Grains Report 12/06/2024

DJ Canadian Grain Handling Summary – Dec 6
WINNIPEG — The following are Canadian grain handling summary statistics
for week ended Dec. 1, 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 2439.0 636.2 288.7 357.7 29.2 1326.0 329.9 194.4 6751.2
Week Ago 2366.8 722.4 337.1 355.2 43.0 1348.6 317.9 188.1 6952.0
Year Ago 2843.9 562.9 329.5 471.5 49.7 1144.8 409.2 244.6 7284.4
PRODUCER DELIVERIES
This Week 543.3 149.7 57.8 76.1 1.9 284.2 31.2 14.0 1217.8
Week Ago 466.3 138.7 37.5 73.8 1.8 333.5 33.2 17.3 1186.2
To Date 8218.5 2099.1 946.6 1459.6 42.2 6998.4 1509.4 198.5 23389.7
Year Ago 8410.7 1320.6 724.8 1585.2 46.3 5593.7 1177.4 175.3 20907.8
TERMINAL RECEIPTS
This Week 362.9 120.1 32.1 46.4 0.0 168.9 27.5 69.5 1048.6
Week Ago 486.9 170.8 16.6 42.4 2.9 192.9 18.7 64.1 1398.7
To Date 8562.7 1912.0 200.3 911.7 14.5 4139.2 1166.3 488.3 21270.5
Year Ago 9047.5 1274.9 221.9 805.8 0.0 2456.6 778.4 250.2 18433.9
EXPORTS
This Week 478.5 152.5 87.8 67.0 14.7 193.4 12.2 58.4 1539.0
Week Ago 544.3 150.6 12.9 30.5 0.2 130.9 13.0 69.1 1101.8
To Date 6911.0 1497.6 538.6 867.0 27.7 3888.3 1166.0 510.5 18305.4
Year Ago 6900.7 925.9 569.1 774.0 16.3 2026.7 775.6 224.4 14326.1
DOMESTIC DISAPPEARANCE
This Week 135.4 3.7 31.3 26.2 1.3 164.3 5.1 19.6 420.8
Week Ago 52.9 14.4 8.3 28.5 0.8 245.2 5.3 21.7 449.8
To Date 1868.3 242.5 326.2 485.1 15.7 3895.4 82.7 390.8 8087.2
Year Ago 1996.2 180.8 292.3 492.6 20.9 3475.1 63.0 432.9 7831.8
*Totals include data from other crops not shown including rye, soybeans,
canaryseed, mustard seed, beans, lentils and chickpeas.
Source: MarketsFarm (news@marketsfarm.com, 204-414-9084)

DJ CBOT Delivery Intentions: Totals – Dec 6
Source: CME Group
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
SOYBEAN MEAL December Dec 09, 2024 50 Nov 29, 2024
OATS December Dec 09, 2024 3 Dec 2, 2024
WHEAT December Dec 09, 2024 7 Nov 29, 2024

DJ Food Prices Rise in November, UN Says
By Giulia Petroni
Food prices continued to rise in November, driven by vegetable oils and dairy, the Food and Agriculture Organization of the United Nations said on Friday.
The FAO’s food price index, which tracks global prices for a basket of staple foods, averaged 127.5 points in November, up 0.5% from October’s level and 5.7% higher on year. The index stands at its highest level since April 2023.

WHEAT
General Comments: The markets were higher yesterday. 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. 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. Wheat farmers in the US can plant the Winter crops under good conditions. Australia has seen to much rain recently that has downgraded abut 4.0 million tons of production to feed instead of food. Australia still has a very big crop to sll into world markets.
Overnight News:
Chart Analysis: Trends in Chicago are mixed. Support is at 536, 530, and 5324 March, with resistance at 563, 571, and 577 March. Trends in Kansas City are mixed. Support is at 535, 529, and 523 March, with resistance at 566, 577, and 591 March. Trends in Minneapolis are mixed. Support is at 585, 578, and 572 March, and resistance is at 602, 608, and 613 March.

RICE:
General Comments: Rice closed lower. The trends are still 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 1486, 1481, and 1457 January and resistance is at 1538, 1544, and 1558 January.

CORN AND OATS
General Comments: Corn closed higher yesterday as the US harvest wraps up and as demand remains strong. The weekly export sales report showed strong sales. 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 in the last week. Trading volumes are down and it feels like the holiday market is already here. Oats were lower. 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, 355, and 351 March, and resistance is at 384, 394, and 406 March.

SOYBEANS
General Comments: Soybeans and Soybean Oil were higher yesterday as ideas of big south American production potential of Soybeans continue. The weekly export sales report was strong. Soybean Meal was lower on spreading against Soybean Oil. 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 this year has hurt US production ideas due to ideas of small and very dry beans in the pods. Soybeans are 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: China bought 136,000 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 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 a little lower today in consolidation trading and after pushing to new highs for the move. Demand from China has not been good, but demand from India has been seasonally strong. 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. 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 577.00, 568.00, and 554.00 January, with resistance at 596.00, 601.00, and 609.00 January. Trends in Palm Oil are mixed to up Support is at 4990, 4930, and 4800 February, with resistance at 5200, 5260, and 5320 February.

