Grains Report 08/27/2024

DJ USDA Grain Inspections for Export in Metric Tons – Aug 26
WA_GR101
Washington, DC Mon Aug 26, 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 22, 2024
— METRIC TONS —
————————————————————————–
CURRENT PREVIOUS
———– WEEK ENDING ———- MARKET YEAR MARKET YEAR
GRAIN 08/22/2024 08/15/2024 08/24/2023 TO DATE TO DATE
BARLEY 122 73 0 4,480 399
CORN 894,295 1,206,699 599,910 51,034,174 36,781,551
FLAXSEED 24 0 0 192 0
MIXED 0 24 0 596 0
OATS 0 0 100 148 3,195
RYE 0 0 0 0 0
SORGHUM 114,618 107,503 78,059 5,906,283 2,591,295
SOYBEANS 411,165 405,628 326,237 44,203,159 51,872,880
SUNFLOWER 0 0 670 7,325 6,445
WHEAT 537,179 372,707 390,364 5,146,113 4,030,272
Total 1,957,403 2,092,634 1,395,340 106,302,470 95,286,037
————————————————————————–
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 Week Last Year Average
Cotton Setting Bolls 89 84 87 77
Cotton Bolls Opening 25 19 23 23
Corn Dough 84 74 85 83
Corn Dented 46 30 46 42
Corn Mature 11 5 8 6
Soybeans Setting Pods 89 81 90 88
Soybeans Dropping Leaves 6 4 4
Sorghum Headed 90 83 87 88
Sorghum Coloring 47 39 45 46
Sorghum Mature 23 19 21 22
Sorghum Harvested 18 17 18
Rice Headed 97 94 95 95
Rice Harvested 33 21 23 18
Oats Harvested 78 67 79 81
Winter Wheat Harvested 96 93 95 95
Spring Wheat Harvested 51 31 50 53
Barley Harvested 47 30 58 61

Very Poor Poor Fair Good Excellent
Cotton This Week 12 16 32 34 6
Cotton Last Week 8 18 32 35 7
Cotton Last Year 23 21 23 28 5

Corn This Week 4 7 22 51 16
Corn Last Week 3 7 23 47 16
Corn Last Year 5 10 27 47 11

Soybeans This Week 2 7 24 54 13
Soybeans Last Week 2 6 24 54 14
Soybeans Last Year 4 10 28 48 10

Spring Wheat This Week 3 7 21 56 11
Spring Wheat Last Week 1 4 22 61 12
Spring Wheat Last Year 4 20 39 34 3

Sorghum This Week 7 13 32 40 8
Sorghum Last Week 6 12 33 42 7
Sorghum Last Year 9 15 31 37 8

Rice This Week 0 4 17 64 15
Rice Last Week 1 3 17 64 15
Rice Last Year 0 3 24 58 16

Peanuts This Week 1 5 30 58 6
Peanuts Last Week 1 4 27 62 6
Peanuts Last Year 2 8 31 55 3

Barley This Week 3 11 21 60 5
Barley Last Week 1 8 22 64 5
Barley Last Year 2 10 39 44 5

Pastures and Ranges This Week 15 24 31 25 5
Pastures and Ranges Last Week 14 20 32 27 7
Pastures and Ranges Last Year 16 21 27 30 7

WHEAT
General Comments: Wheat was lower in Chicago but higher in Kansas City and Minneapolis on stable overseas prices reported in Russia and Europe and the wrap up of the Wheat harvest and reports of cash movement here in the US. US harvest progress and ideas of good crops went against reports of dry weather in eastern Europe and Russia and too wet weather in France and Germany along with Spring Wheat areas of Russia are still heard and the weather there affecting world production estimates. There were more reports of dry conditions coming this week to Russian growing areas although Spring Wheat areas have seen too much rain. Eastern Europe is also hot and dry. Western Europe has seen too much rain.
Overnight News:
Chart Analysis: Trends in Chicago are down with no objectives. Support is at 5496, 490, and 484 September, with resistance at 524, 536, and 548 September. Trends in Kansas City are down with no objectives. Support is at 512, 506, and 500 September, with resistance at 540, 559, and 567 September. Trends in Minneapolis are down with no objectives. Support is at 538, 532, and 526 September, and resistance is at 584, 601, and 613 September.

