Grains Report 05/29/2024

DJ USDA Grain Inspections for Export in Metric Tons – May 28
WA_GR101
Washington, DC Tue May 28, 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 23, 2024
— METRIC TONS —
————————————————————————-
CURRENT PREVIOUS
———– WEEK ENDING ———- MARKET YEAR MARKET YEAR
GRAIN 05/23/2024 05/16/2024 05/25/2023 TO DATE TO DATE
BARLEY 0 0 0 2,828 2,154
CORN 1,077,336 1,226,200 1,346,392 36,304,039 28,726,832
FLAXSEED 0 0 0 48 200
MIXED 0 0 0 572 0
OATS 599 0 0 4,593 6,686
RYE 0 0 0 72 0
SORGHUM 48,599 124,289 33,242 4,893,284 1,669,899
SOYBEANS 212,105 192,232 256,636 39,969,015 48,472,407
SUNFLOWER 0 96 0 6,101 2,508
WHEAT 398,904 228,200 391,292 18,292,287 19,567,150
Total 1,737,543 1,771,017 2,027,562 99,472,839 98,447,836
————————————————————————-
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 59 44 56 57
Cotton Squaring 4 3 5
Corn Planted 83 70 89 82
Corn Emerged 58 40 66 58
Soybeans Planted 68 52 78 83
Soybeans Emerged 39 26 50 36
Sorghum Planted 42 32 39 37
Rice Planted 96 92 94 91
Rice Emerged 83 76 81 74
Peanuts Planted 67 54 67 71
Sunflowers Planted 18 10 21 19
Oats Planted 93 87 90 90
Oats Emerged 77 69 72 74
Oats Headed 29 25 23
Winter Wheat Headed 77 69 69 69
Spring Wheat Planted 86 79 79 81
Spring Wheat Emerged 61 43 50 52
Barley Planted 88 78 81 86
Barley Emerged 48 27 28 43

Very Poor Poor Fair Good Excellent
Cotton This Week 1 4 35 52 8
Cotton Last Week
Cotton Last Year 1 12 39 41 7

Winter Wheat This Week 6 13 33 40 8
Winter Wheat Last Week 5 13 33 42 7
Winter Wheat Last Year 16 19 31 29 5

Rice This Week 1 2 17 65 15
Rice Last Week 0 1 17 69 13
Rice Last Year 1 4 23 59 13

Peanuts This Week 1 4 33 58 4
Peanuts Last Week
Peanuts Last Year 1 4 25 66 4

Oats This Week 4 5 25 58 8
Oats Last Week 4 6 26 57 7
Oats Last Year 6 8 30 51 5

Barley This Week 2 5 25 62 6
Barley Last Week
Barley Last Year 2 10 39 44 5

Pastures and Ranges This Week 8 14 30 40 8
Pastures and Ranges Last Week 7 13 31 40 9
Pastures and Ranges Last Year 7 15 35 35 8

WHEAT
General Comments: Wheat was higher in all three markets on adverse world growing conditions. Russian analytical services cut production estimates over the weekend to between 80 and 82 million tons, from over 85 million previously. There were no 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. 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 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 up with no objectives. Support is at 709, 701, and 682 July, with resistance at 746, 755, and 782 July. Trends in Kansas City are up with no objectives. Support is at 685, 660, and 640 July, with resistance at 728, 734, and 740 July. Trends in Minneapolis are mixed. Support is at 751, 743, and 721 July, and resistance is at 768, 770, and 789 July.

RICE
General Comments: Rice closed lower yesterday on speculative selling tied to weaker demand ideas. Most of the weakness was in the front months due to many buyers holding off making purchases until the cheaper new crop Rice becomes available in a few months. 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. 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. Big rains from severe storms could be damaging crops in Texas.
Overnight News:
Chart Analysis: Trends are down with no objectives. Support is at 1785, 1750, and 1725 July and resistance is at 1859, 1873, and 1900 July.

CORN AND OATS
General Comments: Corn and Oats closed lower yesterday on forecasts for improved planting weather for the Midwest and on reports of increased competition for export sales from South America. The weather in the Midwest has been very wet and more rain is 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, but sellers in both countries are offering. Demand has been the driving force behind the rally. 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.
Overnight News:
Chart Analysis: Trends in Corn are mixed. Support is at 460, 450, and 444 July, and resistance is at 467, 475, and 483 July. Trends in Oats are down with no objectives. Support is at 362, 357, and 350 July, and resistance is at 384, 390, and 403 July.

SOYBEANS
General Comments: Soybeans and Soybean Meal closed lower yesterday on reports of increased offers from South America. Soybean Oil closed a little higher. The weekly export sales report showed less than expected demand for US Soybeans. There were wire reports that China had bought two to four cargos of US Soybeans in recent days. 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 1220, 1210, and 1204 July, and resistance is at 1256, 1260, and 1266 July. Trends in Soybean Meal are mixed. Support is at 365.00, 361.00, and 350.00 July, and resistance is at 391.00, 394.00, and 396.00 July. Trends in Soybean Oil are mixed. Support is at 4470, 4470, and 4420 July, with resistance at 4690, 4780, and 4880 July.