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

DJ Malaysian PM Cash Market Prices for Palm Oil – Dec 6
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
Dec 1275.00 -05.00 Unquoted – –
Jan/Feb/Mar 1230.00 -05.00 Unquoted – –
Apr/May/Jun 1112.50 00.00 Unquoted – –
Jul/Aug/Sep 1050.00 +05.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Dec 1280.00 -05.00 Unquoted – –
Jan/Feb/Mar 1235.00 -05.00 Unquoted – –
Apr/May/Jun 1117.50 00.00 Unquoted – –
Jul/Aug/Sep 1055.00 +05.00 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Dec 1260.00 +02.50 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Dec 1060.00 +07.50 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Dec 5,380.00 -20.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Dec 515.00 -06.00 Unquoted – –
($1=MYR4.4175)

DJ China Dalian Grain Futures Closing Prices, Volume – Dec 06
Soybean No. 1
Turnover: 105,271 lots, or .41 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jan-25 3,850 3,869 3,842 3,866 3,840 3,856 16 68,859 142,763
Mar-25 3,836 3,862 3,833 3,856 3,832 3,847 15 8,104 31,146
May-25 3,858 3,883 3,854 3,879 3,857 3,868 11 26,510 82,072
Jul-25 3,885 3,908 3,881 3,905 3,883 3,892 9 816 8,692
Sep-25 3,912 3,935 3,909 3,933 3,910 3,921 11 972 14,399
Nov-25 3,942 3,946 3,926 3,944 3,925 3,935 10 10 133
Corn
Turnover: 981,407 lots, or 20.84 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jan-25 2,100 2,107 2,076 2,089 2,071 2,091 20 589,063 733,746
Mar-25 2,128 2,135 2,106 2,118 2,100 2,120 20 117,280 445,053
May-25 2,198 2,205 2,170 2,184 2,169 2,187 18 226,354 529,567
Jul-25 2,227 2,236 2,203 2,214 2,199 2,220 21 27,614 138,234
Sep-25 2,242 2,247 2,215 2,228 2,211 2,229 18 10,441 40,191
Nov-25 2,228 2,237 2,201 2,210 2,205 2,213 8 10,655 12,615
Soymeal
Turnover: 1,681,783 lots, or 45.57 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Dec-24 2,792 2,821 2,792 2,821 2,774 2,802 28 24 416
Jan-25 2,790 2,843 2,788 2,824 2,794 2,819 25 288,305 660,882
Mar-25 2,772 2,809 2,772 2,782 2,780 2,788 8 56,717 319,334
May-25 2,658 2,671 2,647 2,656 2,672 2,660 -12 1,080,277 2,463,297
Jul-25 2,663 2,675 2,654 2,665 2,677 2,666 -11 22,593 218,990
Aug-25 2,776 2,794 2,767 2,790 2,789 2,782 -7 19,087 135,650
Sep-25 2,780 2,799 2,770 2,796 2,794 2,785 -9 173,192 581,230
Nov-25 2,796 2,817 2,785 2,812 2,810 2,803 -7 41,588 132,903
Palm Oil
Turnover: 1,591,266 lots, or 15.93 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Dec-24 – – – 10,286 10,286 10,286 0 0 990
Jan-25 10,302 10,316 10,158 10,226 10,268 10,224 -44 1,093,999 373,656
Feb-25 10,228 10,252 10,142 10,198 10,184 10,186 2 21,939 25,834
Mar-25 10,002 10,042 9,934 10,026 9,950 9,994 44 6,969 11,027
Apr-25 9,770 9,820 9,712 9,814 9,724 9,772 48 717 1,030
May-25 9,522 9,604 9,454 9,600 9,454 9,532 78 448,967 389,183
Jun-25 9,274 9,358 9,226 9,346 9,200 9,306 106 158 501
Jul-25 9,046 9,132 9,018 9,114 9,000 9,074 74 119 406
Aug-25 8,854 8,916 8,828 8,916 8,814 8,866 52 20 91
Sep-25 8,690 8,748 8,636 8,740 8,630 8,688 58 18,317 41,746
Oct-25 8,526 8,570 8,484 8,570 8,464 8,534 70 22 309
Nov-25 8,402 8,414 8,352 8,412 8,344 8,390 46 39 109
Soybean Oil
Turnover: 639,576 lots, or 5.06 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Dec-24 – – – 8,020 8,020 8,020 0 0 2,122
Jan-25 8,044 8,060 7,958 8,016 8,006 8,014 8 127,495 276,791
Mar-25 8,012 8,016 7,924 7,978 7,950 7,972 22 2,980 19,075
May-25 7,914 7,932 7,832 7,896 7,868 7,890 22 482,423 568,337
Jul-25 7,780 7,806 7,718 7,784 7,734 7,768 34 774 3,780
Aug-25 7,802 7,850 7,766 7,822 7,776 7,818 42 103 607
Sep-25 7,804 7,832 7,738 7,810 7,750 7,792 42 25,784 77,824
Nov-25 7,806 7,806 7,714 7,782 7,714 7,748 34 17 127
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