Grains Report 10/29/2024

DJ USDA Grain Inspections for Export in Metric Tons – Oct 28
WA_GR101
Washington, DC Mon Oct 28, 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 OCT 24, 2024
— METRIC TONS —
————————————————————————-
CURRENT PREVIOUS
———– WEEK ENDING ———- MARKET YEAR MARKET YEAR
GRAIN 10/24/2024 10/17/2024 10/26/2023 TO DATE TO DATE
BARLEY 0 0 0 4,920 643
CORN 823,664 1,001,162 540,785 6,619,884 4,977,493
FLAXSEED 0 0 0 192 0
MIXED 49 0 0 49 24
OATS 0 0 0 148 3,794
RYE 0 0 0 0 0
SORGHUM 3,223 53,472 65,592 470,510 450,448
SOYBEANS 2,393,628 2,548,585 2,051,019 10,405,534 10,183,448
SUNFLOWER 0 0 96 0 2,517
WHEAT 248,534 268,475 198,298 9,509,254 7,122,345
Total 3,469,098 3,871,694 2,855,790 27,010,491 22,740,712
————————————————————————-
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 Bolls Opening 97 94 92 94
Cotton Harvested 52 44 47 46
Corn Harvested 81 65 68 64
Soybeans Harvsted 89 81 82 78
Sorghum Harvsted 75 64 74 73
Peanuts Harvested 59 44 65 67
Sugarbeets Harvested 83 71 81 78
Sunflowers Harvested 47 30 36 40
Winter Wheat Planted 80 73 82 84
Winter Wheat Emerged 56 46 61 61

Very Poor Poor Fair Good Excellent
Cotton This Week 15 21 31 29 4
Cotton Last Week 15 18 30 31 6
Cotton Last Year 23 19 29 24 5

Winter Wheat This Week 7 16 39 33 6
Winter Wheat Last Week
Winter Wheat Last Year 7 11 35 39 8

Peanuts This Week 2 10 39 44 5
Peanuts Last Week 2 9 38 46 5
Peanuts Last Year 4 9 39 43 5

Pastures and Ranges This Week 24 27 30 17 2
Pastures and Ranges Last Week 22 26 29 19 4
Pastures and Ranges Last Year 16 21 30 29 4

WHEAT
General Comments: The markets were lower yesterday despite a relatively strong weekly export sales report from USDA and ideas of reduced production in Russia. The US Dollar held higher and selling was seen in response to moves by Israel to not bomb petroleum facilities in Iran over the weekend. This sent Crude Oil sharply lower and dragged on all commodities. The dry weather outlook continues for Russia and the US. At least two Wheat producing regions in Russia have declared a state of emergency for Wheat producers due to a lack of rain and little to no rain has been a problem with Winter Wheat planting in the US. Ideas are that the Great Plains are too hot and dry for best Wheat development are still around as the Winter crop gets planted. It is also hot and dry in western Canada. Both areas could get better rains in the next two weeks. Cash markets in Russia were higher as production estimates remain lower and two regions have been declared a farming emergency due to the hot and dry weather.
Overnight News:
Chart Analysis: Trends in Chicago are mixed to down. Support is at 556, 544, and 538 December, with resistance at 589, 595, and 598 December. Trends in Kansas City are mixed to down. Support is at 561, 556, and 549 December, with resistance at 574, 593, and 603 December. Trends in Minneapolis are mixed to down. Support is at 505, 586, and 580 December, and resistance is at 611, 624, and 632 December.

RICE:
General Comments: Rice closed a little lower yesterday after making new highs for the move and trends are still mixed on the daily charts. The US Dollar was higher and Crude Oil was lower and this hurt demand ideas. Lower Asian prices are still reported after India opened up exports for non Basmati White Rice in recent weeks. Brazil prices remain strong and well above US prices. 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. The harvest is over for most US producers.
Overnight News:
Chart Analysis: Trends are mixed. Support is at 1495, 1489, and 1475 November and resistance is at 1508, 1525, and 1532 November.

