Grains Report 05/02/2024

DJ U.S. Mar Grain Exports-May 2
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 ——-
Mar 24 Feb 24 Jan 24 Mar 23
Barley 2,004,291 704,000 1,031,326 954,536
Corn /1 5,894,170,000 5,370,769,000 4,299,001,000 4,920,765,000
Sorghum 513,480,000 890,484,000 571,701,000 388,499,000
Oats 2,558,165 3,752,299 1,386,674 857,756
Rye 43,943 27,101 277,485 9,984
Wheat /1 2,099,354,798 1,847,777,893 1,450,290,044 1,361,131,603
wheat flour /1 16,505,749 16,946,903 17,617,969 15,662,470
Malt 32,789,167 32,096,224 34,544,336 30,337,425
——- In Bushels, CWT or Pounds ——-
Mar 24 Feb 24 Jan 24 Mar 23
Barley 92,055 32,334 47,368 43,841
Corn /1 232,040,842 211,435,666 169,242,457 193,719,973
Sorghum 20,214,607 35,056,447 22,506,643 15,294,373
Oats 176,242 258,510 95,533 59,094
Rye 1,730 1,067 10,924 393
Wheat /1 77,137,292 67,893,518 53,288,490 50,012,512
wheat flour /1 363,890 373,615 388,410 345,298
Malt 72,287,752 70,760,074 76,157,238 66,882,585
1/Includes commercial and donated.

DJ U.S. Mar Oilseed, Meal, Oils/Fats Exports-May 2
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 ——-
Mar 24 Feb 24 Jan 24 Mar 23
soybeans 3,054,627,901 5,263,967,521 5,961,252,999 3,135,931,445
soyoil 44,873,000 6,496,664 5,245,688 5,807,999
crude 32,386,334 335,265 27,811 607,345
refined 161,753 67,564 339,872 188,702
other/1 12,153,139 5,905,310 4,760,462 4,832,659
hydrogenated 171,774 188,525 117,543 179,293
cottonseed oil 567,656 661,053 411,644 7,760,682
crude 54,474 13,305 62,983 64,626
refined 130,319 170,079 0 7,021,911
other/1 70,238 116,213 159,929 438,865
hydrogenated 312,625 361,456 188,732 235,280
sunseeds 59,430 157,430 40,959 187,594
sunseed oil 3,107,574 2,674,665 2,430,028 4,007,798
rapeseed 11,839,736 11,648,143 16,533,233 14,647,201
rapeseed oil 6,193,119 4,543,827 5,155,620 4,043,022
crude 3,145,387 1,158,672 148,661 600,505
refined 3,047,732 3,385,155 5,006,959 3,442,517
linseed meal 129,843 52,000 152,282 151,680
cottonseed meal 6,516,194 6,199,040 3,980,849 7,229,070
soymeal 1,163,887,185 1,039,754,662 1,066,092,841 1,088,157,309
soymeal/flour 321,340,529 301,809,370 299,978,792 235,649,274
soymeal hulls 13,613,000 23,956,000 10,014,000 12,547,000
lard 1,310,855 2,037,405 1,039,117 1,778,477
edible tallow 2,113,105 4,850,594 2,853,825 3,897,914
inedible tallow 14,566,084 4,922,638 5,007,528 4,035,371
ch white grease 12,440 0 14,217 12,440
——- In Bushels, Pounds or Short Tons ——-
Mar 24 Feb 24 Jan 24 Mar 23
soybeans 112,237,210 193,415,712 219,036,304 115,224,573
soyoil 98,928,048 14,322,695 11,564,764 12,804,448
crude 71,399,657 739,133 61,313 1,338,967
refined 356,604 148,953 749,290 416,017
other/1 26,793,090 13,018,982 10,495,024 10,654,191
hydrogenated 378,697 415,627 259,138 395,273
cottonseed oil 1,251,467 1,457,373 907,520 17,109,378
crude 120,095 29,333 138,854 142,476
refined 287,304 374,960 0 15,480,666
other/1 154,848 256,206 352,583 967,532
hydrogenated 689,220 796,874 416,083 518,704
sunseeds 131,021 347,074 90,299 413,574
sunseed oil 6,851,029 5,896,628 5,357,296 8,835,684
rapeseed 26,102,154 25,679,764 36,449,546 32,291,556
rapeseed oil 13,653,493 10,017,426 11,366,198 8,913,339
crude 6,934,393 2,554,435 327,741 1,323,887
refined 6,719,100 7,462,991 11,038,457 7,589,452
linseed meal 143 57 168 167
cottonseed meal 7,183 6,833 4,388 7,969
soymeal 1,282,953 1,146,122 1,175,154 1,199,476
soymeal flour/me 354,214 332,684 330,667 259,756
soymeal hulls 15,006 26,407 11,038 13,831
lard 2,889,941 4,491,710 2,290,861 3,920,871
edible tallow 4,658,600 10,693,731 6,291,608 8,593,431
inedible tallow 32,112,724 10,852,561 11,039,711 8,896,472
ch white grease 27,426 0 31,343 27,426

