Grains Report 12/02/2024

DJ U.S. Export Sales: Weekly Sales Totals-Nov 29
For the week ended Nov 21, 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 366.8 0.0 15168.2 12687.5 4762.3 27.0
hrw 72.8 0.0 3505.6 2408.5 993.0 0.0
srw 53.2 0.0 2383.8 2932.7 769.5 27.0
hrs 175.9 0.0 4964.7 4325.9 1546.9 0.0
white 44.9 0.0 4017.1 2693.1 1302.8 0.0
durum 20.0 0.0 296.9 327.4 150.0 0.0
corn 1062.9 67.2 32458.9 24458.5 22120.7 825.9
soybeans 2490.5 18.0 33872.7 30882.2 14598.8 19.0
soymeal 487.3 0.0 6996.7 6204.7 4939.5 2.8
soyoil 124.8 0.0 396.8 29.7 359.5 0.0
upland cotton 324.1 0.0 6688.3 7801.7 4700.4 428.3
pima cotton 10.9 0.0 225.1 167.0 107.2 0.0
sorghum 121.2 0.0 1146.5 3468.3 515.6 0.0
barley 1.6 0.0 27.6 16.2 19.9 3.0
rice 39.9 0.0 1522.1 1408.1 603.1 0.0

DJ Canadian Grain Handling Summary
WINNIPEG–The following are Canadian grain handling summary statistics for
the week ended Nov. 24, 2024. Figures in thousands of metric tons.
Source: Canadian Grain Commission.
Durum
Wheat Wheat Oats Barley Flax Canola Peas Corn Total*
COMMERCIAL STOCKS
This Week 2366.8 722.4 337.1 355.2 43.0 1348.6 317.9 188.1 6952.0
Week Ago 2459.0 693.4 323.8 384.8 40.2 1448.8 349.4 167.2 7171.9
Year Ago 2851.4 501.8 312.4 497.4 48.9 1054.7 367.3 236.3 7068.2
PRODUCER DELIVERIES
This Week 466.3 138.7 37.5 73.8 1.8 333.5 33.2 17.3 1186.2
Week Ago 487.2 162.2 55.7 69.4 2.8 383.5 29.4 10.8 1336.5
To Date 7675.1 1949.1 889.0 1384.0 40.3 6714.0 1478.3 184.5 22171.9
Year Ago 7848.6 1220.7 681.8 1517.2 42.3 5212.7 1128.8 163.4 19578.3
TERMINAL RECEIPTS
This Week 486.9 170.8 16.6 42.4 2.9 192.9 18.7 64.1 1398.7
Week Ago 337.1 197.1 5.8 14.5 4.1 162.2 30.7 83.3 1188.2
To Date 8188.1 1792.0 168.2 845.3 14.5 3968.4 1138.8 418.8 20118.2
Year Ago 8337.3 1147.0 221.4 781.2 – 2308.0 746.2 160.7 16794.0
EXPORTS
This Week 544.3 150.6 12.9 30.5 0.2 130.9 13.0 69.1 1101.8
Week Ago 322.2 171.9 27.2 115.4 1.2 189.5 1.1 67.5 1172.1
To Date 6349.9 1345.2 450.9 800.0 13.0 3694.8 1132.0 452.0 16588.4
Year Ago 6297.5 881.9 551.4 742.7 15.3 1939.8 773.3 122.4 13129.2
DOMESTIC DISAPPEARANCE
This Week 52.9 14.4 8.3 28.5 0.8 245.2 5.3 21.7 449.8
Week Ago 102.6 10.4 20.2 26.8 0.6 237.4 1.4 20.4 469.4
To Date 1732.7 238.7 295.0 454.7 14.4 3731.0 77.6 362.2 7652.7
Year Ago 2139.6 217.7 274.0 462.0 19.7 3288.7 58.6 384.5 7598.9
*Totals include data from other crops not shown including rye, soybeans,
canaryseed, mustard seed, beans, lentils and chickpeas.
Source: MarketsFarm (Phil Franz-Warkentin, news@marketsfarm.com, or 204-414-
9084)

DJ CBOT Delivery Intentions: Totals – Nov 29
Source: CME Group
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
SOYBEAN MEAL December Dec 02, 2024 776 Nov 22, 2024
CORN December Dec 02, 2024 111 Feb 28, 2024
KC HRW WHEAT December Dec 02, 2024 105 Nov 18, 2024

DJ CBOT Delivery Intentions: Totals – Dec 2
Source: CME Group
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
SOYBEAN MEAL December Dec 03, 2024 394 Nov 22, 2024
CORN December Dec 03, 2024 111 Jun 04, 2024
KC HRW WHEAT December Dec 03, 2024 45 Nov 18, 2024

WHEAT
General Comments: The markets were lower last week on lower quotes for export Wheat from Russia and on much lower offer prices from Argentina. Tensions remined high between Ukraine, the US, and Russia. There was no news about the conflict seen in recent days 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. 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 and Argentina 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 down. Support is at 542, 536, and 530 March, with resistance at 553, 563, and 571 March. Trends in Kansas City are down. Support is at 535, 529, and 523 March, with resistance at 545, 566, and 577 March. Trends in Minneapolis are mixed to down. Support is at 585, 578, and 572 March, and resistance is at 602, 608, and 613 March.

