Grains Report 06/25/2024

DJ Survey: 2024 U.S. Grain, Soybean Planted Acreage Estimates
The following are analysts’ estimates, in millions of acres, for U.S. grain and soybean planted acreage, as compiled by The Wall Street Journal. The U.S. Department of Agriculture is scheduled to release updated tables at noon ET on Friday.
U.S. Grain, Soybean Planted Acreage USDA USDA
(million acres) Average Range March 2023
Corn 90.269 89.0-91.2 90.036 94.641
Soybeans 86.861 86.1-87.6 86.510 83.600
All Wheat 47.577 47.1-48.0 47.498 49.575
Winter Wheat 34.155 34.0-34.5 34.135 36.699
Spring Wheat 11.361 11.2-11.7 11.335 11.200
Durum Wheat 1.998 1.9-2.1 2.028 1.676
Winter Spring Durum
Corn Soybeans Wheat Wheat Wheat Wheat
AgriSompo North America 90.5 86.1 47.5 34.1 11.3 2.1
Allendale 90.2 87.0 47.6 34.3 11.3 2.0
Doane 90.8 86.3 47.7 34.1 11.7 1.9
Grain Cycles 89.5 86.7 47.2 34.1 11.2 1.9
Linn Group 90.8 86.8 47.3 11.2 2.0
Sid Love Consulting 89.5 87.0 47.1 34.0 11.2 1.9
Marex Group 89.6 87.0 47.6 34.2 11.4 2.0
Midland Research 91.2 87.1 47.3 34.1 11.3 2.0
Midwest Market Solutions 90.7 86.8 47.7 34.2 11.4 2.0
Northstar 89.9 86.9 47.8 34.1 11.3 2.0
Ocean State Research 90.5 86.5 47.6 34.2 11.4 2.0
Prime Ag 91.0 87.5 48.0
RJ O’Brien 91.0 87.0 47.5 34.0 11.5 2.0
Risk Mgmt Commodities 89.0 87.6 47.6 34.2 11.3 2.0
StoneX 90.9 86.7 47.4 34.1 11.2 2.0
US Commodities 89.5 87.5 47.9 34.5 11.4 2.0
Vantage RM 91.0 86.5 47.7 34.1 11.5 2.1
Zaner Ag Hedge 89.3 86.6 47.9 34.1 11.6 2.1

DJ Survey: Jun. 1 Quarterly Grain, Soybean Stockpiles Estimates
The following are analysts’ estimates in millions of bushels for June 1 quarterly U.S. grain and soybean stockpiles, as compiled by The Wall Street Journal. The U.S. Department of Agriculture is scheduled to release updated tables at noon ET on Friday.
U.S. Stockpiles on June 1, 2024 (million bushels)
USDA USDA
Average Range June 1 2023 Mar 2024
Corn 4,867 4,675-5,113 4,103 8,347
Soybeans 957 861-1,004 796 1,845
Wheat 682 644-699 570 1,087
Corn Soybeans Wheat
AgriSompo North America 4,906 998 644
Allendale 4,850 959 666
Doane 4,931 861 678
Grain Cycles 4,675 967 685
Linn Group 4,742 974 695
Sid Love Consulting 5,113 1,004 698
Marex Group 4,925 985 680
Midland Research 4,847 950 678
Midwest Market Solutions 4,865 965 690
Northstar 4,895 920 649
Ocean State Research 4,815 1,000 689
Prime Ag 4,800 900 688
RJ O’Brien 4,879 977 699
Risk Mgmt Commodities 4,865 950 685
StoneX 4,912 993 692
US Commodities 4,900 965 685
Vantage RM 4,765 900 690
Zaner Ag Hedge 4,912 954 693

DJ USDA Grain Inspections for Export in Metric Tons – Jun 24
WA_GR101
Washington, DC Mon Jun 24, 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 20, 2024
— METRIC TONS —
————————————————————————
CURRENT PREVIOUS
———– WEEK ENDING ———- MARKET YEAR MARKET YEAR
GRAIN 06/20/2024 06/13/2024 06/22/2023 TO DATE TO DATE
BARLEY 222 1,198 0 2,019 0
CORN 1,117,698 1,380,803 550,584 41,622,754 32,485,337
FLAXSEED 24 96 0 120 0
MIXED 0 0 0 572 0
OATS 0 0 0 100 799
RYE 0 0 0 0 0
SORGHUM 1,109 1,834 63,546 5,144,454 1,843,761
SOYBEANS 342,293 341,170 146,104 41,226,072 49,168,180
SUNFLOWER 0 168 0 7,037 2,704
WHEAT 342,692 410,064 205,205 1,050,071 759,230
Total 1,804,038 2,135,333 965,439 89,053,199 84,260,011
————————————————————————-
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 94 90 94 96
Cotton Squaring 38 22 25 28
Cotton Setting Bolls 8 6 4 5
Corn Emerged 97 93 98 96
Corn Silking 4 3 3
Soybeans Planted 97 93 99 95
Soybeans Emerged 90 82 95 87
Soybeans Blooming 8 8 6
Sorghum Planted 90 80 82 87
Sorghum Headed 17 15 16 17
Rice Headed 13 6 10 8
Peanuts Planted 96 90 95 95
Peanuts Pegging 30 15 21 28
Sunflowers Planted 83 62 83 77
Oats Headed 61 50 67 58
Winter Wheat Headed 97 94 96 95
Winter Wheat Harvested 40 27 21 25
Spring Wheat Headed 18 4 25 18
Barley Emerged 95 88 97 98
Barley Headed 12 4 17 19