DJ U.S. March Grain Imports-May 2
In kilograms, from the U.S. Commerce Department, converted to
pounds by Dow Jones.
—-Mar 2024—- —-Feb 2024—-
kilograms pounds kilograms pounds
durum wheat 400,758 883,671 483,445 1,065,996
spring wheat 1,913,262 4,218,743 1,251,002 2,758,459
winter wheat 0 0 0 0
wheat/meslin 0 0 0 0
TOTAL WHEAT 2,314,020 5,102,414 1,734,447 3,824,456
barley 2,282,746 5,033,455 14,147,497 31,195,231
oats 1,549,911 3,417,554 1,218,699 2,687,231
corn 33,142,452 73,079,107 36,380,357 80,218,687
other corn 4,683,652 10,327,453 4,226,091 9,318,531
TOTAL CORN 37,826,104 83,406,559 40,606,448 89,537,218

DJ U.S. Mar Soymeal, Vegetable Oils/Oilseed Imports-May 2
In kilograms from the U.S. Commerce Department, converted to pounds
by Dow Jones.
—-Mar 2024—- —-Feb 2024—-
kilograms pounds kilograms pounds
coconut oil 43,508,369 95,935,954 42,626,119 93,990,592
palm kernel oil 32,890,514 72,523,583 39,451,577 86,990,727
palm oil 138,679,314 305,787,887 209,647,532 462,272,808
soybean 136,389,749 300,739,397 21,542,002 47,500,114
soymeal 0 0 0 0
soyoil 22,602,291 49,838,052 15,982,243 35,240,846
rapeseed oil
edible 336,306,331 741,555,460 273,324,931 602,681,473
rapeseed oil,
inedible 43,158 95,163 30,724 67,746

DJ U.S. Export Sales: Weekly Sales Totals-May 2
For the week ended Apr 25, 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 -20.3 406.9 18796.6 18902.3 2061.9 2553.6
hrw -54.9 167.2 3598.2 5109.7 486.6 514.4
srw -8.6 64.6 4288.1 2914.6 503.6 378.8
hrs 12.8 116.7 6410.7 5747.9 624.8 860.3
white 12.0 58.5 3977.4 4677.5 423.9 733.6
durum 18.4 0.0 522.0 452.7 22.9 66.5
corn 758.5 33.7 46736.2 38136.3 13522.1 2128.1
soybeans 414.0 7.0 41907.6 50703.5 3533.1 860.6
soymeal 131.0 3.4 11155.5 9742.6 2803.8 347.7
soyoil 7.2 0.0 111.4 117.5 54.8 7.5
upland cotton 97.4 34.4 11391.7 12252.4 3317.4 1301.5
pima cotton 4.6 0.0 299.2 282.5 62.0 3.3
sorghum 6.5 0.0 5083.6 1594.8 736.0 0.0
barley 0.0 0.0 11.8 12.0 6.2 14.0
rice 59.8 0.0 3022.8 1831.5 553.1 43.7

DJ CBOT Delivery Intentions: Totals – May 2
Source: CME Group
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
SOYBEAN MEAL May May 03, 2024 11 Apr 25, 2024
SOYBEAN OIL May May 03, 2024 477 Apr 30, 2024
ROUGH RICE May May 03, 2024 6 Apr 29, 2024
CORN May May 03, 2024 223 Feb 28, 2024
SOYBEAN May May 03, 2024 386 Apr 30, 2024
WHEAT May May 03, 2024 211 Apr 30, 2024

WHEAT
General Comments: Wheat was lower yesterday on follow through selling, and trends are down in Winter Wheat markets. Kansas City was the weakest market despite stronger world and Russian pricesx for hard wheat. Trends are mixed in Minneapolis. The US Dollar was higher yesterday to help cause the selling. The weather is still a key, with extreme dryness reported in Russia and parts of the US and too wet conditions reported in Europe. The weekly export sales report showed poor sales once again and sales are not likely to improve anytime soon with the Dollar strength. 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, but Russia has been bombing Ukraine again and shipments might be hurt from that origin.
Overnight News: The southern Great Plains should get mostly dry conditions. Temperatures should be above normal. Northern areas should see mostly dry conditions. Temperatures will average above normal. The Canadian Prairies should see mostly dry conditions. Temperatures should average above normal.
Chart Analysis: Trends in Chicago are down with no objectives. Support is at 593, 589, and 586 July, with resistance at 616, 633, and 639 July. Trends in Kansas City are down with no objectives. Support is at 613, 606, and 600 July, with resistance at 650, 663, and 669 July. Trends in Minneapolis are mixed. Support is at 697, 686, and 681 July, and resistance is at 709, 717, and 721 July.

