Grains Report 06/27/2024

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 Canadian 2024/25 Principal Field Crop Area – StatsCan – Jun 27
WINNIPEG–Following is Statistics Canada’s 2024/25 estimates of
principal field crop area report. The figures are as of June
2024. Source: Statistics Canada.
2024/25 2024/25 2023/24
June March
Barley 6,386,000 7,134,400 7,320,600
Edible Beans 371,300 358,900 318,300
Canary Seed 290,900 290,600 256,200
Canola 22,007,200 21,394,000 22,081,700
Chickpeas 453,500 400,000 315,500
Corn for grain 3,640,900 3,885,300 3,824,500
Fababeans 80,900 87,700 91,400
Flaxseed 518,200 510,300 609,200
Hemp 36,500 30,300 55,400
Lentils 4,210,100 3,828,900 3,668,500
Mixed grains 367,900 249,700 357,800
Mustard seed 606,300 591,900 637,400
Oats 2,902,600 3,072,000 2,527,000
Peas, dry 3,211,500 3,121,900 3,047,600
Rye 427,700 451,300 439,200
Soybeans 5,742,600 5,582,300 5,630,700
Sugarbeets 46,500 43,900 33,100
Summerfallow 1,272,900 1,208,700 1,218,600
Sunflower seed 58,000 83,500 99,200
Total wheat* 26,765,900 27,044,700 27,027,900
Durum wheat 6,364,400 6,344,100 6,033,800
Spring wheat 18,935,500 19,234,600 19,474,600
Winter wheat 1,340,700 1,465,300 1,423,600
*Total wheat includes spring wheat, durum wheat, and winter
wheat remaining after winterkill
**Winter wheat remaining
Source: MarketsFarm (news@marketsfarm.com, or 204-782-5944)

DJ U.S. Export Sales: Weekly Sales Totals-Jun 27
For the week ended Jun 20, in thousand metric tons, except cotton in
thousand running bales. Net changes in commitments are gross sales,
less cancellations, buy-backs and other downward adjustments. Total
commitments are total export shipments plus total sales.
The marketing year for wheat and barley began Jun 1, cotton and
and rice Aug 1, corn, soybeans and sorghum Sep 1, and soymeal and
soyoil Oct 1. Source: USDA
wk’s net chg total
in commitments commitments undlvd sales
this yr next yr this yr last yr this yr next yr
wheat 667.2 0.0 6094.1 4216.1 5136.2 0.0
hrw 252.7 0.0 1498.2 914.1 1258.4 0.0
srw 47.7 0.0 952.7 1240.4 859.5 0.0
hrs 230.8 0.0 2096.0 1275.6 1789.0 0.0
white 124.0 0.0 1426.2 691.3 1108.3 0.0
durum 12.0 0.0 120.9 94.6 120.9 0.0
corn 542.2 139.3 53378.1 38788.4 10092.4 3213.8
soybeans 282.9 101.8 44560.4 52333.9 3691.3 1225.4
soymeal 219.3 24.4 12866.2 11595.1 2678.8 558.0
soyoil -10.6 0.3 172.2 129.5 67.3 23.7
upland cotton 90.6 67.6 12822.8 13778.2 3201.3 2137.8
pima cotton 4.8 -0.4 342.1 320.8 42.9 4.7
sorghum 3.2 0.0 5456.1 2127.1 405.4 0.3
barley 0.0 0.0 19.3 16.3 18.6 0.0
rice 17.1 5.0 3393.3 1930.7 430.8 103.5

WHEAT
General Comments: Wheat was lower in all three markets again yesterday as the US harvest expands and even as adverse world growing conditions are still around. Many were also looking ahead to the USDA reports on Friday that are expected to be bearish. 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 538, 532, and 526 July, with resistance at 558, 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 594, 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 sharply lower 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 1861, 1753, and 1741 July and resistance is at 1872, 1888, and 1900 July

CORN AND OATS
General Comments: Corn closed lower again 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. However, USDA kept crop conditions high and the market sees no real problem at this time. Many were also looking ahead to the release of the USDA reports n Friday that could be bearish. Oats were mostly a little higher on good growing conditions found in the northern US and into Canada.
Overnight News:
Chart Analysis: Trends in Corn are down with no objectives. Support is at 419 416, and 413 July, and resistance is at 436, 439, and 444 July. Trends in Oats are mixed to down with no objectives. Support is at 292, 286, and 280 July, and resistance is at 320, 330, and 340 July.

SOYBEANS
General Comments: Soybeans and the products closed lower yesterday on preparations for the USDA reports on Friday and despite 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: Unknown destinations bought 120,000 tons of US Soybeans.
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 357.00, 355.00, and 351.00 July, and resistance is at 376.00, 381.00, and 391.00 July. Trends in Soybean Oil are mixed. Support is at 4270, 4220, and 4160 July, with resistance at 4420, 4460, and 4490 July.

CANOLA AND PALM OIL
General Comments: Palm Oil was Higher today with price action in Chicago. 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 yestersay 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 down with objectives of 593.00 and 566.00 July. Support is at 580.00, 574.00, and 568.00 July, with resistance at 600.00, 610.00, and 615.00 July. Trends in Palm Oil are mixed to down with objectives of 3770 and 3630 September. Support is at 3780, 3760, and 3680 September, with resistance at 3900, 3970, and 4020 September.

