Grains Report 03/07/2024

DJ U.S. March Grain, Soybean Stockpiles Estimates — Survey
The following are analysts’ estimates in millions of bushels for U.S. ending stockpiles for 2023-24, as compiled by The Wall Street Journal. The U.S. Department of Agriculture is scheduled to release updated supply and demand tables on Friday at noon ET.
U.S. 2023-24 Stockpiles (millions)
Average Range USDA February USDA 2022-2023
Corn 2,141 2,075-2,172 2,172 1,360
Soybeans 319 293-355 315 264
Wheat 658 648-682 658 570
2023-24
Corn Soybeans Wheat
AgriSompo North America 2,152 315 653
Allendale 2,172 335 658
Doane 2,075 300 650
Grain Cycles 2,147 315 658
Linn Group 2,125 314 658
Sid Love Consulting 2,122 315 658
Marex Group 2,172 325 658
Midland Research 2,172 315 658
Midwest Market Solutions 2,095 355 650
Northstar Commodity 2,170 320 650
Ocean State Research 2,164 293 681
Prime Ag 2,172 315 658
Risk Mgmt Commodities Inc. 2,172 320 665
RJ O’Brien 2,092 353 648
StoneX 2,077 295 682
US Commodities Inc. 2,155 310 650
Vantage RM 2,152 320 658
Zaner Ag 2,157 320 658

DJ March World Grain, Soybean Stockpiles Estimates — Survey
The following are analysts’ estimates in millions of metric tons for world grain and soybean ending stockpiles for 2023-24, as compiled by The Wall Street Journal. The U.S. Department of Agriculture is scheduled to release updated supply and demand tables on Friday at noon ET.
World 2023-24 Stockpiles (million metric tons)
2023-24
Average Range USDA February USDA 2022-23
Corn 320.7 317.0-323.2 322.1 300.3
Soybeans 114.5 111.0-117.0 116.0 103.6
Wheat 259.1 257.0-260.2 259.4 271.2
2023-24
Corn Soybeans Wheat
AgriSompo North America 321.8 114.5 259.2
Allendale 322.1 117.0 259.0
Grain Cycles 320.5 114.0 258.0
Linn Group 317.0 111.0 260.0
Marex Group 322.0 117.0 260.0
Midwest Market Solutions 323.2 116.5 260.0
Northstar Commodity 322.0 115.0 257.0
Ocean State Research 321.5 115.0 260.0
Prime Ag 321.0 114.0 259.0
Risk Mgmt Commodities Inc. 320.0 115.0 259.4
StoneX 318.7 113.4 260.2
US Commodities Inc. 318.0 112.0 259.0
Zaner Ag 320.7 114.1 257.7

DJ March Brazil, Argentina Corn, Soybean Production Estimates – Survey
The following are analysts’ estimates in millions of metric tons for Brazil and Argentina corn and soybean production for 2023-24, as compiled by The Wall Street Journal. The U.S. Department of Agriculture is scheduled to release its monthly estimates on Friday at noon ET.
Brazil Corn, Soybean Production (million metric tons)
Average Range USDA February USDA 2022-23
Corn 122.4 118.0-125.0 124.0 137.0
Soybeans 152.5 148.0-156.0 156.0 162.0
Corn Soybeans
AgriSompo North America 123.7 153.0
Allendale 124.0 153.0
Doane 120.0 152.0
Linn Group 118.0 148.0
Marex Group 122.0 156.0
Midland Research 120.0 151.0
Midwest Market Solutions 124.0 155.0
Northstar Commodity 125.0 154.0
Ocean State Research 123.0 154.0
Prime Ag 123.0 153.0
Risk Mgmt Commodities Inc. 123.0 151.6
StoneX 124.4 151.6
US Commodities Inc. 120.0 151.0
Zaner Ag 123.0 152.0
Argentina Corn, Soybean Production (million metric tons)
Average Range USDA February USDA 2022-23
Corn 55.0 54.0-57.0 55.0 35.0
Soybeans 50.2 49.5-52.0 50.0 25.0
Corn Soybeans
AgriSompo North America 55.0 50.0
Allendale 55.0 50.0
Doane 55.0 50.0
Linn Group 55.0 52.0
Marex Group 57.0 50.0
Midland Research 55.0 50.0
Midwest Market Solutions 55.0 50.0
Northstar Commodity 54.5 50.0
Ocean State Research 55.0 50.0
Prime Ag 55.0 50.0
Risk Mgmt Commodities Inc. 54.0 49.5
StoneX 54.0 51.2
US Commodities Inc. 54.5 50.0
Zaner Ag 56.0 50.5