Very Poor Poor Fair Good Excellent
Cotton This Week 5 9 30 51 5
Cotton Last Week 2 11 33 47 7
Cotton Last Year 6 12 33 43 6

Corn This Week 2 5 24 55 14
Corn Last Week 1 4 23 57 15
Corn Last Year 4 11 35 42 8

Soybeans This Week 2 6 25 56 11
Soybeans Last Week 1 4 25 58 12
Soybeans Last Year 3 11 35 45 8

Winter Wheat This Week 5 10 33 42 10
Winter Wheat Last Week 6 11 34 40 9
Winter Wheat Last Year 11 17 32 43 7

Spring Wheat This Week 1 3 25 64 7
Spring Wheat Last Week 1 3 20 68 8
Spring Wheat Last Year 3 9 38 48 2

Sorghum This Week 2 4 33 54 7
Sorghum Last Week 2 5 35 51 7
Sorghum Last Year 2 6 35 50 7

Rice This Week 1 1 15 67 16
Rice Last Week 1 2 14 67 16
Rice Last Year 1 3 26 56 14

Peanuts This Week 2 7 32 56 3
Peanuts Last Week 1 4 31 68 4
Peanuts Last Year 1 4 26 65 4

Oats This Week 6 4 22 57 ten
Oats Last Week 6 5 22 57 10
Oats Last Year 7 10 39 40 4

Barley This Week 1 2 29 65 3
Barley Last Week 0 1 24 72 3
Barley Last Year 1 5 48 44 2

Pastures and Ranges This Week 10 15 28 39 8
Pastures and Ranges Last Week 10 14 28 38 8
Pastures and Ranges Last Year 8 16 32 33 11

WHEAT
General Comments: Wheat was lower in all three markets 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 no objectives. Support is at 543, 538, and 532 July, with resistance at 586, 593, and 603 July. Trends in Kansas City are down with no objectives. Support is at 568, 554, and 544 July, with resistance at 596, 623, and 630 July. Trends in Minneapolis are down with no objectives. Support is at 696, 590, and 584 July, and resistance is at 635, 656, and 659 July.

RICE
General Comments: Rice closed mostly a little lower in new crop months, but July closed higher as the contract moves towards deliveries. 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 after a hurricane hit last week.
Overnight News:
Chart Analysis: Trends are mixed. Support is at 1816, 1797, and 1761 July and resistance is at 1872, 1900, and 1918 July

CORN AND OATS
General Comments: Corn closed lower last yesterday on US weather that remains hot and mostly dry except for northern areas such as southern Minnesota that have had way too much rain and flooding reported. The US Midwest is seeing uneven growing conditions and so are Southeast growing areas. 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 a little higher on good growing conditions found in the northern US and into Canada.
Overnight News: Mexico bought 209,931 tons of US Corn
Chart Analysis: Trends in Corn are down with no objectives. Support is at 428 425, and 422 July, and resistance is at 436, 439, and 444 July. Trends in Oats are down with no objectives. Support is at 298, 292, and 286 July, and resistance is at 320, 330, and 340 July.

SOYBEANS
General Comments: Soybeans and Soybean Meal closed higher yesterday on deteriorating growing conditions in the US and on forecasts for less heat and less rain in areas that need it in the Midwest this week. Precipitation chances are high in northern areas that have already been flooded. Reports indicate that China remains an active buyer of Soybeans in Brazil but has cut back and increased purchases from the US on demand due to the tax issues in Brazil and on Brazil logistical concerns. 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 mixed . Support is at 1146, 1141, and 1134 July, and resistance is at 1180, 1193, and 1205 July. Trends in Soybean Meal are mixed. Support is at 365.00, 357.00, and 355.00 July, and resistance is at 376.00, 381.00, and 391.00 July. Trends in Soybean Oil are mixed. 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 lower last week in range trading. 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 a little higher last week despite 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 mixed to 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 3880, 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 58 July 110 July
60 July
69 July

July 69 July 115 July 60 July 70 July

August 62 Sep 120 Sep 35 Sep 82 Aug

DJ Malaysian PM Cash Market Prices for Palm Oil – June 25
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

