Grains Report 11/07/2024

DJ U.S. Export Sales: Weekly Sales Totals-Nov 7
For the week ended Oct 31, in thousand metric tons, except cotton in
thousand running bales. Net changes in commitments are gross sales,
less cancellations, buy-backs and other downward adjustments. Total
commitments are total export shipments plus total sales.
The marketing year for wheat and barley began Jun 1, cotton and
and rice Aug 1, corn, soybeans and sorghum Sep 1, and soymeal and
soyoil Oct 1. Source: USDA
wk’s net chg total
in commitments commitments undlvd sales
this yr next yr this yr last yr this yr next yr
wheat 374.7 0.0 13871.6 11716.7 4334.8 27.0
hrw 127.7 0.0 3200.9 2191.7 915.9 0.0
srw 36.8 0.0 2248.2 2686.8 706.0 27.0
hrs 101.1 0.0 4558.2 4043.4 1484.2 0.0
white 104.1 0.0 3621.5 2505.1 1127.9 0.0
durum 5.0 0.0 242.8 289.8 100.8 0.0
corn 2766.5 65.5 28586.3 19290.7 20914.5 758.7
soybeans 2037.2 0.0 28303.1 24240.5 15563.0 1.0
soymeal 398.6 0.0 5932.1 5791.7 4749.6 2.0
soyoil 114.3 0.0 233.7 25.2 218.2 0.0
upland cotton 229.0 0.0 5892.4 6933.5 4295.0 411.3
pima cotton 12.3 0.0 200.5 149.2 102.8 0.0
sorghum 7.0 0.0 763.0 3065.8 385.1 0.0
barley 0.0 0.0 24.6 16.1 18.9 0.0
rice 71.8 0.0 1302.8 1046.2 555.5 0.0

DJ CBOT Delivery Intentions: Totals – Nov 7
Source: CME Group
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
SOYBEAN November Nov 08, 2024 121 Oct 31, 2024

WHEAT
General Comments: The markets were a little lower yesterday after trading sharply lower overnight in response to a higher US Dollar and the election of Donald Trump as president. Reports of very beneficial rains for the Great Plains and Midwest and reports of weaker offers in Russia were also negative for prices. The rains are falling and will allow Wheat farmers in the US to plant the Winter crops. 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 562, 556, and 548 December, with resistance at 580, 589, and 595 December. Trends in Kansas City are mixed. 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 a little lower in consolidation trading 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 1429, 1416, and 1404 January and resistance is at 1465, 1474, and 1492 January.

CORN AND OATS
General Comments: Corn closed higher again yesterday as the US harvest wraps up and as demand remains strong. Futures ere higher even with a sharply higher US Dollar. The export demand in recent weeks has been very strong. Oats were slightly lower. 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:Unknown destinations bought 120,000 tons of US Corn.
Chart Analysis: Trends in Corn are up. Support is at 420, 414, and 409 December, and resistance is at 428, 434, and 440 September. Trends in Oats are up. Support is at 384, 381, and 374 December, and resistance is at 400, 408, and 414 December.

SOYBEANS
General Comments: Soybeans were mixed after trading sharply lower in the overnight markets. Soybean Meal was lower and Soybean Oil was higher as the US government issued some guidelines for bio fuels production. The US Dollar was sharply higher and demand ideas for Soybeans were poor because of the Dollar strength and ideas that a Trump presidency would encourage a trade war with China and cost the US Soybean producers a lot of demand. 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. 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 1009, 1018, and 1030 January. Trends in Soybean Meal are mixed. Support is at 293.00, 288.00, and 285.00 December, and resistance is at 302.00, 309.00, and 312.00 December. Trends in Soybean Oil are up. Support is at 4440, 4350, and 4250 December, with resistance at 4690, 4780, and 4890 December.

PALM OIL AND CANOLA
General Comments: Palm Oil was higher on ideas of weaker production caused by too much rain. There are reports of good demand. Canola was higher as support came from Soybean Oil on ideas that the US government has increased demand for biofuels and therefore vegetable oils.
Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 625.00, 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 7
The following are prices for Malaysian palm oil in the cash market at 1000 GMT Thursday, 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 1210.00 +25.00 Unquoted – –
Dec 1200.00 +25.00 Unquoted – –
Jan/Feb/Mar 1175.00 +20.00 Unquoted – –
Apr/May/Jun 1095.00 +10.00 Unquoted – –
Jul/Aug/Seep 1045.00 +02.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Nov 1215.00 +25.00 Unquoted – –
Dec 1205.00 +25.00 Unquoted – –
Jan/Feb/Mar 1180.00 +20.00 Unquoted – –
Apr/May/Jun 1100.00 +10.00 Unquoted – –
Jul/Aug/Sep 1050.00 +02.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Nov 1185.00 +15.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Nov 992.50 +12.50 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Nov 5,070.00 +50.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Nov 472.00 +18.00 Unquoted – –
($1=MYR4.402)

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