Grains Report 08/30/2024

DJ CBOT Delivery Intentions: Totals – Aug 30
Source: CME Group
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
SOYBEAN OIL September Sep 03, 2024 35 Aug 15, 2024
CORN September Sep 03, 2024 12 Apr 08, 2024
OATS September Sep 03, 2024 4 Aug 29, 2024
SOYBEAN September Sep 03, 2024 6 Jun 26, 2024
WHEAT September Sep 03, 2024 416 Aug 26, 2024

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. Ideas of good crops in the US and Canada 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 mixed. Support is at 532, 521, and 514 December, with resistance at 560, 575, and 581 December. Trends in Kansas City are mixed. Support is at 539, 527, and 520 December, with resistance at 565, 573, and 584 December. Trends in Minneapolis are mixed to down with no objectives. Support is at 575, 563, and 552 December, and resistance is at 600, 612, and 618 December.

RICE
General Comments: Rice closed mostly lower yesterday with September closing lower on what appeared to be speculator selling in September before First Notice Day. The back months were lower as the trade felt the ongoing harvest. 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 to down with no objectives. Support is at 1472, 1466, and 1456 November and resistance is at 1504, 1520, and 1532 November

CORN AND OATS
General Comments: Corn and Oats closed higher on speculative buying and some commercial buying as cooler but still warm weather retreated and dry weather was reported n just about all of the Midwest. Dry weather is still in the forecast after a few showers pass by today. 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:
Chart Analysis: Trends in Corn are mixed. Support is at 389, 366, and 360 December, and resistance is at 401, 404, and 409 September. Trends in Oats are up with no objectives. Support is at 325, 314, and 305 December, and resistance is at 339, 351, and 361 December

SOYBEAN
General Comments: Soybeans and the products were higher yesterday on speculative buying. 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 to up with no objectives. Support is at 973, 961, and 955 November, and resistance is at 1013, 1032, and 1042 November. Trends in Soybean Meal are mixed. Support is at 306.00, 304.00, and 299.00 October, and resistance is at 312.00, 320.00, and 323.00 October. Trends in Soybean Oil are up with no objectives. Support is at 4110, 4020, and 3940 October, with resistance at 4300, 4400, and 4520 October.

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 602.00, 590.00, and 581.00 November, with resistance at 629.00, 668.00, and 681.00 November. Trends in Palm Oil are mixed to up with no objectives. Supp with no objectives. Support is at 3900, 3870, and 3820 November, with resistance at 3990, 4020, and 4090 November.

Midwest Weather Forecast Scattered showers. Temperatures should average near to below normal.

DJ Malaysian PM Cash Market Prices for Palm Oil – Aug 30
The following are prices for Malaysian palm oil in the cash market at 1000 GMT Friday, 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 985.00 +15.00 Unquoted – –
Oct/Nov/Dec 960.00 +15.00 Unquoted – –
Jan/Feb/Mar 945.00 +10.00 Unquoted – –
Apr/May/Jun 932.50 +07.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Sep 990.00 +15.00 Unquoted – –
Oct/Nov/Dec 965.00 +15.00 Unquoted – –
Jan/Feb/Mar 950.00 +10.00 Unquoted – –
Apr/May/Jun 937.50 +07.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Sep 1015.00 +15.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Sep 875.00 +10.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Sep 4,100.00 +30.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Sep 350.00 +03.00 Unquoted – –
($1=MYR4.319)

DJ China Dalian Grain Futures Closing Prices, Volume – Aug 30
Soybean No. 1
Turnover: 65,810 lots, or .28 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-24 4,400 4,418 4,385 4,413 4,404 4,405 1 2,265 4,307
Nov-24 4,350 4,355 4,337 4,341 4,347 4,344 -3 4,911 24,150
Jan-25 4,304 4,307 4,285 4,292 4,293 4,294 1 55,054 132,570
Mar-25 4,230 4,238 4,220 4,231 4,219 4,228 9 1,898 14,734
May-25 4,254 4,268 4,245 4,262 4,240 4,258 18 1,285 8,561
Jul-25 4,201 4,221 4,198 4,215 4,192 4,209 17 397 3,194
Corn
Turnover: 582,581 lots, or 13.56 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-24 2,331 2,342 2,315 2,335 2,341 2,323 -18 17,677 32,461
Nov-24 2,345 2,345 2,327 2,338 2,341 2,336 -5 404,114 627,430
Jan-25 2,311 2,313 2,298 2,307 2,307 2,305 -2 111,640 421,077
Mar-25 2,306 2,306 2,288 2,298 2,296 2,295 -1 21,991 137,486
May-25 2,339 2,342 2,328 2,337 2,335 2,334 -1 16,055 51,832
Jul-25 2,341 2,343 2,330 2,341 2,336 2,335 -1 11,104 22,228
Soymeal
Turnover: 1,532,528 lots, or 45.92 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-24 2,988 3,016 2,976 2,985 2,979 2,995 16 62,487 23,647
Nov-24 3,019 3,054 3,013 3,033 3,010 3,032 22 93,941 463,612
Dec-24 3,028 3,062 3,018 3,040 3,015 3,036 21 5,992 91,753
Jan-25 3,013 3,047 3,002 3,027 3,000 3,023 23 1,111,433 1,561,979
Mar-25 2,930 2,959 2,924 2,944 2,919 2,937 18 7,765 97,509
May-25 2,854 2,873 2,845 2,861 2,840 2,860 20 232,729 999,055
Jul-25 2,872 2,890 2,863 2,878 2,856 2,875 19 13,382 102,802
Aug-25 2,975 2,993 2,968 2,982 2,962 2,978 16 4,799 35,961
Palm Oil
Turnover: 714,612 lots, or 5.75 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-24 8,050 8,454 8,030 8,280 8,040 8,120 80 5,747 794
Oct-24 8,068 8,168 8,058 8,116 8,046 8,120 74 10,119 14,796
Nov-24 8,048 8,130 8,028 8,090 8,024 8,084 60 2,773 6,860
Dec-24 8,034 8,116 8,008 8,078 8,006 8,074 68 174 701
Jan-25 8,002 8,096 7,990 8,056 7,974 8,048 74 649,879 582,584
Feb-25 7,978 8,068 7,970 8,034 7,958 8,020 62 87 434
Mar-25 7,944 8,048 7,944 8,014 7,936 8,002 66 221 3,273
Apr-25 7,920 8,008 7,912 7,982 7,900 7,962 62 91 257
May-25 7,878 7,976 7,866 7,930 7,842 7,934 92 45,253 106,092
Jun-25 7,864 7,924 7,838 7,870 7,794 7,892 98 116 110
Jul-25 7,788 7,866 7,788 7,806 7,752 7,834 82 134 129
Aug-25 7,750 7,826 7,738 7,786 7,722 7,786 64 18 24
Soybean Oil
Turnover: 545,599 lots, or 42.20 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-24 7,604 7,780 7,598 7,780 7,600 7,674 74 7,234 7,451
Nov-24 7,664 7,798 7,662 7,774 7,648 7,744 96 13,829 26,793
Dec-24 7,698 7,826 7,690 7,800 7,676 7,772 96 825 3,473
Jan-25 7,688 7,808 7,666 7,784 7,652 7,748 96 485,292 666,501
Mar-25 7,614 7,740 7,606 7,710 7,584 7,676 92 265 4,322
May-25 7,492 7,622 7,486 7,596 7,466 7,562 96 37,603 175,023
Jul-25 7,418 7,482 7,408 7,468 7,386 7,456 70 476 786
Aug-25 7,402 7,468 7,380 7,454 7,398 7,412 14 75 83
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