CANOLA AND PALM OIL
General Comments: Palm Oil was higher last week on Chicago Soybean Oil price action and despite ideas of increasing production. There is talk of increased supplies available to the market, but the trends are turning mixed on the daily and weekly charts. Canola was also lower yesterday on reports of generally good conditions in Canada.
Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 655.00, 646.00, and 639.00 July, with resistance at 675.00, 678.00, and 684.00 July. Trends in Palm Oil are mixed. Support is at 3870, 3820, and 3760 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 29
The following are prices for Malaysian palm oil in the cash market at 1000 GMT Wednesday, 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 887.50 +12.50 Unquoted – –
Jul/Aug/Sep 892.50 +12.50 Unquoted – –
Oct/Nov/Dec 895.00 +10.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Jun 892.50 +12.50 Unquoted – –
Jul/Aug/Sep 897.50 +12.50 Unquoted – –
Oct/Nov/Dec 900.00 +10.00 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Jun 900.00 +10.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Jun 837.50 +07.50 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jun 4,050.00 +70.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jun 294.00 +03.00 Unquoted – –
($1=MYR4.703)

DJ China Dalian Grain Futures Closing Prices, Volume – May 29
Soybean No. 1
Turnover: 137,564 lots, or 6.39 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-24 4,650 4,678 4,642 4,670 4,648 4,657 9 100,840 94,604
Sep-24 4,625 4,644 4,612 4,638 4,631 4,625 -6 29,773 47,774
Nov-24 4,582 4,586 4,559 4,579 4,583 4,571 -12 1,681 7,720
Jan-25 4,569 4,575 4,550 4,571 4,573 4,560 -13 4,710 14,188
Mar-25 4,561 4,567 4,543 4,562 4,568 4,553 -15 338 1,182
May-25 4,596 4,596 4,546 4,566 4,600 4,566 -34 222 556
Corn
Turnover: 653,761 lots, or 15.98 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-24 2,450 2,451 2,432 2,435 2,451 2,438 -13 409,110 492,947
Sep-24 2,476 2,476 2,461 2,463 2,476 2,465 -11 185,861 499,283
Nov-24 2,428 2,429 2,412 2,417 2,427 2,417 -10 22,607 229,571
Jan-25 2,416 2,417 2,402 2,405 2,417 2,407 -10 23,898 157,727
Mar-25 2,431 2,431 2,412 2,415 2,427 2,415 -12 11,807 35,743
May-25 2,460 2,464 2,451 2,455 2,466 2,457 -9 478 1,110
Soymeal
Turnover: 2,756,576 lots, or 96.24 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-24 3,422 3,437 3,357 3,395 3,468 3,395 -73 59,463 95,510
Aug-24 3,527 3,539 3,452 3,494 3,574 3,487 -87 16,829 86,415
Sep-24 3,550 3,556 3,465 3,509 3,589 3,503 -86 2,350,702 2,072,224
Nov-24 3,563 3,581 3,495 3,533 3,610 3,529 -81 48,306 420,854
Dec-24 3,526 3,536 3,460 3,492 3,561 3,493 -68 3,487 40,660
Jan-25 3,484 3,491 3,410 3,452 3,520 3,444 -76 230,447 377,438
Mar-25 3,343 3,349 3,280 3,306 3,363 3,311 -52 7,885 28,455
May-25 3,187 3,192 3,133 3,156 3,193 3,154 -39 39,457 99,869
Palm Oil
Turnover: 950,015 lots, or 74.37 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jun-24 7,858 7,928 7,840 7,864 7,792 7,868 76 505 754
Jul-24 7,786 7,874 7,760 7,850 7,760 7,832 72 9,588 8,889
Aug-24 7,778 7,856 7,756 7,830 7,728 7,824 96 275 1,116
Sep-24 7,808 7,872 7,754 7,858 7,738 7,826 88 859,588 626,846
Oct-24 7,794 7,860 7,758 7,842 7,744 7,822 78 192 523
Nov-24 7,814 7,862 7,750 7,854 7,768 7,820 52 86 628
Dec-24 7,812 7,870 7,746 7,860 7,746 7,824 78 166 399
Jan-25 7,812 7,892 7,758 7,878 7,778 7,842 64 78,099 111,127
Feb-25 7,824 7,872 7,762 7,858 7,786 7,828 42 55 136
Mar-25 7,840 7,886 7,772 7,862 7,766 7,848 82 122 1,379
Apr-25 7,850 7,876 7,784 7,856 7,776 7,846 70 46 169
May-25 7,792 7,824 7,718 7,772 7,742 7,790 48 1,293 999
Soybean Oil
Turnover: 756,799 lots, or 6.14 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-24 7,982 8,028 7,940 8,020 7,952 7,998 46 7,302 15,300
Aug-24 8,036 8,106 7,998 8,106 8,014 8,068 54 1,851 27,164
Sep-24 8,120 8,156 8,050 8,154 8,072 8,114 42 668,372 805,081
Nov-24 8,130 8,164 8,056 8,162 8,074 8,120 46 1,467 6,808
Dec-24 8,182 8,216 8,110 8,216 8,122 8,180 58 207 1,632
Jan-25 8,198 8,216 8,098 8,212 8,142 8,168 26 75,559 169,033
Mar-25 7,998 8,016 7,920 8,016 7,940 7,982 42 121 3,330
May-25 7,916 7,928 7,846 7,924 7,850 7,892 42 1,920 5,330
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