Grains Report 06/04/2024

DJ USDA Grain Inspections for Export in Metric Tons – Jun 3
WA_GR101
Washington, DC Mon Jun 3, 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 30, 2024
— METRIC TONS —
————————————————————————-
CURRENT PREVIOUS
———– WEEK ENDING ———- MARKET YEAR MARKET YEAR
GRAIN 05/30/2024 05/23/2024 06/01/2023 TO DATE TO DATE
BARLEY 548 0 0 3,376 2,154
CORN 1,374,391 1,130,328 1,206,808 37,741,401 29,933,640
FLAXSEED 24 0 0 72 200
MIXED 0 0 0 572 0
OATS 0 599 0 4,593 6,686
RYE 0 0 0 72 0
SORGHUM 67,850 49,579 49,861 4,962,114 1,719,760
SOYBEANS 348,644 221,997 222,305 40,294,971 48,694,712
SUNFLOWER 384 0 100 6,485 2,608
WHEAT 416,010 398,904 304,400 18,709,295 19,801,058
Total 2,207,851 1,801,407 1,783,474 101,722,951 100,160,818
————————————————————————
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 70 59 68 70
Cotton Squaring 9 4 5 8
Corn Planted 91 83 95 89
Corn Emerged 74 58 81 73
Soybeans Planted 78 68 89 73
Soybeans Emerged 55 39 69 52
Sorghum Planted 51 42 47 46
Rice Emerged 88 83 87 84
Peanuts Planted 82 67 81 83
Sunflowers Planted 38 18 37 34
Oats Planted 97 93 97 95
Oats Emerged 87 77 83 83
Oats Headed 33 29 30 28
Winter Wheat Headed 83 77 79 78
Winter Wheat Harvested 6 3 3
Spring Wheat Planted 94 88 91 90
Spring Wheat Emerged 78 61 71 69
Barley Planted 94 88 98 93
Barley Emerged 74 62 67 74

Very Poor Poor Fair Good Excellent
Cotton This Week 3 5 31 54 7
Cotton Last Week 1 4 35 52 8
Cotton Last Year 1 11 37 43 8

Corn This Week 1 3 21 68 15
Corn Last Week
Corn Last Year 1 5 30 53 11

Winter Wheat This Week 5 12 33 41 8
Winter Wheat Last Week 6 13 33 40 8
Winter Wheat Last Year 14 28 30 31 5

Spring Wheat This Week 0 2 24 69 5
Spring Wheat Last Week
Spring Wheat last Year 0 2 34 58 6

Rice This Week 1 1 17 67 14
Rice Last Week 1 2 17 65 15
Rice Last Year 0 3 27 59 11

Peanuts This Week 1 3 33 48 5
Peanuts Last Week 1 4 33 58 4
Peanuts Last Year 2 4 22 67 5

Oats This Week 4 5 23 48 10
Oats Last Week 4 5 25 58 8
Oats Last Year 6 7 30 53 4

Barley This Week 0 5 21 70 4
Barley Last Week 2 5 25 62 6
Barley Last Year 0 2 33 60 5

Pastures and Ranges This Week 7 12 30 41 10
Pastures and Ranges Last Week 8 14 30 40 8
Pastures and Ranges Last Year 6 14 35 37 8

WHEAT
General Comments: Wheat was lower in all three markets yesterday even as adverse world growing conditions are still around and could be moderating in the next week or so, anyway. There are more reports of hot temperatures coming this week to Russian growing areas. It has also been very dry there. 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 mixed. Support is at 668, 664, and 658 July, with resistance at 698, 706, and 715 July. Trends in Kansas City are mixed to down 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 729, 710, and 700 July, and resistance is at 756, 766, and 770 July.

RICE
General Comments: Rice closed lower yesterday on speculative selling tied to weaker demand ideas and the weekly charts showed the weakness in July. Most of the weakness was in the front month 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 storms continue to bring significant and potentially damaging rains to crops in Texas.
Overnight News:
Chart Analysis: Trends are down with no objectives. Support is at 1748, 1725, and 1674 July and resistance is at 1825, 1843, and 1859 July.

CORN AND OATS
General Comments: Corn closed lower yesterday on forecasts for improved planting weather for the Midwest and on reports of increased competition for export sales from South America as basis levels are reported to be lower in Brazil. The market anticipated that crop condition ratings would be very high in the USDA reports yesterday. Oats were lower. 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. Oats were higher last week.
Overnight News:
Chart Analysis: Trends in Corn are mixed to down with no objectives. Support is at 438, 436, and 434 July, and resistance is at 451, 454, and 461 July. Trends in Oats are mixed to up with no objectives. Support is at 371, 362, and 357 July, and resistance is at 390, 403, and 409 July.

SOYBEANS
General Comments: Soybeans and the products closed lower yesterday on reports of increased offers from South America. The weekly export sales report showed less than expected demand for US Soybeans and the monthly crush report was expected to show weaker demand. There were wire reports that China price are weakening amid veery strong imports from Brazil. Reports indicate that China remains an active buyer of Soybeans in Brazil but might have to cut back on demand if the domestic market does not improve. China said that it has increased exports of Soybean Meal due to the weaker internal demand. 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 down with no objectives. Support is at 1186, 1166, and 1157 July, and resistance is at 1203, 1210, and 1224 July. Trends in Soybean Meal are down with objectives of 350.00 and 324.00 July. Support is at 350.00, 345.00, and 342.00 July, and resistance is at 362.00, 367.00, and 373.00 July. Trends in Soybean Oil are mixed to down with objectives of 4330 and 4130 July. Support is at 4310, 4270, and 4250 July, with resistance at 4530, 4690, and 4780 July.

