Grains Report 1/9/2023

DJ CBOT Delivery Intentions: Totals – Jan 9
Source: CME Group
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
SOYBEAN OIL January Jan 10, 2024 9 Jan 03, 2024
ROUGH RICE January Jan 10, 2024 24 Jan 08, 2024
SOYBEAN January Jan 10, 2024 93 Dec 28, 2023

DJ USDA Grain Inspections for Export in Metric Tons – Jan 08
WA_GR101
Washington, DC Mon Jan 8, 2024 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 JAN 04, 2024
— METRIC TONS —
————————————————————————-
CURRENT PREVIOUS
———– WEEK ENDING ———- MARKET YEAR MARKET YEAR
GRAIN 01/04/2024 12/28/2023 01/05/2023 TO DATE TO DATE
BARLEY 0 0 0 1,614 1,855
CORN 856,597 569,857 402,061 12,807,045 10,002,350
FLAXSEED 0 0 0 0 200
MIXED 0 0 0 24 0
OATS 0 0 0 3,794 6,486
RYE 0 0 0 72 0
SORGHUM 120,238 111,922 11,332 2,188,647 418,346
SOYBEANS 674,749 969,454 1,460,761 23,945,566 30,239,371
SUNFLOWER 0 0 0 4,109 2,160
WHEAT 491,074 276,433 209,544 10,132,124 12,102,022
Total 2,142,658 1,927,666 2,083,698 49,082,995 52,772,790
————————————————————————-
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. Nov Oilseed, Meal, Oils/Fats Exports-Jan 9
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 ——-
Nov 23 Oct 23 Sep 23 Nov 22
soybeans 7,463,380,723 9,477,743,164 2,471,462,961 9,667,742,693
soyoil 6,289,691 5,950,515 12,703,413 10,777,383
crude 355,200 277,295 3,651,667 1,131,930
refined 244,137 131,409 234,098 195,046
other/1 5,462,040 5,367,429 8,639,603 9,359,577
hydrogenated 228,314 174,382 178,045 90,830
cottonseed oil 468,052 1,391,137 770,310 2,824,974
crude 0 281,549 19,231 0
refined 0 520,325 315,896 1,649,712
other/1 145,266 59,821 126,882 675,137
hydrogenated 322,786 529,442 308,301 500,125
sunseeds 742,027 42,018 2,282,927 162,125
sunseed oil 3,396,621 3,585,775 4,644,553 5,406,319
rapeseed 21,662,225 28,451,707 22,300,957 17,653,239
rapeseed oil 9,731,034 7,949,915 5,435,660 6,264,815
crude 5,263,699 3,815,951 1,587,200 1,812,516
refined 4,467,335 4,133,964 3,848,460 4,452,299
linseed meal 176,000 129,000 182,000 62,000
cottonseed meal 5,412,524 1,922,621 2,188,496 2,170,958
soymeal 1,071,377,644 864,470,439 770,067,464 879,547,408
soymeal/flour 250,184,568 320,483,355 216,557,996 254,200,415
soymeal hulls 9,158,000 7,450,000 2,152,000 2,170,000
lard 2,262,807 1,441,189 1,298,630 2,035,930
edible tallow 4,696,940 4,567,071 2,862,950 4,915,470
inedible tallow 8,590,013 9,921,175 7,993,433 23,580,765
ch white grease 0 0 0 12,440
——- In Bushels, Pounds or Short Tons ——-
Nov 23 Oct 23 Sep 23 Nov 22
soybeans 274,229,483 348,243,873 90,809,787 355,225,089
soyoil 13,866,397 13,118,642 28,006,236 23,760,066
crude 783,082 611,331 8,050,549 2,495,479
refined 538,230 289,707 516,098 430,003
other/1 12,041,739 11,833,157 19,047,067 20,634,339
hydrogenated 503,346 384,447 392,522 200,246
cottonseed oil 1,031,878 3,066,933 1,698,243 6,228,003
crude 0 620,709 42,397 0
refined 0 1,147,120 696,432 3,636,993
other/1 320,257 131,883 279,727 1,488,423
hydrogenated 711,621 1,167,220 679,687 1,102,587
sunseeds 1,635,890 92,634 5,032,993 357,425
sunseed oil 7,488,269 7,905,282 10,239,488 11,918,895
rapeseed 47,757,039 62,725,288 49,165,203 38,918,737
rapeseed oil 21,453,261 17,526,565 11,983,581 13,811,555
crude 11,604,472 8,412,733 3,499,178 3,995,914
refined 9,848,789 9,113,832 8,484,403 9,815,641
linseed meal 194 142 201 68
cottonseed meal 5,966 2,119 2,412 2,393
soymeal 1,180,980 952,906 848,845 969,525
soymeal flour/me 275,778 353,269 238,712 280,205
soymeal hulls 10,095 8,212 2,372 2,392
lard 4,988,636 3,177,278 2,862,990 4,488,458
edible tallow 10,354,982 10,068,670 6,311,725 10,836,758
inedible tallow 18,937,740 21,872,451 17,622,506 51,986,697
ch white grease 0 0 0 27,426

