Grains Report 07/10/2024

DJ CBOT Delivery Intentions: Totals – Jul 10
Source: CME Group
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
SOYBEAN OIL July Jul 11, 2024 27 Jul 03, 2024
CORN July Jul 11, 2024 121 Jul 02, 2024
WHEAT July Jul 11, 2024 10 Jul 05, 2024

WHEAT
General Comments: Wheat was higher in all three markets yesterday in recovery trading and as Hurricane Beryl is now moving into the southern and eastern Midwest. M Reports of hot and dry weather in eastern Europe and Russia and too wet weather in France are still heard and the weather there affecting world production estimates. Russia is likely to expand the war and has reportedly started to make some threats against the US and NATO countries. 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. Eastern Europe is also hot and dry. Western Europe has seen too much rain.
Overnight News:
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 573, 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.

RICE
General Comments: Rice closed lower as the market heard that Hurricane Beryl has passed by but hit growing areas with the damaging parts of the storm in and around the Houston area. The system has brought beneficial rains to Arkansas and other part of the Delta. The US weather has been an issue much of the growing season with too much rain early in the year and now a hurricane that dropped big amounts of rain on cops again along with some high winds. Inland Texas areas could also see too much rain. 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 no objectives. Support is at 1453 1451, and 1441 September and resistance is at 1498, 1611, and 1518 September

DJ USDA World Market Rice Prices – Jul 10
USDA today announced the prevailing world market prices
of milled and rough rice, adjusted for U.S. milling yields
and location, and the resulting marketing loan gain (MLG)
and loan deficiency payment LDP) rates. Source: USDA
—–World Price—– MLG/LDP Rate
Milled Value Rough Rough
($/cwt) ($/cwt) ($/cwt)
Long Grain 24.02 14.57 0.00
Medium/Short Grain 23.55 15.81 0.00
Brokens 14.53 —- —-
This week’s prevailing world market prices and MLG/LDP
rates are based on the following U.S. milling yields and
the corresponding loan rates:
U.S. Milling Yields Loan Rate
Whole/Broken ($/cwt)
(lbs/cwt)
Long Grain 48.82/19.56 6.76
Medium Grain/Short Grain 61.56/9.04 7.04

CORN AND OATS
General Comments: Corn and Oats closed slightly higher in recovery trading along with the rally in Wheat. Current forecasts call for hotter and drier weather for the Midwest later this week. Hurricane Beryl is likely to bring some much needed precipitation to the southern and eastern Midwest while northern and western areas stay mostly dry. It should turn hot after that for most areas. Weakness was based on improved crop condition ratings released on Monday afternoon. The US weather features 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.
Overnight News:
Chart Analysis: Trends in Corn are down with no objectives. Support is at 395, 391, and 388 September, and resistance is at 412, 426, and 432 September. Trends in Oats are mixed. Support is at 296, 290, and 284 September, and resistance is at 315, 322, and 327 September.

SOYBEANS
General Comments: Soybeans and the products closed lower again yesterday on follow through selling. Hurricane Beryl is expected to bring beneficial precipitation to areas of the southern and eastern Midwest where conditions have been too dry until now. Northern and western areas should turn drier which is also beneficial for crops. 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: China bought 132,000 tons of US Soybrans.
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 1180, 1185, and 1199 August. Trends in Soybean Meal are mixed. Support is at 344.00, 343.00, and 340.00 August, and resistance is at 359.00, 362.00, and 365.00 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 5930, 5990, and 6050 August.

CANOLA AND PALM OIL
General Comments: Palm Oil was lower yesterday as demand remains a problem for bullish traders. Reports indicate that production is rising as well. 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, and the trends are down on the daily charts. Canola was lower yesterday along with US prices. The daily charts show that Canola trends are down.
Overnight News:
Chart Analysis: Trends in Canola are down with objectives of 636.00 and 625.00 November. Support is at 618.00, 599.00, and 591.00 November, with resistance at 648.00, 664.00, and 670.00 November. Trends in Palm Oil are mixed to down with objectives of 3770 and 3630 September. Support is at 3890, 3830, and 3780 September, with resistance at 4000, 4050, and 4090 September.

