About The Author

Jack Scoville

Jack Scoville is an often quoted market analyst in the grain and soft commodities sectors. You will find his commentary throughout the Reuters, Wall Street Journal, Dow Jones, Bloomberg, and Barron's publications. Contact Mr. Scoville at (312) 264-4322

DJ CBOT Delivery Intentions: Totals – Dec 13
Source: CME Group
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
SOYBEAN MEAL December Dec 16, 2024 126 Dec 12, 2024
SOYBEAN OIL December Dec 16, 2024 122 Nov 22, 2024
CORN December Dec 16, 2024 107 Dec 12, 2024
KC HRW WHEAT December Dec 16, 2024 14 Dec 12, 2024
WHEAT December Dec 16, 2024 8 Dec 11, 2024
MINI-SIZED WHEAT December Dec 16, 2024 35 Nov 26, 2024

WHEAT
General Comments: The markets were lower yesterday in all three markets after USDA showed poor export demand in the weekly reports. 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 steady prices quoted in Russia and Argentina were around and helped keep the US market steady in current ranges. Wheat farmers in the US planted the Winter crops under good conditions. Australia has seen too much rain recently that has downgraded Wheat quality, but Australia still has a very big crop to sell into world markets.
Overnight News:
Chart Analysis: Trends in Chicago are mixed. Support is at 553, 550, and 543 March, with resistance at 571, 577, and 584 March. Trends in Kansas City are mixed. Support is at 551, 544, and 535 March, with resistance at 577, 591, and 597 March. Trends in Minneapolis are mixed. Support is at 593, 586, and 585 March, and resistance is at 613, 625, and 634 March.

RICE:
General Comments: Rice closed a little lower again yesterday and the holiday market seems to be underway. The trends are still mixed on the charts. Generally weak Asian prices are still reported. Brazil prices remain strong and well above US prices.
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 lower yesterday as the US export demand was a little less in the weekly reports. Farmers were sellers along with speculators. 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. Oats were higher.
Overnight News:
Chart Analysis: Trends in Corn are mixed to up. Support is at 442, 436, and 431 March, and resistance is at 452, 455, and 488 March. Trends in Oats are mixed to down. Support is at 348, 339, and 332 March, and resistance is at 370, 374, and 376 March.

SOYBEANS
General Comments: Soybeans and Soybean Oil were slightly higher on strong weekly and daily export sales. 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 have planted 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: Unknown destinations bought 200,000 tons of US Soybeans.
Analysis: Trends in Soybeans are mixed to down. Support is at 974, 968, and 962 January, and resistance is at 1003, 1014, and 1020 January. Trends in Soybean Meal are mixed. Support is at 284.00, 281.00, and 278.00 January, and resistance is at 294.00, 299.00, and 304.00 January. Trends in Soybean Oil are mixed to up. Support is at 4100, 4070, and 3960 January, with resistance at 4350, 4450, and 4640 January.

PALM OIL AND CANOLA
General Comments: Palm Oil was a little lower today on light volume selling seen before the weekend. 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 a little lower on reports of speculative profit taking on long positions. The charts show that a low has been completed in recent days. The harvest is over in Canada and the crops are locked away in the bin. Producers will try to wait for higher prices before selling much, especially with the cold weather in place now.
Overnight News:
Chart Analysis: Trends in Canola are up. Support is at 596.00, 585.00, and 577.00 January, with resistance at 626.00, 633.00, and 643.00 January. Trends in Palm Oil are mixed to up Support is at 4800, 4740, and 4630 February, with resistance at 5020, 5080, and 5180 February.

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

DJ Malaysian PM Cash Market Prices for Palm Oil – Dec 13
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 1232.50 -12.50 Unquoted – –
Jan/Feb/Mar 1182.50 -12.50 Unquoted – –
Apr/May/Jun 1085.00 -10.00 Unquoted – –
Jul/Aug/Sep 1027.50 -17.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Dec 1237.50 -12.50 Unquoted – –
Jan/Feb/Mar 1187.50 -12.50 Unquoted – –
Apr/May/Jun 1090.00 -10.00 Unquoted – –
Jul/Aug/Sep 1032.50 -17.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Dec 1212.50 -07.50 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Dec 1022.50 -07.50 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Dec 5,200.00 -60.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Dec 506.00 -03.00 Unquoted – –
($1=MYR4.45)

