Grains Report 11/26/2024

DJ USDA Grain Inspections for Export in Metric Tons – Nov 25
WA_GR101
Washington, DC Mon Nov 25, 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 21, 2024
— METRIC TONS —
————————————————————————-
CURRENT PREVIOUS
———– WEEK ENDING ———- MARKET YEAR MARKET YEAR
GRAIN 11/21/2024 11/14/2024 11/23/2023 TO DATE TO DATE
BARLEY 171 0 499 5,091 1,142
CORN 903,049 873,661 419,862 10,028,578 7,291,645
FLAXSEED 24 0 0 216 0
MIXED 0 0 0 49 24
OATS 0 0 0 148 3,794
RYE 0 0 0 0 0
SORGHUM 119,807 62,622 280,532 889,108 967,850
SOYBEANS 2,102,002 2,266,415 1,574,084 19,688,252 17,583,745
SUNFLOWER 0 0 440 0 3,293
WHEAT 360,513 196,746 288,458 10,686,139 8,147,916
Total 3,485,566 3,399,444 2,563,875 41,297,581 33,999,409
————————————————————————-
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 84 77 81 80
Peanuts Harvested 93 88 95 95
Sunflowers Harvested 93 88 84 84
Winter Wheat Planted 97 94 97 98
Winter Wheat Emerged 89 84 90 89

Very Poor Poor Fair Good Excellent
Winter Wheat This Week 3 9 33 47 8
Winter Wheat Last Week 4 11 36 41 8
Winter Wheat Last Year 6 9 35 41 9

WHEAT
General Comments: The markets were lower yesterday on weaker quotes for export Wheat from Russia even as tensions remined high between Ukraine, the US, and Russia. There was no news about the conflict seen over the weekend to move markets. The threat 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. Russia also updated its nuclear use doctrine to include threats against it from the deployment of US missiles against Russian interests and shot seven ICBM missiles into Ukraine late last week. There were reports of stable price last week in Russia and the growing conditions in the US are very good. 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.
Overnight News:
Chart Analysis: Trends in Chicago are mixed to down. Support is at 526, 521, and 515 December, with resistance at 548, 559, and 565 December. Trends in Kansas City are mixed to down. Support is at 542, 532, and 527 December, with resistance at 569, 580, and 583 December. Trends in Minneapolis are mixed to down. Support is at 575, 565, and 563 December, and resistance is at 597, 603, and 613 December.

RICE:
General Comments: Rice closed lower yesterday and the trends are mixed on the charts. 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 as futures have rallied above 15.00/cwt.
Overnight News:
Chart Analysis: Trends are mixed. Support is at 1481, 1457, and 1445 January and resistance is at 1509, 1522, and 1538 January.

CORN AND OATS
General Comments: Corn closed a little lower yesterday and seems comfortable trading near or just below 430 December area as the US harvest wraps up and as demand remains strong. The export demand in recent weeks has been very strong and it seems like some of the buying is in anticipation of the new presidential regime starting here in January. President Trump ha promised new tariffs on goods and services and some buyers may be making purchases now to avoid the potential for the tariff at a later date. There were no sales announcements in the daily reports from USDA last week. Oats were mixed to 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 but it has turned wet in the last couple of weeks. The harvest will be complete this week. 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 336, 325, and 314 December, and resistance is at 354, 372, and 384 December.

SOYBEANS
General Comments: Soybeans and Soybean Meal were higher yesterday on short covering and despite ideas of big south American production potential of Soybeans and Trump plans to curb the use of bio fuels order to promote more use of petroleum. The tariffs that Trump plans to impose could be another detriment to sales of all products. Brazil looks to produce much more than a year ago and some estimates range as high as 170 million tons for the country. 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. The harvest should be wrapped up this week. 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 974, 968, and 962 January, and resistance is at 1000, 1014, and 1020 January. Trends in Soybean Meal are mixed to 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 down. Support is at 3950, 3870, and 3770 December, with resistance at 4250, 4360, and 4450 December.

PALM OIL AND CANOLA
General Comments: Palm Oil was higher today in response to ideas of weaker production and on currency consideeations. Demand from China has not been good. 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 higher along with rallies in palm Oil and Soybeans. 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 down. Support is at 578.00, 582.00, and 554.00 January, with resistance at 609.00, 625.00, and 633.00 January. Trends in Palm Oil are mixed to down. Support is at 4630, 4530, and 4430 February, with resistance at 4800, 4880, and 5060 February.

