Grains Report 05/21/2024

DJ USDA Grain Inspections for Export in Metric Tons – May 20
WA_GR101
Washington, DC Mon May 20, 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 MAY 16, 2024
— METRIC TONS —
————————————————————————-
CURRENT PREVIOUS
———– WEEK ENDING ———- MARKET YEAR MARKET YEAR
GRAIN 05/16/2024 05/09/2024 05/18/2023 TO DATE TO DATE
BARLEY 0 648 0 2,828 2,154
CORN 1,210,541 1,004,571 1,328,829 35,211,044 27,380,440
FLAXSEED 0 0 0 48 200
MIXED 0 0 0 572 0
OATS 0 0 0 3,994 6,686
RYE 0 0 0 72 0
SORGHUM 124,289 140,105 116,048 4,844,685 1,636,657
SOYBEANS 184,128 433,068 170,092 39,748,806 48,215,771
SUNFLOWER 96 480 0 6,101 2,508
WHEAT 205,612 383,058 440,094 17,870,795 19,175,858
Total 1,724,666 1,961,930 2,055,063 97,688,945 96,420,274
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 44 33 42 44
Corn Planted 70 49 76 71
Corn Emerged 40 23 46 39
Soybeans Planted 52 35 61 49
Soybeans Emerged 26 16 31 21
Sorghum Planted 32 26 32 30
Rice Planted 92 84 88 84
Rice Emerged 76 69 73 63
Peanuts Planted 54 40 50 54
Sugarbeets Planted 98 92 90 81
Sunflowers Planted 10 4 6
Oats Planted 87 78 79 82
Oats Emerged 69 59 62 63
Winter Wheat Headed 69 57 58 57
Spring Wheat Planted 79 61 57 65
Spring Wheat Emerged 43 25 27 33
Barley Planted 78 64 65 74
Barley Emerged 48 27 28 43

Very Poor Poor Fair Good Excellent
Winter Wheat This Week 5 13 33 42 7
Winter Wheat Last Week 6 12 32 42 8
Winter Wheat Last Year 18 22 29 26 5

Rice This Week 0 1 17 69 13
Rice Last Week 0 1 20 68 11
Rice Last Year 0 4 23 60 13

Oats This Week 4 6 26 57 7
Oats Last Week 4 6 27 56 7
Oats Last Year 5 9 28 53 5

Pastures and Ranges This Week 7 13 31 40 9
Pastures and Ranges Last Week 9 15 29 39 8
Pastures and Ranges Last Year 10 19 34 31 6

WHEAT
General Comments: Wheat was higher in all three markets after more reports of frosts and freezing temperatures in Russian growing areas. It has also been very dry there. In addition, Ukraine sent drones to several Russian ports, including grains ports, to disrupt the export pace and cost Russia money. 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 improved sales. 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 mixed. Support is at 647, 632, and 610 July, with resistance at 697, 706, and 712 July. Trends in Kansas City are up with no objectives. Support is at 646, 640, and 630 July, with resistance at 710, 716, and 722 July. Trends in Minneapolis are up with objectives of 747 July. Support is at 710, 700, and 697 July, and resistance is at 758, 764, and 768 July.

RICE
General Comments: Rice closed a little higher yesterday in consolidation trading. The futures market overall remained in a short term trading range but at the low end of the range. The USDA export sales report indicated moderate sales. Support comes from adverse weather in South American growing areas while new selling is noted from the potential for a big crop in the US. The big US crops are now in doubt from reports of extreme rains in southern growing areas and especially near Houston. Some more big storms are coming to this region in the next few days. 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 old crop and the new crop.
Overnight News:
Chart Analysis: Trends are down with no objectives. Support is at 1854, 1827, and 1785 July and resistance is at 1918, 1948, and 1954 July.

CORN AND OATS
General Comments: Corn and Oats closed higher yesterday in line with the rallies on Soybeans and Wheat. The USDA reports are helping to support futures as are ideas of better demand. The weather in the Midwest has been very wet and more rains are coming to cause planting delays but to allow for rapid development of planted crops. The Argentine crop has been hit by stunting disease that robs yields and the Brazil Winter crop is suffering from hot and dry weather. Demand has been the driving force behind the rally but now South American weather is the driving force. 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 is very dry weather for the Winter crops in central and northern Brazil
Overnight News: Mexico bough 113,050 tons of US Corn and Spain bought 110,000 tons of US Corn.
Chart Analysis: Trends in Corn are mixed. Support is at 450, 444, and 440 July, and resistance is at 467, 475, and 483 July. Trends in Oats are down with no objectives. Support is at 357, 350, and 343 July, and resistance is at 383, 390, and 403 July.

SOYBEANS
General Comments: Soybeans and the products closed higher yesterday on ideas of improving demand for US Soybeans. Brazil basis levels are very strong and US products now compare favorably in price to those from South America. Support for Soybeans came from reports of excessive rains falling in US growing areas, especially the eastern sections of the Midwest. Domestic demand has been strong in the US but has suffered as crushers were crushing for oil. Oil demand has suffered as cheaper alternatives for feedstocks hit the bio fuels market.
Overnight News:
Chart Analysis: Trends in Soybeans are mixed. Support is at 1204, 1192, and 1187 July, and resistance is at 1250, 1256, and 1260 July. Trends in Soybean Meal are mixed. Support is at 366.00, 361.00, and 350.00 July, and resistance is at 388.00, 390.00, and 396.00 July. Trends in Soybean Oil are mixed. Support is at 4230, 4200, and 4140 July, with resistance at 4690, 4780, and 4880 July.

