Grains Report 07/23/2024

NO COMMENTS THIS FRIDAY OR THE FOLLOWING MONDAY

DJ USDA Grain Inspections for Export in Metric Tons – Jul 22
WA_GR101
Washington, DC Mon Jul 22, 2024 USDA Market News
COUNTRY OF DESTINATION IS REPORTED AS KNOWN AT THE TIME OF EXPORTATION.
INFORMATION CONTAINED IN THIS REPORT REFLECTS EXPORTED GRAIN INSPECTED AND WEIGHED
THROUGH THE AUTHORITY UNDER THE U.S. GRAIN STANDARDS ACT. NO ADDITIONAL ANALYSIS,
COMPILATIONS OR DATA IS AVAILABLE
GRAINS INSPECTED AND/OR WEIGHED FOR EXPORT
REPORTED IN WEEK ENDING JUL 18, 2024
— METRIC TONS —
————————————————————————-
CURRENT PREVIOUS
———– WEEK ENDING ———- MARKET YEAR MARKET YEAR
GRAIN 07/18/2024 07/11/2024 07/20/2023 TO DATE TO DATE
BARLEY 100 898 0 4,065 0
CORN 970,539 1,092,231 329,773 45,575,900 34,285,859
FLAXSEED 0 0 0 144 0
MIXED 0 0 0 572 0
OATS 0 0 699 100 2,596
RYE 0 0 0 0 0
SORGHUM 67,913 70,614 169,106 5,397,111 2,231,388
SOYBEANS 327,061 175,327 288,655 42,350,088 50,182,714
SUNFLOWER 0 0 527 7,325 4,047
WHEAT 237,965 620,707 361,135 2,591,210 2,155,409
Total 1,603,578 1,959,777 1,149,895 95,926,515 88,862,013
————————————————————————-
CROP MARKETING YEARS BEGIN JUNE 1 FOR WHEAT, RYE, OATS, BARLEY AND
FLAXSEED; SEPTEMBER 1 FOR CORN, SORGHUM, SOYBEANS AND SUNFLOWER SEEDS.
INCLUDES WATERWAY SHIPMENTS TO CANADA

This Week Last Qeek Last Year Average
Cotton Squaring 81 64 74 76
Cotton Setting Bolls 42 27 34 34
Corn Silking 61 41 62 56
Corn Dough 17 8 13 11
Soybeans Blooming 65 51 66 60
Soybeans Setting Pods 29 18 31 24
Sorghum Headed 34 29 34 33
Sorghum Coloring 19 16 20 18
Rice Headed 58 44 44 36
Peanuts Pegging 70 70 77 78
Oats Headed 95 91 95 95
Oats Harvested 22 16 18 19
Winter Wheat Harvested 76 71 65 72
Spring Wheat Headed 83 76 92 90
Barley Headed 84 76 87 89

Very Poor Poor Fair Good Excellent
Cotton This Week 7 11 29 42 11
Cotton Last Week 11 12 32 37 8
Cotton Last Year 8 16 30 39 7

Corn This Week 3 7 23 51 16
Corn Last Week 3 6 23 52 16
Corn Last Year 4 9 30 46 11

Soybeans This Week 2 6 24 56 12
Soybeans Last Week 2 6 24 56 12
Soybeans Last Year 4 10 32 46 8

Spring Wheat This Week 1 4 18 65 12
Spring Wheat Last Week 0 3 20 67 10
Spring Wheat Last Year 4 12 35 45 4

Sorghum This Week 4 7 29 48 12
Sorghum Last Week 3 8 32 44 13
Sorghum Last Year 3 7 30 45 15

Rice This Week 1 3 13 62 21
Rice Last Week 0 2 18 63 17
Rice Last Year 1 3 20 57 19

Peanuts This Week 1 5 31 56 7
Peanuts Last Week 1 6 33 54 6
Peanuts Last Year 1 3 24 64 8

Oats This Week 6 5 23 55 eleven
Oats Last Week 6 5 23 56 10
Oats Last Year 7 9 39 41 4

