Grains Report 09/11/2024

DJ USDA Monthly Grain Inspections Exported by Rail – Sep 11
MS_GR210
Minneapolis, MN WED SEP 11, 2024 USDA MARKET NEWS
GRAINS INSPECTED AND/OR WEIGHED FOR EXPORT BY RAIL TO CANADA AND MEXICO
REPORT FOR MONTH ENDING AUGUST 2024
————————————————————————
Aug-24 Jul-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 0 400
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 0 200
BARLEY MALTING 0 0 1,098 4,992
CANOLA 49 4,890 2,495 34,829
CORN WHITE 18 1,796 7,185 91,310
CORN YELLOW 12,032 1,200,687 1,019,366 R 8,682,516
CORN MIXED 0 0 0 0
FLAXSEED 0 0 0 0
MIXED GRAINS 0 0 0 499
OATS 0 0 0 899
SORGHUM 0 0 9,779 9,779
WHT SORGHUM 0 0 0 0
SOYBEANS 2,916 290,989 309,753 2,231,232
SUNFLOWER 0 0 0 0
WHEAT DU 0 0 0 11,177
WHEAT HDWH 3 300 0 2,795
WHEAT HRS 953 95,104 76,243 556,752
WHEAT HRW 1,503 149,988 98,296 992,453
WHEAT SRW 785 78,336 52,990 484,498
WHEAT SWW 81 8,087 2,894 13,178
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

DJ CBOT Delivery Intentions: Totals – Sep 11
Source: CME Group
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
SOYBEAN MEAL September Sep 12, 2024 18 Sep 09, 2024
CORN September Sep 12, 2024 62 Sep 10, 2024
SOYBEAN September Sep 12, 2024 54 Sep 10, 2024
MINI-SIZED SOYBEANS September Sep 12, 2024 135 Aug 29, 2024

DJ USDA Report: Recap for U.S. Agriculture Supply, Demand
The following table of analysts’ estimates is provided as a service to The Wall Street Journal subscribers in conjunction with the U.S. Department of Agriculture’s monthly corn and soybean production and supply-and-demand report scheduled for release at noon ET on Thursday.
U.S. 2024 Production, Yield (million bushels, bushels per acre)
Average Range USDA August USDA 2023
Corn Production 15,154 14,974-15,932 15,147 15,342
Soybean Production 4,609 4,477-4,740 4,589 4,165
Corn Yield 182.7 180.5-184.0 183.1 177.3
Soybean Yield 53.4 52.0-54.9 53.2 50.6
****
U.S. Stockpiles (millions)
2023-24
Average Range USDA August
Corn 1,853 1,817-1,899 1,867
Soybeans 343 330-371 345
2024-25
Average Range USDA August
Corn 2,009 1,819-2,120 2,073
Soybeans 584 525-670 560
Wheat 820 800-835 828
****
World Stockpiles (million metric tons)
2023-24
Average Range USDA August
Corn 308.2 307.0-308.9 308.5
Soybeans 112.1 110.2-113.0 112.4
Wheat 262.5 262.3-263.0 262.4
2024-25
Average Range USDA August
Corn 309.0 307.4-311.0 310.2
Soybeans 134.2 133.0-135.0 134.3
Wheat 255.8 254.1-257.0 256.6

WHEAT
General Comments: Wheat was higher ass world prices were stable amid weather problems here in the US and around the globe. Ideas are that the Great Plains are too hot and dry for best Wheat development as the Winter crop gets planted. It is also hot and dry in western Canada. Cash markets in Russia were unchanged even as production estimates have dropped to about 82 million tons and prices in Europe have been near unchanged so far this week. Ideas of good crops just harvested 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 higher yesterday on a lack of offers in the cash market and some reports of rain in Arkansas. A hurricane is expected to come on shore today or tomorrow near the Texas-Louisiana border and bring significant rain and wind to Ric lands. 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 lower 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 370, 375, and 390 December

SOYBEANS
General Comments: Soybeans and the products were lower yesterday on speculative selling tie to a lack of crop condition deterioration in the USDA reports released on Monday and news of big world purchasex of Soybeans by China in Augustz. 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. Support is at 988, 973, and 960 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 Futures traded higher today.. 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 lower yesterday along with the price action in Chicago. 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 583.00, 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 north. Temperatures should average near to below normal.