DJ U.S. Nov Grain Exports-Jan 9
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 ——-
Nov 23 Oct 23 Sep 23 Nov 22
Barley 1,137,000 1,101,804 640,500 2,970,402
Corn /1 3,573,054,000 2,811,143,000 3,164,981,000 2,427,048,000
Sorghum 583,105,000 214,032,000 308,067,000 143,406,000
Oats 2,829,591 1,644,898 2,955,013 3,316,559
Rye 133,050 20,000 158,552 91,913
Wheat /1 1,149,610,463 1,085,886,579 1,851,930,672 1,350,985,771
wheat flour /1 19,855,086 25,229,331 20,370,324 15,180,668
Malt 25,097,071 23,073,716 26,319,290 22,453,530
——- In Bushels, CWT or Pounds ——-
Nov 23 Oct 23 Sep 23 Nov 22
Barley 52,221 50,605 29,418 136,428
Corn /1 140,663,479 110,668,676 124,598,519 95,547,679
Sorghum 22,955,594 8,425,981 12,127,938 5,645,587
Oats 194,941 113,323 203,582 228,490
Rye 5,238 787 6,242 3,618
Wheat /1 42,240,520 39,899,092 68,046,105 49,639,720
wheat flour /1 437,730 556,212 449,089 334,676
Malt 55,329,580 50,868,845 58,024,112 49,501,569
1/Includes commercial and donated.

DJ U.S. November Grain Imports-January 9
In kilograms, from the U.S. Commerce Department, converted to
pounds by Dow Jones.
—-Nov 2023—- —-Oct 2023—-
kilograms pounds kilograms pounds
durum wheat 3,107,471 6,851,974 938,215 2,068,764
spring wheat 1,813,542 3,998,860 404,360 891,614
winter wheat 0 0 0 0
wheat/meslin 0 0 0 0
TOTAL WHEAT 4,921,013 10,850,834 1,342,575 2,960,378
barley 10,483,841 23,116,869 4,767,212 10,511,702
oats 47,186 104,045 61,518 135,647
corn 53,628,151 118,250,073 85,574,753 188,692,330
other corn 8,878,860 19,577,886 6,967,501 15,363,340
TOTAL CORN 62,507,011 137,827,959 92,542,254 204,055,670

DJ U.S. Nov Soymeal, Vegetable Oils/Oilseed Imports-January 9
In kilograms from the U.S. Commerce Department, converted to pounds
by Dow Jones.
—-Nov 2023—- —-Oct 2023—-
kilograms pounds kilograms pounds
coconut oil 38,552,695 85,008,692 25,826,805 56,948,105
palm kernel oil 38,418,237 84,712,213 29,801,845 65,713,068
palm oil 146,625,122 323,308,394 151,873,251 334,880,518
soybean 36,225,868 79,878,039 16,668,226 36,753,438
soymeal 0 0 0 0
soyoil 16,729,264 36,888,027 20,562,639 45,340,619
rapeseed oil
edible 245,472,986 541,267,934 279,079,567 615,370,445
rapeseed oil,
inedible 215,367 474,884 84,336 185,961

WHEAT
General Comments: Wheat markets were lower yesterday on reports that Russian and Ukrainian Wheat continues to move with good volumes being reported on the Black Sea and via land routes. Black Sea offers are still plentiful and Russian prices appear to be about 260.00 per tons FOB with Ukrainian prices about the same. News that Argentina will restructure its economy with a shock devaluation of the peso and structural changes inside the country created ideas that farmers would sell, but it is unlikely they will sell right away and might be better off to wait and see a calmer situation. EU countries are offering as well and are getting new business. Demand has been poor for US Wheat as Russia production looks strong.
Overnight News: The southern Great Plains should get scattered showers. Temperatures should be above normal. Northern areas should see mostly dry conditions. Temperatures will average near normal. The Canadian Prairies should see scattered showers. Temperatures should average near normal.
Chart Analysis: Trends in Chicago are down with objectives of 591 March. Support is at 592, 568, and 562 March, with resistance at 612, 622, and 630 March. Trends in Kansas City are down with no objectives. Support is at 584, 572, and 560 March, with resistance at 612, 621, and 637 March. Trends in Minneapolis are mixed to down with objectives of 698 and 689 March. Support is at 699, 697, and 686 March, and resistance is at 720, 729, and 734 March.