Barley This Week 0 3 23 68 6
Barley Last Week 0 3 23 69 6
Barley Last Year 2 8 38 45 7

Pastures and Ranges This Week 12 17 31 33 7
Pastures and Ranges Last Week 12 17 30 34 7
Pastures and Ranges Last Year 9 15 32 35 9

WHEAT
General Comments: Wheat was higher in all three markets on fund short covering and as there has been some positive demand news amid production problems in Russia and Europe. The weekly export sales report was good and there were a lot of sales into North Africa last week from Russia and Europe. 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 and Germany 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 mixed. Support is at 526, 520, and 514 September, with resistance at 557, 581, and 592 September. Trends in Kansas City are mixed. Support is at 546, 540, and 534 September, with resistance at 590, 601, and 618 September. Trends in Minneapolis are mixed. Support is at 600, 586, and 574 September, and resistance is at 628, 636, and 646 September.

RICE
General Comments: Rice closed higher yesterday on speculative buying from oversold conditions. 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 but damaged crops in Texas. 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. However, prices appear oversold right now and a rally is possible at any time.
Overnight News:
Chart Analysis: Trends are down with objectives of 1382 September. Support is at 1412, 1400, and 1388 September and resistance is at 1486, 1489, and 1502 September

CORN AND OATS
General Comments: Corn and Oats closed higher yesterday on what appeared to be speculative short covering. The weekly export sales report showed moderate sales. Selling was based based on ideas that futures reflected big yield potential amid good growing conditions seen in the Midwest. Current forecasts call for cooler and drier weather for the Midwest this week but hot weather could return next 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. Corn did not move to new lows last week and it is possible that the current down trend is near its end.
Overnight News: Unknown destinations bought 200,000 tons of US Corn,.
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 327, 321, and 311 September, and resistance is at 350, 364, and 383 September

SOYBEAN
General Comments: Soybeans and the products closed higher yesterday on apparent speculative short covering. Demand news was strong for both Soybeans and Soybean Meal last week with big sales announced on the daily system. The weekly export sales report showed new sales to China and this was positive as well. There was more beneficial precipitation in much of the Midwest over the last week. This week should be dry and temperatures should turn warmer amid dry weather next week. 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:
Chart Analysis: Trends in Soybeans are mixed. Support is at 1096, 1068, and 1056 August, and resistance is at 1130, 1151, and 1170 August. Trends in Soybean Meal are mixed. Support is at 338.00, 331.00, and 329.00 August, and resistance is at 344.00, 351.00, and 355.00 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 lower today with ideas of expanding world oilseeds production. 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 last week and trends started to turn up on the weekly charts as oilseed supplies look to be ample in the coming year and as demand ideas are down. The weather has called for dry conditions in the Prairies.
Overnight News:
Chart Analysis: Trends in Canola are up with objectives of 702.00 November. Support is at 636.00, 627.00, and 618.00 November, with resistance at 674.00, 680.00, and 686.00 November. Trends in Palm Oil are mixed. Support is at 3820, 3790, and 3770 October, with resistance at 4040, 4100, and 4140 October.

Midwest Weather Forecast Mostly dry early, scattered showers late. Temperatures should average near to 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 23
The following are prices for Malaysian palm oil in the cash market at 1000 GMT Tuesday, 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
Aug 907.50 -05.00 Unquoted – –
Sep 902.50 -05.00 Unquoted – –
Oct/Nov/Dec 885.00 -02.50 Unquoted – –
Jan/Feb/Mar 890.00 -02.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Aug 910.00 -05.00 Unquoted – –
Sep 905.00 -05.00 Unquoted – –
Oct/Nov/Dec 887.50 -02.50 Unquoted – –
Jan/Feb/Mar 892.50 -02.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Aug 917.50 — Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Aug 847.50 — Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Aug 4,060.00 -10.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Aug 352.00 — Unquoted – –
($1=MYR4.67)