RICE
General Comments: Rice closed slightly higher yesterday on what appeared to be speculator trading on both sides of the market as the harvest moves along to completion. 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 hot and 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
Overnight News:
Chart Analysis: Trends are mixed. Support is at 1471, 1453, and 1449 September and resistance is at 1516, 1526, and 1538 September

CORN AND OATS
General Comments: Corn closed a little lower yesterday and Oats closed higher on what appeared to be speculative selling in Corn. The Pro Farmer crop tour concluded last week and found good Corn crops, with production estimated at 14.979 billion bushels. Most in the trade had expected production in excess of 15 billion bushels as had USDA so some upside movement is possible in prices early this week. Increased US demand comes from the fact that Corn prices are already the cheapest in the world. Current forecasts call for cooler and drier weather for the Midwest later this week after one more very hot day today.
Overnight News: Mexico bought 127,760 tons of US Corn.
Chart Analysis: Trends in Corn are down with no objectives. Support is at 361, 358, and 355 September, and resistance is at 385, 390, and 402 September. Trends in Oats are mixed. Support is at 313, 308, and 300 September, and resistance is at 336, 348, and 358 September

SOYBEAN
General Comments: Soybeans and the products were higher yesterday on speculative short covering generated by a stronger demand news. Pro Farmer estimated US Soybeans production at 4.740 billion bushels. This would be a new record production. This week should be dry and warmer this week amid dry weather and western and Delta areas should stay warm and dry. Reports indicate that China is buying a lot in the US. Domestic demand has been strong in the US.
Overnight News: Unknown destinations bought 120,000 tons of US Soybeans.
Chart Analysis: Trends in Soybeans are mixed. Support is at 939, 928, and 916 September, and resistance is at 973, 1007, and 1018 September. Trends in Soybean Meal are mixed. Support is at 302.00, 300.00, and 297.00 September, and resistance is at 323.00, 325.00, and 329.00 September. Trends in Soybean Oil are mixed. Support is at 3970, 3860, and 3800 September, with resistance at 4220, 4260, and 4360 September.

PALM OIL AND CANOLA
General Comments: Palm Oil was higher yesterday on ideas of improving demand as Indonesia intends to increase its use of Palm Oil in its biofuels blends and increase biofuels to 40% of consumption. Izt could bedome 50% if the new president gets his ay. Production reports indicate that the increase in production is less than expected at this time. 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 and showed signs of forming a bottom on the daily charts on ideas of increasing producer offers as oilseed supplies look to be ample in the coming year and as demand ideas are down. The Canadian rail strike makes movement of grain much more difficult and a lot will get backed up in the system, but the government there is forcing binding arbitration on labor and management. The weather has called for dry conditions in the Prairies and yields are expected to be the same or less.
Overnight News:
Chart Analysis: Trends in Canola are mixed to down with no objectives. Support is at 575.00, 565.00, and 552.00 November, with resistance at 598.00, 607.00, and 617.00 November. Trends in Palm Oil are u. Supp with no objectives. Support is at 3850, 3820, and 3780 November, with resistance at 3990, 4020, and 4090 November.

Midwest Weather Forecast Mostly dry. Temperatures should average near to below normal.

DJ Malaysian PM Cash Market Prices for Palm Oil – Aug 27
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
Sep 970.00 -05.00 Unquoted – –
Oct/Nov/Dec 942.50 -02.50 Unquoted – –
Jan/Feb/Mar 932.50 -02.50 Unquoted – –
Apr/May/Jun 922.50 -05.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Sep 975.00 -05.00 Unquoted – –
Oct/Nov/Dec 947.50 -02.50 Unquoted – –
Jan/Feb/Mar 937.50 -02.50 Unquoted – –
Apr/May/Jun 927.50 -05.00 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Sep 995.00 00.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Sep 862.50 -02.50 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Sep 4,050.00 +10.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Sep 354.00 00.00 Unquoted – –
($1=MYR4.345)

