Grains Report 11/06/2024

DJ CBOT Delivery Intentions: Totals – Nov 6
Source: CME Group
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
ROUGH RICE November Nov 07, 2024 255 Oct 31, 2024
SOYBEAN November Nov 07, 2024 107 Oct 28, 2024

WHEAT
General Comments: The markets were higher yesterday despite reports of very beneficial rains for the Great Plains and Midwest and reports of weaker offers in Russia. The rains are falling and will allow Wheat farmers to plant the Winter crops. Little to no rain has been a problem with Winter Wheat planting in the US but that is starting to change. 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 rain in the next two weeks. Cash markets in Russia were lower 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. 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 583, 593, and 603 December. Trends in Minneapolis are mixed. Support is at 595, 586, and 580 December, and resistance is at 617, 624, and 632 December.

RICE:
General Comments: Rice closed lower yesterday and trends are down on the charts. The US Dollar was higher and this hurt demand ideas. Lower Asian prices are still reported. 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. The harvest is over for most US producers and yield reports have had a wide range from poor to good. Export demand was not strong last week.
Overnight News:
Chart Analysis: Trends are down. Support is at 1464, 1452, and 1440 January and resistance is at 1490, 1503, and 1513 January.

CORN AND OATS
General Comments: Corn closed a little higher yesterday as the US harvest wraps up and as demand remains strong. The export demand in recent weeks has been very strong. Oats were higher. The harvest is winding down but is still active and yield reports in general have been strong. It has been very dry in the Midwest to promote the very active harvest progress gut rain is forecast for much of his week in the Midwest. 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.
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 up. Support is at 390, 381, and 374 December, and resistance is at 406, 412, and 415 December.

SOYBEANS
General Comments: Soybeans were a little higher. Brazilian farmers are planting what is expected to be a very big crop in central and northern areas of the country. 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 moving through Corn. Soybeans ae often harvested at moisture levels below 10% this year. Rains are now in the forecast for much of this week. Central and northern Brazil rains will continue 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 977, 974, and 962 January, and resistance is at 1003, 1018, and 1030 January. Trends in Soybean Meal are mixed to down. Support is at 294.00, 288.00, and 285.00 December, and resistance is at 309.00, 312.00, and 323.00 December. Trends in Soybean Oil are up. Support is at 4750, 4700, and 4590 December, with resistance at 4890, 4940, and 5000 December.

PALM OIL AND CANOLA
General Comments: Palm Oil was lower despite strong monthly export news seen last week. AmSpec said exports were 1.5812 million tons in October, up 13.7% from the previous month. There are ideas of weaker production to go along with the reports of good demand. Canola was lower, but support came from Soybean Oil on ideas that the US government will soon increase demand for biofuels and therefore vegetable oils.
Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 635.00, 623.00, and 605.00 January, with resistance at 659.00, 673.00, and 685.00 January. Trends in Palm Oil are up. Support is at 4590, 4480, and 4370 January, with resistance at 4720, 4780, and 4840 January.

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

DJ Malaysian PM Cash Market Prices for Palm Oil – Nov 6
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
Nov 1185.00 +07.50 Unquoted – –
Dec 1175.00 +02.50 Unquoted – –
Jan/Feb/Mar 1155.00 +10.00 Unquoted – –
Apr/May/Jun 1085.00 +05.00 Unquoted – –
Jul/Aug/Seep 1042.50 +07.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Nov 1190.00 +07.50 Unquoted – –
Dec 1180.00 +02.50 Unquoted – –
Jan/Feb/Mar 1160.00 +10.00 Unquoted – –
Apr/May/Jun 1090.00 +05.00 Unquoted – –
Jul/Aug/Sep 1047.50 +07.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Nov 1170.00 +05.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Nov 980.00 +05.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Nov 5,020.00 +40.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Nov 454.00 +01.00 Unquoted – –
($1=MYR4.399)

Questions? Ask Jack Scoville today at 312-264-4322