Grains Report 07/18/2024

NO COMMENTS NEXT FRIDAY OR THE FOLLOWING MONDAY

DJ U.S. Export Sales: Weekly Sales Totals-Jul 18
For the week ended Jul 11, 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 578.5 0.0 7718.2 5188.1 5526.3 0.0
hrw 186.4 0.0 1934.2 1041.2 1478.0 0.0
srw 37.4 0.0 1160.1 1405.3 859.7 0.0
hrs 205.2 0.0 2663.2 1696.8 1930.3 0.0
white 138.1 0.0 1823.3 964.6 1126.9 0.0
durum 11.5 0.0 137.4 80.3 131.4 0.0
corn 437.8 485.7 54711.4 39745.3 8548.4 4127.6
soybeans 360.1 375.0 45356.8 52566.2 3715.6 1942.0
soymeal 209.3 99.4 13341.4 12070.9 2516.2 968.7
soyoil 3.3 14.9 201.7 123.6 49.6 30.3
upland cotton 27.2 165.6 13019.5 13977.6 2948.4 2429.8
pima cotton 3.8 2.1 352.0 336.2 38.8 6.8
sorghum 60.5 50.0 5628.2 2619.3 406.5 50.3
barley 0.0 0.0 19.3 16.3 18.0 0.0
rice 83.5 44.1 3532.7 1943.4 379.0 247.9

WHEAT
General Comments: Wheat was higher in all three markets yesterday. US harvest progress and ideas of good yields and crops went against 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. 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 down with objectives of 525 and 489 September. Support is at 526, 520, and 514 September, with resistance at 557, 581, and 592 September. Trends in Kansas City are down with objectives of 535 and 507 September. Support is at 546, 540, and 534 September, with resistance at 568, 590, and 601 September. Trends in Minneapolis are down with objectives of 575 and 541 September. Support is at 572, 566, and 560 September, and resistance is at 598, 603, and 61-0 September.

RICE
General Comments: Rice closed mixed to a little higher as futures continued to reflect mostly good growing conditions and increased planted area. Hurricane Beryl has brought beneficial rains to Arkansas and other parts of the Delta. The US weather has been an issue much of the growing season with too much rain early in the year. 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 1419 and 1382 September. Support is at 1440, 1428, and 1416 September and resistance is at 1456, 1471, and 1489 September2

CORN AND OATS
General Comments: Corn and Oats closed higher. It was a short covering rally in Corn based on ideas that future reflected big yield potential and were cheap enough. Current forecasts call for cooler and drier weather for the Midwest this week. Northern areas such as southern Minnesota that have had way too much rain and flooding is still reported. Some selling came from reduced demand ideas.
Overnight News:
Chart Analysis: Trends in Corn are down with no objectives. Support is at 388, 385, and 382 September, and resistance is at 403, 412, and 426 September. Trends in Oats are mixed. Support is at 301, 296, and 290 September, and resistance is at 332, 338, and 350 September

SOYBEAN
General Comments: Soybeans were mixed and Soybean Meal closed higher yesterday as the weather improved and demand did not. Soybean Oil closed lower. There was more beneficial precipitation in much of the Midwest over the weekend and again yesterday. Some selling came from reduced demand ideas. Reports indicate that China remains an active buyer of Soybeans in Brazil. Domestic demand has been strong in the US but has suffered as crushers were crushing for oil.
Overnight News: Unknown destinations bought 510,000 tons of US Soybeans and 150,000 tons of US Soybean Meal.
Chart Analysis: Trends in Soybeans are down with no objectives. Support is at 1068, 1056, and 1044 August, and resistance is at 1102, 1130, and 1151 August. Trends in Soybean Meal are down with objectives of 318.00 August. Support is at 331.00, 329.00, and 326.00 August, and resistance is at 339.00, 344.00, and 351.00 August. Trends in Soybean Oil are up with objectives of 4660 and 4890 August. Support is at 3910, 3840, and 3790 August, with resistance at 3960, 4000, and 6050 August.

CANOLA AND PALM OIL
General Comments: Palm Oil was higher today on apparent short covering and new speculative buying even with ideas of increasing supplies. 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 higher yesterday along with Palm Oil and Soybeans as oilseed supplies look to be ample in the coming year and as demand ideas are down. The daily charts show that Canola trends are down.
Overnight News:
Chart Analysis: Trends in Canola are down with no objectives. Support is at 605.00, 599.00, and 591.00 November, with resistance at 638.00, 648.00, and 664.00 November. Trends in Palm Oil are mixed. Support is at 3830, 3790, and 3770 October, with resistance at 3980, 4040, and 4100 October.

Midwest Weather Forecast Showers and storms mostly south and east. Temperatures should average below normal.

