Grains Report 06/18/2024

DJ USDA Grain Inspections for Export in Metric Tons – Jun 17
WA_GR101
Washington, DC Mon Jun 17, 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 JUN 13, 2024
— METRIC TONS —
————————————————————————-
CURRENT PREVIOUS
———– WEEK ENDING ———- MARKET YEAR MARKET YEAR
GRAIN 06/13/2024 06/06/2024 06/15/2023 TO DATE TO DATE
BARLEY 1,198 599 0 1,797 0
CORN 1,286,893 1,340,755 830,999 40,411,146 31,934,753
FLAXSEED 96 0 0 96 0
MIXED 0 0 0 572 0
OATS 0 100 0 100 799
RYE 0 0 0 0 0
SORGHUM 1,295 179,397 1,294 5,142,806 1,780,215
SOYBEANS 334,237 234,061 179,719 40,876,846 49,022,076
SUNFLOWER 168 384 96 7,037 2,704
WHEAT 374,637 352,402 235,575 671,453 554,025
Total 1,998,524 2,107,698 1,247,683 87,111,853 83,294,572
————————————————————————-
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 90 80 87 91
Cotton Squaring 22 14 17 18
Cotton Setting Bolls 6 2 3
Corn Emerged 93 85 5 2
Soybeans Planted 93 87 97 91
Soybeans Emerged 82 70 90 79
Sorghum Planted 80 65 70 75
Sorghum Headed 15 14 15
Rice Emerged 97 93 98 98
Rice Headed 6 5 4
Peanuts Planted 96 90 95 95
Peanuts Pegging 15 10 13
Sunflowers Planted 83 62 83 77
Oats Emerged 96 92 97 96
Oats Headed 50 41 54 45
Winter Wheat Headed 94 89 93 91
Winter Wheat Harvested 27 12 13 14
Spring Wheat Emerged 95 87 96 93
Spring Wheat Headed 4 8 7
Barley Emerged 88 83 93 94
Barley Headed 4 6 8

Very Poor Poor Fair Good Excellent
Cotton This Week 2 11 33 47 7
Cotton Last Week 2 6 36 49 7
Cotton Last Year 7 13 33 41 6

Corn This Week 1 4 23 57 15
Corn Last Week 1 4 23 58 16
Corn Last Year 3 9 33 47 8

Soybeans This Week 1 4 25 58 12
Soybeans Last Week 1 3 24 60 12
Soybeans Last Year 3 9 34 47 7

Winter Wheat This Week 6 11 34 40 9
Winter Wheat Last Week 6 13 34 39 8
Winter Wheat Last Year 11 18 33 32 6

Spring Wheat This Week 1 3 20 68 8
Spring Wheat Last Week 0 3 25 67 5
Spring Wheat Last Year 2 10 37 48 3

Sorghum This Week 2 5 35 51 7
Sorghum Last Week 2 5 37 49 7
Sorghum Last Year 2 5 33 53 7

Rice This Week 1 2 14 67 16
Rice Last Week 1 2 15 68 14
Rice Last Year 0 1 29 56 14

Peanuts This Week 1 4 31 60 4
Peanuts Last Week 1 4 29 62 4
Peanuts Last Year 1 5 26 53 5

Oats This Week 6 5 22 57 ten
Oats Last Week 6 4 20 60 10
Oats Last Year 7 9 39 42 3

Barley This Week 0 1 24 72 3
Barley Last Week 0 1 23 74 2
Barley Last Year 1 7 42 40 2

Pastures and Ranges This Week 10 14 28 39 8
Pastures and Ranges Last Week 9 13 27 39 12
Pastures and Ranges Last Year 7 14 35 35 9

WHEAT
General Comments: Wheat was lower in all three markets again yesterday on reports of cheaper prices offered from Russia and as the US harvest expands and even as adverse world growing conditions are still around. 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. However, US producers are reporting strong yields that exceed expectations so far and very good conditions. Big world supplies and low world prices are still around.
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 objectives of 583 and 558 July. Support is at 686, 575, and 569 July, with resistance at 613, 630, and 640 July. Trends in Kansas City are down with no objectives. Support is at 598, 592, and 580 July, with resistance at 660, 675, and 690 July. Trends in Minneapolis are down with no objectives. Support is at 620, 608, and 596 July, and resistance is at 641, 670, and 679 July.

