Grains Report 11/15/2024

DJ U.S. Export Sales: Weekly Sales Totals-Nov 15
For the week ended Nov 7, 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 380.1 0.0 14251.7 11893.0 4413.6 27.0
hrw 158.9 0.0 3359.8 2214.3 1041.1 0.0
srw 45.2 0.0 2293.4 2708.0 704.1 27.0
hrs 95.1 0.0 4653.4 4140.8 1463.8 0.0
white 80.9 0.0 3702.4 2517.4 1103.9 0.0
durum 0.0 0.0 242.8 312.6 100.8 0.0
corn 1315.1 0.0 29901.3 21098.3 21530.9 758.7
soybeans 1555.4 0.0 29858.5 28093.6 14777.0 1.0
soymeal 302.4 0.0 6234.5 5936.5 4723.7 2.0
soyoil 16.5 0.0 250.1 28.7 232.6 0.0
upland cotton 153.3 1.0 6045.7 7261.8 4336.3 412.2
pima cotton 4.9 0.0 205.3 163.1 98.1 0.0
sorghum 141.3 0.0 904.3 3142.3 456.0 0.0
barley 0.5 3.0 25.1 16.1 18.5 3.0
rice 110.5 0.0 1413.4 1254.1 613.4 0.0

DJ CBOT Delivery Intentions: Totals – Nov 15
Source: CME Group
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
SOYBEAN November Nov 18, 2024 9 Nov 14, 2024

WHEAT
General Comments: The markets were lower again yesterday in all three markets on reports of deteriorating price in Russia and improved growing conditions in the US. Reports of very beneficial rains for the Great Plains and Midwest and reports of weaker offers in Russia were negative for prices. Russian export offers have been under pressure all week. The rains are falling and will allow Wheat farmers in the US to plant the Winter crops under good conditions. Cash markets in Russia were lower as production estimates remain lower and as demand has waned. Ideas are that Russian exporters are trying to maintain export volumes at the expense of price
Overnight News:
Chart Analysis: Trends in Chicago are down. Support is at 526, 521, and 514 December, with resistance at 546, 558, and 565 December. Trends in Kansas City are down. Support is at 527, 520, and 514 December, with resistance at 549, 562, and 569 December. Trends in Minneapolis are down. Support is at 563, 556, and 550 December, and resistance is at 580, 595, and 603 December.

RICE:
General Comments: Rice closed lower yesterday but trends are still turning up on the charts. The US Dollar was higher, and this did not help 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, but the harvest is over now and the crops are being stored. Increased producer selling interest is likely the farther the market moves above 1500 January.
Overnight News:
Chart Analysis: Trends are mixed to up. Support is at 1445, 1434, and 1429 January and resistance is at 1502, 1513, and 1528 January.

CORN AND OATS
General Comments: Corn closed lower again yesterday as the US harvest wraps up and as demand remains strong. The export demand in recent weeks has been very strong, but the US Dollar has also turned strong and has hurt demand ideas. Oats were higher. The harvest is almost over 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 passes through today. 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:
Chart Analysis: Trends in Corn are mixed to down. Support is at 445, 436, and 424 December, and resistance is at 427, 433, and 43a5 September. Trends in Oats are mixed. Support is at 330, 323, and 314 December, and resistance is at 357, 370, and 374 December.

SOYBEANS
General Comments: Soybeans and the products were lower. 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 US 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 almost done with Corn as well. 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 to down. Support is at 986, 977, and 974 January, and resistance is at 1014, 1020, and 1030 January. Trends in Soybean Meal are down. Support is at 285.00, 282.00, and 279.00 December, and resistance is at 293.00, 297.00, and 303.00 December. Trends in Soybean Oil are mixed to down. Support is at 4440, 4350, and 4260 December, with resistance at 4640, 4770, and 4920 December.

PALM OIL AND CANOLA
General Comments: Palm Oil was higher today. Ideas of weaker production caused by too much rain and reports of good demand provided support. The private surveyors have indicated that exports have been weaker so far this month. Canola was lower along with other vegetable oils and oilseeds markets. 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 625.00, 617.00, and 609.00 January, with resistance at 665.00, 673.00, and 685.00 January. Trends in Palm Oil are mixed. Support is at 4780, 4700, and 4590 January, with resistance at 5060, 5120, and 5180 January.

Midwest Weather Forecast Scattered showers and some rain. Temperatures should average near to above normal.

