Grains Report 08/29/2024

DJ U.S. Export Sales: Weekly Sales Totals-Aug 28
For the week ended Aug 22, 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 532.1 -34.5 9951.1 7504.9 4989.5 10.7
hrw 170.6 10.5 2426.3 1365.1 1160.8 10.5
srw 61.3 0.0 1643.9 1864.2 804.0 0.0
hrs 95.0 0.0 3230.9 2686.4 1707.2 0.2
white 205.4 -45.0 2489.6 1448.8 1257.0 0.0
durum -0.3 0.0 160.4 140.5 60.5 0.0
corn 15.3 1494.1 55951.0 40597.8 3002.2 9418.5
soybeans -143.6 2615.8 45666.0 53274.6 1727.5 10157.9
soymeal 21.2 428.9 13850.7 12798.0 1816.1 2683.9
soyoil 1.1 0.0 232.2 131.3 36.5 15.6
upland cotton 135.2 0.7 4440.8 5226.8 3974.9 339.5
pima cotton 21.9 0.0 105.4 54.4 79.0 0.0
sorghum 3.2 70.0 5861.3 2769.1 119.6 278.3
barley 0.0 0.0 20.1 16.1 18.3 0.0
rice 24.3 0.0 690.0 514.2 541.2 0.0

WHEAT
General Comments: Wheat was higher in all three markets on stable overseas prices reported in Russia and Europe and the wrap up of the Wheat harvest and reports of reduced cash movement here in the US. Crop condition ratings were lower for the Spring Wheat traded in Minneapolis. 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 496, 490, and 484 September, with resistance at 524, 536, and 548 September. Trends in Kansas City are mixed. Support is at 525, 512, and 506 September, with resistance at 559, 567, and 579 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 mostly a little higher yesterday with September closing lower on what appeared to be speculator selling in September before First Notice Day. 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 1500, 1494, and 1471 September and resistance is at 1544, 1566, and 1571 September

CORN AND OATS
General Comments: Corn and Oats closed lower as hot weather retreated and rain was reported in parts of the Midwest. The heat is passing but dry weather is still in the forecast after a few showers pass by late this week. Ideas of very strong yields are still heard. 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 for the next week or longer.
Overnight News: China bought 118,000 tons odf US Sorghum.
Chart Analysis: Trends in Corn are down with no objectives. Support is at 361, 358, and 355 September, and resistance is at 374, 378, and 4385 September. Trends in Oats are mixed. Support is at 321, 313, and 308 September, and resistance is at 348, 358, and 364 September

SOYBEAN
General Comments: Soybeans and the products were lower yesterday on speculative selling generated by big rains in the Chicago area and better than expected rains in northern Illinois and northern Indiana. Stronger demand news and First Notice Day coming on Friday were reasons to trade the market. There is also concern about the hot and dry weather seen in the Midwest early this week that could hurt pod fill. The weather is turning cooler now but it should remain dry after a few more showers hit late this week. Next week should be dry and cooler 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:
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 today on hopes of improving demand as Indonesia intends to increase its use of Palm Oil in its biofuels blends and increase biofuels to 40% of consumption. It could become 50% if the new president gets his way. 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 lower and trends remain up on ideas of reduced supplies even with the harvest starting soon. The weather has been hot and dry in Canada and it looks like Canola production has been impacted. 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 up with no objectives. Support is at 590.00, 581.00, and 575.00 November, with resistance at 607.00, 617.00, and 629.00 November. Trends in Palm Oil are mixed to up with no objectives. Supp with no objectives. Support is at 3900, 3850, and 3820 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 29
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
Sep 970.00 +05.00 Unquoted – –
Oct/Nov/Dec 945.00 +05.00 Unquoted – –
Jan/Feb/Mar 935.00 +07.50 Unquoted – –
Apr/May/Jun 925.00 +07.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Sep 975.00 +05.00 Unquoted – –
Oct/Nov/Dec 950.00 +05.00 Unquoted – –
Jan/Feb/Mar 940.00 +07.50 Unquoted – –
Apr/May/Jun 930.00 +07.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Sep 1000.00 +05.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Sep 865.00 +05.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Sep 4,070.00 +30.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Sep 347.00 -03.00 Unquoted – –
($1=MYR4.308)

