Grains Report 04/04/2024

DJ U.S. Export Sales: Weekly Sales Totals-Apr 4
For the week ended Mar 28, 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 16.1 262.0 18747.7 18140.8 4210.2 1278.4
hrw -3.6 31.4 3610.6 4923.7 900.7 176.5
srw 64.2 27.0 4361.3 2824.7 1034.3 228.6
hrs 12.5 119.7 6368.4 5485.4 1407.0 395.2
white -64.6 83.9 3918.0 4538.8 823.7 421.2
durum 7.5 0.0 489.4 368.2 44.5 57.0
corn 948.0 11.4 43851.2 37211.7 16831.7 1757.7
soybeans 194.2 0.0 40549.1 49916.2 3788.2 470.4
soymeal 202.2 32.6 10398.8 9009.9 3163.2 254.7
soyoil 3.1 0.0 83.6 103.6 35.0 7.5
upland cotton 84.9 22.9 10889.5 11620.9 3797.8 1085.6
pima cotton 1.4 0.0 271.5 183.7 70.7 3.3
sorghum 11.4 0.0 5035.6 1499.7 1129.5 0.0
barley 0.0 0.0 11.8 11.5 6.2 14.0
rice 112.7 16.7 2872.4 1687.2 685.5 28.7

DJ U.S. Feb Grain Exports-Apr 4
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 ——-
Feb 24 Jan 24 Dec 23 Feb 23
Barley 704,000 1,031,326 1,961,000 1,415,528
Corn /1 5,370,769,000 4,299,001,000 4,806,613,000 3,274,020,000
Sorghum 890,484,000 571,701,000 1,007,509,000 214,226,000
Oats 3,752,299 1,386,674 907,504 3,093,709
Rye 27,101 277,485 586,525 0
Wheat /1 1,847,777,893 1,450,290,044 1,515,780,182 1,871,804,084
wheat flour /1 16,946,903 17,617,969 18,602,771 12,502,989
Malt 32,096,224 34,544,336 19,235,699 30,691,942
——- In Bushels, CWT or Pounds ——-
Feb 24 Jan 24 Dec 23 Feb 23
Barley 32,334 47,368 90,067 65,014
Corn /1 211,435,666 169,242,457 189,226,053 128,891,151
Sorghum 35,056,447 22,506,643 39,663,470 8,433,619
Oats 258,510 95,533 62,521 213,137
Rye 1,067 10,924 23,090 0
Wheat /1 67,893,518 53,288,490 55,694,816 68,776,321
wheat flour /1 373,615 388,410 410,121 275,644
Malt 70,760,074 76,157,238 42,407,464 67,664,161
1/Includes commercial and donated.

DJ U.S. Feb Oilseed, Meal, Oils/Fats Exports-Apr 4
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 ——-
Feb 24 Jan 24 Dec 23 Feb 23
soybeans 5,263,967,521 5,961,252,999 4,824,538,639 5,375,073,024
soyoil 6,496,664 5,245,688 5,853,461 11,856,133
crude 335,265 27,811 171,942 6,410,477
refined 67,564 339,872 72,423 77,424
other/1 5,905,310 4,760,462 5,406,487 5,185,668
hydrogenated 188,525 117,543 202,609 182,564
cottonseed oil 661,053 411,644 544,882 3,582,216
crude 13,305 62,983 0 86,949
refined 170,079 0 0 2,649,243
other/1 116,213 159,929 44,056 648,577
hydrogenated 361,456 188,732 500,826 197,447
sunseeds 157,430 40,959 499,837 135,909
sunseed oil 2,674,665 2,430,028 3,484,936 4,094,166
rapeseed 11,648,143 16,533,233 14,098,837 19,526,555
rapeseed oil 4,543,827 5,155,620 7,484,510 3,819,488
crude 1,158,672 148,661 1,338,163 1,541,864
refined 3,385,155 5,006,959 6,146,347 2,277,624
linseed meal 52,000 152,282 204,391 100,600
cottonseed meal 6,199,040 3,980,849 3,051,903 5,242,655
soymeal 1,039,754,662 1,066,092,841 1,086,010,648 717,432,075
soymeal/flour 301,809,370 299,978,792 338,003,190 199,550,240
soymeal hulls 23,956,000 10,014,000 24,529,000 8,319,000
lard 2,037,405 1,039,117 2,418,338 1,049,477
edible tallow 4,850,594 2,853,825 1,933,193 4,491,008
inedible tallow 4,922,638 5,007,528 9,882,684 8,383,515
ch white grease 0 14,217 0 0
——- In Bushels, Pounds or Short Tons ——-
Feb 24 Jan 24 Dec 23 Feb 23
soybeans 193,415,712 219,036,304 177,269,630 197,498,098
soyoil 14,322,695 11,564,764 12,904,675 26,138,304
crude 739,133 61,313 379,067 14,132,685
refined 148,953 749,290 159,665 170,691
other/1 13,018,982 10,495,024 11,919,266 11,432,443
hydrogenated 415,627 259,138 446,676 402,485
cottonseed oil 1,457,373 907,520 1,201,259 7,897,436
crude 29,333 138,854 0 191,690
refined 374,960 0 0 5,840,582
other/1 256,206 352,583 97,127 1,429,868
hydrogenated 796,874 416,083 1,104,133 435,296
sunseeds 347,074 90,299 1,101,952 299,628
sunseed oil 5,896,628 5,357,296 7,682,970 9,026,093
rapeseed 25,679,764 36,449,546 31,082,620 43,048,692
rapeseed oil 10,017,426 11,366,198 16,500,523 8,420,531
crude 2,554,435 327,741 2,950,145 3,399,229
refined 7,462,991 11,038,457 13,550,378 5,021,302
linseed meal 57 168 225 111
cottonseed meal 6,833 4,388 3,364 5,779
soymeal 1,146,122 1,175,154 1,197,110 790,825
soymeal flour/me 332,684 330,667 372,581 219,964
soymeal hulls 26,407 11,038 27,038 9,170
lard 4,491,710 2,290,861 5,331,524 2,313,701
edible tallow 10,693,731 6,291,608 4,261,962 9,900,980
inedible tallow 10,852,561 11,039,711 21,787,592 18,482,490
ch white grease 0 31,343 0 0