DJ Malaysian PM Cash Market Prices for Palm Oil – Nov 15
The following are prices for Malaysian palm oil in the cash market at 1000 GMT Friday, 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 1215.00 +25.00 Unquoted – –
Dec 1205.00 +25.00 Unquoted – –
Jan/Feb/Mar 1185.00 +25.00 Unquoted – –
Apr/May/Jun 1095.00 +30.00 Unquoted – –
Jul/Aug/Seep 1037.50 +32.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Nov 1220.00 +25.00 Unquoted – –
Dec 1210.00 +25.50 Unquoted – –
Jan/Feb/Mar 1190.00 +25.00 Unquoted – –
Apr/May/Jun 1100.00 +30.00 Unquoted – –
Jul/Aug/Sep 1042.50 +32.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Nov 1190.00 +30.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Nov 975.00 +20.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Nov 5,170.00 +70.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Nov 510.00 +04.00 Unquoted – –
($1=MYR4.469)

DJ China Dalian Grain Futures Closing Prices, Volume – Nov 15
Soybean No. 1
Turnover: 258,904 lots, or 10.13 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jan-25 3,940 3,948 3,854 3,859 3,958 3,894 -64 190,251 197,781
Mar-25 3,970 3,970 3,873 3,875 3,971 3,909 -62 11,709 30,399
May-25 4,005 4,005 3,916 3,918 4,011 3,957 -54 46,194 59,122
Jul-25 4,034 4,034 3,948 3,949 4,039 3,988 -51 4,978 7,574
Sep-25 4,061 4,063 3,975 3,978 4,065 4,015 -50 5,704 11,996
Nov-25 4,087 4,087 4,026 4,026 4,065 4,073 8 68 54
Corn
Turnover: 642,422 lots, or 14.17 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jan-25 2,195 2,199 2,179 2,182 2,199 2,187 -12 470,111 932,388
Mar-25 2,222 2,224 2,203 2,204 2,223 2,212 -11 47,054 348,026
May-25 2,274 2,275 2,254 2,256 2,270 2,262 -8 82,122 275,468
Jul-25 2,298 2,301 2,282 2,285 2,296 2,291 -5 22,830 103,695
Sep-25 2,323 2,325 2,309 2,311 2,320 2,314 -6 6,650 20,031
Nov-25 2,310 2,310 2,286 2,287 2,320 2,297 -23 13,655 2,751
Soymeal
Turnover: 3,158,990 lots, or 91.76 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Dec-24 3,017 3,022 2,905 2,914 3,040 2,955 -85 18,760 46,251
Jan-25 3,033 3,034 2,915 2,919 3,045 2,958 -87 1,231,302 1,238,978
Mar-25 3,004 3,004 2,892 2,900 3,012 2,930 -82 103,908 301,719
May-25 2,903 2,908 2,808 2,814 2,911 2,851 -60 1,514,286 1,850,270
Jul-25 2,891 2,897 2,806 2,810 2,905 2,841 -64 52,085 195,144
Aug-25 3,005 3,012 2,921 2,923 3,017 2,956 -61 20,523 119,045
Sep-25 3,008 3,016 2,923 2,928 3,020 2,961 -59 200,752 381,957
Nov-25 2,992 3,035 2,940 2,944 3,020 2,996 -24 17,374 13,476
Palm Oil
Turnover: 1,457,441 lots, or 14.38 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Dec-24 10,002 10,174 9,964 10,138 9,932 10,046 114 5,156 4,178
Jan-25 9,970 10,118 9,902 10,084 9,880 9,986 106 1,226,537 507,046
Feb-25 9,710 9,862 9,678 9,832 9,664 9,746 82 10,089 12,642
Mar-25 9,500 9,628 9,468 9,614 9,456 9,532 76 1,630 2,669
Apr-25 9,288 9,462 9,288 9,446 9,256 9,350 94 348 448
May-25 9,142 9,314 9,102 9,290 9,066 9,192 126 204,946 197,983
Jun-25 8,892 9,100 8,892 9,096 8,868 8,994 126 161 410
Jul-25 8,680 8,880 8,680 8,868 8,666 8,798 132 141 367
Aug-25 8,552 8,662 8,546 8,662 8,454 8,598 144 89 115
Sep-25 8,302 8,464 8,302 8,434 8,296 8,390 94 8,202 17,016
Oct-25 8,234 8,334 8,200 8,292 8,186 8,282 96 109 295
Nov-25 8,094 8,184 8,046 8,172 8,186 8,116 -70 33 22
Soybean Oil
Turnover: 594,540 lots, or 48.80 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Dec-24 8,324 8,338 8,220 8,260 8,300 8,274 -26 889 10,032
Jan-25 8,350 8,356 8,226 8,274 8,312 8,286 -26 437,237 500,942
Mar-25 8,218 8,246 8,092 8,128 8,194 8,150 -44 6,730 14,278
May-25 8,020 8,062 7,934 7,982 8,004 7,994 -10 140,462 442,140
Jul-25 7,834 7,878 7,770 7,812 7,830 7,818 -12 118 1,953
Aug-25 7,818 7,852 7,762 7,790 7,812 7,790 -22 91 307
Sep-25 7,750 7,790 7,672 7,720 7,748 7,722 -26 8,996 37,453
Nov-25 7,740 7,740 7,656 7,664 7,748 7,682 -66 17 12
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