Grains Report 11/12/2024

DJ CBOT Delivery Intentions: Totals – Nov 12
Source: CME Group
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
ROUGH RICE November Nov 13, 2024 2 Oct 31, 2024

WHEAT
General Comments: The markets were a little lower yesterday in Kansas City and Minneapolis. The USDA supply and demand reports released Friday did little to help Wheat prices as domestic and world ending stocks levels were a little above trade expectations at 815 million bushels in the US and 257.6 million tons for the world. US supply data was not touched. 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 to down. Support is at 556, 547, and 539 December, with resistance at 569, 580, and 583 December. Trends in Minneapolis are down. Support is at 584, 580, and 571 December, and resistance is at 603, 613, and 624 December.

RICE:
General Comments: Rice closed lower higher yesterday and trends are mixed on the charts. The US Dollar was lower, and this did not help demand ideas. USA Rice said that Iraq bought 44,000 tons of milled Long Grain Rice last week, but the news had little effect on prices. USDA made no changes in its supply and demand reports to the Rice supply side. USDA cut 2 million cwt from export demand, with 3 million reduced from Long Grain demand but 1 million added to short and medium grain. All Rice ending stocks were increased by 1 million cwt to 46.7e million, and Long Grain was up 2 million to 29.1 million cwt. 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.
Overnight News:
Chart Analysis: Trends are mixed. Support is at 1445, 1434, and 1429 January and resistance is at 1476, 1492, and 1502 January.

CORN AND OATS
General Comments: Corn closed lower yesterday as the US harvest wraps up and as demand remains strong. The export demand in recent weeks has been very strong. Oats were lower. USDA cut Corn production in its WASDE reports on Friday, but left demand untouched. Demand was not increased as the trade had expected, so ending stocks ended above trade expectations at 1.938 billion bushels for the US and 314.2 million tons for the world. 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 and this week looks to be dry after some wet weather was seen last week. 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 Brazil and report of improving moisture levels in Argentina.
Overnight News: Mexico bought 110,500 tons of US Corn
Chart Analysis: Trends in Corn are up. Support is at 420, 414, and 409 December, and resistance is at 435, 440, and 443 September. Trends in Oats are down. Support is at 357, 348, and 341 December, and resistance is at 370, 374, and 380 December.

SOYBEANS
General Comments: Soybeans and the products were lower. USDA cut yields and production estimates more than expected, but also cut demand. Even so, the ending stocks estimate was cut to 470 million bushels. That is still a lot of Soybeans to carry forward, but much less than the trade had expected. 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 mixed. Support is at 1018, 1004, and 992 January, and resistance is at 1045, 1060, and 1070 January. Trends in Soybean Meal are mixed. Support is at 293.00, 288.00, and 285.00 December, and resistance is at 303.00, 309.00, and 312.00 December. Trends in Soybean Oil are up. Support is at 4680, 4590, and 4440 December, with resistance at 4920, 4990, and 5040 December.

PALM OIL AND CANOLA
General Comments: Palm Oil was higher last week on ideas of weaker production caused by too much rain and strength in Chicago Soybean Oil. There are reports of good demand and the private surveyors have indicated that exports have been strong. Canola was lower. The harvest is winding down in Canada and the crops are locked away in the bin. Producers will try to wait for higher prices before selling much.
Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 651.00, 635.00, and 625.00 January, with resistance at 673.00, 685.00, and 692.00 January. Trends in Palm Oil are up. Support is at 4890, 4780, and 4700 January, with resistance at 5120, 5180, and 5240 January.

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

DJ Malaysian PM Cash Market Prices for Palm Oil – Nov 12
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 1230.00 -20.00 Unquoted – –
Dec 1210.00 -30.00 Unquoted – –
Jan/Feb/Mar 1190.00 -37.50 Unquoted – –
Apr/May/Jun 1100.00 -37.50 Unquoted – –
Jul/Aug/Seep 1040.00 -35.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Nov 1235.00 -20.00 Unquoted – –
Dec 1215.00 -30.00 Unquoted – –
Jan/Feb/Mar 1195.00 -37.50 Unquoted – –
Apr/May/Jun 1105.00 -37.50 Unquoted – –
Jul/Aug/Sep 1045.00 -35.00 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Nov 1205.00 -20.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Nov 985.00 -25.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Nov 5,200.00 -80.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Nov 513.00 -02.00 Unquoted – –
($1=MYR4.4255)

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