RICE:
General Comments: Rice closed a little higher last week in recovery trading, and the trends are still mixed on the charts, but are trying to turn up. 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 1486, 1481, and 1457 January and resistance is at 1525, 1538, and 1544 January.

CORN AND OATS
General Comments: Corn closed a little lower last week as the US harvest wraps up and as demand remains strong. Mr. Trump announced new tariffs on Mexico that could total 25% and this news led in part to the decline. Mexico is the largest buyer of US Corn in the world. 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 lower as Canada is also looking at 25% tariffs imposed on exports to the US. The majority of the Oats consumed in the US comes from Canada.
Overnight News:
Chart Analysis: Trends in Corn are mixed. Support is at 426, 423, and 418 March, and resistance is at 437, 442, and 445 March. Trends in Oats are mixed. Support is at 354, 351, and 348 March, and resistance is at 366, 374, and 379 March.

DJ Drought to Cause Slump in South Africa’s Corn Harvest — Market Talk
1509 GMT – South Africa’s 2024 corn harvest will likely drop by 23% on year after an El Niño-induced drought cut yields across the continent’s top producer of the grain, says the state-run Crop Estimates Committee. Output is projected to drop to 12.7 million metric tons, from 16.4 million tons last year. The production estimate is slightly lower than the earlier projection of 13.2 million tons and will be the smallest crop in 5 years, according to the Agricultural Business Chamber. The slump means that the hitherto net corn exporter will not be able to meet regional demand, which will likely compel importing nations to source for the grain from markets further afield, including South America and Asia. (Nicholas.Bariyo@wsj.com;@Nicholasbariyo)

SOYBEANS
General Comments: Soybeans were a little higher last week 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 products closed a little lower. Trump has proposed to bring tariffs to China that could raise the price of used cooking oil to levels unprofitable for US makers of bio fuels. A major competitor to Soy Oil for bio fuels would be removed. 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 175 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: China bought 134,000 tons of US Soybeans.
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. Support is at 291.00, 290.00, and 287.00 January, and resistance is at 299.00, 304.00, and 310.00 January. Trends in Soybean Oil are mixed. Support is at 3950, 3870, and 4430 January, with resistance at 4300, 4450, and 4600 January.

PALM OIL AND CANOLA
General Comments: Palm Oil was higher last week in response to ideas of weaker production and on stronger Soybean Oil prices in Chicago. Futures were a little lower today. 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 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 to down. Support is at 568.00, 554.00, and 548.00 January, with resistance at 601.00, 609.00, and 625.00 January. Trends in Palm Oil are mixed to up Support is at 4820, 4730, and 4630 February, with resistance at 5060, 5140, and 5200 February.

DJ Canadian oilseeds monthly crush – October 2024
WINNIPEG–Crushing statistics of major oilseeds in Canada
for the month of October 2024, reported by Statistics Canada are
as follows:
Figures are in metric tons.
Year Ago 2024/25 2023/24
Canola Oct 2024 Oct 2023 To Date To Date
Seed crushed 1,101,402 974,376 2,884,996 2,725,974
Oil produced 459,220 411,664 1,217,236 1,149,730
Meal produced 648,271 566,098 1,686,727 1,598,077
Soybeans
Seed crushed 144,896 168,679 294,670 439,065
Oil produced 26,297 30,471 53,981 81,355
Meal produced 110,173 129,813 228,532 341,448
Source: MarketsFarm (Phil Franz-Warkentin, news@marketsfarm.com,
or 204-414-9084)

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

DJ Malaysian PM Cash Market Prices for Palm Oil – Dec 2
The following are prices for Malaysian palm oil in the cash market at 1000 GMT Monday, 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 1230.00 -20.00 Unquoted – –
Jan/Feb/Mar 1185.00 -15.00 Unquoted – –
Apr/May/Jun 1085.00 -20.00 Unquoted – –
Jul/Aug/Seep 1025.00 -25.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Dec 1235.00 -20.00 Unquoted – –
Jan/Feb/Mar 1190.00 -15.00 Unquoted – –
Apr/May/Jun 1090.00 -20.00 Unquoted – –
Jul/Aug/Sep 1030.00 -25.00 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Dec 1210.00 -20.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Dec 1010.00 -10.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Dec 5,280.00 -20.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Dec 508.00 -04.00 Unquoted – –
($1=MYR4.4545)