RICE
General Comments: Rice closed lower again yesterday as chart patterns showed additional weakness could be coming. The trends are turning down on the daily charts. The Asian market remains strong with little on offer from India. Farmers appear quiet in the market and basis levels are reported to be steady, but industry and speculators have been busy. Most farmers are hunting and getting ready for the holidays and are not interested in Rice markets. Demand reports have been weaker lately and have featured traditional buyers in Latin America and Asia.
Overnight News:
Chart Analysis: Trends are mixed to down with no objectives. Support is at 1721, 1710, and 1707 March and resistance is at 1766, 1774, and 1785 March.

CORN AND OATS
General Comments: Corn closed lower yesterday, and trends are down on the daily charts. Oats were higher. The market anticipates increased selling from US producers, but many have sold enough, and elevators and processors are reported to be full. There are also forecasts for a lot of snow for the Midwest to keep farmers inside and not opening the bins. Producers are also looking for higher prices now as crops are in the bin for the Winter. Ideas of weak demand are keeping prices low. The market feels that there is more than enough Corn for any demand and are not buying futures despite the improve demand. Showers have been reported in Argentina and in central and northern Brazil. Significant rains are forecast for central and northern areas. Up to one to three inches of rain are in the forecast for this week.
Overnight News:
Chart Analysis: Trends in Corn are down with objectives of 445 March. Support is at 450, 447, and 444 March, and resistance is at 464, 469, and 472 March. Trends in Oats are mixed. Support is at 351, 338, and 330 March, and resistance is at 364, 379, and 392 March.

SOYBEANS
General Comments: Soybeans and the products closed lower yesterday on reports of better rains in Brazil. The precipitation is expected to continue this week. Up to three inches are in the forecast for central and northern Brazil, Soybean Meal was weaker on increasing confidence that Argentina will return as a major exporter and as US crushers are crushing for oil and have a lot of extra meal available. There are some forecasts for significant rains and rains this week in central and northern Brazil and less wet conditions in the south. The trade remains concerned about the weather forecasts for South America but is holding to ideas of production over 150 million tons. Our source suggests that production in Brazil could be much less due to the extreme weather seen already. Brazil has been mostly hot and dry in northern areas and too wet in southern areas. Argentina crops are reported o be in good condition with enough moisture. These weather trends are expected to continue after next week.
Overnight News:
Chart Analysis: Trends in Soybeans are down with no objectives. Support is at 1236, 1224, and 1212 March, and resistance is at 1265, 1281, and 1296 March. Trends in Soybean Meal are down with objectives of 360.00 March. Support is at 365.00, 362.00, 3nd 359.00 March, and resistance is at 376.00, 381.00, and 386.00 March. Trends in Soybean Oil are mixed. Support is at 4700, 4660, a6nd 4620 March, with resistance at 4900, 5020, and 5170 March.

CANOLA AND PALM OIL
General Comments: Palm Oil was slightly higher yesterday on ideas of improving demand for Palm Oil and as the weather situation is good for production. There had been concerns about too dry weather caused by El Nino. Trends are sideways on the daily charts and are sideways on the weekly charts. Canola was lower yesterday and closed at new lows for the move on a change in the Brazil weather forecasts. Current forecasts call for drier weather in southern Brazil and wetter weather in central and northern areas this week. The Canola crop is harvested, and it is in bins, so it will take some price movement to get new farm sales. Trends are down on the daily charts in this market.
Overnight News:
Chart Analysis: Trends in Canola are down with no objectives. Support is at 610.00, 604.00, and 598.00 March, with resistance at 646.00, 656.00, and 665.00 March. Trends in Palm Oil are mixed. Support is at 3600, 3570, and 3540 March, with resistance at 3690, 3750, and 3790 March

Midwest Weather Forecast Mixed precipitation. Temperatures should average near to above normal.

US Gulf Cash Basis

Corn HRW SRW Soybeans Soybean Meal Soybean Oil
Nov

January 59 Mar 155 Mar
100 Mar
90 Mar

February
61 Mar 155 Mar 100 Mar 85 Mar

March
64 Mar 155 Mar 95 Mar 80 Mar

DJ Malaysian PM Cash Market Prices for Palm Oil – Jan 9
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
Jan 832.50 +07.50 Unquoted – –
Feb 832.50 +10.00 Unquoted – –
Mar 832.50 +10.00 Unquoted – –
Apr/May/Jun 827.50 +10.00 Unquoted – –
Jul/Aug/Sep 812.50 +07.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Jan 840.00 +07.50 Unquoted – –
Feb 840.00 +10.00 Unquoted – –
Mar 840.00 +10.00 Unquoted – –
Apr/May/Jun 835.00 +10.00 Unquoted – –
Jul/Aug/Sep 820.00 +07.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Jan 835.00 +10.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Jan 715.00 +05.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jan 3,750.00 +30.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jan 242.00 +02.00 Unquoted – –
($1=MYR4.6407)

