Grains Report 07/03/2024

DJ CBOT Delivery Intentions: Totals – Jul 3
Source: CME Group
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
SOYBEAN OIL July Jul 05, 2024 121 Jul 02, 2024
CORN July Jul 05, 2024 31 Jun 26, 2024
OATS July Jul 05, 2024 11 Jul 02, 2024
WHEAT July Jul 05, 2024 183 Jul 01, 2024

DJ U.S. May Grain Exports-Jul 3
In kilograms (top) and in bushels (bottom), except flour in cwt and malt
in pounds. /1 denotes includes commercial and donated. Source: U.S. Department
of Commerce.
(*)NOTE: Year ago figures reflect data reported at that time.
Data includes Exports and Re-Exports.
——- In Kilograms ——-
May 24 Apr 24 Mar 24 May 23
Barley 1,705,110 1,044,028 2,004,291 786,000
Corn /1 5,967,193,000 6,432,454,000 5,894,170,000 6,092,535,000
Sorghum 459,758,000 424,113,000 513,480,000 310,632,000
Oats 1,907,498 1,412,249 2,558,165 1,459,775
Rye 1,381,980 1,261,098 43,943 4,444
Wheat /1 1,590,663,327 1,925,851,937 2,099,354,798 1,440,609,246
wheat flour /1 19,197,733 18,886,538 16,505,749 13,976,408
Malt 34,741,166 24,916,757 32,789,167 23,240,574
——- In Bushels, CWT or Pounds ——-
May 24 Apr 24 Mar 24 May 23
Barley 78,314 47,951 92,055 36,100
Corn /1 234,915,601 253,231,929 232,040,842 239,850,047
Sorghum 18,099,687 16,696,420 20,214,607 12,228,916
Oats 131,415 97,295 176,242 100,569
Rye 54,406 49,647 1,730 175
Wheat /1 58,446,272 70,762,219 77,137,292 52,932,785
wheat flour /1 423,238 416,377 363,890 308,127
Malt 76,591,174 54,932,056 72,287,752 51,236,704
1/Includes commercial and donated.

DJ U.S. May Oilseed, Meal, Oils/Fats Exports-Jul 3
In kilograms (top). Oils in pounds, soybeans in bushels, meal and hulls in
short tons (bottom). Source: U.S. Department of Commerce.
(*)NOTE: Year ago figures reflect data reported at that time.
Data includes Exports and Re-Exports.
——- In Kilograms ——-
May 24 Apr 24 Mar 24 May 23
soybeans 1,410,162,156 1,770,127,607 3,054,627,901 986,457,588
soyoil 42,708,982 10,248,714 44,873,000 22,940,920
crude 28,517,997 700,761 32,386,334 16,538,547
refined 144,664 47,349 161,753 215,327
other/1 13,901,817 9,347,190 12,153,139 5,984,266
hydrogenated 144,504 153,414 171,774 202,780
cottonseed oil 1,151,252 1,139,961 567,656 3,007,858
crude 47,375 0 54,474 0
refined 600,816 421,300 130,319 2,539,116
other/1 86,568 230,603 70,238 108,286
hydrogenated 416,493 488,058 312,625 360,456
sunseeds 37,657 65,885 59,430 0
sunseed oil 2,215,802 2,209,914 3,107,574 4,191,056
rapeseed 6,088,908 12,422,541 11,839,736 4,324,224
rapeseed oil 2,857,580 3,946,342 6,193,119 9,728,657
crude 444,399 374,572 3,145,387 5,455,943
refined 2,413,181 3,571,770 3,047,732 4,272,714
linseed meal 264,016 398,421 129,843 78,000
cottonseed meal 6,504,802 3,445,231 6,516,194 5,501,734
soymeal 685,478,731 925,903,249 1,163,887,185 822,844,754
soymeal/flour 299,254,998 307,225,028 321,340,529 243,460,432
soymeal hulls 25,739,000 24,080,000 13,613,000 14,404,000
lard 4,723,544 1,171,344 1,310,855 1,367,973
edible tallow 3,825,384 3,785,263 2,113,105 3,600,906
inedible tallow 13,931,479 13,303,184 14,566,084 3,069,428
ch white grease 68,876 57,503 12,440 19,745
——- In Bushels, Pounds or Short Tons ——-
May 24 Apr 24 Mar 24 May 23
soybeans 51,814,058 65,040,388 112,237,210 36,245,740
soyoil 94,157,204 22,594,551 98,928,048 50,576,080
crude 62,871,432 1,544,914 71,399,657 36,461,261
refined 318,930 104,387 356,604 474,715
other/1 30,648,265 20,607,030 26,793,090 13,193,050
hydrogenated 318,577 338,220 378,697 447,053
cottonseed oil 2,538,077 2,513,184 1,251,467 6,631,193
crude 104,444 0 120,095 0
refined 1,324,573 928,808 287,304 5,597,794
other/1 190,850 508,393 154,848 238,730
hydrogenated 918,210 1,075,984 689,220 794,670
sunseeds 83,019 145,252 131,021 0
sunseed oil 4,885,008 4,872,027 6,851,029 9,239,698
rapeseed 13,423,747 27,387,020 26,102,154 9,533,284
rapeseed oil 6,299,887 8,700,196 13,653,493 21,448,021
crude 979,732 825,790 6,934,393 12,028,297
refined 5,320,154 7,874,406 6,719,100 9,419,724
linseed meal 291 439 143 86
cottonseed meal 7,170 3,798 7,183 6,065
soymeal 755,603 1,020,623 1,282,953 907,022
soymeal flour/me 329,869 338,654 354,214 268,366
soymeal hulls 28,372 26,543 15,006 15,878
lard 10,413,634 2,582,372 2,889,941 3,015,865
edible tallow 8,433,530 8,345,078 4,658,600 7,938,640
inedible tallow 30,713,659 29,328,505 32,112,724 6,766,932
ch white grease 151,846 126,772 27,426 43,530

