
Jack Scoville
Jack Scoville is an often quoted market analyst in the grain and soft commodities sectors. You will find his commentary throughout the Reuters, Wall Street Journal, Dow Jones, Bloomberg, and Barron's publications. Contact Mr. Scoville at (312) 264-4322
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Grains Report 08/06/2024
DJ USDA Grain Inspections for Export in Metric Tons – Aug 5
WA_GR101
Washington, DC Mon Aug 5, 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 AUG 01, 2024
— METRIC TONS —
————————————————————————–
CURRENT PREVIOUS
———– WEEK ENDING ———- MARKET YEAR MARKET YEAR
GRAIN 08/01/2024 07/25/2024 08/03/2023 TO DATE TO DATE
BARLEY 0 220 399 4,285 399
CORN 1,213,422 1,070,320 387,973 47,887,744 35,212,052
FLAXSEED 0 24 0 168 0
MIXED 0 0 0 572 0
OATS 0 48 0 148 2,696
RYE 0 0 0 0 0
SORGHUM 172,132 54,582 36,125 5,624,756 2,339,005
SOYBEANS 261,203 408,582 290,738 43,031,067 50,807,842
SUNFLOWER 0 0 384 7,325 5,007
WHEAT 440,888 453,904 318,599 3,539,173 3,059,326
Total 2,087,645 1,987,680 1,034,218 100,095,238 91,426,327
————————————————————————-
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 91 87 90 91
Cotton Setting Bolls 60 54 58 59
Cotton Bolls Opening 8 7 7
Corn Silking 88 77 90 88
Corn Dough 46 30 42 38
Corn Dented 7 7 5
Soybeans Blooming 86 77 88 84
Soybeans Setting Pods 59 44 61 56
Sorghum Headed 63 47 55 54
Sorghum Coloring 19 16 20 18
Rice Headed 80 71 71 64
Rice Hatrvested 7 8 5
Peanuts Pegging 92 86 91 91
Oats Harvested 47 25 45 45
Winter Wheat Harvested 88 82 85 86
Spring Wheat Headed 97 94 98 99
Spring Wheat Harvested 6 1 8 10
Barley Headed 97 89 98 99
Bazrley Harvested 7 2 13 11
Very Poor Poor Fair Good Excellent
Cotton This Week 12 15 28 32 8
Cotton Last Week 9 13 29 40 9
Cotton Last Year 13 21 25 35 6
Corn This Week 3 7 23 51 16
Corn Last Week 3 6 23 52 16
Corn Last Year 4 10 29 47 10
Soybeans This Week 2 6 24 54 14
Soybeans Last Week 2 6 25 54 13
Soybeans Last Year 4 10 32 45 9
Spring Wheat This Week 1 3 22 63 11
Spring Wheat Last Week 0 4 22 63 11
Spring Wheat Last Year 4 16 39 38 2
Sorghum This Week 7 11 35 40 7
Sorghum Last Week 4 9 32 45 10
Sorghum Last Year 4 10 29 45 12
Rice This Week 1 2 17 64 17
Rice Last Week 1 2 14 65 18
Rice Last Year 1 3 25 54 17
Peanuts This Week 1 4 24 61 10
Peanuts Last Week 1 5 26 59 9
Peanuts Last Year 0 4 22 66 8
Oats This Week 6 5 22 56 eleven
Oats Last Week 6 5 23 54 12
Oats Last Year 8 11 37 40 4
Barley This Week 0 6 22 66 6
Barley Last Week 0 5 26 62 7
Barley Last Year 2 8 40 46 4
Pastures and Ranges This Week 13 18 34 29 6
Pastures and Ranges Last Week 12 17 32 32 7
Pastures and Ranges Last Year 14 18 30 31 7
WHEAT
General Comments: Wheat was higher in all three markets yesterday on fund short covering and some new speculative and commercial buying and as there has been some positive demand news amid production problems in Russia and Europe. The weekly export sales report was good. 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 520, 514, and 508 September, with resistance at 557, 581, and 592 September. Trends in Kansas City are mixed. Support is at 540, 534, and 528 September, with resistance at 590, 601, and 618 September. Trends in Minneapolis are mixed. Support is at 583, 574, and 5568 September, and resistance is at 628, 636, and 646 September.
RICE
General Comments: Rice closed higher yesterday. The US weather has been an issue much of the growing season with too much rain early in the year. Some areas are now too dry, especially in Texas. However, planted area has increased from last year and so most are looking for a rebound in production this 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 mixed. Support is at 1478, 1452, and 1431 September and resistance is at 1538, 1544, and 1566 September
CORN AND OATS
General Comments: Corn and Oats closed higher yesterday with rallies in wheat and Soybeans and on ideas of good growing conditions in the Midwest and talk of very strong yield potential. 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 have had way too much rain but the weather is better now. Some selling came from reduced demand ideas but demand remains solid overall.
Overnight News:
Chart Analysis: Trends in Corn are down with no objectives. Support is at 379, 376, and 373 September, and resistance is at 414, 426, and 446 September. Trends in Oats are mixed. Support is at 317, 311, and 302 September, and resistance is at 335, 348, and 364 September
SOYBEAN
General Comments: Soybeans and the products were higher. 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 cooler amid dry weather this 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 to down with no objectives. Support is at 1012, 1000, and 988 August, and resistance is at 1059, 1077, and 1089 August. Trends in Soybean Meal are mixed to up with no objectives. Support is at 353.00, 347.00, and 337.00 August, and resistance is at 365.00, 372.00, and 379.00 August. Trends in Soybean Oil are mixed to down with no objectives. Support is at 4060, 4000, and 3940 August, with resistance at 4270, 4350, and 4510 August.