DJ U.S. Jan Grain Exports-Mar 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 ——-
Jan 24 Dec 23 Nov 23 Jan 23
Barley 1,031,326 1,961,000 1,137,000 1,238,917
Corn /1 4,299,001,000 4,806,613,000 3,573,054,000 3,171,032,000
Sorghum 571,701,000 1,007,509,000 583,105,000 86,857,000
Oats 1,386,674 907,504 2,829,591 2,842,981
Rye 277,485 586,525 133,050 225,469
Wheat /1 1,450,290,044 1,515,780,182 1,149,610,463 1,788,623,239
wheat flour /1 17,617,969 18,602,771 19,855,086 12,279,095
Malt 34,544,336 19,235,699 25,097,071 30,426,272
——- In Bushels, CWT or Pounds ——-
Jan 24 Dec 23 Nov 23 Jan 23
Barley 47,368 90,067 52,221 56,902
Corn /1 169,242,457 189,226,053 140,663,479 124,836,734
Sorghum 22,506,643 39,663,470 22,955,594 3,419,374
Oats 95,533 62,521 194,941 195,864
Rye 10,924 23,090 5,238 8,876
Wheat /1 53,288,490 55,694,816 42,240,520 65,719,979
wheat flour /1 388,410 410,121 437,730 270,708
Malt 76,157,238 42,407,464 55,329,580 67,078,459
1/Includes commercial and donated.

DJ U.S. Jan Oilseed, Meal, Oils/Fats Exports-Mar 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 ——-
Jan 24 Dec 23 Nov 23 Jan 23
soybeans 5,961,252,999 4,824,538,639 7,463,380,723 8,559,249,463
soyoil 5,245,688 5,853,461 6,289,691 7,000,962
crude 27,811 171,942 355,200 202,274
refined 339,872 72,423 244,137 302,281
other/1 4,760,462 5,406,487 5,462,040 6,209,943
hydrogenated 117,543 202,609 228,314 286,464
cottonseed oil 411,644 544,882 468,052 2,973,369
crude 62,983 0 0 107,564
refined 0 0 0 2,709,131
other/1 159,929 44,056 145,266 83,898
hydrogenated 188,732 500,826 322,786 72,776
sunseeds 40,959 499,837 742,027 49,969
sunseed oil 2,430,028 3,484,936 3,396,621 4,996,193
rapeseed 16,533,233 14,098,837 21,662,225 15,328,254
rapeseed oil 5,155,620 7,484,510 9,731,034 11,428,314
crude 148,661 1,338,163 5,263,699 7,777,646
refined 5,006,959 6,146,347 4,467,335 3,650,668
linseed meal 152,282 204,391 176,000 170,430
cottonseed meal 3,980,849 3,051,903 5,412,524 4,545,641
soymeal 1,066,092,841 1,086,010,648 1,071,377,644 1,033,322,929
soymeal/flour 299,978,792 338,003,190 250,184,568 359,537,287
soymeal hulls 10,014,000 24,529,000 9,158,000 12,114,000
lard 1,039,117 2,418,338 2,262,807 952,510
edible tallow 2,853,825 1,933,193 4,696,940 6,122,653
inedible tallow 5,007,528 9,882,684 8,590,013 26,948,012
ch white grease 14,217 0 0 0
——- In Bushels, Pounds or Short Tons ——-
Jan 24 Dec 23 Nov 23 Jan 23
soybeans 219,036,304 177,269,630 274,229,483 314,495,353
soyoil 11,564,764 12,904,675 13,866,397 15,434,482
crude 61,313 379,067 783,082 445,938
refined 749,290 159,665 538,230 666,416
other/1 10,495,024 11,919,266 12,041,739 13,690,583
hydrogenated 259,138 446,676 503,346 631,545
cottonseed oil 907,520 1,201,259 1,031,878 6,555,158
crude 138,854 0 0 237,138
refined 0 0 0 5,972,613
other/1 352,583 97,127 320,257 184,963
hydrogenated 416,083 1,104,133 711,621 160,444
sunseeds 90,299 1,101,952 1,635,890 110,163
sunseed oil 5,357,296 7,682,970 7,488,269 11,014,722
rapeseed 36,449,546 31,082,620 47,757,039 33,793,021
rapeseed oil 11,366,198 16,500,523 21,453,261 25,195,124
crude 327,741 2,950,145 11,604,472 17,146,777
refined 11,038,457 13,550,378 9,848,789 8,048,347
linseed meal 168 225 194 188
cottonseed meal 4,388 3,364 5,966 5,011
soymeal 1,175,154 1,197,110 1,180,980 1,139,032
soymeal flour/me 330,667 372,581 275,778 396,318
soymeal hulls 11,038 27,038 10,095 13,353
lard 2,290,861 5,331,524 4,988,636 2,099,925
edible tallow 6,291,608 4,261,962 10,354,982 13,498,142
inedible tallow 11,039,711 21,787,592 18,937,740 59,410,207
ch white grease 31,343 0 0 0