DJ U.S. May Grain Imports-July 3
In kilograms, from the U.S. Commerce Department, converted to
pounds by Dow Jones.
—-May 2024—- —-Apr 2024—-
kilograms pounds kilograms pounds
durum wheat 86,723 191,224 108,487 239,214
spring wheat 273,080 602,141 388,360 856,334
winter wheat 0 0 0 0
wheat/meslin 0 0 0 0
TOTAL WHEAT 359,803 793,366 496,847 1,095,548
barley 8,154,585 17,980,860 17,133,852 37,780,144
oats 557,495 1,229,276 1,700,114 3,748,751
corn 76,244,882 168,119,965 40,035,299 88,277,834
other corn 12,379,150 27,296,026 13,949,093 30,757,750
TOTAL CORN 88,624,032 195,415,991 53,984,392 119,035,584

DJ U.S. May Soymeal, Vegetable Oils/Oilseed Imports-July 3
In kilograms from the U.S. Commerce Department, converted to pounds
by Dow Jones.
—-May 2024—- —-Apr 2024—-
kilograms pounds kilograms pounds
coconut oil 41,441,503 91,378,514 25,584,087 56,412,912
palm kernel oil 26,217,484 57,809,552 27,546,379 60,739,766
palm oil 129,679,153 285,942,532 160,041,119 352,890,667
soybean 16,403,601 36,169,940 52,410,681 115,565,552
soymeal 0 0 0 0
soyoil 40,351,916 88,975,975 25,218,582 55,606,973
rapeseed oil
edible 296,089,972 652,878,388 304,799,791 672,083,539
rapeseed oil,
inedible 88,167 194,408 40,591 89,503

WHEAT
General Comments: Wheat was lower in all three markets yesterday as the market gave back part of the Monday price gains. Russia is likely to expand the war and has reportedly started to make some threats against the US and NATO countries. USDA showed that the quarterly stocks were a little higher than expected but that planted area was a little below expectations. The US harvest is expanding through Kansas and is now more than 50% complete for the country as a whole and adverse world growing conditions are still around. 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.
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 566, 557, and 550 September, with resistance at 605, 614, and 631 September. Trends in Kansas City are mixed. Support is at 576, 568, and 565 September, with resistance at 601, 614, and 636 September. Trends in Minneapolis are down with no objectives. Support is at 602, 596, and 590 September, and resistance is at 646, 649, and 669 September.46

