Grains Report 12/24/2024

DJ USDA Grain Inspections for Export in Metric Tons – Dec 23
WA_GR101
Washington, DC Mon Dec 23, 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 DEC 19, 2024
— METRIC TONS —
————————————————————————-
CURRENT PREVIOUS
———– WEEK ENDING ———- MARKET YEAR MARKET YEAR
GRAIN 12/19/2024 12/12/2024 12/21/2023 TO DATE TO DATE
BARLEY 699 0 0 7,909 1,614
CORN 1,122,861 1,141,768 1,227,239 14,435,547 11,380,591
FLAXSEED 0 24 0 264 0
MIXED 24 0 0 73 24
OATS 0 0 0 148 3,794
RYE 0 0 0 0 72
SORGHUM 48,914 147,320 260,705 1,355,692 1,956,487
SOYBEANS 1,747,037 1,695,935 1,119,363 26,998,906 22,301,265
SUNFLOWER 0 0 0 0 4,109
WHEAT 403,719 300,889 473,007 11,943,285 9,387,769
Total 3,323,254 3,285,936 3,080,314 54,741,824 45,035,725
————————————————————————-
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

WHEAT
General Comments: The markets were higher as short covering from speculators wa seen. World Wheat demand has been strong with Saudi Arabia buying over 800,000 tons of optional origin Wheat as tender results were announced early this week that likely to come from Russia, Europe, and perhaps South America. There has not been much demand in world markets for US Wheat. 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 to firm prices quoted in Russia and steady prices Argentina were around and helped keep the US market mostly 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 to down. Support is at 528, 522, and 516 March, with resistance at 550, 554, and 561 March. Trends in Kansas City are mixed to down. Support is at 541, 535, and 528 March, with resistance at 557, 566, and 571 March. Trends in Minneapolis are mixed to down. Support is at 579, 572, and 566 March, and resistance is at 602, 606, and 6 March.

RICE:
General Comments: Rice started the day sharply lower on what appeared to be liquidation selling by market longs, then recovered the losses to trade a little higher late in the day. Commercials and speculators seemed to be on both sides of the market. The trends are down on the daily charts. Generally weak Asian prices are still reported. Brazil prices remain strong and well above US prices but the difference is now less to world buyers as the Real is much lower against the US Dollar.
Overnight News:
Chart Analysis: Trends are down. Support is at 1394, 1369, and 1356 January and resistance is at 1439, 1457, and 1486 January.

CORN AND OATS
General Comments: Corn closed higher yesterday on what appeared to be new buying tied to stronger weekly export inspections. 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. Oats were lower.
Overnight News:
Chart Analysis: Trends in Corn are mixed. Support is at 441, 436, and 431 March, and resistance is at 448, 452, and 458 March. Trends in Oats are mixed. Support is at 339, 324, and 320 March, and resistance is at 350, 356, and 364 March.

SOYBEANS
General Comments: Soybeans and Soybean Meal closed lower yesterday despite a very strong weekly export inspections reports for Soybeans. Meal was weaker on spreads against Soybean Oil and posted a reversal on the weekly charts. Supplies are very large now and look to get even bigger with the coming South American harvest. Talk that President Trump wants to stop the use of bio fuels as part of his war on the green economy hurt demand ideas for Soybean Oil. The tariffs that Trump plans to impose could be a 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. Demand has been very strong so far this year, in part as many buyers try to get bought ahead of any new tariffs that the Trump administration might impose. Even so, supplies are very large and ending stocks projections for the USDA WASDE reports are a burden for prices.
Overnight News:
Analysis: Trends in Soybeans are mixed. Support is at 945, 938, and 926 January, and resistance is at 989, 1003, and 1014 January. Trends in Soybean Meal are mixed. Support is at 285.00, 278.00, and 272.00 January, and resistance is at 299.00, 304.00, and 309.00 January. Trends in Soybean Oil are down. Support is at 3880, 3780, and 3720 January, with resistance at 4100, 4200, and 4350 January.

PALM OIL AND CANOLA
General Comments: Palm Oil was a little higher today. Demand from China has not been good and demand from India has been reduced. Ideas of weaker production caused by too much rain and reports of good demand provided support. Chart trends are down. Canola was higher. The charts show that a low has been completed but that the rally off the lows has run out for now. Prices tested the breakout area higher and held last week, so the uptrend might be starting again. 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 down. Support is at 600.00, 584.00, and 577.00 January, with resistance at 619.00, 626.00, and 633.00 January. Trends in Palm Oil are mixed to down. Support is at 4290, 4170, and 4070 March, with resistance at 4540, 4650, and 4770 March.