RICE
General Comments: Rice closed lower yesterday after seeing some wild price action as the July contract continues to liquidate longs and shorts in a violent way. 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 have brought significant rains to crops in Texas, but the weather is better now.
Overnight News:
Chart Analysis: Trends are mixed. Support is at 1753, 1741, and 1725 July and resistance is at 1818, 1872, and 1900 July

CORN AND OATS
General Comments: Corn closed lower yesterday on more news that Brazil has proposed new export taxes on Agricultural goods of 20% and on reports that Brazil farmer are now selling to beat the tax bill. Congress must approve the measure and has already rejected the move once. The US Midwest is still seeing good growing conditions although it has turned hot and dry now. The market anticipated that crop condition ratings would be very high in the USDA reports last week and will anticipate high crop ratings this week. Oats were lower on good growing conditions found in the northern US and into Canada. The weather in the Midwest has been very wet but it is drier and warm now. Demand has been a force behind the rally. Increased demand was noted in most domestic categories along with rising basis levels, and export demand has been strong.
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 449, 456, and 460 July. Trends in Oats are down with no objectives. Support is at 310, 304, and 298 July, and resistance is at 330, 340, and 350 July.

SOYBEANS
General Comments: Soybeans and the products closed mostly lower yesterday, on good growing conditions in the US and on reports of increased taxes for Brazil farmers that apparently are now causing farmers to sell. The government there has proposed a new tax on farm production and exports of up to 20%. Congress must approve the measure and has rejected it once already, but the government is trying again. There were wire reports that China prices are weakening amid veery strong imports from Brazil. Reports indicate that China remains an active buyer of Soybeans in Brazil but has cut back on demand if the domestic market does not improve and on ye tax issues in Brazil. Some of that demand has moved to the US. China said that it has increased exports of Soybean Meal due to the weaker internal demand. 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 biofuels market.
Overnight News:
Chart Analysis: Trends in Soybeans are down with objectives of 1155 and 1123 July . Support is at 1157, 1146, and 1141 July, and resistance is at 1180, 1193, and 1205 July. Trends in Soybean Meal are mixed to 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 373.00, 376.00, and 381.00 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 a little higher last week on stronger demand ideas. 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 lower on reports of generally good conditions in Canada and as the Canadian Dollar rallied. The Brazil news was bearish as well.
Overnight News:
Chart Analysis: Trends in Canola are down with objectives of 593.00 and 566.00 July. Support is at 597.00, 594.00, and 585.00 July, with resistance at 626.00, 642.00, and 645.00 July. Trends in Palm Oil are mixed. Support is at 3890, 3860, and 3780 September, with resistance at 3970, 4020, and 4080 July.

Midwest Weather Forecast Scattered showers and storms. Temperatures should average below normal.

Corn HRW SRW Soybeans Soybean Meal Soybean Oil
June 59 July 115 July
40 July
66 July

July 60 July 115 July 40 July 67 July

August 56 Sep 110 Sep 30 Sep 70 Aug

DJ Malaysian PM Cash Market Prices for Palm Oil – June 18
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 872.50 -10.00 Unquoted – –
Jul/Aug/Sep 872.50 -07.50 Unquoted – –
Oct/Nov/Dec 860.00 -10.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Jun 875.00 -12.50 Unquoted – –
Jul/Aug/Sep 875.00 -10.00 Unquoted – –
Oct/Nov/Dec 862.50 -12.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Jun 875.00 -07.50 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Jun 830.00 -05.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jun 3,970.00 -30.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jun 290.00 -01.00 Unquoted – –
($1=MYR4.712)

