Photo by Kate Ibragimova on UnsplashWheatGeneral Comments: Wheat markets closed lower yesterday and trends are sideways in all three markets. The war in Ukraine continues with Russia still bombing Ukrainian ports near the Black Sea and Danube River and has been having success. Russia is still exporting and offering Wheat into the world market. Ukraine and the EU countries are offering as well and are getting new business. Demand has been poor for US Wheat as Russia production looks strong, but exports are expected to increase for the rest of the marketing year. Weather forecasts call for drier weather for Australia and Argentina, with production losses now expected for both countries. There are reports of some showers in both countries to raise production estimates slightly but not enough to bring production close to averages. It has been too wet in southern Brazil and much of the Wheat grown there is expected to be feed grade instead o milling grade.Overnight News: The southern Great Plains should get isolated showers. Temperatures should be above normal. Northern areas should see isolated showers. Temperatures will average above normal. The Canadian Prairies should see scattered showers. Temperatures should average above normal.Chart Analysis: Trends in Chicago are mixed. Support is at 569, 561, and 552 December, with resistance at 604, 606, and 640 December. Trends in Kansas City are mixed. Support is at 652, 646, and 633 December, with resistance at 688, 693, and 703 December. Trends in Minneapolis are mixed. Support is at 720, 711, and 708 December, and resistance is at 752, 777, and 791 December. RiceGeneral Comments: Rice closed mixed to lower yesterday on what appeared to be commercial and speculative selling. The harvest is almost over and less Rice is on offer from producers. The USDA reports showed little to get excited about either up or down in price. Yields are called average to below average in Texas and average so far in Arkansas as the harvest moves forward. The quality has been uneven with some crops affected by the extreme heat seen during the growing season. India will not allow Rice exports except for Basmati for now because of bad weather in some production areas. They have imposed export taxes o 20% on sales to keep the Rice in the country.Overnight News: The Delta should get isolated showers, mostly near the Gulf coast. Temperatures should be above normal.Chart Analysis: Trends are up with objectives of 1630 and 1710 November. Support is at 1600, 1590, and 1576 November and resistance is at 1629, 1637, and 1640 November.DJ USDA World Market Rice Prices – Oct 25
USDA today announced the prevailing world market prices
of milled and rough rice, adjusted for U.S. milling yields
and location, and the resulting marketing loan gain (MLG)
and loan deficiency payment LDP) rates. Source: USDA
—–World Price—– MLG/LDP Rate
Milled Value Rough Rough
($/cwt) ($/cwt) ($/cwt)
Long Grain 23.53 14.78 0.00
Medium/Short Grain 23.05 15.39 0.00
Brokens 14.23 —- —-
This week’s prevailing world market prices and MLG/LDP
rates are based on the following U.S. milling yields and
the corresponding loan rates:
U.S. Milling Yields Loan Rate
Whole/Broken ($/cwt)
(lbs/cwt)
Long Grain 53.50/15.38 7.00
Medium Grain/Short Grain 60.37/10.35 7.00 Corn And OatsGeneral Comments: Corn closed lower yesterday on what appeared to be speculative selling tied to forecasts for an improvement in the South American weather and on clear weather in the US to promote active harvest progress. The dry weather in the central Midwest of the US is expected to change with frequent rains through the end of the week. Trends are mixed in the market now. Oats closed higher. The US Corn harvest is continuing with good weather and yield reports showing good and bad results with no real trend evident. Farmers report no real sales of Corn as they wait for higher prices. Demand for US Corn in the world market has been very low and domestic demand has been weak due to reduced Cattle and other livestock production. Demand is increasing now. The Brazil Corn harvest is over and so export prices for Corn from Brazil are relatively cheap and Brazil is getting the business. That could change in the coming year is the growing conditions deteriorate in Brazil as is possible in an El Nino year. It is already hot and dry in central and northern Brazil and in Argentina. Southern Brazil is too wet. Conditions are expected to improve over the next couple of weeks as a few showers are expected for Argentina and central and northern Brazil. These will not be enough to save crops but could buy the crops a little time until better rains arrive, hopefully in the near future.Overnight News: Medico bought 117,200 tons of US Corn.Chart Analysis: Trends in Corn are mixed. Support is at 482, 479, and 474 December, and resistance is at 495, 507, and 509 December. Trends in Oats are mixed. Support is at 378, 369, and 367 December, and resistance is at 395, 401, and 410 December. SoybeansGeneral Comments: