Grains Report 04/09/2024

DJ USDA Grain Inspections for Export in Metric Tons – Apr 8
WA_GR101
Washington, DC Mon Apr 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 APR 04, 2024
— METRIC TONS —
————————————————————————-
CURRENT PREVIOUS
———– WEEK ENDING ———- MARKET YEAR MARKET YEAR
GRAIN 04/04/2024 03/28/2024 04/06/2023 TO DATE TO DATE
BARLEY 0 122 0 2,058 2,154
CORN 1,420,023 1,471,882 839,165 27,327,490 20,208,708
FLAXSEED 0 0 0 24 200
MIXED 499 0 0 572 0
OATS 0 0 0 3,994 6,486
RYE 0 0 0 72 0
SORGHUM 69,839 211,326 90,631 4,110,982 1,192,569
SOYBEANS 484,328 547,351 678,920 37,598,737 46,139,474
SUNFLOWER 0 0 0 4,109 2,408
WHEAT 497,534 569,147 390,044 15,350,719 17,249,519
Total 2,472,223 2,799,828 1,998,760 84,398,757 84,801,518
————————————————————————-
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

This Week Last Qeek Last Year Average
Cotton Planted 5 3 5 6
Corn Planted 3 2 3 2
Sorghum Planted 15 11 13 14
Rice Planted 23 12 21 15
Rice Emerged 14 7 12 10
Sugarbeets Planted 2 1 0 4
Oats Planted 34 30 27 28
Oats Emerged 26 25 25 25
Winter Wheat Headed 6 4 7 9
Spring Wheat Planted 3 1 1 1
Barley Planted 5 2 1 5

Very Poor Poor Fair Good Excellent
Winter Wheat This Week 4 8 32 48 8
Winter Wheat Last Week 4 7 33 49 7
Winter Wheat Last Year 17 20 36 2 3

WHEAT
General Comments: Wheat was a little higher in slow trading with little fresh news yesterday. Trends turned up in SRW but remain mixed in HRW and Spring The USDA reports released a week ago were considered friendly. 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. The weekly condition report a week ago showed good conditions and the weekly export sales report was poor. The problems with Russian Wheat exporters continue. The dispute has held up shipments of at least 400,000 tons of grain so far. The reports indicate that the government is seeking more control of the exports and has made life very difficult on the private exporters in an effort to extract more sales and powers to the government. Russia is the worlds largest exporter and sets the world price and prices remain low. Big world supplies and low world prices are still around. Export sales remain weak on competition from Russia, 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 up with objectives of 590 and 618 May. Support is at 560, 539, and 537 May, with resistance at 575, 580, and 584 May. Trends in Kansas City are mixed. Support is at 561, 552, and 546 May, with resistance at 595, 602, and 605 May. Trends in Minneapolis are mixed. Support is at 646, 640, and 634 May, and resistance is at 660, 677, and 681 May.

RICE
General Comments: Rice closed mixed in quiet trading yesterday. Futures turned sideways after the big move lower. Trends are mixed in this market on the daily charts. 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 turning drier and warmer in the US this week and fieldwork should become active.
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 and Oats closed a little higher in quiet trading 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 early last week. The USDA reports released more than a week ago showed inventories and planting ideas below trade expectations. 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. Funds remain very large shorts in the market.
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 328, 322, and 316 May, and resistance is at 349, 353, and 359 May.

SOYBEANS
General Comments: Soybeans closed a little lower and Soybean Meal closed a little higher. Soybean Oil was lower. 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. The US reports strong domestic demand.
Overnight News:
Chart Analysis: Trends in Soybeans are mixed. Support is at 1165, 1153, and 1140 May, and resistance is at 1207, 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 4730, 4690, and 4640 May, with resistance at 4980, 5000, and 5030 May.

CANOLA AND PALM OIL
General Comments: Palm Oil was lower yesterday on profit taking but found support from strong export data for the month from private sources. It was higher today n strong exports and rallies in the Crude Oil futures. The export pace is expected to continue to really improve but this is part of the price already, in part due to stronger world petroleum prices that have affected world vegetable oils prices as well. Domestic biofuels demand is likely to improve. Ideas of weaker production ideas against good demand still support the market overall. Trends are turning up on the daily charts. Canola was a little lower. 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 645.00, 652.00, and 657.00 May. Trends in Palm Oil are up with objectives of 4460 and 4650 June. Support is at 4270, 4200, and 4130 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 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
Apr 987.50 00.00 Unquoted – –
May 967.50 +05.00 Unquoted – –
Jun 942.50 -02.50 Unquoted – –
Jul/Aug/Sep 907.50 00.00 Unquoted – –
Oct/Nov/Dec 887.50 -02.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Apr 992.50 00.00 Unquoted – –
May 972.50 +05.00 Unquoted – –
Jun 947.50 -02.50 Unquoted – –
Jul/Aug/Sep 912.50 00.00 Unquoted – –
Oct/Nov/Dec 892.50 -02.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Apr 985.00 -05.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Apr 822.50 +02.50 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Apr 4,530.00 00.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Apr 340.00 -01.00 Unquoted – –
($1=MYR4.75)