DJ China Dalian Grain Futures Closing Prices, Volume – Jan 09
Soybean No. 1
Turnover: 91,421 lots, or 4.39 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jan-24 4,773 4,778 4,773 4,778 4,773 4,776 3 3 1,320
Mar-24 4,821 4,823 4,788 4,803 4,807 4,809 2 76,928 162,282
May-24 4,780 4,797 4,770 4,772 4,787 4,780 -7 13,150 43,687
Jul-24 4,758 4,763 4,744 4,746 4,760 4,752 -8 646 6,397
Sep-24 4,740 4,747 4,727 4,729 4,749 4,736 -13 685 6,351
Nov-24 4,713 4,716 4,709 4,714 4,719 4,712 -7 9 153
Corn
Turnover: 508,154 lots, or 12.10 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jan-24 – – – 2,398 2,398 2,398 0 0 1,592
Mar-24 2,365 2,367 2,348 2,363 2,372 2,358 -14 64,557 289,819
May-24 2,387 2,392 2,371 2,387 2,393 2,381 -12 360,918 725,820
Jul-24 2,405 2,406 2,388 2,404 2,404 2,397 -7 52,726 224,095
Sep-24 2,400 2,403 2,382 2,398 2,400 2,392 -8 25,804 88,184
Nov-24 2,365 2,365 2,346 2,350 2,365 2,351 -14 4,149 13,480
Soymeal
Turnover: 957,432 lots, or 3.07 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jan-24 – – – 3,677 3,677 3,677 0 0 2,509
Mar-24 3,493 3,527 3,460 3,510 3,539 3,497 -42 122,120 178,591
May-24 3,150 3,170 3,133 3,162 3,174 3,154 -20 709,018 1,446,051
Jul-24 3,136 3,155 3,121 3,149 3,178 3,138 -40 37,683 293,487
Aug-24 3,232 3,241 3,210 3,235 3,257 3,231 -26 9,642 56,295
Sep-24 3,214 3,226 3,193 3,220 3,230 3,210 -20 75,933 463,002
Nov-24 3,190 3,203 3,173 3,197 3,215 3,188 -27 2,239 36,141
Dec-24 3,183 3,196 3,169 3,191 3,220 3,185 -35 797 6,479
Palm Oil
Turnover: 691,014 lots, or 48.31 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jan-24 – – – 6,984 6,984 6,984 0 0 702
Feb-24 6,996 7,050 6,886 7,030 7,016 6,984 -32 5,222 6,647
Mar-24 7,032 7,120 6,956 7,100 7,074 7,034 -40 9,127 14,532
Apr-24 7,032 7,096 6,930 7,078 7,052 7,032 -20 2,921 6,467
May-24 6,980 7,076 6,898 7,054 7,034 6,996 -38 647,124 442,268
Jun-24 6,974 7,042 6,872 7,024 6,996 6,954 -42 1,257 3,344
Jul-24 6,900 7,000 6,840 6,966 6,946 6,910 -36 185 1,041
Aug-24 6,850 6,950 6,788 6,908 6,896 6,854 -42 86 2,496
Sep-24 6,822 6,908 6,742 6,876 6,860 6,836 -24 24,916 34,444
Oct-24 6,788 6,890 6,742 6,858 6,844 6,818 -26 72 400
Nov-24 6,782 6,874 6,732 6,842 6,838 6,806 -32 80 447
Dec-24 6,794 6,846 6,744 6,840 6,842 6,794 -48 24 41
Soybean Oil
Turnover: 654,102 lots, or 48.26 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jan-24 – – – 7,796 7,796 7,796 0 0 1,233
Mar-24 7,602 7,712 7,562 7,692 7,662 7,638 -24 12,464 24,914
May-24 7,350 7,452 7,286 7,420 7,394 7,378 -16 598,722 612,987
Jul-24 7,292 7,384 7,224 7,354 7,334 7,308 -26 11,201 37,144
Aug-24 7,276 7,376 7,218 7,346 7,322 7,328 6 4,625 12,558
Sep-24 7,236 7,332 7,174 7,298 7,276 7,262 -14 25,371 68,489
Nov-24 7,212 7,304 7,152 7,278 7,252 7,228 -24 1,631 4,499
Dec-24 7,250 7,340 7,202 7,324 7,294 7,284 -10 88 1,218
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