Grains Report 12/03/2024

DJ USDA Grain Inspections for Export in Metric Tons – Dec 2
WA_GR101
Washington, DC Mon Dec 2, 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 28, 2024
— METRIC TONS —
————————————————————————–
CURRENT PREVIOUS
———– WEEK ENDING ———- MARKET YEAR MARKET YEAR
GRAIN 11/28/2024 11/21/2024 11/30/2023 TO DATE TO DATE
BARLEY 821 171 472 5,912 1,614
CORN 935,859 1,008,867 1,176,452 11,070,255 8,468,097
FLAXSEED 24 24 0 240 0
MIXED 0 0 0 49 24
OATS 0 0 0 148 3,794
RYE 0 0 0 0 0
SORGHUM 196,364 120,003 117,797 1,085,668 1,085,647
SOYBEANS 2,088,361 2,117,380 1,173,355 21,792,652 18,757,100
SUNFLOWER 0 0 96 0 3,389
WHEAT 296,106 364,783 188,298 10,986,515 8,336,214
Total 3,517,535 3,611,228 2,656,470 44,941,439 36,655,879
————————————————————————-
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

• 03 Dec 2024 04:02:04 AM – INDIA’S NOVEMBER EDIBLE OIL IMPORTS RISE 12% M/M TO 1.6 MILLION METRIC TONS, HIGHEST IN FOUR MONTHS, DEALERS SAY
• 03 Dec 2024 04:02:05 AM – INDIA’S NOVEMBER PALM OIL IMPORTS EDGE UP 0.5% M/M TO 850,000 METRIC TONS, THE HIGHEST IN FOUR MONTHS, DEALERS SAY
• 03 Dec 2024 04:02:06 AM – INDIA’S NOVEMBER SOYOIL IMPORTS RISE 20% M/M TO 410,000 METRIC TONS, HIGHEST IN THREE MONTHS, DEALERS SAY
• 03 Dec 2024 04:02:07 AM – INDIA’S NOVEMBER SUNFLOWER OIL IMPORTS RISE 43% M/M TO 341,000 METRIC TONS, HIGHEST IN FOUR MONTHS, DEALERS SAY
• DJ CBOT Delivery Intentions: Totals – Dec 3
• Source: CME Group
• Contract Quantity Next Trade
• Commodity Month Delivery Day Assigned Today Date Available
• SOYBEAN MEAL December Dec 04, 2024 43 Nov 27, 2024
• CORN December Dec 04, 2024 111 Sep 03, 2024
• OATS December Dec 04, 2024 74 Nov 29, 2024

WHEAT
General Comments: The markets were a little lower yesterday on lower world markets. Egypt is moving its Wheat buying to a new agency that will close deals privately and make it harder to track Russian prices. It is something the Russian government wanted. Tensions remined high between Ukraine, the US, and Russia. There was no news about the conflict seen in recent days to move markets, but Russia today announced an export quota for Wheat of 11 million tons, down from 29 million in 2024. It also increased export taxes today. 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 546, 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 after trading mixed most of the day. 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 1538, 1544, and 1558 January.

CORN AND OATS
General Comments: Corn closed a little higher yesterday 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 has 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 higher 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 361, 354, and 351 March, and resistance is at 374, 379, and 384 March.

SOYBEANS
General Comments: Soybeans and the products were lower yesterday ideas of big south American production potential of Soybeans. 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. 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. Support is at 287.00, 284.00, and 281.00 January, and resistance is at 294.00, 299.00, and 304.00 January. Trends in Soybean Oil are mixed. Support is at 4060, 3960, and 3780 January, with resistance at 4300, 4450, and 4640 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 higher on a strong US 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 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 4800, 4730, and 4630 February, with resistance at 5060, 5140, and 5200 February.

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

DJ Malaysian PM Cash Market Prices for Palm Oil – Dec 3
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 1265.00 +35.00 Unquoted – –
Jan/Feb/Mar 1215.00 +30.00 Unquoted – –
Apr/May/Jun 1095.00 +10.00 Unquoted – –
Jul/Aug/Seep 1035.00 +10.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Dec 1270.00 +35.00 Unquoted – –
Jan/Feb/Mar 1220.00 +30.00 Unquoted – –
Apr/May/Jun 1100.00 +10.00 Unquoted – –
Jul/Aug/Sep 1040.00 +10.00 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Dec 1230.00 +20.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Dec 1040.00 +30.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Dec 5,380.00 +100.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Dec 513.00 +05.00 Unquoted – –
($1=MYR4.465)