DJ China Dalian Grain Futures Closing Prices, Volume – Dec 02
Soybean No. 1
Turnover: 184,399 lots, or 7.21 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jan-25 3,898 3,931 3,880 3,885 3,907 3,904 -3 136,578 152,215
Mar-25 3,901 3,930 3,885 3,890 3,911 3,908 -3 8,895 30,069
May-25 3,920 3,950 3,910 3,913 3,934 3,926 -8 34,411 78,694
Jul-25 3,947 3,978 3,940 3,945 3,962 3,953 -9 1,308 8,922
Sep-25 3,980 4,010 3,969 3,977 3,991 3,984 -7 3,191 14,803
Nov-25 3,992 4,019 3,992 3,997 4,006 4,006 0 16 89
Corn
Turnover: 877,857 lots, or 19.10 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jan-25 2,160 2,169 2,137 2,138 2,167 2,150 -17 544,070 872,091
Mar-25 2,167 2,199 2,163 2,165 2,198 2,179 -19 139,521 416,192
May-25 2,244 2,253 2,221 2,223 2,248 2,234 -14 146,821 407,535
Jul-25 2,270 2,278 2,249 2,251 2,273 2,263 -10 32,523 120,113
Sep-25 2,291 2,300 2,273 2,273 2,297 2,283 -14 9,607 30,211
Nov-25 2,278 2,284 2,262 2,262 2,293 2,270 -23 5,315 9,327
Soymeal
Turnover: 1,236,543 lots, or 34.78 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Dec-24 2,890 2,890 2,856 2,869 2,890 2,875 -15 215 1,373
Jan-25 2,902 2,911 2,871 2,886 2,908 2,885 -23 202,134 793,379
Mar-25 2,896 2,901 2,862 2,876 2,900 2,876 -24 30,323 304,717
May-25 2,807 2,809 2,773 2,783 2,802 2,786 -16 907,072 2,241,379
Jul-25 2,802 2,806 2,776 2,785 2,799 2,786 -13 18,080 205,370
Aug-25 2,909 2,913 2,885 2,892 2,908 2,896 -12 6,197 130,161
Sep-25 2,915 2,917 2,890 2,897 2,913 2,899 -14 61,974 480,276
Nov-25 2,928 2,931 2,904 2,912 2,927 2,915 -12 10,548 125,350
Palm Oil
Turnover: 1,624,426 lots, or 16.25 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Dec-24 10,322 10,322 10,322 10,322 10,124 10,322 198 34 1,302
Jan-25 10,222 10,300 10,138 10,210 10,078 10,224 146 1,208,801 482,104
Feb-25 10,064 10,156 9,988 10,074 9,934 10,078 144 24,250 21,200
Mar-25 9,826 9,944 9,744 9,818 9,736 9,848 112 9,206 7,764
Apr-25 9,618 9,694 9,498 9,546 9,496 9,598 102 800 693
May-25 9,390 9,454 9,234 9,280 9,306 9,346 40 362,496 301,727
Jun-25 9,180 9,232 9,030 9,078 9,118 9,130 12 221 440
Jul-25 8,998 9,028 8,826 8,884 8,932 8,934 2 244 370
Aug-25 8,828 8,850 8,660 8,710 8,730 8,766 36 56 82
Sep-25 8,658 8,706 8,498 8,520 8,600 8,586 -14 18,196 32,130
Oct-25 8,536 8,560 8,380 8,386 8,450 8,470 20 67 308
Nov-25 8,460 8,486 8,310 8,314 8,348 8,402 54 55 98
Soybean Oil
Turnover: 715,141 lots, or 5.79 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Dec-24 8,212 8,266 8,212 8,266 8,092 8,246 154 18 4,849
Jan-25 8,196 8,268 8,088 8,100 8,180 8,172 -8 378,969 345,027
Mar-25 8,182 8,240 8,068 8,080 8,150 8,130 -20 6,535 18,508
May-25 8,062 8,138 7,930 7,954 8,034 8,008 -26 308,779 503,500
Jul-25 7,928 7,974 7,786 7,806 7,874 7,846 -28 1,400 2,584
Aug-25 7,934 7,944 7,796 7,814 7,850 7,844 -6 127 475
Sep-25 7,880 7,932 7,750 7,784 7,840 7,818 -22 19,269 50,826
Nov-25 7,858 7,870 7,728 7,780 7,798 7,794 -4 44 109
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