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

DJ Malaysian PM Cash Market Prices for Palm Oil – Nov 26
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 kilogram
Refined, bleached and deodorized palm oil, FOB, Malaysian ports
Offer Change Bid Change Traded
Dec 1160.00 +05.00 Unquoted – –
Jan/Feb/Mar 1135.00 +05.00 Unquoted – –
Apr/May/Jun 1055.00 +05.00 Unquoted – –
Jul/Aug/Sep 1017.50 +07.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Dec 1165.00 +05.00 Unquoted – –
Jan/Feb/Mar 1140.00 +05.00 Unquoted – –
Apr/May/Jun 1060.00 +05.00 Unquoted – –
Jul/Aug/Sep 1022.50 +07.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Dec 1157.50 +05.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Dec 957.50 +05.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Dec 4,950.00 00.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Dec 490.00 -01.00 Unquoted – –
($1=MYR4.455)

DJ China Dalian Grain Futures Closing Prices, Volume – Nov 26
Soybean No. 1
Turnover: 96,568 lots, or 3.77 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jan-25 3,897 3,906 3,887 3,899 3,886 3,895 9 72,527 173,726
Mar-25 3,898 3,907 3,886 3,899 3,894 3,895 1 4,669 30,525
May-25 3,933 3,942 3,922 3,930 3,931 3,929 -2 17,244 71,554
Jul-25 3,965 3,970 3,953 3,959 3,962 3,960 -2 747 8,493
Sep-25 3,996 3,999 3,982 3,989 3,990 3,991 1 1,371 13,862
Nov-25 4,008 4,012 4,005 4,009 4,013 4,008 -5 10 85
Corn
Turnover: 646,924 lots, or 1.43 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jan-25 2,191 2,200 2,188 2,193 2,198 2,193 -5 453,472 843,682
Mar-25 2,219 2,227 2,214 2,222 2,222 2,220 -2 84,431 375,957
May-25 2,268 2,274 2,264 2,268 2,271 2,267 -4 83,858 315,552
Jul-25 2,290 2,298 2,290 2,292 2,295 2,293 -2 17,483 110,601
Sep-25 2,319 2,326 2,315 2,316 2,320 2,319 -1 4,176 24,124
Nov-25 2,306 2,314 2,305 2,308 2,310 2,308 -2 3,504 5,813
Soymeal
Turnover: 2,003,075 lots, or 57.06 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Dec-24 2,874 2,935 2,872 2,926 2,887 2,897 10 2,515 6,414
Jan-25 2,880 2,943 2,876 2,933 2,889 2,917 28 546,477 885,379
Mar-25 2,867 2,941 2,862 2,927 2,871 2,916 45 119,894 304,306
May-25 2,789 2,818 2,778 2,807 2,787 2,801 14 1,160,580 2,077,028
Jul-25 2,783 2,818 2,778 2,805 2,785 2,802 17 28,230 199,115
Aug-25 2,896 2,926 2,894 2,914 2,896 2,911 15 10,944 128,106
Sep-25 2,903 2,931 2,897 2,918 2,899 2,916 17 116,984 465,155
Nov-25 2,917 2,946 2,916 2,935 2,917 2,931 14 17,451 113,447
Palm Oil
Turnover: 1,453,677 lots, or 13.88 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Dec-24 9,772 9,926 9,720 9,860 9,744 9,834 90 176 2,040
Jan-25 9,680 9,846 9,616 9,740 9,598 9,712 114 1,124,494 429,537
Feb-25 9,442 9,664 9,440 9,570 9,378 9,524 146 13,459 15,670
Mar-25 9,274 9,486 9,246 9,396 9,206 9,360 154 3,154 3,568
Apr-25 9,142 9,304 9,070 9,220 9,030 9,170 140 555 407
May-25 8,936 9,126 8,878 9,032 8,868 8,994 126 299,825 258,976
Jun-25 8,740 8,928 8,700 8,846 8,688 8,800 112 140 462
Jul-25 8,576 8,728 8,522 8,660 8,522 8,626 104 201 366
Aug-25 8,410 8,536 8,358 8,488 8,278 8,454 176 34 79
Sep-25 8,248 8,406 8,194 8,338 8,198 8,306 108 11,546 25,393
Oct-25 8,150 8,256 8,092 8,256 8,058 8,176 118 40 304
Nov-25 8,068 8,198 8,046 8,154 7,962 8,120 158 53 105
Soybean Oil
Turnover: 710,143 lots, or 56.66 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Dec-24 7,994 8,102 7,972 8,014 8,042 8,036 -6 251 8,187
Jan-25 8,050 8,128 7,986 8,040 8,044 8,058 14 439,816 396,307
Mar-25 7,976 8,052 7,936 7,992 7,970 7,996 26 6,440 17,636
May-25 7,840 7,892 7,802 7,842 7,830 7,854 24 248,651 467,295
Jul-25 7,700 7,736 7,664 7,698 7,670 7,696 26 272 1,971
Aug-25 7,690 7,728 7,662 7,698 7,656 7,688 32 88 346
Sep-25 7,642 7,688 7,616 7,644 7,620 7,650 30 14,605 48,961
Nov-25 7,634 7,656 7,620 7,626 7,640 7,638 -2 20 115
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