DJ U.S. January Grain Imports-March 7
In kilograms, from the U.S. Commerce Department, converted to
pounds by Dow Jones.
—-Jan 2024—- —-Dec 2023—-
kilograms pounds kilograms pounds
durum wheat 368,051 811,552 1,426,638 3,145,737
spring wheat 1,043,288 2,300,450 1,148,612 2,532,689
winter wheat 0 0 0 0
wheat/meslin 0 0 0 0
TOTAL WHEAT 1,411,339 3,112,002 2,575,250 5,678,426
barley 9,801,087 21,611,397 23,373,741 51,539,099
oats 731,009 1,611,875 173,578 382,739
corn 50,692,404 111,776,751 31,617,433 69,716,440
other corn 14,699,241 32,411,826 7,984,011 17,604,744
TOTAL CORN 65,391,645 144,188,577 39,601,444 87,321,184

DJ U.S. Jan Soymeal, Vegetable Oils/Oilseed Imports-March 7
In kilograms from the U.S. Commerce Department, converted to pounds
by Dow Jones.
—-Jan 2024—- —-Dec 2023—-
kilograms pounds kilograms pounds
coconut oil 34,368,012 75,781,466 26,253,319 57,888,568
palm kernel oil 32,405,520 71,454,172 31,505,480 69,469,583
palm oil 171,482,174 378,118,194 226,680,359 499,830,192
soybean 19,202,952 42,342,509 11,741,413 25,889,816
soymeal 0 0 0 0
soyoil 22,976,018 50,662,120 21,983,601 48,473,840
rapeseed oil
edible 235,933,139 520,232,571 278,805,753 614,766,685
rapeseed oil,
inedible 16 35 122,771 270,710

DJ U.S. Export Sales: Weekly Sales Totals-Mar 7
For the week ended Feb 29, in thousand metric tons, except cotton in
thousand running bales. Net changes in commitments are gross sales,
less cancellations, buy-backs and other downward adjustments. Total
commitments are total export shipments plus total sales.
The marketing year for wheat and barley began Jun 1, cotton and
and rice Aug 1, corn, soybeans and sorghum Sep 1, and soymeal and
soyoil Oct 1. Source: USDA
wk’s net chg total
in commitments commitments undlvd sales
this yr next yr this yr last yr this yr next yr
wheat 271.1 64.0 18434.4 17401.5 5656.4 436.5
hrw 18.6 63.0 3309.7 4740.1 955.1 100.1
srw 35.3 1.0 4632.1 2698.2 1968.8 167.4
hrs 143.3 0.0 6214.8 5266.6 1686.1 100.0
white 73.5 0.0 3816.8 4381.3 936.5 12.0
durum 0.5 0.0 461.0 315.2 109.9 57.0
corn 1109.6 0.0 39227.4 30649.0 17870.5 1619.8
soybeans 613.5 66.0 39432.8 48669.9 5515.8 255.8
soymeal 157.7 64.7 9616.5 8045.3 3642.3 82.3
soyoil 29.2 0.0 61.4 59.3 48.1 0.6
upland cotton 52.0 15.1 10529.4 10643.4 4855.2 837.3
pima cotton 11.1 0.0 247.5 140.0 64.2 3.3
sorghum 79.5 0.0 4930.9 1208.1 1436.7 0.0
barley 0.0 0.0 16.6 11.9 12.3 14.0
rice 84.6 0.0 2511.7 1527.7 706.7 0.1