DJ China Dalian Grain Futures Closing Prices, Volume – Jul 23
Soybean No. 1
Turnover: 113,165 lots, or 5.12 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-24 4,525 4,553 4,522 4,538 4,516 4,541 25 92,135 120,505
Nov-24 4,474 4,495 4,472 4,485 4,466 4,486 20 1,903 19,093
Jan-25 4,433 4,450 4,433 4,441 4,429 4,444 15 17,293 48,721
Mar-25 4,413 4,425 4,412 4,418 4,402 4,418 16 1,522 4,108
May-25 4,441 4,458 4,441 4,450 4,439 4,451 12 303 2,891
Jul-25 4,429 4,440 4,429 4,437 4,420 4,433 13 9 110
Corn
Turnover: 540,280 lots, or 1.29 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-24 2,405 2,411 2,391 2,393 2,405 2,401 -4 364,751 725,405
Nov-24 2,358 2,364 2,341 2,344 2,357 2,352 -5 90,146 323,006
Jan-25 2,321 2,333 2,316 2,317 2,322 2,325 3 64,257 306,474
Mar-25 2,317 2,326 2,313 2,315 2,317 2,320 3 14,208 70,819
May-25 2,363 2,370 2,361 2,362 2,363 2,365 2 1,107 9,454
Jul-25 2,372 2,378 2,366 2,367 2,370 2,372 2 5,811 6,664
Soymeal
Turnover: 1,738,522 lots, or 55.23 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Aug-24 3,134 3,174 3,123 3,132 3,134 3,147 13 5,468 36,201
Sep-24 3,161 3,197 3,144 3,154 3,158 3,170 12 1,167,286 1,437,595
Nov-24 3,213 3,244 3,193 3,203 3,203 3,219 16 69,768 500,263
Dec-24 3,260 3,296 3,247 3,257 3,256 3,273 17 3,963 47,112
Jan-25 3,240 3,276 3,224 3,231 3,235 3,248 13 358,901 780,349
Mar-25 3,097 3,133 3,087 3,095 3,091 3,107 16 8,680 61,789
May-25 2,995 3,030 2,989 2,993 2,997 3,008 11 115,854 611,918
Jul-25 3,006 3,037 2,996 3,004 3,006 3,014 8 8,602 15,501
Palm Oil
Turnover: 817,034 lots, or 6.49 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Aug-24 7,930 7,966 7,842 7,862 7,822 7,908 86 237 1,176
Sep-24 7,950 8,038 7,884 7,896 7,866 7,960 94 708,284 384,876
Oct-24 7,892 7,956 7,824 7,826 7,806 7,884 78 1,965 3,534
Nov-24 7,824 7,906 7,790 7,790 7,740 7,836 96 500 451
Dec-24 7,798 7,882 7,772 7,772 7,722 7,830 108 164 323
Jan-25 7,790 7,876 7,760 7,764 7,722 7,810 88 92,834 237,481
Feb-25 7,782 7,854 7,750 7,766 7,730 7,792 62 35 328
Mar-25 7,766 7,844 7,748 7,766 7,730 7,804 74 461 2,908
Apr-25 7,806 7,806 7,732 7,732 7,696 7,776 80 8 222
May-25 7,722 7,798 7,702 7,714 7,676 7,750 74 12,509 47,271
Jun-25 7,710 7,756 7,686 7,686 7,600 7,722 122 28 95
Jul-25 7,632 7,690 7,610 7,610 7,552 7,656 104 9 12
Soybean Oil
Turnover: 531,238 lots, or 41.58 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Aug-24 7,800 7,866 7,780 7,802 7,712 7,818 106 1,564 5,760
Sep-24 7,778 7,866 7,772 7,804 7,736 7,818 82 406,616 520,462
Nov-24 7,786 7,878 7,782 7,818 7,742 7,826 84 4,333 23,129
Dec-24 7,858 7,950 7,858 7,896 7,818 7,890 72 60 1,545
Jan-25 7,830 7,936 7,830 7,868 7,796 7,882 86 103,288 306,237
Mar-25 7,702 7,834 7,702 7,776 7,702 7,782 80 372 3,376
May-25 7,642 7,730 7,636 7,682 7,600 7,688 88 14,992 91,473
Jul-25 7,658 7,706 7,658 7,668 7,580 7,676 96 13 39
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.

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