DJ Malaysian PM Cash Market Prices for Palm Oil – Sep 11
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
Sep 970.00 +05.00 Unquoted – –
Oct/Nov/Dec 945.00 +10.00 Unquoted – –
Jan/Feb/Mar 920.00 +05.00 Unquoted – –
Apr/May/Jun 915.00 +05.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Sep 975.00 +05.00 Unquoted – –
Oct/Nov/Dec 950.00 +10.00 Unquoted – –
Jan/Feb/Mar 925.00 +05.00 Unquoted – –
Apr/May/Jun 920.00 +05.00 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Sep 990.00 +10.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Sep 840.00 +10.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Sep 4,040.00 +20.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Sep 336.00 +01.00 Unquoted – –
($1=MYR4.322)

DJ China Dalian Grain Futures Closing Prices, Volume – Sep 11
Soybean No. 1
Turnover: 90,958 lots, or 3.90 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-24 – – – 4,438 4,438 4,438 0 0 0
Nov-24 4,371 4,371 4,338 4,361 4,361 4,350 -11 4,323 17,359
Jan-25 4,307 4,307 4,273 4,302 4,294 4,289 -5 84,299 129,793
Mar-25 4,216 4,227 4,197 4,225 4,212 4,209 -3 1,419 14,895
May-25 4,235 4,248 4,218 4,245 4,229 4,228 -1 695 8,155
Jul-25 4,177 4,192 4,163 4,189 4,176 4,173 -3 222 3,371
Corn
Turnover: 907,619 lots, or 19.99 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-24 – – – 2,229 2,229 2,229 0 0 1,823
Nov-24 2,204 2,213 2,177 2,209 2,214 2,195 -19 588,539 563,288
Jan-25 2,212 2,230 2,193 2,227 2,222 2,209 -13 229,760 426,028
Mar-25 2,210 2,226 2,192 2,223 2,219 2,205 -14 52,055 159,178
May-25 2,257 2,275 2,243 2,271 2,264 2,254 -10 23,986 70,637
Jul-25 2,268 2,284 2,254 2,280 2,275 2,266 -9 13,279 39,957
Soymeal
Turnover: 1,826,428 lots, or 5.48 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-24 3,040 3,040 3,039 3,039 3,076 3,039 -37 54 266
Nov-24 3,055 3,088 3,022 3,084 3,093 3,057 -36 116,656 373,621
Dec-24 3,049 3,081 3,022 3,080 3,096 3,054 -42 10,810 114,872
Jan-25 3,025 3,065 3,008 3,063 3,073 3,037 -36 1,334,233 1,345,310
Mar-25 2,945 2,965 2,919 2,963 2,972 2,939 -33 11,187 111,215
May-25 2,851 2,873 2,833 2,872 2,877 2,850 -27 332,589 1,023,744
Jul-25 2,853 2,869 2,831 2,869 2,874 2,848 -26 15,382 97,989
Aug-25 2,951 2,966 2,931 2,964 2,979 2,945 -34 5,517 45,176
Palm Oil
Turnover: 706,742 lots, or 55.24 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-24 7,650 7,666 7,650 7,666 7,742 7,656 -86 5 545
Oct-24 7,944 7,956 7,846 7,952 7,940 7,918 -22 8,795 6,046
Nov-24 7,926 7,956 7,836 7,954 7,928 7,890 -38 6,244 8,613
Dec-24 7,894 7,928 7,818 7,928 7,916 7,864 -52 201 596
Jan-25 7,850 7,884 7,758 7,880 7,868 7,822 -46 646,422 482,817
Feb-25 7,930 7,930 7,744 7,848 7,846 7,792 -54 73 339
Mar-25 7,804 7,840 7,718 7,834 7,836 7,778 -58 395 3,336
Apr-25 7,754 7,802 7,694 7,798 7,794 7,756 -38 83 307
May-25 7,732 7,760 7,652 7,754 7,752 7,708 -44 44,472 114,645
Jun-25 7,668 7,692 7,608 7,692 7,694 7,664 -30 24 114
Jul-25 7,580 7,638 7,552 7,638 7,640 7,598 -42 23 147
Aug-25 7,510 7,586 7,510 7,586 7,578 7,560 -18 5 26
Soybean Oil
Turnover: 534,466 lots, or 40.80 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-24 7,662 7,662 7,662 7,662 7,662 7,662 0 142 1,926
Nov-24 7,684 7,708 7,602 7,704 7,694 7,654 -40 14,493 27,033
Dec-24 7,698 7,728 7,622 7,722 7,714 7,664 -50 677 4,375
Jan-25 7,690 7,716 7,604 7,708 7,700 7,654 -46 479,375 605,855
Mar-25 7,592 7,626 7,518 7,610 7,630 7,562 -68 343 4,452
May-25 7,420 7,444 7,328 7,434 7,436 7,380 -56 39,266 205,952
Jul-25 7,304 7,342 7,248 7,334 7,364 7,294 -70 138 812
Aug-25 7,338 7,346 7,276 7,346 7,362 7,308 -54 32 162
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