Grains Report 11/19/2024

DJ USDA Grain Inspections for Export in Metric Tons – Nov 18
WA_GR101
Washington, DC Mon Nov 18, 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 NOV 14, 2024
— METRIC TONS —
————————————————————————–
CURRENT PREVIOUS
———– WEEK ENDING ———- MARKET YEAR MARKET YEAR
GRAIN 11/14/2024 11/07/2024 11/16/2023 TO DATE TO DATE
BARLEY 0 0 0 4,920 643
CORN 820,608 797,247 601,068 9,062,303 6,871,783
FLAXSEED 0 0 0 192 0
MIXED 0 0 0 49 24
OATS 0 0 0 148 3,794
RYE 0 0 0 0 0
SORGHUM 62,622 167,012 116,550 769,301 687,318
SOYBEANS 2,165,075 2,363,141 1,631,531 17,483,956 16,009,661
SUNFLOWER 0 0 96 0 2,853
WHEAT 196,281 353,407 378,048 10,324,794 7,859,458
Total 3,244,586 3,680,807 2,727,293 37,645,663 31,435,534
————————————————————————-
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 Harvested 77 71 74 72
Sorghum Harvsted 95 91 95 94
Peanuts Harvested 88 82 91 90
Sunflowers Harvested 88 81 88 78
Winter Wheat Planted 94 91 94 96
Winter Wheat Emerged 84 76 85 84

Very Poor Poor Fair Good Excellent
Winter Wheat This Week 4 11 36 41 8
Winter Wheat Last Week 6 12 38 38 6
Winter Wheat Last Year 7 10 35 39 9

WHEAT
General Comments: The markets were higher yesterday as tensions ramped up between Ukraine, the US, and Russia once again. The trheat of war expanded with the US allowing longer range missiles to be used and as Russia is deploying North Korean soldiers alongside its own in battles. There were more 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. The rains are falling and will allow Wheat farmers in the US to plant the Winter crops under good conditions. Russian export offers were under pressure all week. 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 mixed to down. Support is at 526, 521, and 514 December, with resistance at 558, 565, and 574 December. Trends in Kansas City are mixed to down. Support is at 544, 532, and 527 December, with resistance at 562, 569, and 580 December. Trends in Minneapolis are mixed to down. Support is at 575, 565, and 563 December, and resistance is at 585, 603, and 613 December.

RICE:
General Comments: Rice closed higher last week and closed moderately higher after making new weekly highs. The trends are up on the charts. The US Dollar was a little lower. Lower Asian prices are still reported. Brazil prices remain strong and well above US prices. The harvest is over now and the crops are being stored. Increased producer selling interest is likely at this time.
Overnight News:
Chart Analysis: Trends are up. Support is at 1499, 1481, and 1457 January and resistance is at 1538, 1543, and 1556 January.

CORN AND OATS
General Comments: Corn closed higher yesterday, but futures seem to have found a comfort level around the 430 December area 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 also higher. The Corn 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 feature off and on showers over the early and middle parts of the week. The harvest will be complete once the rains move out. 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 422, 425, and 409 December, and resistance is at 433, 435, and 445 September. Trends in Oats are mixed. Support is at 357, 345, and 336 December, and resistance is at 384, 394, and 402 December.

SOYBEANS
General Comments: Soybeans and the products were higher yesterday as new sales were announced on the daily reporting system of USDA for Soybeans and both products. Brazil looks to produce much more than a year ago. 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. It is currently raining in the Midwest so the last of the harvest will be delayed by at least a few days. 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 in response to higher Palm Oil prices reported from China. 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 a little higher along with Soybean Oil but price action was hurt by a stronger Canadian Dollar. 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 4770, 4720, and 464a0 February, with resistance at 5060, 5140, and 5200 February.

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

DJ Malaysian PM Cash Market Prices for Palm Oil – Nov 19
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
Dec 1185.00 +07.50 Unquoted – –
Jan/Feb/Mar 1167.50 +07.50 Unquoted – –
Apr/May/Jun 1077.50 +07.50 Unquoted – –
Jul/Aug/Seep 1020.00 +05.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Dec 1190.00 +07.50 Unquoted – –
Jan/Feb/Mar 1172.50 +07.50 Unquoted – –
Apr/May/Jun 1082.50 +07.50 Unquoted – –
Jul/Aug/Sep 1025.00 +05.00 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Dec 1165.00 — Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Dec 955.00 — Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Dec 5,080.00 — Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Dec 505.00 — Unquoted – –
($1=MYR4.473)