DJ CBOT Delivery Intentions: Totals – Mar 7
Source: CME Group
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
ROUGH RICE March Mar 08, 2024 29 Mar 06, 2024
CORN March Mar 08, 2024 30 Feb 28, 2024
SOYBEAN March Mar 08, 2024 12 Feb 28, 2024
WHEAT March Mar 08, 2024 149 Mar 06, 2024

WHEAT
General Comments: Wheat was lower again yesterday on reports of weaker world prices amid a lack of demand. Big world supplies and low world prices are still around. Russian export prices were reported at a new low yesterday. There were some reports that Algeria was a major buyer of Russian Wheat 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 are still 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. USDA said that China cancelled purchases of 130,000 tons of US SRW.
Chart Analysis: Trends in Chicago are down with no objectives. Support is at 528, 522, and 516 May, with resistance at 554, 560, and 572 May. Trends in Kansas City are mixed to down with no objectives. Support is at 552, 546, and 540 May, with resistance at 569, 576, and 597 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 trends are now down in this market. Strong demand for export continues as well. 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 down with no objectives. Support is at 1773, 1759, and 1751 May and resistance is at 1827, 1845, and 1877 May.

CORN AND OATS
General Comments: Corn and Oats were higher yesterday, but trends are still 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 349, 344, and 340 May, and resistance is at 368, 374, and 376 May.

SOYBEANS
General Comments: Soybeans and the products closed a little higher yesterday in correction trading and on reports of stronger basis levels and great export demand 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 326.00, 329.00, and 307.00 May, and resistance is at 334.00, 338.00, and 345.00 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 higher yesterday on production problems in Southeast Asia and as the export pace is expected to really improve. Domestic biofuels demand is also likely to improve. 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 594.00, 585.00, and 576.00 May, with resistance at 605.00, 610.00, and 618.00 May. Trends in Palm Oil are up with objectives of 4150 May. Support is at 3960, 3910, and 3870 May, with resistance at 4110, 4140, and 4170 May.

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

Corn HRW SRW Soybeans Soybean Meal Soybean Oil
64 Mar 170 Mar
105 Mar
80 Mar

64 Mar 170 Mar 105 Mar 80 Mar

55 May 170 May 100 May 74 May

DJ Malaysian PM Cash Market Prices for Palm Oil – March 7
The following are prices for Malaysian palm oil in the cash market at 1000 GMT Thursday, 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
Mar 907.50 00.00 Unquoted – –
Apr 907.50 +02.50 Unquoted – –
May/Jun 875.00 -07.50 Unquoted – –
Jul/Aug/Sep 840.00 -10.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Mar 915.00 00.00 Unquoted – –
Apr 915.00 +02.50 Unquoted – _
May/Jun 882.50 -07.50 Unquoted – –
Jul/Aug/Sep 847.50 -10.00 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Mar 910.00 -02.50 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Mar 775.00 -07.50 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Mar 4,140.00 -30.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Mar 275.00 +01.00 Unquoted – –
($1=MYR4.6965)