CORN AND OATS
General Comments: Corn closed lower. The US Dollar held higher and selling was seen in response to moves by Israel to not bomb petroleum facilities in Iran over the weekend. This sent Crude Oil sharply lower and dragged on all commodities. Oats were a little higher. The harvest is still active and yield reports in general have been strong. It remains very dry in the Midwest to promote the very active harvest progress. The harvest will be complete in two weeks or less. Corn is being harvested with dry grain. The Corn is often well below 12% moisture level and this could cost some yield at the end of the day. Crop conditions in southern Brazil and Argentina with reports of ample moisture in southern Brail and report of improving moisture levels in Argentina. The demand has been strong and it could be that the US political situation is playing a part in the strength in demand as many fear that Trump can win and would impose new tariffs and create trade wars.
Overnight News:
Chart Analysis: Trends in Corn are mixed. Support is at 408, 399, and 397 December, and resistance is at 418, 424, and 428 September. Trends in Oats are mixed to down. Support is at 374, 370, and 357 December, and resistance is at 384, 390, and 394 December.

SOYBEANS
General Comments: Soybeans and the products lower last yesterday. The US Dollar held higher and selling was seen in response to moves by Israel to not bomb petroleum facilities in Iran over the weekend. This sent Crude Oil sharply lower and dragged on all commodities. Brazilian farmers are planting what is expected to be a very big crop in central and northern areas of the country. An uptrend is most likely starting. Ideas are that a potential Trump presidency would hurt trade potential with many countries, but especially China. It could be that export buyers and sellers are getting ahead of any threat of a new Trump presidency and the threat of another big round of tariffs now. China has announced new economic support measures for its economy last week. Warm and dry weather in the Midwest recently has hurt production ideas due to ideas of small and very dry beans in the pods. Farmers have focused on Soybeans harvest but now are almost done and are switching to Corn. Soybeans ae often harvested at moisture levels below 10% this year. Dry weather will last all week. Central and northern Brazil rains will stick around as it looks like the rainy season is now underway. Soils are in much better shape in southern Brazil and Argentina.
Overnight News:
Analysis: Trends in Soybeans are down. Support is at 968, 961, and 955 November, and resistance is at 994, 1012, and 1025 November. Trends in Soybean Meal are mixed to down. Support is at 300.00, 294.00, and 288.00 December, and resistance is at 323.00, 327.00, and 332.00 December. Trends in Soybean Oil are mixed to up. Support is at 4260, 4140, and 4070 December, with resistance at 4400, 4530, and 4560 December.

PALM OIL AND CANOLA
General Comments: Palm Oil was higher last week on strength in outside markets and on reports from private sources of good demand. It was lower today on price action in outside markets. There are ideas of weaker production to go along with the reports of good demand. Canola was lower as competing oils also were lower. The US Dollar held higher and selling was seen in response to moves by Israel to not bomb petroleum facilities in Iran over the weekend. This sent Crude Oil sharply lower and dragged on all commodities. Ideas are that China might be buying ahead to get imports in place before any new tariffs are decided and the Canadian Grain Commission reported strong Chinese demand earlier in the week. 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 616.00, 614.00, and 607.00 November, with resistance at 645.00, 668.00, and 681.00 November. Trends in Palm Oil are up. Support is at 4360, 4310, and 4230 January, with resistance at 4660, 4720, and 4780 January.

Midwest Weather Forecast Mostly dry. Temperatures should average above normal.

DJ Malaysian PM Cash Market Prices for Palm Oil – Oct 29
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
Nov 1135.00 +20.00 Unquoted – –
Dec 1120.00 +15.00 Unquoted – –
Jan/Feb/Mar 1092.50 +20.00 Unquoted – –
Apr/May/Jun 1042.50 +15.00 Unquoted – –
Jul/Aug/Seep 997.50 +07.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Nov 1140.00 +20.00 Unquoted – –
Dec 1125.00 +15.00 Unquoted – –
Jan/Feb/Mar 1097.50 +20.00 Unquoted – –
Apr/May/Jun 1047.50 +15.00 Unquoted – –
Jul/Aug/Sep 1002.50 +07.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Nov 1125.00 +15.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Nov 960.00 +25.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Nov 4,760.00 +80.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Nov 420.00 +05.00 Unquoted – –
($1=MYR4.3715)