DJ China Dalian Grain Futures Closing Prices, Volume – Nov 19
Soybean No. 1
Turnover: 87,747 lots, or 3.43 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jan-25 3,891 3,908 3,877 3,899 3,870 3,894 24 69,308 190,249
Mar-25 3,891 3,912 3,885 3,903 3,882 3,901 19 3,290 30,237
May-25 3,934 3,951 3,924 3,946 3,928 3,940 12 11,902 64,558
Jul-25 3,965 3,980 3,958 3,976 3,960 3,970 10 1,539 8,064
Sep-25 3,991 4,009 3,988 4,005 3,992 4,001 9 1,704 12,687
Nov-25 4,026 4,033 4,026 4,033 4,021 4,029 8 4 60
Corn
Turnover: 415,889 lots, or 9.23 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jan-25 2,209 2,215 2,201 2,205 2,201 2,206 5 322,944 898,464
Mar-25 2,226 2,234 2,224 2,227 2,222 2,227 5 36,854 347,132
May-25 2,280 2,285 2,274 2,280 2,273 2,278 5 41,584 275,584
Jul-25 2,309 2,309 2,300 2,306 2,301 2,304 3 9,737 104,088
Sep-25 2,326 2,331 2,322 2,328 2,323 2,326 3 2,204 21,253
Nov-25 2,307 2,312 2,303 2,311 2,302 2,307 5 2,566 3,341
Soymeal
Turnover: 1,334,448 lots, or 38.43 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Dec-24 2,952 2,974 2,949 2,966 2,938 2,956 18 8,915 17,939
Jan-25 2,952 2,978 2,949 2,963 2,942 2,962 20 349,732 1,116,372
Mar-25 2,915 2,941 2,915 2,929 2,917 2,928 11 41,783 306,717
May-25 2,823 2,844 2,815 2,836 2,821 2,829 8 768,469 1,888,405
Jul-25 2,814 2,839 2,810 2,831 2,817 2,823 6 23,281 193,173
Aug-25 2,936 2,953 2,926 2,941 2,936 2,938 2 12,291 121,090
Sep-25 2,939 2,958 2,928 2,943 2,939 2,940 1 103,336 403,057
Nov-25 2,957 2,966 2,943 2,956 2,956 2,952 -4 26,641 41,644
Palm Oil
Turnover: 1,745,320 lots, or 17.02 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Dec-24 9,940 10,126 9,768 10,008 10,018 9,928 -90 1,384 3,064
Jan-25 9,858 10,086 9,700 9,966 9,992 9,876 -116 1,428,988 473,811
Feb-25 9,672 9,926 9,554 9,816 9,776 9,720 -56 13,499 13,827
Mar-25 9,476 9,726 9,338 9,628 9,586 9,492 -94 2,393 2,828
Apr-25 9,316 9,542 9,142 9,444 9,458 9,314 -144 544 472
May-25 9,152 9,392 8,950 9,288 9,274 9,172 -102 289,206 221,149
Jun-25 8,968 9,162 8,746 9,078 9,074 9,032 -42 234 463
Jul-25 8,760 8,950 8,542 8,876 8,850 8,738 -112 158 357
Aug-25 8,572 8,738 8,414 8,714 8,672 8,570 -102 35 81
Sep-25 8,440 8,588 8,222 8,522 8,488 8,426 -62 8,770 20,065
Oct-25 8,288 8,456 8,166 8,456 8,356 8,280 -76 60 267
Nov-25 8,200 8,364 8,058 8,302 8,238 8,224 -14 49 47
Soybean Oil
Turnover: 826,579 lots, or 67.03 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Dec-24 8,118 8,282 8,058 8,236 8,216 8,150 -66 2,148 8,376
Jan-25 8,126 8,306 8,070 8,266 8,228 8,188 -40 587,247 468,058
Mar-25 7,984 8,166 7,926 8,126 8,082 8,042 -40 5,413 14,802
May-25 7,810 8,028 7,784 7,986 7,958 7,922 -36 216,440 462,383
Jul-25 7,688 7,856 7,644 7,810 7,752 7,714 -38 314 1,991
Aug-25 7,686 7,840 7,632 7,804 7,734 7,712 -22 87 327
Sep-25 7,614 7,778 7,576 7,752 7,684 7,684 0 14,889 41,839
Nov-25 7,608 7,722 7,570 7,712 7,660 7,662 2 41 33
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