Jul 870.00 -10.00 Unquoted – –
Aug/Sep 867.50 -10.00 Unquoted – –
Oct/Nov/Dec 860.00 -07.50 Unquoted – –
Jan/Feb/Mar 872.50 -07.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Jul 872.50 -10.00 Unquoted – –
Aug/Sep 870.00 -10.00 Unquoted – –
Oct/Nov/Dec 862.50 -07.50 Unquoted – –
Jan/Feb/Mar 875.00 -07.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Jul 875.00 -07.50 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Jul 825.00 -10.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jul 3,950.00 -30.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jul 293.00 -01.00 Unquoted – –
($1=MYR4.702)

DJ China Dalian Grain Futures Closing Prices, Volume – Jun 25
Soybean No. 1
Turnover: 160,807 lots, or 7.44 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-24 4,704 4,714 4,676 4,685 4,704 4,699 -5 2,762 3,739
Sep-24 4,637 4,659 4,613 4,630 4,616 4,639 23 141,702 142,987
Nov-24 4,521 4,536 4,506 4,521 4,502 4,521 19 5,707 19,186
Jan-25 4,490 4,519 4,489 4,507 4,484 4,504 20 9,946 33,308
Mar-25 4,488 4,496 4,472 4,488 4,455 4,486 31 482 2,893
May-25 4,472 4,493 4,472 4,488 4,452 4,484 32 208 1,873
Corn
Turnover: 785,611 lots, or 19.51 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-24 2,462 2,474 2,451 2,472 2,456 2,460 4 60,805 78,388
Sep-24 2,495 2,512 2,482 2,508 2,485 2,495 10 608,509 773,061
Nov-24 2,439 2,457 2,437 2,451 2,439 2,447 8 48,428 221,014
Jan-25 2,413 2,429 2,408 2,425 2,410 2,417 7 50,380 161,883
Mar-25 2,411 2,426 2,407 2,422 2,411 2,418 7 16,751 38,089
May-25 2,448 2,460 2,443 2,456 2,448 2,452 4 738 3,254
Soymeal
Turnover: 1,327,445 lots, or 44.35 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-24 3,144 3,176 3,131 3,163 3,158 3,151 -7 5,206 27,449
Aug-24 3,317 3,346 3,300 3,331 3,324 3,319 -5 17,556 99,049
Sep-24 3,338 3,372 3,325 3,358 3,349 3,345 -4 1,024,494 1,784,918
Nov-24 3,360 3,394 3,349 3,382 3,371 3,367 -4 29,493 386,869
Dec-24 3,372 3,405 3,367 3,401 3,381 3,382 1 1,306 40,865
Jan-25 3,362 3,396 3,356 3,387 3,368 3,373 5 209,276 467,310
Mar-25 3,216 3,241 3,208 3,234 3,217 3,222 5 1,471 28,217
May-25 3,057 3,081 3,055 3,075 3,057 3,068 11 38,643 241,324
Palm Oil
Turnover: 813,932 lots, or 61.66 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-24 7,666 7,688 7,574 7,660 7,688 7,622 -66 429 259
Aug-24 7,628 7,664 7,556 7,612 7,656 7,594 -62 4,398 2,915
Sep-24 7,610 7,644 7,520 7,582 7,644 7,574 -70 737,149 493,492
Oct-24 7,584 7,616 7,504 7,564 7,604 7,554 -50 211 426
Nov-24 7,594 7,606 7,512 7,558 7,598 7,560 -38 119 557
Dec-24 7,580 7,606 7,516 7,562 7,618 7,558 -60 144 389
Jan-25 7,610 7,630 7,514 7,570 7,634 7,564 -70 65,234 185,051
Feb-25 7,596 7,608 7,518 7,562 7,608 7,554 -54 81 359
Mar-25 7,594 7,616 7,530 7,570 7,620 7,568 -52 93 2,357
Apr-25 7,598 7,614 7,548 7,586 7,608 7,562 -46 39 186
May-25 7,616 7,624 7,538 7,594 7,612 7,570 -42 6,033 18,791
Jun-25 7,562 7,576 7,562 7,576 7,594 7,568 -26 2 1
Soybean Oil
Turnover: 675,281 lots, or 52.46 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-24 7,700 7,700 7,576 7,606 7,718 7,628 -90 284 1,872
Aug-24 7,762 7,762 7,670 7,696 7,786 7,706 -80 4,539 28,034
Sep-24 7,810 7,818 7,720 7,748 7,838 7,760 -78 580,143 674,995
Nov-24 7,846 7,846 7,754 7,782 7,868 7,782 -86 851 5,975
Dec-24 7,922 7,922 7,832 7,848 7,946 7,860 -86 113 1,562
Jan-25 7,886 7,892 7,794 7,838 7,902 7,842 -60 80,523 208,127
Mar-25 7,666 7,700 7,616 7,658 7,716 7,646 -70 281 3,516
May-25 7,598 7,614 7,536 7,576 7,620 7,562 -58 8,547 38,311
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