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

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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 27
The following are prices for Malaysian palm oil in the cash market at 1000 GMT Thursday, 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 882.50 +05.00 Unquoted – –
Aug/Sep 877.50 +02.50 Unquoted – –
Oct/Nov/Dec 865.00 00.00 Unquoted – –
Jan/Feb/Mar 880.00 00.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Jul 885.00 +05.00 Unquoted – –
Aug/Sep 880.00 +02.50 Unquoted – –
Oct/Nov/Dec 867.50 00.00 Unquoted – –
Jan/Feb/Mar 882.50 00.00 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Jul 882.50 +05.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Jul 830.00 00.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jul 4,000.00 +20.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jul 293.00 +01.00 Unquoted – –
($1=MYR4.72)

DJ China Dalian Grain Futures Closing Prices, Volume – Jun 27
Soybean No. 1
Turnover: 100,437 lots, or 4.65 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-24 4,678 4,694 4,642 4,682 4,678 4,670 -8 931 1,226
Sep-24 4,645 4,666 4,637 4,659 4,630 4,651 21 84,722 141,316
Nov-24 4,524 4,552 4,523 4,536 4,521 4,537 16 4,176 20,122
Jan-25 4,506 4,534 4,506 4,515 4,505 4,519 14 9,499 35,044
Mar-25 4,492 4,508 4,481 4,486 4,486 4,492 6 379 2,755
May-25 4,495 4,523 4,475 4,475 4,490 4,495 5 730 2,300
Corn
Turnover: 595,698 lots, or 14.86 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-24 2,480 2,481 2,465 2,469 2,475 2,473 -2 38,567 58,171
Sep-24 2,514 2,519 2,509 2,512 2,511 2,513 2 433,966 776,505
Nov-24 2,452 2,459 2,440 2,442 2,456 2,450 -6 47,670 226,961
Jan-25 2,426 2,428 2,414 2,415 2,428 2,420 -8 56,027 163,185
Mar-25 2,424 2,424 2,409 2,409 2,425 2,416 -9 18,901 39,363
May-25 2,459 2,459 2,446 2,447 2,460 2,454 -6 567 3,451
Soymeal
Turnover: 1,607,196 lots, or 5.39 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-24 3,154 3,171 3,140 3,163 3,154 3,163 9 5,968 20,628
Aug-24 3,326 3,349 3,313 3,336 3,326 3,333 7 19,575 98,759
Sep-24 3,350 3,375 3,339 3,363 3,351 3,358 7 1,210,970 1,807,701
Nov-24 3,379 3,397 3,366 3,387 3,376 3,383 7 36,865 389,382
Dec-24 3,399 3,428 3,399 3,424 3,399 3,415 16 2,787 41,347
Jan-25 3,385 3,423 3,385 3,415 3,390 3,404 14 264,512 532,177
Mar-25 3,237 3,246 3,226 3,231 3,233 3,234 1 6,159 30,414
May-25 3,075 3,082 3,062 3,067 3,069 3,071 2 60,360 278,621
Palm Oil
Turnover: 656,550 lots, or 49.96 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-24 7,686 7,716 7,636 7,636 7,634 7,678 44 118 97
Aug-24 7,650 7,684 7,600 7,622 7,598 7,638 40 2,512 3,275
Sep-24 7,632 7,662 7,564 7,586 7,576 7,612 36 590,196 465,490
Oct-24 7,612 7,622 7,540 7,556 7,528 7,580 52 89 415
Nov-24 7,600 7,622 7,534 7,548 7,532 7,564 32 62 519
Dec-24 7,580 7,620 7,540 7,554 7,540 7,570 30 69 339
Jan-25 7,620 7,632 7,538 7,556 7,548 7,582 34 53,871 185,663
Feb-25 7,602 7,628 7,548 7,558 7,532 7,582 50 51 345
Mar-25 7,616 7,644 7,562 7,572 7,556 7,604 48 85 2,364
Apr-25 7,614 7,632 7,566 7,576 7,558 7,596 38 20 193
May-25 7,646 7,672 7,558 7,580 7,584 7,610 26 9,477 22,099
Jun-25 – – – 7,566 7,566 7,566 0 0 4
Soybean Oil
Turnover: 474,970 lots, or 37.01 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-24 7,608 7,618 7,564 7,586 7,582 7,578 -4 487 1,330
Aug-24 7,752 7,790 7,712 7,722 7,694 7,744 50 5,367 27,376
Sep-24 7,800 7,842 7,758 7,770 7,746 7,792 46 403,926 642,523
Nov-24 7,814 7,846 7,778 7,784 7,780 7,802 22 682 5,558
Dec-24 7,888 7,926 7,854 7,858 7,846 7,882 36 107 1,555
Jan-25 7,866 7,908 7,828 7,840 7,824 7,860 36 49,653 225,915
Mar-25 7,694 7,716 7,648 7,662 7,634 7,676 42 211 3,484
May-25 7,618 7,636 7,560 7,592 7,554 7,592 38 14,537 43,470
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