Grains Report 11/01/2024

DJ CBOT Delivery Intentions: Totals – Nov 1
Source: CME Group
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
SOYBEAN November Nov 04, 2024 97 Oct 09, 2024

WHEAT
General Comments: The markets were lower yesterday on forecasts for very beneficial rains for the Great Plains and Midwest and reports of weaker offers in Russia. The rains will allow Wheat farmers to plant the Winter crops. The US Dollar was lower. Little to no rain has been a problem with Winter Wheat planting in the US but that is starting to change. Ideas are that the Great Plains are too hot and dry for best Wheat development are still around as the Winter crop gets planted. It is also hot and dry in western Canada. Both areas could get better rain in the next two weeks. Cash markets in Russia were lower as production estimates remain lower and two regions have been declared a farming emergency due to the hot and dry weather.
Overnight News:
Chart Analysis: Trends in Chicago are mixed. Support is at 556, 544, and 538 December, with resistance at 589, 595, and 598 December. Trends in Kansas City are mixed to down. Support is at 561, 556, and 549 December, with resistance at 583, 593, and 603 December. Trends in Minneapolis are mixed. Support is at 595, 586, and 580 December, and resistance is at 617, 624, and 632 December.

RICE:
General Comments: Rice closed mixed yesterday and trends are now down on the daily charts. The US Dollar was higher and this hurt demand ideas. Lower Asian prices are still reported. Brazil prices remain strong and well above US prices. The US weather has been an issue much of the growing season with too much rain early in the year. The harvest is over for most US producers.
Overnight News:
Chart Analysis: Trends are mixed. Support is at 1464, 1452, and 1440 January and resistance is at 1490, 1503, and 1513 January.

CORN AND OATS
General Comments: Corn closed a little lower as demand remains strong. The weekly export sales report showed less sales from last week, but the sales were still strong. There were no new demand announcements made yesterday but the demand in recent weeks have been very strong. The US Dollar was a little higher. Oats were higher. The harvest is winding down, but is still active and yield reports in general have been strong. It remains very dry in the Midwest to promote the very active harvest progress. The harvest will be complete in two weeks or less. Some rain is in the forecast for later this week. Corn is being harvested with dry grain. The Corn is often well below 12% moisture level and this could cost some yield at the end of the day. Crop conditions in southern Brazil and Argentina with reports of ample moisture in southern Brail and report of improving moisture levels in Argentina.
Overnight News: Mexico bought 781,322 tons of US Corn.
Chart Analysis: Trends in Corn are mixed. Support is at 408, 399, and 397 December, and resistance is at 418, 424, and 428 September. Trends in Oats are up. Support is at 390, 381, and 374 December, and resistance is at 406, 412, and 415 December.

SOYBEANS
General Comments: Soybeans and Soybean Oil were mostly higher yesterday as demand news was seen and on ideas that the US government is about to announce new limits on biofuels production that could greatly increase the demand for Soybean Oil. The US Dollar was a little higher. 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 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 moving through Corn. Soybeans ae often harvested at moisture levels below 10% this year. Rains are now in the forecast for next week. Central and northern Brazil rains will stick around as it looks like the rainy season is now underway. Soils are in much better shape in southern Brazil and Argentina.
Overnight News: India bought 30,000 tons of US Soybean Oil. China bought 132,000 tons of US Soybeans and unknown destinations bought 198,000 tons of US Soybeans.
Analysis: Trends in Soybeans are down. Support is at 977, 974, and 962 January, and resistance is at 1003, 1018, and 1030 January. Trends in Soybean Meal are mixed to down. Support is at 294.00, 288.00, and 285.00 December, and resistance is at 309.00, 312.00, and 323.00 December. Trends in Soybean Oil are up. Support is at 4350, 4260, and 4140 December, with resistance at 4560, 4670, and 4780 December.

PALM OIL AND CANOLA
General Comments: Palm Oil was higher. There are ideas of weaker production to go along with the reports of good demand. Canola was higher along with Soybean Oil on ideas that the US government will soon increase demand for biofuels and therefore vegetable oils.
Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 635.00, 623.00, and 605.00 January, with resistance at 658.00, 673.00, and 685.00 January. Trends in Palm Oil are up. Support is at 4590, 4480, and 4370 January, with resistance at 4720, 4780, and 4840 January.

DJ Malaysia Oct. 1-31 Palm Oil Exports Rose 13.7% on Month to 1,581,118 Tons, AmSpec Says
By Ying Xian Wong
Malaysia’s palm oil exports during the Oct. 1-31 period are estimated up 13.7% on month at 1,581,118 metric tons, cargo surveyor AmSpec Agri Malaysia said Friday.
The following are the major items in the AmSpec estimate:
(All figures in metric tons)
Oct. 1-31 Sept. 1-30
RBD Palm Olein 292,218 313,487
RBD Palm Oil 177,007 235,853
RBD Palm Stearin 131,142 103,568
Crude Palm Oil 459,843 286,830
Total* 1,581,118 1,390,806
*Palm oil product volumes don’t add up to total as some products aren’t included.

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

DJ Malaysian PM Cash Market Prices for Palm Oil – Nov 1
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
Nov 1182.50 +42.50 Unquoted – –
Dec 1170.00 +40.00 Unquoted – –
Jan/Feb/Mar 1145.00 +40.00 Unquoted – –
Apr/May/Jun 1082.50 +32.50 Unquoted – –
Jul/Aug/Seep 1035.00 +35.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Nov 1187.50 +42.50 Unquoted – –
Dec 1175.00 +40.00 Unquoted – –
Jan/Feb/Mar 1150.00 +40.00 Unquoted – –
Apr/May/Jun 1087.50 +32.50 Unquoted – –
Jul/Aug/Sep 1040.00 +35.00 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Nov 1170.00 +45.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Nov 980.00 +27.50 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Nov 4,980.00 +180.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Nov 434.00 +13.00 Unquoted – –
($1=MYR4.382)

Questions? Ask Jack Scoville today at 312-264-4322