DJ China Dalian Grain Futures Closing Prices, Volume – Jun 18
Soybean No. 1
Turnover: 119,572 lots, or 5.43 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-24 4,624 4,648 4,624 4,635 4,628 4,635 7 42,004 25,747
Sep-24 4,515 4,522 4,503 4,506 4,527 4,509 -18 64,937 153,333
Nov-24 4,440 4,443 4,414 4,415 4,454 4,428 -26 3,604 16,548
Jan-25 4,424 4,436 4,403 4,406 4,446 4,418 -28 7,780 27,765
Mar-25 4,424 4,424 4,396 4,396 4,436 4,406 -30 878 2,679
May-25 4,415 4,429 4,401 4,403 4,439 4,410 -29 369 1,360
Corn
Turnover: 531,016 lots, or 13.03 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-24 2,451 2,451 2,434 2,434 2,449 2,441 -8 60,176 160,425
Sep-24 2,469 2,473 2,457 2,457 2,474 2,465 -9 395,447 710,307
Nov-24 2,417 2,421 2,408 2,408 2,423 2,415 -8 31,350 220,239
Jan-25 2,400 2,403 2,390 2,391 2,406 2,398 -8 33,288 158,512
Mar-25 2,409 2,412 2,398 2,400 2,417 2,405 -12 9,824 40,373
May-25 2,454 2,454 2,440 2,440 2,455 2,447 -8 931 2,835
Soymeal
Turnover: 1,574,339 lots, or 52.89 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-24 3,231 3,235 3,184 3,191 3,253 3,201 -52 17,711 46,007
Aug-24 3,368 3,375 3,334 3,340 3,386 3,350 -36 17,682 92,128
Sep-24 3,397 3,397 3,355 3,362 3,411 3,371 -40 1,202,467 1,909,550
Nov-24 3,412 3,412 3,377 3,385 3,421 3,392 -29 20,140 382,822
Dec-24 3,390 3,394 3,360 3,373 3,400 3,372 -28 8,565 41,763
Jan-25 3,360 3,369 3,348 3,355 3,370 3,358 -12 262,338 440,079
Mar-25 3,208 3,213 3,190 3,203 3,214 3,203 -11 3,215 28,111
May-25 3,083 3,087 3,059 3,064 3,083 3,071 -12 42,221 193,121
Palm Oil
Turnover: 737,960 lots, or 56.04 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-24 7,548 7,676 7,526 7,636 7,588 7,622 34 2,238 1,681
Aug-24 7,500 7,644 7,498 7,604 7,548 7,590 42 3,045 3,513
Sep-24 7,512 7,660 7,502 7,610 7,580 7,594 14 663,778 511,423
Oct-24 7,514 7,646 7,514 7,592 7,606 7,588 -18 264 493
Nov-24 7,512 7,642 7,512 7,594 7,602 7,580 -22 109 621
Dec-24 7,508 7,630 7,502 7,596 7,584 7,576 -8 142 379
Jan-25 7,512 7,636 7,486 7,590 7,562 7,578 16 64,202 171,224
Feb-25 7,538 7,604 7,504 7,584 7,538 7,590 52 234 339
Mar-25 7,538 7,608 7,490 7,568 7,560 7,558 -2 815 2,357
Apr-25 7,500 7,594 7,498 7,594 7,544 7,538 -6 39 182
May-25 7,468 7,560 7,456 7,512 7,518 7,516 -2 3,094 13,079
Jun-25 – – – 7,518 7,518 7,518 0 0 0
Soybean Oil
Turnover: 486,901 lots, or 38.12 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-24 7,688 7,794 7,678 7,750 7,698 7,738 40 776 6,875
Aug-24 7,686 7,828 7,686 7,790 7,746 7,774 28 4,035 28,249
Sep-24 7,778 7,880 7,758 7,840 7,814 7,830 16 416,965 663,055
Nov-24 7,784 7,890 7,780 7,852 7,826 7,848 22 876 5,228
Dec-24 7,842 7,940 7,840 7,900 7,900 7,886 -14 85 1,521
Jan-25 7,802 7,908 7,796 7,862 7,842 7,854 12 56,534 186,773
Mar-25 7,600 7,680 7,586 7,642 7,616 7,624 8 301 3,531
May-25 7,522 7,596 7,490 7,558 7,578 7,544 -34 7,329 27,942
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