Grains Report 09/10/2024

DJ CBOT Delivery Intentions: Totals – Sep 10
Source: CME Group
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
SOYBEAN MEAL September Sep 11, 2024 90 Sep 09, 2024
CORN September Sep 11, 2024 119 Sep 09, 2024
KC HRW WHEAT September Sep 11, 2024 5 Sep 06, 2024
SOYBEAN September Sep 11, 2024 32 Sep 06, 2024

DJ USDA Grain Inspections for Export in Metric Tons – Sep 9
WA_GR101
Washington, DC Mon Sep 9, 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 SEP 05, 2024
— METRIC TONS —
————————————————————————-
CURRENT PREVIOUS
———– WEEK ENDING ———- MARKET YEAR MARKET YEAR
GRAIN 09/05/2024 08/29/2024 09/07/2023 TO DATE TO DATE
BARLEY 0 0 122 4,480 521
CORN 836,413 966,344 636,221 468,626 636,221
FLAXSEED 0 0 0 192 0
MIXED 0 0 0 0 0
OATS 0 0 399 148 3,594
RYE 0 0 0 0 0
SORGHUM 3,718 123,071 134,654 3,622 134,654
SOYBEANS 354,166 502,444 373,668 262,457 373,668
SUNFLOWER 48 0 384 0 384
WHEAT 586,687 602,690 406,989 6,350,683 4,755,337
Total 1,781,032 2,194,549 1,552,437 7,090,208 5,904,379
————————————————————————-
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

0 This Week Last Week Last Year Average
Cotton Bolls Opening 45 37 40 40
Cotton Harvested 8 7 6
Corn Dough 95 90 96 94
Corn Dented 74 60 78 73
Corn Mature 29 19 29 13
Corn Harvested 5 4 3
Soybeans Setzting Pods 97 84 97 96
Soybeans Dropping Leaves 25 13 27 21
Sorghum Coloring 75 62 70 72
Sorghum Mature 36 30 34 32
Sorghum Harvsted 21 19 20 21
Peanuts Harvested 1 2 2
Rice Harvested 54 43 42 33
Oats Harvested 94 89 94 94
Spring Wheat Harvested 85 70 83 83
Barley Harvested 89 75 86 87
Winter Wheat Planted 6 2 5 6

Very Poor Poor Fair Good Excellent
Cotton This Week 12 16 32 34 6
Cotton Last Week 11 14 32 38 6
Cotton Last Year 18 23 30 24 5

Corn This Week 4 8 24 48 16
Corn Last Week 4 6 23 50 15
Corn Last Year 6 12 30 43 9

Soybeans This Week 3 7 25 52 13
Soybeans Last Week 2 7 25 52 13
Soybeans Last Year 5 12 30 43 9

Sorghum This Week 7 13 32 40 8
Sorghum Last Week 6 13 31 42 8
Sorghum Last Year 10 16 30 35 9

Rice This Week 1 3 16 64 16
Rice Last Week 1 3 19 62 15
Rice Last Year 0 3 26 56 15

Peanuts This Week 2 8 32 51 7
Peanuts Last Week 1 6 32 54 7
Peanuts Last Year 4 10 34 47 5

Pastures and Ranges This Week 15 24 32 23 6
Pastures and Ranges Last Week 16 26 30 23 5
Pastures and Ranges Last Year 18 21 28 27 6

WHEAT
General Comments: Wheat was mixed, with Chicago closing a little higher, KC a little lower, and Minneapolis lower. World prices from Russia have not rallied but prices in the US and Europe have rallied strongly. Cash markets in Russia were unchanged evern as production estimates have dropped to about 82 million tons. 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 to up with no objectives. Support is at 560, 544, and 532 December, with resistance at 603, 615, and 642 December. Trends in Kansas City are mixed to up with no objectives. Support is at 566, 559, and 539 December, with resistance at 594, 607, and 618 December. Trends in Minneapolis are mixed to up with no objectives. Support is at 602, 595, and 575 December, and resistance is at 630, 618, and 630 December.

RICE
General Comments: Rice closed lower on Friday but higher for the week on a lack of offers in the cash market and some reports of rain in Arkansas. 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 the harvest is now over in the state. However, planted area has increased from last year
Overnight News:
Chart Analysis: Trends are mixed. Support is at 1466, 1456, and 1444 November and resistance is at 1499, 1518, and 1534 November

CORN AND OATS
General Comments: Corn closed aa little higher and Oats closed higher yesterday on more speculative short covering tied in part to ideas that huge crops are already part of the price. Ideas are that USDA will show very strong yield and production potential for the crop this year. Producer selling of old crop supplies wrapped up last week before September First Notice Day last Friday and farmers plan to hold new crop supplies. Ideas of very strong yields are still heard and harvest is just a few weeks away. 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 week or longer.
Overnight News:
Chart Analysis: Trends in Corn are mixed. Support is at 402, 389, and 366 December, and resistance is at 416, 424, and 426 September. Trends in Oats are up with no objectives. Support is at 325, 314, and 305 December, and resistance is at 364, 370, and 375 December

SOYBEANS
General Comments: Soybeans and the products were generally higher yesterday on speculative buying that was called short covering. Stronger demand news as China bought again were reasons to trade the market. There is also concern about the hot and dry weather seen in the Midwest early last week that could hurt pod fill. However, FC Stone and linn Group both forecast record crops and USDA is likely to agree when it releases its estimates on Thursday. Ideas are that the beans could be smaller in the pods, but this will not be seen in this report that will include mainly pod counts. Bean sizes will be measured in subsequent months. The weather is cooler now but it should remain dry. Reports indicate that China is buying a lot in the US but overall export demand is behind average. 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 1002, 988, and 973 November, and resistance is at 1032, 1042, and 1064 November. Trends in Soybean Meal are mixed to up with no objectives. Support is at 312.00, 306.00, and 304.00 October, and resistance is at 333.00, 344.00, and 347.00 October. Trends in Soybean Oil are mixed. Support is at 4020, 3940, and 3710 October, with resistance at 4200, 4300, and 4400 October.

