Grains Report 08/14/2024

DJ USDA Monthly Grain Inspections: Exported by Rail – Aug 14
MS_GR210
Minneapolis, MN WED AUG 14, 2024 USDA MARKET NEWS
GRAINS INSPECTED AND/OR WEIGHED FOR EXPORT BY RAIL TO CANADA AND MEXICO
REPORT FOR MONTH ENDING JULY 2024
————————————————————————
Jul-24 Jun-24 Year to Date
CANADA Rail Cars Metric Tons Metric Tons Metric Tons
BARLEY 0 0 0 0
BARLEY MALTING 0 0 0 0
CORN WHITE 0 0 0 0
CORN YELLOW 0 0 0 0
RYE 0 0 0 0
FLAXSEED 0 0 0 0
OATS 0 0 0 0
SOYBEANS 0 0 0 0
WHEAT DU 0 0 0 0
WHEAT HDWH 0 0 0 1,500
WHEAT HRS 0 0 100 400
WHEAT HRW 0 0 0 600
WHEAT SRW 0 0 0 0
WHEAT SWW 0 0 0 0
WHEAT MIXED 0 0 0 0
MEXICO
BARLEY 0 0 100 200
BARLEY MALTING 11 1,098 2,696 4,992
CANOLA 25 2,495 0 29,939
CORN WHITE 72 7,185 15,568 89,514
CORN YELLOW 10,210 1,018,867 1,020,764 7,481,330
CORN MIXED 0 0 0 0
FLAXSEED 0 0 0 0
MIXED GRAINS 0 0 0 499
OATS 0 0 100 899
SORGHUM 98 9,779 0 9,779
WHT SORGHUM 0 0 0 0
SOYBEANS 3,104 309,753 228,621 1,940,243
SUNFLOWER 0 0 0 0
WHEAT DU 0 0 0 11,177
WHEAT HDWH 0 0 0 2,495
WHEAT HRS 764 76,243 58,679 461,648
WHEAT HRW 985 98,296 154,780 842,465
WHEAT SRW 531 52,990 58,281 406,162
WHEAT SWW 29 2,894 1,697 5,091
WHEAT MIXED 0 0 0 0
WHEAT UNCL 0 0 0 0
————————————————————————-
COUNTRY OF DESTINATION IS REPORTED AS KNOWN AT THE TIME OF EXPORTATION.
INFORMATION CONTAINED IN THIS REPORT REFLECTS EXPORTED GRAIN INSPECTED
AND
WEIGHED THROUGH GIPSA’S AUTHORITY UNDER THE U.S. GRAIN STANDARDS ACT.
NO ADDITIONAL ANALYSIS, COMPILATIONS OR DATA IS AVAILABLE.
R=Revised (YTD Revision Entails Past Month Revisions)
Year to Date is January to current or end of year
Wheat
DU=Durum
HDWH= Hard White
HRS=Hard Red Spring
HRW=Hard Red Winter
SRW=Soft Red Winter
SWW=Soft White
UNCL=Unclassed
Source: USDA, FGIS
USDA MARKET NEWS SERVICE
Niki Davila 503-535-5001 Nicole.davila@usda.gov
https://www.ams.usda.gov/mnreports/ms_gr210.txt
http://www.ams.usda.gov/market-news/livestock-poultry-grain

WHEAT
General Comments: Wheat was lower yesterday, mostly on selling seen in sympathy with the extreme weakness in Soybeans but also due in part to the mixed data presented by USDA on Monday. US harvest progress and ideas of good 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 567, 579, and 590 September. Trends in Minneapolis are mixed. Support is at 579, 574, and 568 September, and resistance is at 600, 613, and 629 September.

RICE
General Comments: Rice closed higher yesterday and recovered much of the losses on Monday but trends remain down in response to the release of the USDA reports on Monday morning. 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, and Texas yields are down as a result as the harvest moves forward. 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 to down with objectives of 1344 and 1207 September. Support is at 1449, 1431, and 1415 September and resistance is at 1509, 1516, and 1532 September

CORN AND OATS
General Comments: Corn and Oats closed lower yesterday, with both crops showing very strong yield potential but Corn supported by USDA reducing harvested area and planted area and also increasing demand potential. The increased demand came from the fact that Corn prices are already the cheapest in the world.
A lot of the selling seen yesterday came in sympathy with Soybeans although there is talk of bigger yields coming in subsequent USDA reports due to current good weather. Current forecasts call for cooler and drier weather for the Midwest this week.
Overnight News:
Chart Analysis: Trends in Corn are down with no objectives. Support is at 373, 370, and 367 September, and resistance is at 390, 402, and 409 September. Trends in Oats are mixed. Support is at 316, 311, and 302 September, and resistance is at 336, 348, and 364 September

SOYBEAN
General Comments: Soybeans and the products were lower again yesterday on follow through selling tied to bearish data that was released by USDA that showed increased yields and production and a sharp increase in ending stocks. Demand news was moderate for both Soybeans and Soybean Meal last week with big sales announced on the daily system. 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 down with no objectives. Support is at 942, 928, and 914 September, and resistance is at 1007, 1018, and 1033 September. Trends in Soybean Meal are mixed to down with objectives of 311.00 and 293.00 September. Support is at 298.00, 295.00, and 292.00 September, and resistance is at 313.00, 316.00, and 323.00 September. Trends in Soybean Oil are mixed. Support is at 3970, 2910, and 3850 September, with resistance at 4130, 4190, and 4360 September.