DJ U.S. February Grain Imports-April 4
In kilograms, from the U.S. Commerce Department, converted to
pounds by Dow Jones.
—-Feb 2024—- —-Jan 2024—-
kilograms pounds kilograms pounds
durum wheat 483,445 1,065,996 368,051 811,552
spring wheat 1,251,002 2,758,459 1,043,288 2,300,450
winter wheat 0 0 0 0
wheat/meslin 0 0 0 0
TOTAL WHEAT 1,734,447 3,824,456 1,411,339 3,112,002
barley 14,147,497 31,195,231 9,801,087 21,611,397
oats 1,218,699 2,687,231 731,009 1,611,875
corn 36,380,357 80,218,687 50,692,404 111,776,751
other corn 4,226,091 9,318,531 14,699,241 32,411,826
TOTAL CORN 40,606,448 89,537,218 65,391,645 144,188,577

DJ U.S. Feb Soymeal, Vegetable Oils/Oilseed Imports-April 4
In kilograms from the U.S. Commerce Department, converted to pounds
by Dow Jones.
—-Feb 2024—- —-Jan 2024—-
kilograms pounds kilograms pounds
coconut oil 42,626,119 93,990,592 34,368,012 75,781,466
palm kernel oil 39,451,577 86,990,727 32,405,520 71,454,172
palm oil 209,647,532 462,272,808 171,482,174 378,118,194
soybean 21,542,002 47,500,114 19,202,952 42,342,509
soymeal 0 0 0 0
soyoil 15,982,243 35,240,846 22,976,018 50,662,120
rapeseed oil
edible 273,324,931 602,681,473 235,933,139 520,232,571
rapeseed oil,
inedible 30,724 67,746 16 35

WHEAT
General Comments: Wheat was higher yesterday. The USDA reports released Friday were considered friendly for Wheat prices. USDA said that All Wheat plantings would be about 47.5 million acres, with the big reductions seen in Winter Wheat. In contrast, Spring Wheat plantings were above the trade guesses at 11.335 million acres. Inventories were just above the average trade guess and 1.083 billion bushels. There are some ideas that the Spring Wheat planted area wa overstated and could be less in reality. Big world supplies and low world prices are still around. 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. Black Sea offers are still plentiful.
Overnight News: The southern Great Plains should get Scattered showers. Temperatures should be below normal. Northern areas should see scattered 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 539, 537, and 527 May, with resistance at 569, 572, and 580 May. Trends in Kansas City are mixed. Support is at 561, 552, and 546 May, with resistance at 594, 602, and 605 May. Trends in Minneapolis are mixed to down with objectives of 620 and 597 May. Support is at 646, 640, and 634 May, and resistance is at 677, 681, and 688 May.