CANOLA AND PALM OIL
General Comments: Palm Oil was higher yesterday on Chicago price action and despite news of weaker exports. There is also talk of increased supplies available to the market, but the trends are turning mixed on the daily and weekly charts. Canola was closed for a holiday.
Overnight News:
Chart Analysis: Trends in Canola are mixed to up with objectives of 688.00 and 723.00 July. Support is at 647.00, 639.00, and 616.00 July, with resistance at 689.00, 696.00, and 702.00 July. Trends in Palm Oil are mixed. Support is at 3900, 3870, and 3820 August, with resistance at 3990, 4040, and 4210 July.

Midwest Weather Forecast Scattered showers and storms. Temperatures should average 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 21
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
Jun 862.50 -07.50 Unquoted – –
Jul/Aug/Sep 862.50 -07.50 Unquoted – –
Oct/Nov/Dec 865.00 -05.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Jun 867.50 -07.50 Unquoted – –
Jul/Aug/Sep 867.50 -07.50 Unquoted – –
Oct/Nov/Dec 870.00 -05.00 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Jun 880.00 -10.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Jun 815.00 -10.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jun 3,900.00 -50.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jun 285.00 -05.00 Unquoted – –
($1=MYR4.693)

DJ China Dalian Grain Futures Closing Prices, Volume – May 21
Soybean No. 1
Turnover: 105,718 lots, or 4.93 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-24 4,661 4,680 4,647 4,656 4,661 4,663 2 72,785 108,722
Sep-24 4,656 4,673 4,640 4,646 4,653 4,656 3 28,303 45,056
Nov-24 4,617 4,628 4,601 4,605 4,611 4,617 6 1,132 6,272
Jan-25 4,605 4,622 4,592 4,598 4,602 4,607 5 3,193 9,821
Mar-25 4,600 4,614 4,588 4,591 4,594 4,601 7 221 767
May-25 4,615 4,621 4,580 4,600 4,585 4,607 22 84 60
Corn
Turnover: 618,464 lots, or 15.18 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-24 2,456 2,459 2,444 2,449 2,455 2,450 -5 411,864 597,758
Sep-24 2,481 2,486 2,471 2,475 2,481 2,477 -4 137,227 490,444
Nov-24 2,435 2,441 2,427 2,431 2,430 2,433 3 24,521 227,786
Jan-25 2,420 2,428 2,415 2,420 2,416 2,422 6 34,664 130,152
Mar-25 2,424 2,433 2,419 2,424 2,419 2,425 6 9,428 26,854
May-25 2,438 2,481 2,437 2,449 2,435 2,459 24 760 263
Soymeal
Turnover: 2,434,710 lots, or 87.37 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-24 3,496 3,542 3,471 3,486 3,486 3,507 21 47,531 123,815
Aug-24 3,585 3,630 3,560 3,575 3,572 3,591 19 9,643 71,536
Sep-24 3,585 3,636 3,566 3,580 3,578 3,601 23 2,109,697 2,272,234
Nov-24 3,595 3,646 3,580 3,596 3,586 3,611 25 53,493 380,205
Dec-24 3,563 3,612 3,555 3,566 3,560 3,584 24 9,049 40,520
Jan-25 3,514 3,562 3,500 3,511 3,510 3,528 18 164,539 338,023
Mar-25 3,331 3,372 3,324 3,331 3,332 3,348 16 13,004 31,239
May-25 3,188 3,207 3,174 3,184 3,206 3,192 -14 27,754 56,462
Palm Oil
Turnover: 838,100 lots, or 64.48 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jun-24 7,720 7,844 7,698 7,746 7,714 7,770 56 3,325 1,559
Jul-24 7,680 7,772 7,620 7,666 7,668 7,706 38 8,517 8,211
Aug-24 7,668 7,752 7,612 7,658 7,668 7,696 28 411 1,271
Sep-24 7,670 7,758 7,602 7,662 7,660 7,692 32 775,706 561,669
Oct-24 7,658 7,746 7,600 7,642 7,652 7,690 38 178 449
Nov-24 7,690 7,742 7,628 7,628 7,650 7,694 44 67 672
Dec-24 7,716 7,746 7,606 7,656 7,656 7,694 38 89 390
Jan-25 7,676 7,766 7,610 7,672 7,662 7,702 40 49,288 103,666
Feb-25 7,674 7,744 7,616 7,672 7,656 7,696 40 35 137
Mar-25 7,698 7,766 7,630 7,682 7,662 7,696 34 178 1,463
Apr-25 7,730 7,766 7,642 7,698 7,688 7,728 40 25 175
May-25 7,684 7,776 7,626 7,684 7,662 7,708 46 281 236
Soybean Oil
Turnover: 780,717 lots, or 6.26 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-24 7,866 8,010 7,866 7,924 7,862 7,940 78 11,806 16,622
Aug-24 7,950 8,058 7,906 7,964 7,938 7,992 54 6,360 20,853
Sep-24 7,990 8,096 7,936 8,010 7,980 8,020 40 698,116 793,195
Nov-24 7,998 8,102 7,950 8,022 7,990 8,032 42 2,331 7,046
Dec-24 8,074 8,172 8,024 8,060 8,072 8,102 30 61 1,772
Jan-25 8,066 8,166 8,006 8,076 8,056 8,096 40 60,303 152,846
Mar-25 7,956 8,028 7,884 7,940 7,962 7,970 8 301 3,376
May-25 7,838 7,944 7,784 7,840 7,832 7,860 28 1,439 2,299
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