DJ China Dalian Grain Futures Closing Prices, Volume – Mar 07
Soybean No. 1
Turnover: 92,745 lots, or 4.28 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Mar-24 4,632 4,641 4,590 4,641 4,647 4,635 -12 137 2,734
May-24 4,600 4,652 4,600 4,647 4,592 4,628 36 79,410 150,434
Jul-24 4,560 4,602 4,560 4,599 4,557 4,582 25 6,107 29,985
Sep-24 4,548 4,574 4,544 4,570 4,537 4,559 22 6,472 21,172
Nov-24 4,512 4,537 4,512 4,532 4,500 4,523 23 287 3,838
Jan-25 4,502 4,523 4,502 4,523 4,492 4,512 20 332 4,116
Corn
Turnover: 399,506 lots, or 9.82 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Mar-24 2,418 2,418 2,418 2,418 2,410 2,418 8 1,560 3,467
May-24 2,455 2,463 2,448 2,452 2,447 2,457 10 340,689 914,230
Jul-24 2,476 2,483 2,469 2,473 2,468 2,476 8 33,371 244,476
Sep-24 2,470 2,475 2,457 2,461 2,461 2,465 4 19,654 167,442
Nov-24 2,422 2,436 2,421 2,425 2,425 2,428 3 2,651 18,508
Jan-25 2,418 2,424 2,408 2,411 2,412 2,414 2 1,581 8,852
Soymeal
Turnover: 1,435,610 lots, or 45.18 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Mar-24 3,185 3,185 3,185 3,185 3,169 3,185 16 130 1,638
May-24 3,122 3,153 3,112 3,145 3,134 3,131 -3 1,087,178 1,585,129
Jul-24 3,135 3,161 3,122 3,152 3,142 3,140 -2 32,858 170,921
Aug-24 3,198 3,226 3,193 3,217 3,210 3,209 -1 2,782 30,647
Sep-24 3,190 3,220 3,184 3,210 3,197 3,200 3 283,769 924,153
Nov-24 3,183 3,218 3,183 3,208 3,194 3,198 4 4,109 39,983
Dec-24 3,230 3,257 3,223 3,246 3,232 3,238 6 754 10,784
Jan-25 3,205 3,235 3,201 3,222 3,210 3,216 6 24,030 97,465
Palm Oil
Turnover: 668,789 lots, or 5.09 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Mar-24 – – – 7,700 7,700 7,700 0 0 4,111
Apr-24 7,832 7,874 7,784 7,830 7,772 7,824 52 8,791 3,958
May-24 7,698 7,734 7,650 7,682 7,606 7,688 82 547,772 495,397
Jun-24 7,518 7,562 7,506 7,536 7,458 7,536 78 737 2,658
Jul-24 7,400 7,446 7,398 7,412 7,348 7,426 78 731 3,265
Aug-24 7,320 7,368 7,310 7,338 7,268 7,348 80 1,322 753
Sep-24 7,234 7,284 7,216 7,238 7,150 7,252 102 106,275 146,641
Oct-24 7,158 7,202 7,140 7,150 7,090 7,168 78 185 430
Nov-24 7,118 7,138 7,074 7,086 7,044 7,106 62 211 663
Dec-24 7,060 7,082 7,036 7,052 6,988 7,060 72 34 143
Jan-25 7,000 7,044 6,982 7,000 6,962 7,006 44 2,644 3,435
Feb-25 7,016 7,020 6,974 6,988 6,922 7,002 80 87 131
Soybean Oil
Turnover: 510,712 lots, or 38.21 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Mar-24 – – – 7,502 7,502 7,502 0 0 625
May-24 7,522 7,550 7,470 7,508 7,474 7,502 28 379,187 579,577
Jul-24 7,474 7,500 7,426 7,454 7,424 7,462 38 3,824 19,352
Aug-24 7,492 7,502 7,422 7,444 7,428 7,458 30 1,056 7,437
Sep-24 7,466 7,472 7,392 7,420 7,406 7,420 14 124,299 222,941
Nov-24 7,430 7,442 7,368 7,388 7,372 7,392 20 616 7,066
Dec-24 7,470 7,480 7,428 7,448 7,414 7,438 24 87 1,627
Jan-25 7,450 7,450 7,382 7,408 7,374 7,410 36 1,643 5,824
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