PALM OIL AND CANOLA
General Comments: Palm Oil was lower yesterday in anticipation of bearish MPOB data to be released later this week. Production reports indicate that the increase in production is less than expected at this time but is rising. 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 yesterday. 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 mixed. Support is at 565.00, 563.00, and 556.00 November, with resistance at 570.00, 606.00, and 611.00 November. Trends in Palm Oil are mixed. Support is at 3860, 3820, and 3740 November, with resistance at 3950, 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 – Sep 10
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 965.00 00.00 Unquoted – –
Oct/Nov/Dec 935.00 00.00 Unquoted – –
Jan/Feb/Mar 915.00 -05.00 Unquoted – –
Apr/May/Jun 910.00 -02.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Sep 970.00 00.00 Unquoted – –
Oct/Nov/Dec 940.00 00.00 Unquoted – –
Jan/Feb/Mar 920.00 -05.00 Unquoted – –
Apr/May/Jun 915.00 -02.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Sep 980.00 -05.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Sep 830.00 -05.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Sep 4,020.00 -10.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Sep 335.00 +01.00 Unquoted – –
($1=MYR4.34)

DJ China Dalian Grain Futures Closing Prices, Volume – Sep 10
Soybean No. 1
Turnover: 80,896 lots, or 3.47 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-24 – – – 4,438 4,438 4,438 0 0 3,768
Nov-24 4,363 4,377 4,343 4,368 4,358 4,361 3 3,164 17,086
Jan-25 4,298 4,311 4,275 4,307 4,301 4,294 -7 73,810 129,223
Mar-25 4,215 4,228 4,197 4,224 4,227 4,212 -15 1,650 14,969
May-25 4,250 4,250 4,214 4,242 4,254 4,229 -25 1,886 8,132
Jul-25 4,188 4,188 4,156 4,185 4,194 4,176 -18 386 3,412
Corn
Turnover: 740,826 lots, or 16.44 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-24 2,202 2,238 2,202 2,221 2,264 2,229 -35 413 1,824
Nov-24 2,225 2,225 2,202 2,208 2,237 2,214 -23 492,686 579,072
Jan-25 2,228 2,232 2,210 2,213 2,235 2,222 -13 169,371 442,092
Mar-25 2,220 2,228 2,207 2,210 2,229 2,219 -10 48,547 160,076
May-25 2,265 2,272 2,255 2,257 2,271 2,264 -7 20,916 68,524
Jul-25 2,278 2,282 2,265 2,267 2,280 2,275 -5 8,893 39,099
Soymeal
Turnover: 2,145,267 lots, or 65.11 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-24 3,079 3,080 3,040 3,040 3,090 3,076 -14 43 1,953
Nov-24 3,138 3,146 3,054 3,058 3,125 3,093 -32 122,378 383,154
Dec-24 3,122 3,126 3,048 3,054 3,111 3,096 -15 12,320 114,871
Jan-25 3,106 3,111 3,033 3,040 3,098 3,073 -25 1,558,256 1,377,091
Mar-25 2,980 2,992 2,944 2,950 2,958 2,972 14 19,455 111,306
May-25 2,886 2,893 2,851 2,856 2,871 2,877 6 404,410 1,012,096
Jul-25 2,881 2,890 2,850 2,852 2,865 2,874 9 19,023 97,462
Aug-25 2,987 2,993 2,952 2,955 2,970 2,979 9 9,382 44,743
Palm Oil
Turnover: 677,106 lots, or 53.25 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-24 7,480 7,480 7,480 7,480 8,004 7,742 -262 6 545
Oct-24 7,952 7,982 7,892 7,914 7,896 7,940 44 7,706 10,948
Nov-24 7,954 7,976 7,882 7,906 7,886 7,928 42 4,424 7,722
Dec-24 7,926 7,958 7,876 7,886 7,880 7,916 36 269 639
Jan-25 7,898 7,926 7,814 7,840 7,834 7,868 34 628,654 478,907
Feb-25 7,868 7,896 7,792 7,802 7,816 7,846 30 37 347
Mar-25 7,838 7,884 7,782 7,802 7,796 7,836 40 80 3,322
Apr-25 7,806 7,840 7,750 7,772 7,742 7,794 52 37 287
May-25 7,772 7,804 7,702 7,716 7,712 7,752 40 35,822 111,964
Jun-25 7,694 7,740 7,672 7,684 7,662 7,694 32 33 121
Jul-25 7,640 7,670 7,588 7,610 7,600 7,640 40 24 145
Aug-25 7,576 7,626 7,536 7,556 7,574 7,578 4 14 26
Soybean Oil
Turnover: 469,142 lots, or 36.04 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-24 7,662 7,662 7,662 7,662 7,804 7,662 -142 2 3,187
Nov-24 7,702 7,750 7,654 7,666 7,658 7,694 36 10,887 26,198
Dec-24 7,720 7,770 7,676 7,686 7,666 7,714 48 885 4,430
Jan-25 7,700 7,762 7,660 7,670 7,656 7,700 44 422,886 605,779
Mar-25 7,618 7,666 7,574 7,580 7,558 7,630 72 311 4,471
May-25 7,482 7,490 7,392 7,402 7,390 7,436 46 34,030 202,909
Jul-25 7,356 7,390 7,308 7,308 7,300 7,364 64 117 764
Aug-25 7,350 7,384 7,326 7,326 7,308 7,362 54 24 153
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