CANOLA AND PALM OIL
General Comments: Palm Oil was lower yesterday with ideas of expanding world oilseeds production and weakness in outside markets. 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 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, but growing conditions overall are good.
Overnight News:
Chart Analysis: Trends in Canola are mixed to down with no objectives. Support is at 605.00, 599.00, and 592.00 November, with resistance at 617.00, 627.00, and 647.00 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 – Aug 5
The following are prices for Malaysian palm oil in the cash market at 1000 GMT Monday, 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 pworts
Offer Change Bid Change Traded
Aug 937.50 00.00 Unquoted – –
Sep 922.50 -02.50 Unquoted – –
Oct/Nov/Dec 895.00 -07.50 Unquoted – –
Jan/Feb/Mar 887.50 -15.00 Unquoted – –
Apr/May/Jun 882.50 -17.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Aug 940.00 00.00 Unquoted – –
Sep 925.00 -02.50 Unquoted – –
Oct/Nov/Dec 897.50 -07.50 Unquoted – –
Jan/Feb/Mar 890.00 -15.00 Unquoted – –
Apr/May/Jun 885.00 -17.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Aug 955.00 +05.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Aug 860.00 +05.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Aug 4000.00 -50.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Aug 346.00 -06.00 Unquoted – –
($1=MYR4.424)
DJ China Dalian Grain Futures Closing Prices, Volume – Aug 05
Questions? Ask Jack Scoville today at 312-264-4322Soybean No. 1
Turnover: 131,944 lots, or 6.03 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-24 4,617 4,628 4,582 4,590 4,606 4,606 0 104,612 100,831
Nov-24 4,484 4,495 4,457 4,462 4,486 4,477 -9 5,035 23,139
Jan-25 4,443 4,452 4,410 4,413 4,446 4,430 -16 21,317 55,303
Mar-25 4,415 4,424 4,386 4,388 4,418 4,405 -13 641 5,239
May-25 4,434 4,447 4,420 4,420 4,439 4,433 -6 252 3,241
Jul-25 4,428 4,428 4,401 4,401 4,428 4,410 -18 87 210
Corn
Turnover: 828,723 lots, or 19.00 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-24 2,324 2,326 2,274 2,281 2,320 2,300 -20 486,923 662,863
Nov-24 2,305 2,306 2,269 2,275 2,307 2,287 -20 172,607 419,478
Jan-25 2,286 2,288 2,257 2,263 2,285 2,270 -15 125,215 401,527
Mar-25 2,289 2,290 2,261 2,267 2,285 2,275 -10 28,423 94,218
May-25 2,335 2,335 2,305 2,310 2,331 2,319 -12 4,534 17,044
Jul-25 2,339 2,342 2,313 2,318 2,338 2,327 -11 11,021 8,269
Soymeal
Turnover: 1,712,383 lots, or 52.85 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Aug-24 3,049 3,059 3,049 3,059 3,048 3,049 1 179 20,200
Sep-24 3,084 3,098 3,047 3,055 3,065 3,075 10 919,749 1,146,284
Nov-24 3,128 3,139 3,091 3,100 3,108 3,119 11 79,567 482,421
Dec-24 3,161 3,177 3,135 3,142 3,143 3,161 18 10,474 68,518
Jan-25 3,161 3,170 3,127 3,135 3,134 3,151 17 507,526 980,719
Mar-25 3,028 3,041 3,005 3,011 3,009 3,024 15 14,840 91,191
May-25 2,958 2,962 2,932 2,938 2,942 2,948 6 164,704 754,926
Jul-25 2,959 2,971 2,944 2,949 2,951 2,960 9 15,344 53,759
Palm Oil
Turnover: 1,371,369 lots, or 10.73 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Aug-24 – – – 7,784 7,784 7,784 0 3 1,032
Sep-24 7,932 7,948 7,770 7,856 7,874 7,860 -14 1,074,302 302,483
Oct-24 7,836 7,846 7,704 7,764 7,776 7,766 -10 7,948 5,560
Nov-24 7,804 7,814 7,678 7,730 7,756 7,738 -18 2,449 2,155
Dec-24 7,792 7,792 7,658 7,704 7,728 7,718 -10 97 446
Jan-25 7,760 7,774 7,636 7,670 7,714 7,700 -14 271,211 281,687
Feb-25 7,736 7,736 7,644 7,660 7,686 7,696 10 36 293
Mar-25 7,694 7,702 7,588 7,614 7,646 7,646 0 140 3,203
Apr-25 7,658 7,658 7,570 7,570 7,596 7,598 2 24 250
May-25 7,618 7,636 7,510 7,530 7,590 7,560 -30 15,108 55,174
Jun-25 7,558 7,558 7,506 7,508 7,522 7,520 -2 31 83
Jul-25 7,556 7,556 7,470 7,486 7,498 7,494 -4 20 31
Soybean Oil
Turnover: 664,249 lots, or 50.51 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Aug-24 – – – 7,260 7,518 7,260 -258 0 3,251
Sep-24 7,630 7,650 7,530 7,578 7,608 7,592 -16 430,352 417,610
Nov-24 7,656 7,656 7,542 7,588 7,628 7,604 -24 6,449 25,481
Dec-24 7,718 7,726 7,618 7,660 7,698 7,680 -18 870 1,939
Jan-25 7,678 7,696 7,584 7,634 7,668 7,646 -22 204,538 392,657
Mar-25 7,584 7,598 7,500 7,536 7,582 7,554 -28 193 3,448
May-25 7,460 7,478 7,372 7,422 7,466 7,432 -34 21,790 116,311
Jul-25 7,462 7,466 7,386 7,416 7,432 7,434 2 57 195
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.