RICE
General Comments: Rice closed a little lower as the market continued to digest the reports from Friday that showed increased planted area for Rice. The US weather is now improved and big crops are expected once again after some big rains threatened crops earlier n the growing season. Supply tightness is expected to give way to increased production this year and greatly increased supplies this Fall.
Overnight News:
Chart Analysis: Trends are down with objectives of 1502 and 1460 September. Support is at 1500, 1494, and 1484 September and resistance is at 1548, 1563, and 1571 September

CORN AND OATS
General Comments: Corn and Oats closed mostly a little lower yesterday, but nearby Corn was higher along with Soybeans. Weakness was based on higher than expected planted area estimates released by USDA along with sharply higher than expected quarterly stocks data and strength coming from rallies in Soybeans and Wheat. The US weather feature moderate temperatures and increasing chances for rains. Northern areas such as southern Minnesota that have had way too much rain and flooding is still reported. The US Midwest is seeing uneven growing conditions and so are Southeast growing areas. However, USDA kept crop conditions unchanged at high levels and the market sees no real problem at this time.
Overnight News:
Chart Analysis: Trends in Corn are down with no objectives. Support is at 400, 394, and 388 September, and resistance is at 429, 432, and 443 September. Trends in Oats are mixed. Support is at 302, 296, and 290 September, and resistance is at 322, 327, and 338 September.

SOYBEANS
General Comments: Soybeans and Soybean Oil closed higher yesterday, but Soybean Meal was a little lower. Deteriorating growing conditions in the US and on forecasts for less heat and more rain in areas in the Midwest this week were supportive. USDA found less than expected planted area and slightly more stocks than had been expected by the trade. Precipitation chances are high in northern Midwest 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 110,000 tons of US Soybeans.
Chart Analysis: Trends in Soybeans are mixed to down with objectives of 1117 and 1094 August. Support is at 1128, 1116, and 1104 August, and resistance is at 1162, 1180, and 1186 August. Trends in Soybean Meal are mixed. Support is at 344.00, 343.00, and 340.00 August, and resistance is at 355.00, 359.00, and 361.00 August. Trends in Soybean Oil are up with objectives of 4660 and 4890 August. Support is at 4510, 4440, and 4390 August, with resistance at 46279, 4890, and 4970 August.

CANOLA AND PALM OIL
General Comments: Palm Oil was lower today and trends are trying to turn up again. Export demand has been very strong in recent private reports but has been weaker in recent days. There is talk of increased supplies available to the market, but the trends are up on the daily and weekly charts. Canola was sharply higher yesterday as Canadian market caught up with those in the US. The daily charts show that Canola rejected a new leg down last week and closed near the top end of the recent trading range
Overnight News:
Chart Analysis: Trends in Canola are up with objectives of 664.00 and 708.00 November. Support is at 618.00, 599.00, and 591.00 November, with resistance at 630.00, 634.00, and 640.00 November. Trends in Palm Oil are mixed to down with objectives of 3770 and 3630 September. Support is at 4020, 3990, and 3960 September, with resistance at 4100, 4170, and 4220 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 – July 3
The following are prices for Malaysian palm oil in the cash market at 1000 GMT Wednesday, 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 917.50 00.00 Unquoted – –
Aug 912.50 +02.50 Unquoted – –
Sep 907.50 00.00 Unquoted – –
Oct/Nov/Dec 895.00 -02.50 Unquoted – –
Jan/Feb/Mar 905.00 -02.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Jul 920.00 00.00 Unquoted – –
Aug 915.00 +02.50 Unquoted – –
Sep 910.00 00.00 Unquoted – –
Oct/Nov/Dec 897.50 -02.50 Unquoted – –
Jan/Feb/Mar 907.50 -02.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Jul 917.50 00.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Jul 855.00 00.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jul 4,150.00 00.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jul 324.00 +10.00 Unquoted – –
($1=MYR4.718)

