Grains Report 03/05/2024

DJ CBOT Delivery Intentions: Totals – Mar 5
Source: CME Group
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
SOYBEAN OIL March Mar 06, 2024 55 Feb 28, 2024
ROUGH RICE March Mar 06, 2024 9 Feb 29, 2024
CORN March Mar 06, 2024 99 Feb 27, 2024
SOYBEAN March Mar 06, 2024 3 Feb 28, 2024
WHEAT March Mar 06, 2024 42 Feb 22, 2024

DJ USDA Grain Inspections for Export in Metric Tons – Mar 4
WA_GR101
Washington, DC Mon Mar 4, 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 FEB 29, 2024
— METRIC TONS —
————————————————————————-
CURRENT PREVIOUS
———– WEEK ENDING ———- MARKET YEAR MARKET YEAR
GRAIN 02/29/2024 02/22/2024 03/02/2023 TO DATE TO DATE

BARLEY 0 0 0 1,814 2,154
CORN 1,083,503 1,289,093 944,803 20,625,301 15,330,784
FLAXSEED 0 0 0 0 200
MIXED 0 0 0 73 0
OATS 200 0 0 3,994 6,486
RYE 0 0 0 72 0
SORGHUM 131,875 126,567 72,114 3,566,008 747,268
SOYBEANS 1,021,385 1,059,053 551,166 34,155,609 42,709,930
SUNFLOWER 0 0 0 4,109 2,160
WHEAT 353,137 481,999 341,087 12,965,973 15,654,883
Total 2,590,100 2,956,712 1,909,170 71,322,953 74,453,865
————————————————————————-
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

WHEAT
General Comments: Wheat was higher yesterday after starting the day lower and all prices remain in a trading range. Big world supplies and low world prices are still around. Russian export prices were reported at a new low yesterday. Export sales remain weak on competition from Rusia, Ukraine, and the EU as those countries look to export a lot of Wheat in the coming period. EU offers were lower. Russian and Ukraine offers are weaker. Some support came from the bombings in the Red Sea that has interrupted commerce. It is warm in the US and Canada this week. Black Sea offers are still plentiful and Russian prices appear to be weakening.
Overnight News: The southern Great Plains should get scattered showers. Temperatures should be near normal. Northern areas should see mostly dry conditions. Temperatures will average near normal. The Canadian Prairies should see mostly dry conditions. Temperatures should average near normal.
Chart Analysis: Trends in Chicago are mixed. Support is at 553, 542, and 540 May, with resistance at 572, 589, and 594 May. Trends in Kansas City are nixed. Support is at 558, 552, and 546 May, with resistance at 576, 597, and 608 May. Trends in Minneapolis are mixed. Support is at 641, 635, and 629 May, and resistance is at 660, 668, and 672 May.

RICE
General Comments: Rice closed lower yesterday and held to a trading range. The overseas markets feature less production in Brazil and India and it appears that the lack of offer from these markets is supporting increased demand for US Rice and prices here in the US. Warmer and wetter weather is expected this week and next on the Delta and Texas and soil moisture conditions for the next crop should improve.
Overnight News:
Chart Analysis: Trends are mixed. Support is at 1819, 1811, and 1795 May and resistance is at 1875, 1877, and 1907 May.

CORN AND OATS
General Comments: Corn and Oats were higher yesterday and trends are trying to turn up on the daily chart. Big supplies and reports of limited demand are still around, but futures have been very oversold. Futures are much lower than just a few months ago and a short covering rally is increasingly expected but has not come yet. Funds remain very large shorts in the market. Basis levels have started to firm in the US as processors look for supplies amid tight farmer holding patterns. The weather forecasts for Argentina are improving with more showers and rains expected this week. More rain is forecast for central and northern Brazil The planting progress reports to date indicate rapid progress. The market anticipates increased selling from US producers but this has not really shown up due to the extremely low prices so far. China has bought about 10 cargoes of Corn from Ukraine in the last week or so.
Overnight News:
Chart Analysis: Trends in Corn are mixed. Support is at 422, 409, and 406 May, and resistance is at 434, 441, and 446 May. Trends in Oats are mixed. Support is at 362, 358, and 349 May, and resistance is at 376, 379, and 381 May.

SOYBEANS
General Comments: Soybeans and the products closed a little higher yesterday on follow through buying from last week and reports of stronger basis levels in Brazil. Report indicate that China has been a very active buyer of Brazil Soybeans in the last week. Ideas that South American production is taking demand from the US have pressured futures lower. Funds remain very large shorts in the market. Basis levels in the country are reported to be firming as processors look for supplies and farmers remain tight holders. Rains are in the forecast after the extreme weather seen over the next week in Argentina. Such rains would be beneficial for reproducing Corn and Soybeans.
Overnight News:
Chart Analysis: Trends in Soybeans are mixed. Support is at 1148, 1128, and 1122 May, and resistance is at 1166, 1180, and 1192 May. Trends in Soybean Meal are mixed. Support is at 330.00, 327.00, and 320.00 May, and resistance is at 338.00, 345.00, and 348.00 May. Trends in Soybean Oil are mixed. Support is at 4420, 4360, a6nd 4300 May, with resistance at 4620, 4680, and 4750 May.

CANOLA AND PALM OIL
General Comments: Palm Oil was lower yesterday on production problems in Southeast Asia but as the export pace is below expectations. Ideas of weaker production ideas against good demand still support the market overall. The fundamentals of average demand against a weaker supply outlook are still around to keep prices supported. Trends are mixed on the daily charts and on the weekly charts. Canola was higher with Chicago. There are still forecasts for better rains in Argentina after a dry spell ends in a week or so and improving weather in Brazil. Current forecasts call for generally improved growing conditions in Brazil this week. The Canola crop is harvested, and it is in bins, so it will take some price movement to get new farm sales.
Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 585.00, 576.00, and 570.00 May, with resistance at 598.00, 605.00, and 610.00 May. Trends in Palm Oil are mixed to up with objectives of 3980 and 4090 May. Support is at 3910, 3870, and 3810 May, with resistance at 4030, 4060, and 4090 May.

Midwest Weather Forecast Mostly dry conditions. Temperatures should average near to above normal.

US Gulf Cash Basis

Corn HRW SRW Soybeans Soybean Meal Soybean Oil
Nov

February 64 Mar 170 Mar
105 Mar
80 Mar

March
64 Mar 170 Mar 105 Mar 80 Mar

April
55 May 170 May 100 May 74 May

DJ Malaysian PM Cash Market Prices for Palm Oil – March 4
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, Malaysiaports
Offer Change Bid Change Traded
Mar 882.50 +02.50 Unquoted – –
Apr 880.00 +02.50 Unquoted – –
May/Jun 852.50 -02.50 Unquoted – –
Jul/Aug/Sep 822.50 -02.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Mar 890.00 +02.50 Unquoted – –
Apr 887.50 +02.50
May/Jun 860.00 -02.50 Unquoted – –
Jul/Aug/Sep 830.00 -02.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Mar 890.00 00.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Mar 760.00 00.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Mar 4,070.00 00.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Mar 270.00 +02.00 Unquoted – –
($1=MYR4.7285)

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