RICE
General Comments: Rice closed near unchanged yesterday and maintained the current trading range. Supply tightness is expected to give way to increased production this year and greatly increased supplies this Fall. These ideas are reflected in the prices seen in the cold crop and the new crop. Trends are up in this market on the daily charts. The market noted good planting and emergence progress in the weekly USDA reports.
Overnight News:
Chart Analysis: Trends are mixed. Support is at 1886, 1866, and 1850 July and resistance is at 1955, 1974, and 1993 July.

CORN AND OATS
General Comments: Corn and Oats closed slightly lower again in light volume trading yesterday on reports of rapid planting progress in the Midwest as traders think that good Spring weather here will greatly increase planted Corn area. Demand has been the driving force behind the rally but the rally has stalled now as the US Dollar has turned higher. Increased demand was noted in most domestic categories along with rising basis levels, and export demand has been strong. Ethanol demand has turned less due to weaker petroleum prices seen lately. There are mixed ideas about how many acres of Corn will be planted in the US this year. It is very expensive to plant Corn and Corn is considered unprofitable to plant right now, so planted are might not increase that much if at all. USDA issued its crop progress report for Corn and Corn planting is proceeding at an average pace. Demand for Corn has been strong at lower prices. Big supplies and reports of better 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 440, 436, and 434 July, and resistance is at 450, 454, and 460 July. Trends in Oats are up with no objectives. Support is at 362, 356, and 354 July, and resistance is at 384, 390, and 396 July.

SOYBEANS
General Comments: Soybeans closed higher and the products closed mixed yesterday, with Soybean Meal lower and Soybean Oil higher in correction trading. Ideas of less bio fuels demand have hurt Soybean Oil prices. Some selling from Brazil and Argentina was noted on the early rally attempt last week. Reports of great export demand in Brazil provide some support, but increased availability of Soy products from Argentina kept prices down. 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. Domestic demand has been strong in the US. Funds remain large shorts in the market.
Overnight News:
Chart Analysis: Trends in Soybeans are mixed. Support is at 1156, 1146, and 1141 July, and resistance is at 1191, 1204, and 1216 July. Trends in Soybean Meal are up with objectives of 369.00 July. Support is at 345.00, 342.00, and 340.00 July, and resistance is at 361.00, 368.00, and 370.00 July. Trends in Soybean Oil are down with no objectives. Support is at 4260, 4200, and 4140 July, with resistance at 4410, 4460, and 4530 July.

CANOLA AND PALM OIL
General Comments: Palm Oil was higher today on reports of strong demand from India amid reports of reduced production. Trends are down on the daily and weekly charts. Canola was a little higher along with Chicago. Farmers concentrate on fieldwork and not selling.
Overnight News:
Chart Analysis: Trends in Canola are mixed to down with objectives of 598.00 and 560.00 July. Support is at 616.00, 603.00, and 597.00 July, with resistance at 629.00, 634.00, and 641.00 July. Trends in Palm Oil are mixed to down with objectives of 3790 and 3650 July. Support is at 3780, 3740, and 3700 July, with resistance at 3930, 4020, and 4040 July.

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

Corn HRW SRW Soybeans Soybean Meal Soybean Oil
May 55 May 150 May
50 May
60 May

June 48 July 135 July 40 July 54 July

July 50 July 135 July 40 July 60 July

DJ Malaysian PM Cash Market Prices for Palm Oil – May 2
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
May 855.00 -05.00 Unquoted – –
Jun 850.00 +05.00 Unquoted – –
Jul/Aug/Sep 840.00 +10.00 Unquoted – –
Oct/Nov/Dec 845.00 +20.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
May 860.00 -05.00 Unquoted – –
Jun 855.00 +05.00 Unquoted – –
Jul/Aug/Sep 845.00 +10.00 Unquoted – –
Oct/Nov/Dec 850.00 +20.00 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
May 875.00 00.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
May 785.00 +05.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
May 3,950.00 +30.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
May 292.00 +01.00 Unquoted – –
($1=MYR4.751)

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