DJ China Dalian Grain Futures Closing Prices, Volume – Jul 03
Soybean No. 1
Turnover: 59,146 lots, or 2.76 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-24 4,674 4,674 4,674 4,674 4,728 4,674 -54 2 0
Sep-24 4,697 4,705 4,683 4,693 4,677 4,692 15 47,833 156,565
Nov-24 4,593 4,598 4,584 4,591 4,585 4,590 5 2,661 20,413
Jan-25 4,585 4,585 4,567 4,577 4,570 4,576 6 8,194 36,871
Mar-25 4,548 4,552 4,535 4,545 4,538 4,544 6 228 2,880
May-25 4,557 4,558 4,539 4,549 4,544 4,548 4 228 2,637
Corn
Turnover: 427,156 lots, or 10.54 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-24 2,445 2,462 2,442 2,457 2,445 2,447 2 1,333 1,704
Sep-24 2,489 2,495 2,482 2,483 2,481 2,487 6 320,592 695,242
Nov-24 2,432 2,432 2,418 2,419 2,421 2,424 3 38,640 252,718
Jan-25 2,400 2,402 2,391 2,392 2,393 2,397 4 38,553 188,933
Mar-25 2,396 2,403 2,389 2,390 2,392 2,396 4 27,142 45,310
May-25 2,436 2,440 2,432 2,433 2,433 2,435 2 896 4,187
Soymeal
Turnover: 1,808,638 lots, or 61.22 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-24 3,213 3,215 3,182 3,183 3,182 3,188 6 331 4,382
Aug-24 3,365 3,391 3,344 3,355 3,343 3,364 21 25,290 86,482
Sep-24 3,401 3,421 3,370 3,381 3,367 3,394 27 1,250,461 1,769,687
Nov-24 3,425 3,447 3,393 3,405 3,392 3,414 22 58,473 416,199
Dec-24 3,443 3,475 3,435 3,448 3,414 3,455 41 8,438 45,997
Jan-25 3,445 3,469 3,429 3,439 3,410 3,445 35 341,149 697,077
Mar-25 3,225 3,254 3,211 3,220 3,213 3,230 17 10,928 46,898
May-25 3,091 3,114 3,076 3,092 3,070 3,096 26 113,568 392,568
Palm Oil
Turnover: 785,191 lots, or 62.68 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-24 – – – 7,834 7,834 7,834 0 0 0
Aug-24 8,112 8,120 7,998 8,056 8,016 8,060 44 5,535 2,014
Sep-24 8,046 8,064 7,936 7,986 7,934 7,996 62 674,716 580,445
Oct-24 7,956 7,992 7,874 7,924 7,890 7,930 40 1,825 1,713
Nov-24 7,950 7,962 7,846 7,896 7,850 7,906 56 237 625
Dec-24 7,910 7,946 7,848 7,890 7,838 7,896 58 116 378
Jan-25 7,926 7,960 7,846 7,896 7,852 7,894 42 96,078 216,453
Feb-25 7,916 7,920 7,836 7,882 7,812 7,886 74 40 338
Mar-25 7,926 7,934 7,846 7,904 7,862 7,892 30 40 2,396
Apr-25 7,930 7,930 7,860 7,902 7,812 7,906 94 19 219
May-25 7,946 7,966 7,870 7,916 7,860 7,914 54 6,525 27,977
Jun-25 7,880 7,884 7,830 7,878 7,738 7,862 124 60 189
Soybean Oil
Turnover: 535,454 lots, or 43.04 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-24 – – – 7,662 7,662 7,662 0 0 380
Aug-24 8,028 8,038 7,944 7,974 7,904 7,976 72 5,891 25,599
Sep-24 8,074 8,090 7,990 8,020 7,948 8,034 86 411,037 652,363
Nov-24 8,066 8,084 7,990 8,016 7,978 8,036 58 1,930 7,265
Dec-24 8,126 8,152 8,062 8,088 8,054 8,106 52 54 1,563
Jan-25 8,130 8,144 8,038 8,068 8,014 8,076 62 106,036 274,223
Mar-25 7,892 7,922 7,826 7,858 7,802 7,852 50 268 3,637
May-25 7,860 7,866 7,766 7,806 7,736 7,804 68 10,238 54,708
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