DJ China Dalian Grain Futures Closing Prices, Volume – Dec 13
Soybean No. 1
Turnover: 149,122 lots, or 5.75 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jan-25 3,853 3,866 3,827 3,842 3,845 3,849 4 86,987 107,458
Mar-25 3,865 3,871 3,832 3,854 3,857 3,856 -1 10,722 33,823
May-25 3,863 3,876 3,840 3,854 3,868 3,860 -8 49,034 104,392
Jul-25 3,899 3,904 3,870 3,883 3,897 3,891 -6 1,044 9,113
Sep-25 3,925 3,934 3,900 3,912 3,925 3,918 -7 1,323 15,223
Nov-25 3,946 3,949 3,922 3,930 3,943 3,934 -9 12 135
Corn
Turnover: 854,691 lots, or 18.44 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jan-25 2,112 2,119 2,101 2,115 2,119 2,110 -9 354,489 459,925
Mar-25 2,143 2,146 2,128 2,144 2,147 2,136 -11 128,173 506,654
May-25 2,212 2,216 2,196 2,214 2,217 2,206 -11 326,509 738,927
Jul-25 2,245 2,247 2,227 2,246 2,247 2,237 -10 35,085 155,024
Sep-25 2,252 2,256 2,237 2,254 2,256 2,247 -9 6,866 46,935
Nov-25 2,230 2,236 2,219 2,236 2,235 2,228 -7 3,569 13,986
Soymeal
Turnover: 2,022,492 lots, or 54.40 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Dec-24 – – – 2,829 2,802 2,829 27 0 0
Jan-25 2,846 2,885 2,840 2,873 2,846 2,863 17 250,235 408,728
Mar-25 2,793 2,843 2,786 2,810 2,786 2,810 24 132,027 340,614
May-25 2,646 2,650 2,616 2,642 2,647 2,636 -11 1,428,147 2,587,746
Jul-25 2,657 2,657 2,621 2,643 2,657 2,638 -19 34,844 235,468
Aug-25 2,791 2,793 2,763 2,791 2,789 2,779 -10 14,224 142,167
Sep-25 2,796 2,803 2,772 2,801 2,794 2,789 -5 139,089 678,435
Nov-25 2,819 2,827 2,795 2,824 2,815 2,815 0 23,926 161,251
Palm Oil
Turnover: 1,129,940 lots, or 10.65 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Dec-24 – – – 10,284 10,320 10,284 -36 0 0
Jan-25 9,980 10,012 9,914 9,986 9,936 9,964 28 250,520 239,502
Feb-25 9,868 9,910 9,792 9,876 9,828 9,862 34 15,799 24,941
Mar-25 9,712 9,768 9,632 9,726 9,658 9,708 50 6,864 13,205
Apr-25 9,492 9,550 9,426 9,494 9,432 9,492 60 738 1,115
May-25 9,280 9,334 9,196 9,266 9,216 9,268 52 836,439 444,859
Jun-25 9,054 9,108 9,012 9,082 9,026 9,070 44 88 582
Jul-25 8,878 8,954 8,828 8,886 8,870 8,896 26 108 466
Aug-25 8,686 8,760 8,686 8,752 8,750 8,732 -18 3 141
Sep-25 8,590 8,666 8,536 8,604 8,586 8,602 16 19,331 37,358
Oct-25 8,424 8,508 8,400 8,468 8,470 8,438 -32 23 414
Nov-25 8,334 8,406 8,300 8,360 8,362 8,350 -12 27 149
Soybean Oil
Turnover: 496,293 lots, or 39.44 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Dec-24 – – – 8,186 8,084 8,186 102 0 0
Jan-25 8,076 8,088 8,000 8,018 8,086 8,038 -48 69,898 167,510
Mar-25 8,052 8,052 7,970 7,990 8,062 7,998 -64 4,699 21,529
May-25 7,974 7,992 7,886 7,910 8,006 7,934 -72 406,201 631,900
Jul-25 7,852 7,862 7,778 7,794 7,880 7,814 -66 1,295 5,637
Aug-25 7,872 7,880 7,826 7,828 7,908 7,854 -54 54 530
Sep-25 7,866 7,870 7,798 7,814 7,892 7,832 -60 14,136 89,819
Nov-25 7,834 7,836 7,802 7,802 7,860 7,820 -40 10 100
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