DJ China Dalian Grain Futures Closing Prices, Volume – Aug 27
Soybean No. 1
Turnover: 133,925 lots, or 5.74 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-24 4,435 4,449 4,428 4,440 4,427 4,441 14 4,428 7,566
Nov-24 4,346 4,370 4,343 4,362 4,331 4,355 24 11,314 25,140
Jan-25 4,255 4,314 4,253 4,300 4,225 4,282 57 108,876 148,134
Mar-25 4,161 4,234 4,161 4,227 4,136 4,200 64 6,594 15,177
May-25 4,182 4,253 4,182 4,243 4,166 4,217 51 2,277 7,592
Jul-25 4,138 4,203 4,136 4,192 4,127 4,165 38 436 1,919
Corn
Turnover: 716,324 lots, or 1.67 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-24 2,322 2,345 2,322 2,342 2,323 2,338 15 38,817 59,252
Nov-24 2,335 2,353 2,333 2,345 2,325 2,345 20 435,683 643,674
Jan-25 2,310 2,326 2,308 2,320 2,302 2,317 15 174,872 417,304
Mar-25 2,296 2,315 2,295 2,311 2,285 2,307 22 42,318 129,748
May-25 2,335 2,349 2,334 2,345 2,325 2,341 16 16,920 49,284
Jul-25 2,336 2,349 2,336 2,346 2,326 2,343 17 7,714 19,713
Soymeal
Turnover: 1,482,099 lots, or 43.55 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-24 2,903 2,963 2,903 2,959 2,911 2,940 29 74,941 143,009
Nov-24 2,957 2,996 2,946 2,987 2,942 2,974 32 85,372 471,507
Dec-24 2,960 2,999 2,955 2,992 2,951 2,975 24 6,882 88,906
Jan-25 2,940 2,985 2,937 2,978 2,933 2,962 29 1,064,250 1,511,884
Mar-25 2,874 2,906 2,872 2,904 2,870 2,891 21 10,017 95,861
May-25 2,798 2,827 2,794 2,825 2,787 2,814 27 226,794 967,760
Jul-25 2,810 2,841 2,808 2,841 2,801 2,830 29 11,021 95,429
Aug-25 2,920 2,947 2,916 2,945 2,911 2,935 24 2,822 31,761
Palm Oil
Turnover: 764,737 lots, or 61.58 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-24 8,146 8,190 8,104 8,144 8,026 8,138 112 15,312 14,043
Oct-24 8,200 8,200 8,076 8,134 8,010 8,126 116 10,256 16,860
Nov-24 8,090 8,156 8,068 8,114 7,982 8,106 124 1,733 6,480
Dec-24 8,078 8,126 8,048 8,092 7,974 8,082 108 264 622
Jan-25 8,050 8,108 8,014 8,062 7,938 8,054 116 693,715 579,455
Feb-25 8,018 8,070 7,992 8,048 7,874 8,032 158 80 395
Mar-25 7,974 8,058 7,966 8,032 7,858 8,014 156 222 3,226
Apr-25 7,958 8,024 7,940 8,008 7,804 7,986 182 71 270
May-25 7,930 8,000 7,904 7,974 7,810 7,948 138 42,986 92,519
Jun-25 7,918 7,950 7,874 7,926 7,778 7,902 124 53 87
Jul-25 7,880 7,910 7,806 7,880 7,736 7,880 144 39 73
Aug-25 7,820 7,858 7,782 7,858 7,684 7,822 138 6 7
Soybean Oil
Turnover: 616,314 lots, or 46.79 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-24 7,510 7,616 7,510 7,576 7,466 7,560 94 17,772 21,942
Nov-24 7,550 7,664 7,550 7,632 7,514 7,618 104 9,737 24,472
Dec-24 7,566 7,686 7,566 7,656 7,526 7,636 110 587 3,298
Jan-25 7,564 7,668 7,540 7,632 7,500 7,608 108 534,636 628,667
Mar-25 7,492 7,606 7,476 7,582 7,448 7,548 100 357 4,344
May-25 7,386 7,480 7,358 7,452 7,326 7,426 100 52,875 170,309
Jul-25 7,350 7,412 7,350 7,382 7,330 7,382 52 308 618
Aug-25 7,352 7,448 7,278 7,348 7,342 7,336 -6 42 31
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