Grains Report 11/14/2023

DJ CBOT Delivery Intentions: Totals – Nov 14
Source: CME Group
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
ROUGH RICE November Nov 15, 2023 138 Oct 23, 2023

DJ USDA Grain Inspections for Export in Metric Tons – Nov 13
WA_GR101
Washington, DC Mon Nov 13, 2023 USDA Market News
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 NOV 09, 2023
— METRIC TONS —
————————————————————————-
CURRENT PREVIOUS
———– WEEK ENDING ———- MARKET YEAR MARKET YEAR
GRAIN 11/09/2023 11/02/2023 11/10/2022 TO DATE TO DATE
BARLEY 0 0 147 643 1,708
CORN 608,810 574,558 535,954 6,160,861 5,006,397
FLAXSEED 0 0 100 0 200
MIXED 0 0 0 24 0
OATS 0 0 0 3,794 6,486
RYE 0 0 0 0 0
SORGHUM 79,576 40,409 3,087 570,433 221,027
SOYBEANS 1,666,467 2,182,835 2,029,673 14,032,775 14,864,711
SUNFLOWER 192 0 96 2,709 2,160
WHEAT 207,205 114,318 170,448 7,443,868 9,999,557
Total 2,562,250 2,912,120 2,739,505 28,215,107 30,102,246
————————————————————————-
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

Date 12-Nov 5-Nov 2022 Avg
Cotton Harvested 67 57 70 63
Corn Harvested 88 81 92 86
Soybeans Harvested 95 91 96 91
Sorghum Harvested 92 85 92 87
Peanuts Harvested 87 79 90 86
sunflowers Harvested 68 53 90 72
Winter Wheat Planted 93 90 95 93
Winter Wheat Emerged 81 75 80 80

Crop Condition
Very Poor Poor Fair Good Excellent
Winter Wheat This Week 7 10 36 39 8
Winter Wheat Last Week 6 11 33 42 8
Winter Wheat Last Year 14 18 36 27 5

WHEAT
General Comments: Wheat markets were higher in sympathy with the rallies in Corn and especially Soybeans. Ukraine is still exporting through the Black Sea. Russia is still exporting and offering Wheat into the world market and is reporting that it is larger than originally thought. Ukraine and the EU countries are offering as well and are getting new business. Demand has been poor for US Wheat as Russia production looks strong, but exports are expected to increase for the rest of the marketing year. Weather forecasts call for drier weather for Australia, with production losses now expected. There are reports of some showers in both countries to raise production estimates slightly but not enough to bring production close to averages. Argentine conditions are reported to be good after a very dry start but showers and rains in recent weeks. It has been too wet in southern Brazil and much of the Wheat grown there is expected to be feed grade instead of milling grade.
Overnight News: The southern Great Plains should get isolated showers. Temperatures should be below normal. Northern areas should see isolated showers. Temperatures will average below normal. The Canadian Prairies should see scattered showers. Temperatures should average below normal.
Chart Analysis: Trends in Chicago are mixed. Support is at 567, 564, and 555 December, with resistance at 599, 604, and 636 December. Trends in Kansas City are mixed. Support is at 630, 624, and 612 December, with resistance at 668, 688, and 697 December. Trends in Minneapolis are mixed. Support is at 721, 703, and 696 December, and resistance is at 740, 746, and 752 December.

RICE:
General Comments: Rice closed mixed yesterday. The USDA reports showed that production was cut back and demand was left unchanged for an ending stocks estimate of 40.9 million cwt, from 41.8 million last month. The production losses were spread between long and medium/short grains. Ending stocks levels for long grain are now 22.2 million cwt and are 15.4 million cwt for medium/short grain. The daily and weekly chart trends have turned up.
Overnight News: The Delta should get isolated showers, mostly near the Gulf coast. Temperatures should be above normal.
Chart Analysis: Trends are up with no objectives. Support is at 1658, 1637, and 1615 January and resistance is at 1688, 1694, and 1702 January.

CORN AND OATS
General Comments: Corn closed higher yesterday in sympathy with the big rally in Soybeans and on weather conditions in Brazil. Oats closed higher. It is still hot and dry in central and northern Brazil and in Argentina although some beneficial rains have been reported in Argentina and a few showers are reported in central and northern Brazil. Southern Brazil is much too wet. The weather patterns seem stuck in South America.
Overnight News: Mexico bought 101,750 tons of US Corn.
Chart Analysis: Trends in Corn are mixed. Support is at 469, 461, and 458 December, and resistance is at 478, 506, and 507 December. Trends in Oats are mixed to up with objectives of 396 and 408 December. Support is at 325, 322, and 316 December, and resistance is at 363, 371, and 374 December.

SOYBEANS
General Comments: Soybeans closed higher yesterday as drought continued in central and northern Brazil and too much rin was reported for southern Brazil. Soybean Meal and Soybean Oil were higher. The weekly export sales report was strong and strong sales have been reported to China and unknown destinations on the daily reporting system. The trade remains concerned about the weather forecasts for South America. Brazil remains mostly hot and dry in northern areas and too wet in southern areas. These weather trends are expected to continue.
Overnight News:
Chart Analysis: Trends in Soybeans are mixed. Support is at 1350, 1336, and 1331 January, and resistance is at 1384, 1388, and 1398 January. Trends in Soybean Meal are up with no objectives. Support is at 451.00, 439.00, and 433.00 December, and resistance is at 476.00, 482.00, and 488.00 December. Trends in Soybean Oil are mixed. Support is at 4980, 4900, and 4630 December, with resistance at 5210, 5300, and 5350 December.

CANOLA AND PALM OIL
General Comments: Palm Oil was higher last week on news of strong export demand from MPOB. It was closed for a holiday today. Production was high but this was expected. The strong demand was not expected. Private surveyors showed that the strong demand continues for the month to date. Trends are mixed on the daily charts. Canola closed higher on the weather in Brazil. The crop is harvested and it is in bins, so it will take some price movement to get new farm sales. Trends are bottoming on the daily charts in this market.
Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 681.00, 673.00, and 660.00 January, with resistance at 711.00, 725.00, and 731.00 January. Trends in Palm Oil are mixed. Support is at 3730, 3710, and 3650 January, with resistance at 3820, 3880, and 3900 January.

Midwest Weather Forecast Mostly dry. Temperatures should average above normal.

US Gulf Cash Basis

Corn HRW SRW Soybeans Soybean Meal Soybean Oil
November 74 Dec 165 Dec
116 Dec
84 Nov

Secember
74 Dec 165 Dec
122 Dec 84 Jan

January
63 Mar 145 Mar 90 Mae 84 Jan

DJ Malaysian PM Cash Market Prices for Palm Oil – Nov 14
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
Nov 837.50 +15.00 Unquoted – –
Dec 847.50 +20.00 Unquoted – –
Jan/Feb/Mar 867.50 +22.50 Unquoted – –
Apr/May/Jun 872.50 +20.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Nov 845.00 +15.00 Unquoted – –
Dec 855.00 +20.00 Unquoted – –
Jan/Feb/Mar 875.00 +22.50 Unquoted – –
Apr/May/Jun 880.00 +20.00 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Nov 810.00 +15.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Nov 777.50 +12.50 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Nov 3,770.00 +70.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Nov 244.00 +06.00 Unquoted – –
($1=MYR4.7174)

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