -35.00 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Aug 990.00 -20.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Aug 745.00 -05.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Aug 4200.00 -200.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Aug 288.00 -06.00 Unquoted – –
($1=MYR4.453)

DJ China Dalian Grain Futures Closing Prices, Volume – Aug 01
Soybean No. 1
Turnover: 190,162 lots, or 1.16 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-22 6,110 6,246 6,110 6,238 6,028 6,192 164 137,226 93,435
Nov-22 5,830 5,918 5,830 5,909 5,761 5,884 123 34,986 39,901
Jan-23 5,764 5,835 5,745 5,813 5,678 5,798 120 15,962 26,181
Mar-23 5,700 5,791 5,690 5,769 5,646 5,760 114 1,828 1,472
May-23 5,698 5,779 5,698 5,772 5,642 5,746 104 149 582
Jul-23 5,665 5,740 5,665 5,698 5,604 5,715 111 11 29
Corn
Turnover: 458,144 lots, or 12.33 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-22 2,681 2,696 2,655 2,667 2,666 2,670 4 278,572 689,813
Nov-22 2,704 2,720 2,684 2,703 2,689 2,696 7 44,866 187,194
Jan-23 2,725 2,743 2,710 2,726 2,712 2,722 10 103,796 471,191
Mar-23 2,727 2,737 2,709 2,727 2,709 2,719 10 17,808 111,639
May-23 2,782 2,794 2,765 2,782 2,764 2,780 16 7,217 24,032
Jul-23 2,790 2,806 2,777 2,792 2,775 2,793 18 5,885 9,774
Soymeal
Turnover: 1,205,323 lots, or 4.69 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Aug-22 4,230 4,240 4,097 4,208 4,114 4,189 75 111 1,626
Sep-22 4,013 4,073 3,981 4,008 3,963 4,027 64 684,444 870,850
Nov-22 3,970 4,015 3,924 3,950 3,906 3,972 66 48,098 214,420
Dec-22 3,819 3,875 3,789 3,805 3,770 3,838 68 12,249 83,278
Jan-23 3,690 3,753 3,657 3,674 3,654 3,707 53 398,571 718,616
Mar-23 3,557 3,626 3,514 3,514 3,513 3,569 56 22,100 54,263
May-23 3,455 3,510 3,414 3,430 3,412 3,461 49 29,668 87,082
Jul-23 3,436 3,469 3,387 3,409 3,395 3,435 40 10,082 10,451
Palm Oil
Turnover: 1,223,804 lots, or 10.53 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Aug-22 9,644 9,866 9,492 9,866 9,492 9,626 134 29 628
Sep-22 8,762 8,848 8,412 8,482 8,520 8,636 116 997,778 306,026
Oct-22 8,578 8,672 8,248 8,334 8,380 8,448 68 16,723 67,120
Nov-22 8,548 8,664 8,216 8,288 8,326 8,422 96 8,934 46,033
Dec-22 8,630 8,678 8,252 8,306 8,348 8,476 128 8,118 32,221
Jan-23 8,650 8,720 8,280 8,318 8,392 8,476 84 179,054 156,601
Feb-23 8,598 8,778 8,308 8,376 8,410 8,560 150 9,856 14,531
Mar-23 8,644 8,722 8,336 8,382 8,410 8,466 56 1,716 1,095
Apr-23 8,582 8,582 8,410 8,410 8,434 8,458 24 5 102
May-23 8,700 8,772 8,392 8,438 8,462 8,580 118 1,589 8,205
Jun-23 8,640 8,640 8,640 8,640 8,468 8,640 172 1 40
Jul-23 8,612 8,612 8,612 8,612 8,458 8,612 154 1 8
Soybean Oil
Turnover: 973,290 lots, or 97.71 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Aug-22 – – – 9,916 9,916 9,916 0 0 910
Sep-22 10,150 10,306 9,902 9,960 9,956 10,094 138 765,570 241,252
Nov-22 10,040 10,180 9,816 9,864 9,850 9,956 106 14,545 67,943
Dec-22 9,972 10,070 9,724 9,762 9,736 9,896 160 6,852 47,028
Jan-23 9,950 10,032 9,688 9,730 9,724 9,852 128 171,428 172,540
Mar-23 9,650 9,690 9,350 9,350 9,374 9,538 164 7,394 30,462
May-23 9,500 9,596 9,288 9,328 9,272 9,412 140 3,814 18,221
Jul-23 9,444 9,514 9,214 9,256 9,210 9,314 104 3,687 4,017
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