PALM OIL AND CANOLA
General Comments: Palm Oil was lower today on reports of weaker export demand. 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 down with no objectives. Support is at 560.00, 558.00, and 546.00 November, with resistance at 591.00, 607.00, and 617.00 November. Trends in Palm Oil are mixed. Support is at 3620, 3560, and 3500 October, with resistance at 3770, 3830, and 3880 October.

Midwest Weather Forecast Mostly dry. 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 14
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
Aug 927.50 +10.00 Unquoted – –
Sep 915.00 +17.50 Unquoted – –
Oct/Nov/Dec 885.00 +12.50 Unquoted – –
Jan/Feb/Mar 882.50 +10.00 Unquoted – –
Apr/May/Jun 880.00 +10.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Aug 930.00 +10.00 Unquoted – –
Sep 917.50 +17.50 Unquoted – –
Oct/Nov/Dec 887.50 +12.50 Unquoted – –
Jan/Feb/Mar 885.00 +10.00 Unquoted – –
Apr/May/Jun 882.50 +10.00 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Aug 930.00 +05.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Aug 840.00 +05.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Aug 3,900.00 00.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Aug 325.00 00.00 Unquoted – –
($1=MYR4.415)

DJ China Dalian Grain Futures Closing Prices, Volume – Aug 14

Soybean No. 1

Turnover: 141,453 lots, or 6.25 billion yuan

Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-24 4,538 4,551 4,500 4,513 4,550 4,520 -30 69,587 54,827
Nov-24 4,420 4,433 4,370 4,373 4,437 4,396 -41 8,727 21,356
Jan-25 4,351 4,351 4,283 4,286 4,360 4,314 -46 59,648 98,335
Mar-25 4,312 4,321 4,256 4,258 4,330 4,281 -49 2,423 6,803
May-25 4,342 4,360 4,296 4,297 4,362 4,321 -41 1,001 3,772
Jul-25 4,325 4,337 4,275 4,275 4,342 4,297 -45 67 467

Corn

Turnover: 732,398 lots, or 1.66 billion yuan

Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-24 2,297 2,299 2,277 2,286 2,300 2,287 -13 346,479 329,772
Nov-24 2,266 2,269 2,246 2,252 2,280 2,254 -26 213,288 507,605
Jan-25 2,245 2,249 2,230 2,234 2,260 2,238 -22 124,226 423,906
Mar-25 2,249 2,249 2,227 2,230 2,257 2,234 -23 27,364 99,075
May-25 2,283 2,290 2,265 2,276 2,294 2,275 -19 9,030 23,059
Jul-25 2,290 2,296 2,271 2,284 2,299 2,281 -18 12,011 11,968

Soymeal

Turnover: 2,407,509 lots, or 69.13 billion yuan

Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Aug-24 2,856 2,857 2,842 2,842 2,969 2,994 25 678 0
Sep-24 2,887 2,889 2,842 2,857 2,929 2,867 -62 518,404 531,193
Nov-24 2,933 2,933 2,875 2,900 2,969 2,905 -64 205,134 471,077
Dec-24 2,945 2,948 2,882 2,925 2,999 2,917 -82 12,660 84,759
Jan-25 2,938 2,938 2,866 2,911 2,977 2,902 -75 1,287,927 1,279,089
Mar-25 2,856 2,856 2,789 2,837 2,907 2,824 -83 23,535 99,510
May-25 2,781 2,786 2,714 2,763 2,827 2,749 -78 328,806 877,255
Jul-25 2,800 2,800 2,728 2,776 2,840 2,765 -75 30,365 82,802

Palm Oil

Turnover: 938,341 lots, or 69.71 billion yuan

Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Aug-24 – – – 7,576 7,512 7,576 64 0 0
Sep-24 7,608 7,608 7,460 7,568 7,630 7,544 -86 204,271 114,597
Oct-24 7,500 7,526 7,388 7,484 7,552 7,458 -94 10,695 10,328
Nov-24 7,494 7,512 7,378 7,476 7,546 7,450 -96 2,637 4,593
Dec-24 7,478 7,488 7,360 7,458 7,510 7,424 -86 300 390
Jan-25 7,444 7,458 7,324 7,420 7,494 7,398 -96 700,367 437,743
Feb-25 7,414 7,414 7,310 7,386 7,484 7,376 -108 21 386
Mar-25 7,388 7,398 7,278 7,362 7,446 7,342 -104 148 3,264
Apr-25 7,354 7,354 7,254 7,332 7,384 7,314 -70 44 273
May-25 7,284 7,324 7,214 7,288 7,372 7,272 -100 19,817 68,275
Jun-25 7,260 7,260 7,202 7,260 7,344 7,230 -114 16 86
Jul-25 7,226 7,250 7,178 7,236 7,306 7,208 -98 25 46

Soybean Oil

Turnover: 738,486 lots, or 53.72 billion yuan

Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Aug-24 – – – 7,464 7,260 7,464 204 0 0
Sep-24 7,300 7,332 7,206 7,294 7,416 7,276 -140 177,805 224,171
Nov-24 7,306 7,318 7,202 7,280 7,378 7,254 -124 12,482 28,450
Dec-24 7,372 7,372 7,248 7,328 7,432 7,308 -124 705 2,802
Jan-25 7,366 7,366 7,222 7,306 7,430 7,286 -144 510,728 550,001
Mar-25 7,282 7,282 7,116 7,244 7,338 7,218 -120 156 3,611
May-25 7,172 7,172 7,048 7,136 7,236 7,100 -136 36,480 137,489
Jul-25 7,172 7,178 7,062 7,142 7,240 7,128 -112 130 474

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