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

DJ Malaysian PM Cash Market Prices for Palm Oil – Dec 24
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
Jan 1175.00 +10.00 Unquoted – –
Feb 1130.00 00.00 Unquoted – –
Mar 1120.00 00.00 Unquoted – –
Apr/May/Jun 1030.00 -02.50 Unquoted – –
Jul/Aug/Sep 1000.00 -07.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Jan 1180.00 +10.00 Unquoted – –
Feb 1135.00 00.00 Unquoted – –
Mar 1125.00 00.00 Unquoted – –
Apr/May/Jun 1035.00 -02.50 Unquoted – –
Jul/Aug/Sep 1005.00 -07.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Jan 1170.00 +10.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Jan 990.00 +10.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jan 5,000.00 +40.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jan 489.00 +01.00 Unquoted – –
($1=MYR4.486)

DJ China Dalian Grain Futures Closing Prices, Volume – Dec 24
Soybean No. 1
Turnover: 145,324 lots, or 5.57 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jan-25 3,757 3,786 3,757 3,784 3,764 3,767 3 26,284 31,194
Mar-25 3,798 3,812 3,789 3,812 3,796 3,799 3 11,094 43,646
May-25 3,854 3,874 3,837 3,874 3,838 3,854 16 101,902 181,039
Jul-25 3,864 3,888 3,853 3,888 3,858 3,867 9 3,951 10,647
Sep-25 3,886 3,910 3,878 3,910 3,880 3,895 15 2,042 16,689
Nov-25 3,904 3,924 3,897 3,919 3,899 3,916 17 51 277
Corn
Turnover: 734,815 lots, or 15.86 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jan-25 2,069 2,074 2,059 2,070 2,072 2,065 -7 78,998 159,727
Mar-25 2,101 2,111 2,093 2,107 2,106 2,100 -6 116,915 545,351
May-25 2,182 2,193 2,173 2,189 2,186 2,181 -5 490,615 1,060,195
Jul-25 2,215 2,226 2,207 2,223 2,221 2,215 -6 39,089 197,716
Sep-25 2,231 2,237 2,222 2,233 2,236 2,228 -8 7,065 50,143
Nov-25 2,213 2,218 2,205 2,213 2,217 2,210 -7 2,133 17,206
Soymeal
Turnover: 1,350,956 lots, or 35.97 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jan-25 2,801 2,848 2,801 2,848 2,810 2,829 19 59,391 80,920
Mar-25 2,800 2,827 2,791 2,809 2,797 2,811 14 76,847 357,414
May-25 2,617 2,632 2,609 2,628 2,627 2,621 -6 1,027,395 2,574,207
Jul-25 2,618 2,638 2,615 2,631 2,633 2,627 -6 17,526 239,719
Aug-25 2,767 2,779 2,756 2,775 2,777 2,769 -8 6,915 142,373
Sep-25 2,776 2,787 2,762 2,785 2,788 2,776 -12 132,390 807,602
Nov-25 2,801 2,811 2,787 2,807 2,815 2,799 -16 21,475 202,145
Dec-25 2,902 2,903 2,860 2,872 2,913 2,875 -38 9,017 12,823
Palm Oil
Turnover: 950,319 lots, or 83.90 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jan-25 9,690 9,692 9,584 9,686 9,434 9,642 208 38,832 45,450
Feb-25 9,520 9,568 9,420 9,560 9,298 9,504 206 15,442 20,452
Mar-25 9,310 9,330 9,216 9,318 9,134 9,288 154 6,865 15,602
Apr-25 9,076 9,094 8,976 9,070 8,916 9,038 122 537 1,262
May-25 8,844 8,848 8,736 8,822 8,694 8,790 96 864,849 463,204
Jun-25 8,648 8,648 8,558 8,612 8,560 8,606 46 117 605
Jul-25 8,494 8,508 8,422 8,472 8,406 8,462 56 131 598
Aug-25 8,366 8,366 8,316 8,352 8,300 8,340 40 9 148
Sep-25 8,308 8,320 8,218 8,298 8,230 8,274 44 23,490 59,827
Oct-25 8,208 8,224 8,172 8,206 8,150 8,200 50 16 419
Nov-25 8,158 8,182 8,120 8,160 8,110 8,150 40 28 183
Dec-25 8,142 8,156 8,142 8,152 8,082 8,150 68 3 44
Soybean Oil
Turnover: 424,246 lots, or 32.28 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jan-25 7,652 7,724 7,644 7,700 7,620 7,682 62 24,754 41,662
Mar-25 7,694 7,738 7,664 7,714 7,640 7,700 60 3,409 21,806
May-25 7,612 7,648 7,572 7,634 7,554 7,610 56 360,685 674,200
Jul-25 7,542 7,562 7,502 7,552 7,488 7,532 44 1,079 6,897
Aug-25 7,582 7,596 7,544 7,570 7,516 7,560 44 54 565
Sep-25 7,566 7,576 7,514 7,570 7,508 7,544 36 34,218 120,193
Nov-25 7,590 7,602 7,544 7,588 7,538 7,582 44 34 951
Dec-25 7,658 7,668 7,650 7,660 7,620 7,658 38 13 152
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