Grains Report 06/28/2024

DJ CBOT Delivery Intentions: Totals – Jun 28
Source: CME Group
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
SOYBEAN OIL June Jul 1, 2024 1,137 Jun 26, 2024
ROUGH RICE June Jul 1, 2024 38 Apr 29, 2024
CORN June Jul 1, 2024 744 Apr 25, 2024
OATS June Jul 1, 2024 39 Jun 27, 2024
WHEAT June Jul 1, 2024 1,129 Jun 17, 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

WHEAT
General Comments: Wheat was higher in all three markets yesterday on better than expected weekly export sales. The US harvest is expanding through Kansas and 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 were 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 592, 603, and 606 July. Trends in Kansas City are down with no objectives. Support is at 568, 554, and 544 July, with resistance at 623, 630, and 646 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 mixed 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.
Overnight News:
Chart Analysis: Trends are down with no objectives. Support is at 1660, 1623, and 1600 July and resistance is at 1741, 1752, and 1761 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 413, 410, and 407 July, and resistance is at 436, 439, and 444 July. Trends in Oats are mixed. Support is at 289, 286, and 280 July, and resistance is at 320, 330, and 340 July.

SOYBEANS
General Comments: Soybeans closed a little lower and the products closed mixed 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 higher yesterday..
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 610.00, 615.00, and 620.00 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.

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 28
The following are prices for Malaysian palm oil in the cash market at 1000 GMT Friday, 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 887.50 +05.00 Unquoted – –
Aug/Sep 882.50 +05.00 Unquoted – –
Oct/Nov/Dec 870.00 +05.00 Unquoted – –
Jan/Feb/Mar 882.50 +02.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Jul 890.00 +05.00 Unquoted – –
Aug/Sep 885.00 +05.00 Unquoted – –
Oct/Nov/Dec 872.50 +05.00 Unquoted – –
Jan/Feb/Mar 885.00 +02.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Jul 887.50 +05.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Jul 835.00 +05.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jul 4,000.00 00.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jul 294.00 +01.00 Unquoted – –
($1=MYR4.718)

DJ China Dalian Grain Futures Closing Prices, Volume – Jun 28
Soybean No. 1
Turnover: 124,108 lots, or 5.78 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-24 4,665 4,712 4,662 4,674 4,670 4,673 3 745 730
Sep-24 4,666 4,695 4,657 4,692 4,651 4,677 26 104,836 153,823
Nov-24 4,547 4,581 4,541 4,581 4,537 4,563 26 4,345 20,435
Jan-25 4,520 4,565 4,519 4,564 4,519 4,545 26 13,043 36,336
Mar-25 4,489 4,525 4,489 4,524 4,492 4,511 19 389 2,795
May-25 4,482 4,532 4,482 4,531 4,495 4,514 19 750 2,501
Corn
Turnover: 471,607 lots, or 11.77 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-24 2,477 2,477 2,465 2,470 2,473 2,470 -3 24,931 43,529
Sep-24 2,507 2,516 2,500 2,509 2,513 2,510 -3 373,564 778,093
Nov-24 2,442 2,445 2,435 2,441 2,450 2,441 -9 36,617 227,522
Jan-25 2,420 2,420 2,410 2,416 2,420 2,415 -5 27,233 167,023
Mar-25 2,412 2,416 2,406 2,412 2,416 2,412 -4 8,791 39,540
May-25 2,446 2,454 2,445 2,454 2,454 2,451 -3 471 3,497
Soymeal
Turnover: 1,258,069 lots, or 42.30 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-24 3,163 3,211 3,157 3,183 3,163 3,184 21 9,082 13,344
Aug-24 3,340 3,357 3,329 3,349 3,333 3,342 9 21,678 99,042
Sep-24 3,372 3,382 3,354 3,374 3,358 3,368 10 956,329 1,780,999
Nov-24 3,392 3,400 3,375 3,394 3,383 3,388 5 31,096 389,174
Dec-24 3,424 3,432 3,407 3,419 3,415 3,418 3 3,872 42,055
Jan-25 3,420 3,424 3,397 3,410 3,404 3,408 4 184,543 546,611
Mar-25 3,237 3,238 3,212 3,214 3,234 3,221 -13 7,509 33,474
May-25 3,072 3,074 3,057 3,064 3,071 3,065 -6 43,960 290,381
Palm Oil
Turnover: 710,180 lots, or 54.36 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-24 7,666 8,024 7,522 7,766 7,678 7,744 66 187 3
Aug-24 7,652 7,722 7,636 7,696 7,638 7,690 52 2,680 3,441
Sep-24 7,636 7,692 7,604 7,666 7,612 7,656 44 642,162 490,608
Oct-24 7,606 7,658 7,576 7,624 7,580 7,616 36 277 425
Nov-24 7,588 7,642 7,568 7,626 7,564 7,610 46 117 524
Dec-24 7,610 7,648 7,588 7,620 7,570 7,620 50 77 348
Jan-25 7,582 7,654 7,570 7,634 7,582 7,622 40 57,220 188,005
Feb-25 7,618 7,648 7,584 7,630 7,582 7,626 44 37 342
Mar-25 7,624 7,656 7,592 7,630 7,604 7,638 34 178 2,297
Apr-25 7,644 7,662 7,600 7,652 7,596 7,642 46 27 209
May-25 7,600 7,682 7,600 7,660 7,610 7,642 32 7,122 24,692
Jun-25 7,566 7,630 7,038 7,570 7,566 7,480 -86 96 69
Soybean Oil
Turnover: 491,990 lots, or 38.52 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-24 7,550 7,664 7,446 7,632 7,578 7,610 32 137 1,262
Aug-24 7,736 7,800 7,736 7,784 7,744 7,774 30 4,503 27,289
Sep-24 7,818 7,850 7,780 7,834 7,792 7,824 32 419,479 646,914
Nov-24 7,824 7,860 7,788 7,834 7,802 7,834 32 454 5,675
Dec-24 7,918 7,928 7,876 7,912 7,882 7,906 24 30 1,560
Jan-25 7,862 7,920 7,840 7,896 7,860 7,884 24 60,693 237,096
Mar-25 7,698 7,732 7,670 7,702 7,676 7,704 28 192 3,472
May-25 7,608 7,652 7,590 7,630 7,592 7,618 26 6,502 43,727
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