DJ China Dalian Grain Futures Closing Prices, Volume – Apr 09
Soybean No. 1
Turnover: 100,081 lots, or 4.81 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-24 4,810 4,822 4,787 4,791 4,795 4,804 9 75,462 95,830
Jul-24 4,830 4,834 4,809 4,810 4,811 4,819 8 14,704 39,576
Sep-24 4,788 4,815 4,787 4,800 4,788 4,801 13 9,453 23,661
Nov-24 4,724 4,732 4,710 4,723 4,713 4,724 11 188 3,146
Jan-25 4,696 4,704 4,687 4,700 4,683 4,697 14 151 3,300
Mar-25 4,674 4,687 4,669 4,683 4,660 4,676 16 123 187
Corn
Turnover: 490,560 lots, or 11.90 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-24 2,421 2,421 2,410 2,415 2,413 2,414 1 333,821 610,407
Jul-24 2,441 2,453 2,441 2,448 2,445 2,447 2 99,694 428,541
Sep-24 2,459 2,469 2,452 2,467 2,454 2,460 6 48,015 265,823
Nov-24 2,411 2,419 2,405 2,418 2,408 2,410 2 3,276 35,584
Jan-25 2,395 2,398 2,387 2,397 2,389 2,392 3 5,649 42,432
Mar-25 2,393 2,398 2,389 2,398 2,390 2,393 3 105 683
Soymeal
Turnover: 1,704,568 lots, or 56.40 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-24 3,245 3,260 3,227 3,235 3,244 3,245 1 396,544 657,650
Jul-24 3,260 3,273 3,239 3,256 3,256 3,262 6 49,321 129,630
Aug-24 3,333 3,351 3,310 3,335 3,334 3,337 3 13,070 41,734
Sep-24 3,330 3,347 3,303 3,335 3,327 3,332 5 1,198,160 1,800,955
Nov-24 3,307 3,323 3,284 3,313 3,306 3,308 2 4,468 34,064
Dec-24 3,329 3,338 3,303 3,328 3,321 3,327 6 569 8,189
Jan-25 3,281 3,294 3,258 3,288 3,279 3,281 2 40,776 287,707
Mar-25 3,197 3,212 3,179 3,202 3,197 3,199 2 1,660 5,631
Palm Oil
Turnover: 1,251,971 lots, or 10.05 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Apr-24 – – – 8,496 8,496 8,496 0 0 1,648
May-24 8,230 8,278 8,152 8,236 8,342 8,210 -132 658,020 261,443
Jun-24 8,094 8,156 8,022 8,102 8,164 8,078 -86 6,933 8,085
Jul-24 7,936 8,048 7,882 7,994 8,026 7,950 -76 3,156 5,721
Aug-24 7,880 7,974 7,806 7,930 7,954 7,882 -72 1,214 895
Sep-24 7,820 7,926 7,736 7,876 7,860 7,832 -28 562,747 400,480
Oct-24 7,738 7,848 7,676 7,802 7,786 7,772 -14 481 452
Nov-24 7,678 7,786 7,616 7,740 7,720 7,712 -8 105 523
Dec-24 7,624 7,730 7,572 7,670 7,676 7,638 -38 151 420
Jan-25 7,556 7,676 7,520 7,626 7,620 7,614 -6 18,794 43,066
Feb-25 7,582 7,690 7,534 7,632 7,618 7,626 8 59 247
Mar-25 7,628 7,708 7,586 7,650 7,658 7,652 -6 311 1,546
Soybean Oil
Turnover: 730,431 lots, or 56.33 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-24 7,738 7,762 7,666 7,692 7,810 7,710 -100 216,059 237,860
Jul-24 7,740 7,764 7,668 7,716 7,784 7,718 -66 7,910 17,245
Aug-24 7,722 7,768 7,676 7,730 7,762 7,736 -26 1,495 3,610
Sep-24 7,726 7,758 7,654 7,720 7,762 7,710 -52 472,145 686,461
Nov-24 7,692 7,740 7,636 7,716 7,734 7,692 -42 2,106 7,428
Dec-24 7,734 7,796 7,700 7,764 7,786 7,746 -40 113 1,822
Jan-25 7,704 7,776 7,662 7,744 7,764 7,722 -42 30,397 70,747
Mar-25 7,706 7,754 7,650 7,716 7,736 7,712 -24 206 671
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