CANOLA AND PALM OIL
General Comments: Palm Oil was higher last week on ideas of good export demand despite ideas of increasing production. It was closed today for a holiday. Export demand has been very strong in recent private reports. There is talk of increased supplies available to the market, but the trends are up 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 down with no objectives. Support is at 629.00, 614.00, and 603.00 July, with resistance at 646.00, 659.00, and 665.00 July. Trends in Palm Oil are mixed. Support is at 3970, 3930, and 3870 August, with resistance at 4210, 4230, and 4280 July.

Midwest Weather Forecast Scattered showers and storms. Temperatures should average below 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 – June 4
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 877.50 -22.50 Unquoted – –
Jul/Aug/Sep 877.50 -22.50 Unquoted – –
Oct/Nov/Dec 875.00 -25.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Jun 882.50 -22.50 Unquoted – –
Jul/Aug/Sep 882.50 -22.50 Unquoted – –
Oct/Nov/Dec 880.00 -25.00 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Jun 880.00 -25.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Jun 825.00 -17.50 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jun 3,980.00 -110.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jun 291.00 -02.00 Unquoted – –
($1=MYR4.7005)

DJ China Dalian Grain Futures Closing Prices, Volume – Jun 04
Soybean No. 1
Turnover: 159,146 lots, or 7.39 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-24 4,649 4,681 4,635 4,675 4,656 4,657 1 124,417 87,394
Sep-24 4,605 4,621 4,587 4,616 4,615 4,601 -14 28,123 54,775
Nov-24 4,541 4,542 4,523 4,535 4,550 4,532 -18 2,424 10,104
Jan-25 4,533 4,533 4,512 4,522 4,541 4,521 -20 3,867 16,392
Mar-25 4,528 4,528 4,508 4,514 4,533 4,516 -17 186 1,622
May-25 4,530 4,530 4,512 4,522 4,532 4,519 -13 129 632
Corn
Turnover: 566,347 lots, or 13.82 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-24 2,440 2,446 2,424 2,428 2,437 2,434 -3 284,074 372,636
Sep-24 2,460 2,469 2,448 2,451 2,461 2,456 -5 224,636 584,437
Nov-24 2,418 2,426 2,407 2,410 2,421 2,412 -9 29,490 236,019
Jan-25 2,405 2,408 2,388 2,391 2,404 2,395 -9 22,494 158,503
Mar-25 2,413 2,417 2,399 2,403 2,415 2,406 -9 5,304 38,970
May-25 2,455 2,460 2,445 2,445 2,456 2,449 -7 349 1,544
Soymeal
Turnover: 1,361,738 lots, or 46.90 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-24 3,350 3,367 3,336 3,358 3,359 3,354 -5 32,674 86,163
Aug-24 3,441 3,458 3,415 3,447 3,454 3,440 -14 9,709 86,558
Sep-24 3,460 3,476 3,432 3,466 3,466 3,457 -9 1,145,505 1,982,448
Nov-24 3,478 3,494 3,455 3,485 3,494 3,481 -13 32,763 409,890
Dec-24 3,445 3,452 3,420 3,442 3,450 3,439 -11 2,006 40,773
Jan-25 3,405 3,414 3,384 3,401 3,412 3,403 -9 109,716 411,850
Mar-25 3,260 3,265 3,237 3,252 3,270 3,255 -15 2,274 28,511
May-25 3,130 3,132 3,105 3,114 3,137 3,117 -20 27,091 131,036
Palm Oil
Turnover: 877,303 lots, or 66.81 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jun-24 7,610 7,620 7,610 7,620 7,928 7,614 -314 21 646
Jul-24 7,626 7,662 7,522 7,636 7,718 7,588 -130 8,167 6,327
Aug-24 7,636 7,638 7,506 7,614 7,704 7,564 -140 2,777 2,164
Sep-24 7,680 7,680 7,538 7,644 7,780 7,612 -168 800,583 546,821
Oct-24 7,656 7,668 7,556 7,636 7,766 7,610 -156 129 498
Nov-24 7,670 7,680 7,578 7,626 7,800 7,624 -176 33 627
Dec-24 7,700 7,700 7,584 7,660 7,780 7,636 -144 171 387
Jan-25 7,716 7,720 7,586 7,672 7,812 7,654 -158 60,719 136,207
Feb-25 7,698 7,698 7,610 7,676 7,746 7,648 -98 32 140
Mar-25 7,798 7,798 7,592 7,688 7,812 7,746 -66 314 1,550
Apr-25 7,656 7,688 7,608 7,684 7,820 7,648 -172 29 177
May-25 7,658 7,680 7,574 7,630 7,694 7,622 -72 4,328 4,394
Soybean Oil
Turnover: 604,571 lots, or 47.61 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-24 7,794 7,796 7,702 7,756 7,832 7,740 -92 5,013 13,657
Aug-24 7,854 7,866 7,774 7,806 7,930 7,808 -122 3,205 27,669
Sep-24 7,928 7,930 7,832 7,864 7,990 7,870 -120 533,473 731,453
Nov-24 7,948 7,948 7,856 7,874 8,006 7,888 -118 1,402 6,658
Dec-24 7,966 7,978 7,918 7,964 8,070 7,952 -118 55 1,534
Jan-25 7,994 7,996 7,894 7,932 8,046 7,942 -104 57,572 185,041
Mar-25 7,810 7,810 7,714 7,742 7,810 7,746 -64 226 3,342
May-25 7,738 7,770 7,662 7,688 7,774 7,700 -74 3,625 10,604
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