Midwest Weather Forecast Showers and storms mostly south ane east. 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 10
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 892.50 00.00 Unquoted – –
Aug 882.50 -05.00 Unquoted – –
Sep 875.00 -07.50 Unquoted – –
Oct/Nov/Dec 867.50 -07.50 Unquoted – –
Jan/Feb/Mar 877.50 -07.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Jul 895.00 00.00 Unquoted – –
Aug 885.00 -05.00 Unquoted – –
Sep 877.00 -07.50 Unquoted – –
Oct/Nov/Dec 870.00 -07.50 Unquoted – –
Jan/Feb/Mar 880.00 -07.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Jul 890.00 -10.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Jul 837.50 -02.50 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jul 4,050.00 -30.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jul 327.00 -03.00 Unquoted – –
($1=MYR4.7005)

DJ China Dalian Grain Futures Closing Prices, Volume – Jul 10
Soybean No. 1
Turnover: 127,345 lots, or 5.87 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-24 4,395 4,664 4,395 4,639 4,674 4,536 -138 8 4
Sep-24 4,658 4,662 4,613 4,633 4,667 4,632 -35 109,202 131,776
Nov-24 4,540 4,572 4,503 4,523 4,555 4,522 -33 3,955 18,137
Jan-25 4,513 4,521 4,462 4,487 4,517 4,487 -30 12,600 36,762
Mar-25 4,482 4,494 4,437 4,460 4,490 4,457 -33 904 2,854
May-25 4,511 4,521 4,451 4,483 4,508 4,478 -30 676 2,798
Corn
Turnover: 697,801 lots, or 1.68 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-24 – – – 2,445 2,445 2,445 0 0 0
Sep-24 2,436 2,436 2,416 2,420 2,444 2,424 -20 503,469 770,265
Nov-24 2,363 2,363 2,330 2,337 2,367 2,343 -24 106,079 286,939
Jan-25 2,348 2,349 2,323 2,328 2,355 2,335 -20 71,323 234,371
Mar-25 2,351 2,354 2,329 2,334 2,357 2,341 -16 13,374 55,124
May-25 2,398 2,400 2,370 2,377 2,403 2,388 -15 3,556 6,454
Soymeal
Turnover: 1,849,665 lots, or 59.70 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-24 3,140 3,140 3,024 3,024 3,176 3,082 -94 2 4,250
Aug-24 3,239 3,248 3,175 3,201 3,248 3,203 -45 18,670 56,068
Sep-24 3,268 3,273 3,197 3,225 3,266 3,230 -36 1,226,791 1,576,677
Nov-24 3,288 3,297 3,219 3,250 3,290 3,253 -37 63,223 424,730
Dec-24 3,344 3,347 3,268 3,296 3,353 3,307 -46 8,112 47,721
Jan-25 3,325 3,332 3,253 3,282 3,336 3,284 -52 386,345 722,437
Mar-25 3,135 3,145 3,090 3,108 3,140 3,114 -26 13,147 51,777
May-25 3,057 3,070 3,017 3,023 3,058 3,038 -20 133,375 481,433
Palm Oil
Turnover: 978,144 lots, or 74.70 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 7,788 7,788 7,576 7,634 7,834 7,692 -142 1,396 1,731
Sep-24 7,778 7,784 7,558 7,612 7,824 7,648 -176 849,476 430,648
Oct-24 7,740 7,748 7,540 7,592 7,778 7,622 -156 1,551 2,354
Nov-24 7,726 7,728 7,530 7,584 7,752 7,618 -134 368 447
Dec-24 7,696 7,704 7,518 7,566 7,732 7,606 -126 175 323
Jan-25 7,692 7,702 7,486 7,542 7,748 7,558 -190 113,424 228,989
Feb-25 7,676 7,676 7,484 7,540 7,760 7,562 -198 53 309
Mar-25 7,684 7,684 7,488 7,550 7,730 7,538 -192 170 2,275
Apr-25 7,696 7,696 7,514 7,544 7,752 7,570 -182 36 227
May-25 7,700 7,724 7,506 7,552 7,760 7,560 -200 11,431 33,501
Jun-25 7,658 7,658 7,500 7,542 7,714 7,554 -160 64 174
Soybean Oil
Turnover: 767,956 lots, or 5.87 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-24 – – – 7,580 7,580 7,580 0 0 365
Aug-24 7,698 7,710 7,512 7,524 7,790 7,612 -178 5,944 19,416
Sep-24 7,750 7,762 7,560 7,572 7,816 7,638 -178 595,722 645,736
Nov-24 7,756 7,758 7,560 7,582 7,812 7,624 -188 3,882 11,337
Dec-24 7,854 7,854 7,650 7,674 7,930 7,710 -220 125 1,674
Jan-25 7,842 7,856 7,650 7,670 7,910 7,722 -188 136,632 272,424
Mar-25 7,712 7,712 7,544 7,566 7,744 7,588 -156 767 3,411
May-25 7,620 7,642 7,472 7,498 7,678 7,524 -154 24,884 70,552
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