DJ China Dalian Grain Futures Closing Prices, Volume – Dec 03
Soybean No. 1
Turnover: 124,742 lots, or 4.86 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jan-25 3,888 3,900 3,869 3,887 3,904 3,885 -19 87,201 154,342
Mar-25 3,903 3,903 3,873 3,886 3,908 3,886 -22 3,952 30,076
May-25 3,912 3,920 3,894 3,906 3,926 3,908 -18 29,367 77,498
Jul-25 3,959 3,959 3,927 3,937 3,953 3,942 -11 2,371 8,813
Sep-25 3,989 3,989 3,956 3,968 3,984 3,970 -14 1,842 14,595
Nov-25 3,990 3,995 3,976 3,989 4,006 3,987 -19 9 93
Corn
Turnover: 1,005,530 lots, or 21.62 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jan-25 2,134 2,136 2,113 2,127 2,150 2,123 -27 641,816 875,099
Mar-25 2,145 2,160 2,140 2,155 2,179 2,150 -29 122,333 413,860
May-25 2,223 2,223 2,200 2,215 2,234 2,210 -24 183,963 449,022
Jul-25 2,247 2,249 2,229 2,243 2,263 2,239 -24 40,793 126,493
Sep-25 2,270 2,273 2,251 2,260 2,283 2,259 -24 13,683 33,082
Nov-25 2,254 2,259 2,242 2,250 2,270 2,248 -22 2,942 9,843
Soymeal
Turnover: 1,768,018 lots, or 49.33 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Dec-24 – – – 2,875 2,875 2,875 0 254 1,626
Jan-25 2,900 2,900 2,833 2,857 2,885 2,861 -24 275,937 773,890
Mar-25 2,871 2,878 2,826 2,847 2,876 2,850 -26 51,822 309,650
May-25 2,780 2,788 2,737 2,757 2,786 2,760 -26 1,242,029 2,378,924
Jul-25 2,784 2,787 2,742 2,759 2,786 2,761 -25 28,847 210,477
Aug-25 2,891 2,897 2,851 2,869 2,896 2,869 -27 13,677 131,567
Sep-25 2,896 2,901 2,854 2,873 2,899 2,874 -25 137,389 511,476
Nov-25 2,911 2,915 2,870 2,889 2,915 2,890 -25 18,063 123,099
Palm Oil
Turnover: 1,518,031 lots, or 15.20 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Dec-24 10,230 10,290 10,230 10,290 10,322 10,274 -48 464 1,190
Jan-25 10,178 10,440 10,158 10,428 10,224 10,254 30 1,121,681 490,218
Feb-25 10,054 10,264 9,990 10,258 10,078 10,100 22 22,784 22,303
Mar-25 9,798 10,004 9,744 9,998 9,848 9,852 4 6,729 9,231
Apr-25 9,526 9,732 9,472 9,722 9,598 9,602 4 867 847
May-25 9,242 9,424 9,200 9,420 9,346 9,286 -60 351,679 307,980
Jun-25 9,002 9,158 8,968 9,158 9,130 9,032 -98 77 456
Jul-25 8,830 8,962 8,764 8,962 8,934 8,842 -92 166 410
Aug-25 8,658 8,786 8,604 8,758 8,766 8,712 -54 51 99
Sep-25 8,500 8,630 8,442 8,616 8,586 8,510 -76 13,432 33,204
Oct-25 8,374 8,476 8,326 8,476 8,470 8,390 -80 38 312
Nov-25 8,298 8,360 8,244 8,346 8,402 8,304 -98 63 102
Soybean Oil
Turnover: 698,981 lots, or 55.62 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Dec-24 – – – 8,246 8,246 8,246 0 54 3,849
Jan-25 8,068 8,116 8,002 8,058 8,172 8,058 -114 310,447 327,180
Mar-25 8,056 8,066 7,946 8,004 8,130 8,006 -124 5,860 18,865
May-25 7,930 7,944 7,826 7,888 8,008 7,886 -122 353,967 525,651
Jul-25 7,786 7,794 7,696 7,752 7,846 7,746 -100 766 2,858
Aug-25 7,798 7,798 7,718 7,766 7,844 7,766 -78 155 518
Sep-25 7,768 7,770 7,682 7,742 7,818 7,732 -86 27,692 58,732
Nov-25 7,750 7,750 7,668 7,718 7,794 7,712 -82 40 133
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