DJ China Dalian Grain Futures Closing Prices, Volume – Aug 29
Soybean No. 1
Turnover: 72,372 lots, or 3.11 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-24 4,394 4,423 4,377 4,407 4,435 4,404 -31 1,550 5,200
Nov-24 4,336 4,356 4,336 4,345 4,352 4,347 -5 4,967 23,602
Jan-25 4,290 4,307 4,280 4,295 4,308 4,293 -15 63,539 134,422
Mar-25 4,214 4,229 4,204 4,222 4,231 4,219 -12 1,297 14,780
May-25 4,227 4,252 4,226 4,245 4,256 4,240 -16 745 8,409
Jul-25 4,178 4,204 4,178 4,198 4,212 4,192 -20 274 2,967
Corn
Turnover: 503,711 lots, or 11.75 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-24 2,344 2,347 2,334 2,336 2,344 2,341 -3 14,916 40,183
Nov-24 2,336 2,349 2,336 2,344 2,348 2,341 -7 347,834 641,158
Jan-25 2,309 2,314 2,302 2,309 2,316 2,307 -9 100,601 417,362
Mar-25 2,300 2,302 2,290 2,298 2,306 2,296 -10 21,399 134,598
May-25 2,336 2,341 2,328 2,338 2,343 2,335 -8 11,170 50,051
Jul-25 2,338 2,343 2,331 2,340 2,344 2,336 -8 7,791 21,701
Soymeal
Turnover: 1,294,641 lots, or 38.53 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-24 2,968 2,990 2,958 2,972 2,985 2,979 -6 53,401 73,417
Nov-24 2,999 3,023 2,989 3,009 3,015 3,010 -5 82,671 464,236
Dec-24 3,008 3,028 2,996 3,015 3,020 3,015 -5 5,833 90,422
Jan-25 2,989 3,013 2,979 2,998 3,008 3,000 -8 950,716 1,583,368
Mar-25 2,914 2,932 2,901 2,919 2,928 2,919 -9 6,153 96,214
May-25 2,829 2,854 2,825 2,842 2,847 2,840 -7 181,292 996,634
Jul-25 2,847 2,868 2,841 2,857 2,863 2,856 -7 11,611 99,828
Aug-25 2,957 2,975 2,950 2,964 2,967 2,962 -5 2,964 34,006
Palm Oil
Turnover: 722,330 lots, or 57.56 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-24 8,062 8,090 8,000 8,032 8,106 8,040 -66 8,147 4,962
Oct-24 8,052 8,098 8,006 8,050 8,088 8,046 -42 9,167 14,677
Nov-24 8,034 8,080 7,972 8,024 8,066 8,024 -42 3,853 6,816
Dec-24 8,020 8,050 7,960 8,014 8,044 8,006 -38 242 666
Jan-25 7,976 8,016 7,922 7,988 8,018 7,974 -44 654,621 579,214
Feb-25 7,958 7,988 7,906 7,966 8,002 7,958 -44 93 413
Mar-25 7,968 7,970 7,884 7,930 7,984 7,936 -48 276 3,242
Apr-25 7,884 7,934 7,856 7,894 7,950 7,900 -50 50 256
May-25 7,848 7,894 7,790 7,860 7,914 7,842 -72 45,799 101,078
Jun-25 7,806 7,836 7,750 7,830 7,880 7,794 -86 42 84
Jul-25 7,774 7,794 7,706 7,794 7,840 7,752 -88 19 76
Aug-25 7,746 7,768 7,676 7,768 7,772 7,722 -50 21 15
Soybean Oil
Turnover: 508,275 lots, or 38.82 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-24 7,568 7,640 7,560 7,594 7,600 7,600 0 7,374 11,476
Nov-24 7,610 7,684 7,596 7,650 7,640 7,648 8 9,474 24,214
Dec-24 7,640 7,702 7,628 7,682 7,666 7,676 10 541 3,455
Jan-25 7,620 7,688 7,604 7,658 7,648 7,652 4 450,894 642,736
Mar-25 7,558 7,618 7,550 7,604 7,592 7,584 -8 211 4,258
May-25 7,436 7,498 7,424 7,476 7,466 7,466 0 39,691 176,604
Jul-25 7,356 7,418 7,350 7,418 7,388 7,386 -2 76 637
Aug-25 7,382 7,418 7,382 7,396 7,366 7,398 32 14 43
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