RICE
General Comments: Rice closed higher yesterday after making new lows for the move and testing important support near `1600 May. Trends are down in this market. The market noted good planting and emergence progress in the weekly USDA reports released on Monday afternoon. Good demand for exports continues. 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. It turned wetter and colder in the US last week and fieldwork will be much reduced.
Overnight News:
Chart Analysis: Trends are mixed. Support is at 1602, 1588, and 1576 May and resistance is at 1670, 1704, and 1751 May.

CORN AND OATS
General Comments: Corn closed higher and Oats closed lower yesterday as traders think that good Spring weather here will greatly increase planted Corn area. This might not be true as it is very expensive to plant Corn and Corn is considered unprofitable to plant right now. USDA issued its first crop progress report for Corn earlier this week. The USDA reports released on Friday showed inventories and planting ideas below trade expectations. USDA said that plantings should be just 90 million acres and that inventories are estimated at 8.347 billion bushels. The plantings intentions report was especially bullish for Corn prices. Demand for Corn has been strong at lower prices. 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 and might start next week. Funds remain very large shorts in the market. Basis levels have firmed a little bit in the US as processors look for supplies amid tight farmer holding patterns. The weather forecasts for Argentina are improving with drier weather expected this week after some big rains last week. More rain is forecast for central and northern Brazil, but dry weather is forecast for southern Brazil The planting progress reports to date indicate rapid progress and reports from Brazil indicate that the Winter crop has been mostly planted now.
Overnight News:
Chart Analysis: Trends in Corn are mixed. Support is at 426, 422, and 408 May, and resistance is at 448, 459, and 463 May. Trends in Oats are mixed. Support is at 334, 328, and 322 May, and resistance is at 349, 353, and 359 May.

SOYBEANS
General Comments: Soybeans and Soybean Meal closed higher yesterday after absorbing some early selling pressure. Brazil producers had been taking advantage on higher futures in the US and higher basis levels in Brazil, but the basis has fallen sharply in Brazil this week and sales have been less. Reports of great export demand in Brazil provide some support. Reports indicate that China has been a very active buyer of Brazil Soybeans this season. Ideas that South American production is taking demand from the US have pressured futures lower. Funds remain large shorts in the market. Basis levels in the US are reported to be firming as processors look for supplies and farmers remain tight holders.
Overnight News: Mexico bought 152,404 tons of US Soybeans.
Chart Analysis: Trends in Soybeans are mixed. Support is at 1165, 1153, and 1140 May, and resistance is at 1202, 1211, and 1217 May. Trends in Soybean Meal are mixed. Support is at 323.00, 320.00, and 317.00 May, and resistance is at 340.00, 348.00, and 352.00 May. Trends in Soybean Oil are mixed. Support is at 4820, 4730, and 4690 May, with resistance at 4980, 5000, and 5030 May.

CANOLA AND PALM OIL
General Comments: Palm Oil was higher today on strong export data for the month from private sources. The export pace is expected to continue to really improve but this is part of the price already. The Southern Peninsula Palm Oil Millers Association expects Malaysia’s palm oil production for March 1-20 to have risen 22%. Domestic biofuels demand is 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 turning down on the daily charts. Canola was higher yesterday in line with rallies in Chicago Soybean Oil and Malaysian Plam Oil. There were reports of good growing conditions in Argentina. Current forecasts call for generally improved growing conditions in Brazil this week.
Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 630.00, 616.00, and 610.00 May, with resistance at 652.00, 657.00, and 660.00 May. Trends in Palm Oil are up with objectives of 4460 and 4650 June. Support is at 4300, 4270, and 4200 May, with resistance at 4440, 4460, and 4490 May.

Midwest Weather Forecast Showers and storms. Temperatures should average below normal.

Corn HRW SRW Soybeans Soybean Meal Soybean Oil
April 55 May 60 May
60 May
65 May

May 57 May 60 May 80 May 65 May

June 50 July 45 July 56 July 58 July

DJ Malaysian PM Cash Market Prices for Palm Oil – April 4
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
Apr 1002.50 -02.50 Unquoted – –
May 982.50 -07.50 Unquoted – –
Jun 967.50 -02.50 Unquoted – –
Jul/Aug/Sep 930.00 +05.00 Unquoted – –
Oct/Nov/Dec 910.00 +07.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Apr 1007.50 -02.50 Unquoted – –
May 987.50 -07.50 Unquoted – –
Jun 972.50 -02.50 Unquoted – –
Jul/Aug/Sep 935.00 +05.00 Unquoted – –
Oct/Nov/Dec 915.00 +07.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Apr 1000.00 00.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Apr 832.50 +02.50 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Apr 4,580.00 00.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Apr 343.00 -02.00 Unquoted – –
($1=MYR4.7375)

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