DJ China Dalian Grain Futures Closing Prices, Volume – Oct 29
Soybean No. 1
Turnover: 121,332 lots, or 4.79 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Nov-24 3,893 3,918 3,891 3,910 3,893 3,901 8 1,021 6,576
Jan-25 3,944 3,961 3,928 3,954 3,928 3,943 15 101,225 209,748
Mar-25 3,939 3,950 3,921 3,945 3,922 3,931 9 5,997 32,157
May-25 3,971 3,991 3,964 3,986 3,963 3,971 8 11,696 36,805
Jul-25 3,994 4,011 3,988 4,008 3,984 3,994 10 818 5,827
Sep-25 4,010 4,028 4,007 4,026 4,001 4,014 13 575 8,092
Corn
Turnover: 486,989 lots, or 10.89 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Nov-24 2,194 2,194 2,178 2,182 2,179 2,184 5 16,505 58,577
Jan-25 2,226 2,231 2,220 2,226 2,220 2,226 6 364,875 867,387
Mar-25 2,255 2,255 2,241 2,245 2,244 2,248 4 45,305 272,754
May-25 2,299 2,301 2,288 2,295 2,286 2,295 9 39,607 134,927
Jul-25 2,312 2,318 2,308 2,312 2,300 2,313 13 16,659 84,944
Sep-25 2,328 2,338 2,326 2,333 2,318 2,331 13 4,038 10,538
Soymeal
Turnover: 1,923,423 lots, or 56.56 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Nov-24 2,883 2,913 2,866 2,910 2,876 2,882 6 10,970 28,257
Dec-24 2,980 3,009 2,957 3,004 2,965 2,978 13 23,984 196,810
Jan-25 2,980 3,017 2,958 3,012 2,965 2,983 18 1,278,880 1,567,183
Mar-25 2,968 2,997 2,952 2,992 2,958 2,973 15 45,098 196,197
May-25 2,830 2,842 2,816 2,837 2,819 2,829 10 472,459 1,459,832
Jul-25 2,815 2,827 2,809 2,821 2,808 2,817 9 12,408 144,327
Aug-25 2,910 2,921 2,902 2,915 2,901 2,913 12 7,279 90,077
Sep-25 2,910 2,922 2,903 2,917 2,902 2,914 12 72,345 271,603
Palm Oil
Turnover: 880,491 lots, or 81.32 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Nov-24 9,358 9,490 9,354 9,418 9,366 9,404 38 339 1,178
Dec-24 9,316 9,444 9,278 9,354 9,314 9,354 40 11,823 10,215
Jan-25 9,218 9,346 9,204 9,270 9,256 9,272 16 793,228 559,314
Feb-25 9,128 9,228 9,106 9,156 9,120 9,158 38 264 533
Mar-25 9,038 9,118 9,010 9,050 9,058 9,062 4 990 2,758
Apr-25 8,936 8,992 8,910 8,946 8,992 8,956 -36 80 447
May-25 8,830 8,892 8,794 8,836 8,852 8,838 -14 72,408 157,015
Jun-25 8,764 8,764 8,674 8,696 8,764 8,728 -36 70 240
Jul-25 8,568 8,606 8,540 8,564 8,568 8,568 0 71 258
Aug-25 8,468 8,484 8,422 8,448 8,514 8,450 -64 13 61
Sep-25 8,362 8,398 8,304 8,338 8,392 8,344 -48 1,180 5,119
Oct-25 8,334 8,366 8,298 8,342 8,376 8,332 -44 25 145
Soybean Oil
Turnover: 556,175 lots, or 46.20 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Nov-24 8,190 8,190 8,120 8,144 8,244 8,162 -82 1,479 5,857
Dec-24 8,366 8,374 8,310 8,344 8,408 8,344 -64 5,361 13,463
Jan-25 8,340 8,412 8,340 8,378 8,464 8,380 -84 437,360 669,316
Mar-25 8,220 8,358 8,162 8,202 8,238 8,192 -46 1,505 5,579
May-25 8,022 8,056 7,978 8,012 8,082 8,018 -64 107,863 404,478
Jul-25 7,810 7,840 7,790 7,820 7,860 7,816 -44 148 1,574
Aug-25 7,824 7,836 7,780 7,812 7,844 7,810 -34 17 225
Sep-25 7,794 7,820 7,750 7,786 7,846 7,786 -60 2,442 12,385
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.

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