Corn HRW SRW Soybeans Soybean Meal Soybean Oil
July 61 July 137 Sep
49 Sep
95 Aug

August 76 Sep 137 Sep 49 Sep 95 Nov

Sep 82 Sep 145 Sep 48 Sep 90 Nov

DJ Malaysian PM Cash Market Prices for Palm Oil – July 18
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 902.50 -02.50 Unquoted – –
Aug 897.50 -07.50 Unquoted – –
Sep 897.50 00.00 Unquoted – –
Oct/Nov/Dec 880.00 00.00 Unquoted – –
Jan/Feb/Mar 887.50 00.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Jul 905.00 -02.50 Unquoted – –
Aug 900.00 -07.50 Unquoted – –
Sep 900.00 00.00 Unquoted – –
Oct/Nov/Dec 882.50 00.00 Unquoted – –
Jan/Feb/Mar 890.00 00.00 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Jul 907.50 +02.50 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Jul 847.50 00.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jul 4,040.00 +10.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jul 338.00 00.00 Unquoted – –
($1=MYR4.6665)

DJ China Dalian Grain Futures Closing Prices, Volume – Jul 18
Soybean No. 1
Turnover: 73,286 lots, or 3.30 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-24 4,521 4,528 4,507 4,516 4,532 4,518 -14 61,036 113,821
Nov-24 4,454 4,465 4,446 4,459 4,468 4,455 -13 2,578 19,444
Jan-25 4,429 4,433 4,415 4,429 4,438 4,424 -14 8,785 44,407
Mar-25 4,400 4,404 4,391 4,404 4,409 4,397 -12 555 3,689
May-25 4,422 4,433 4,417 4,433 4,436 4,424 -12 306 2,887
Jul-25 4,415 4,420 4,409 4,409 4,425 4,414 -11 26 81
Corn
Turnover: 487,627 lots, or 11.53 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-24 2,389 2,396 2,378 2,394 2,386 2,386 0 314,794 763,160
Nov-24 2,331 2,347 2,322 2,347 2,329 2,332 3 90,003 309,200
Jan-25 2,312 2,317 2,299 2,317 2,312 2,307 -5 63,815 300,788
Mar-25 2,308 2,315 2,300 2,314 2,311 2,305 -6 10,917 68,494
May-25 2,357 2,360 2,345 2,360 2,359 2,350 -9 2,307 8,826
Jul-25 2,362 2,369 2,353 2,368 2,365 2,358 -7 5,791 5,456
Soymeal
Turnover: 1,456,293 lots, or 45.34 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Aug-24 3,091 3,100 3,073 3,091 3,102 3,086 -16 5,963 41,073
Sep-24 3,121 3,123 3,093 3,112 3,131 3,108 -23 1,037,472 1,456,103
Nov-24 3,151 3,162 3,134 3,152 3,167 3,146 -21 61,710 458,981
Dec-24 3,198 3,211 3,187 3,197 3,208 3,197 -11 5,337 47,963
Jan-25 3,199 3,203 3,174 3,187 3,200 3,188 -12 231,823 766,656
Mar-25 3,053 3,066 3,039 3,056 3,054 3,054 0 8,294 56,040
May-25 2,967 2,985 2,961 2,976 2,972 2,973 1 95,632 586,018
Jul-25 2,979 2,996 2,966 2,984 2,984 2,983 -1 10,062 12,886
Palm Oil
Turnover: 800,518 lots, or 62.85 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Aug-24 7,900 7,920 7,836 7,862 7,900 7,864 -36 762 1,168
Sep-24 7,888 7,946 7,806 7,916 7,874 7,876 2 684,456 402,531
Oct-24 7,820 7,872 7,742 7,842 7,796 7,798 2 1,232 3,414
Nov-24 7,772 7,828 7,704 7,800 7,758 7,750 -8 611 475
Dec-24 7,758 7,800 7,684 7,772 7,728 7,738 10 110 283
Jan-25 7,728 7,780 7,642 7,752 7,704 7,708 4 103,419 242,425
Feb-25 7,694 7,744 7,630 7,724 7,666 7,686 20 65 308
Mar-25 7,684 7,728 7,632 7,716 7,674 7,680 6 75 2,568
Apr-25 7,672 7,684 7,618 7,646 7,670 7,660 -10 19 225
May-25 7,632 7,680 7,566 7,670 7,630 7,624 -6 9,672 42,696
Jun-25 7,596 7,650 7,576 7,650 7,594 7,578 -16 95 129
Jul-25 7,600 7,600 7,586 7,586 7,602 7,592 -10 2 5
Soybean Oil
Turnover: 566,388 lots, or 43.27 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Aug-24 7,600 7,690 7,532 7,674 7,592 7,608 16 3,401 10,229
Sep-24 7,642 7,708 7,556 7,692 7,634 7,624 -10 435,140 578,877
Nov-24 7,650 7,712 7,564 7,700 7,632 7,658 26 6,363 20,322
Dec-24 7,732 7,792 7,674 7,784 7,722 7,730 8 126 1,610
Jan-25 7,728 7,788 7,644 7,774 7,714 7,708 -6 108,821 295,928
Mar-25 7,612 7,670 7,548 7,654 7,590 7,610 20 216 3,184
May-25 7,540 7,594 7,470 7,588 7,522 7,528 6 12,309 87,863
Jul-25 7,500 7,556 7,476 7,556 7,484 7,496 12 12 17
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