Soybeans and Soybean Meal were higher yesterday, but Soybean Oil were lower. Some buying was noted as Chinese representatives signed intentions to buy from the US at a ceremony held Monday afternoon. Brazil remains mostly hot and dry in northern areas and too wet in southern areas. Some showers are in the forecast for northern Bazil. Argentina is also dry. Yield results for the US new crop show that production and yields are above and below APH data with no real trend showing just yet. The data has been called disappointing to traders as production appears to be less than expected so far this crop year. Showers an rains are in the forecast for the rest of the week so harvest progress will be slower. Ideas are that the top end of the yield potential is gone and severe damage is becoming possible in some areas. Brazil is still selling a lot of Soybeans to China and other countries and reports indicate that the availability of Brazil Soybeans might be ramping down. The US sales to China have ramped up in the last month.Overnight News: China bought 126,000 tons of US Soybeans.Chart Analysis: Trends in Soybeans are mixed. Support is at 1281, 1270, and 1251 November, and resistance is at 1301, 1318, and 1332 November.Trends in Soybean Meal are up with objectives of 437.00 and 449.00 December. Support is at 425.00, 420.00, and 417.00 December, and resistance is at 435.00, 438.00, and 441.00 December. Trends in Soybean Oil are down with no objectives. Support is at 4990, 4900, and 4770 December, with resistance at 5210, 5270, and 5430 December. Canola And Palm OilGeneral Comments: Palm Oil was higher today speculative buying and stronger demand indications from India and China. Some say the market still needs to see less production coming. Traders still think that El Nino will cause big production problems down the road and are holding out hopes for rallies in the future, but supplies appear to be very strong for now. Canola closed lower again yesterday along with the price action in Chicago and trends are down in this market. Harvest has been active and speculators were selling.Overnight News:Chart Analysis: Trends in Canola are down with no objectives. Support is at 666.00, 660.00, and 654.00 November, with resistance at 691.00, 701.00, and 710.00 November. Trends in Palm Oil are mixed. Support is at 3650, 3610, and 3570 January, with resistance at 3720, 3780, and 3820 January.Midwest Weather Forecast Mostly dry, but a few showers near the Great Lakes. Temperatures should average below normal.US Gulf Cash BasisCorn HRW SRW Soybeans Soybean Meal Soybean Oil
October 87 Dec 140 Dec
115 Dec
87 NovNovember
87 Dec 140 Dec
115 Dec 87 NovDecember
82 Dec
140 Dec 115 Dec 73 JanDJ Malaysian PM Cash Market Prices for Palm Oil – Oct 25
The following are prices for Malaysian palm oil in the cash market at 1000 GMT Wednesday, 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 797.50 +05.00 Unquoted – –
Dec 802.50 +05.00 Unquoted – –
Jan/Feb/Mar 815.00 +07.50 Unquoted – –
Apr/May/Jun 817.50 +07.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Nov 805.00 +05.00 Unquoted – –
Dec 810.00 +05.00 Unquoted – –
Jan/Feb/Mar 822.50 +07.50 Unquoted – –
Apr/May/Jun 825.00 +07.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Nov 765.00 +10.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Nov 750.00 +10.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Nov 3,650.00 -10.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Nov 227.00 +01.00 Unquoted – –
($1=MYR4.7773)DJ China Dalian Grain Futures Closing Prices, Volume – Oct 25
Soybean No. 1
Turnover: 138,769 lots, or 6.72 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Nov-23 4,894 4,907 4,880 4,880 4,911 4,891 -20 8,358 17,883
Jan-24 4,854 4,871 4,834 4,848 4,854 4,849 -5 101,780 190,019
Mar-24 4,816 4,829 4,796 4,801 4,821 4,809 -12 25,465 24,724
May-24 4,865 4,877 4,847 4,854 4,863 4,858 -5 2,554 9,235
Jul-24 4,838 4,849 4,823 4,827 4,836 4,831 -5 356 4,200
Sep-24 4,813 4,825 4,802 4,803 4,812 4,811 -1 256 2,007
Corn
Turnover: 547,916 lots, or 13.87 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Nov-23 2,539 2,545 2,533 2,536 2,532 2,538 6 20,227 60,684
Jan-24 2,518 2,533 2,513 2,518 2,516 2,522 6 352,820 808,453
Mar-24 2,525 2,535 2,515 2,522 2,519 2,525 6 84,778 230,942
May-24 2,560 2,567 2,555 2,556 2,556 2,559 3 35,038 216,692
Jul-24 2,567 2,575 2,564 2,565 2,567 2,569 2 52,102 117,158
Sep-24 2,580 2,583 2,574 2,576 2,576 2,579 3 2,951 10,708
Soymeal
Turnover: 1,658,371 lots, or 63.06 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Nov-23 3,993 4,059 3,977 4,027 4,014 4,014 0 45,151 67,481
Dec-23 3,920 4,011 3,903 3,957 3,913 3,956 43 34,252 60,106
Jan-24 3,860 3,943 3,849 3,895 3,855 3,898 43 1,214,490 1,357,121
Mar-24 3,672 3,733 3,658 3,716 3,649 3,701 52 22,876 66,060
May-24 3,402 3,448 3,395 3,422 3,384 3,422 38 237,415 735,086
Jul-24 3,398 3,437 3,389 3,412 3,377 3,412 35 54,968 469,124
Aug-24 3,463 3,504 3,457 3,480 3,449 3,478 29 9,055 64,402
Sep-24 3,433 3,476 3,429 3,452 3,420 3,452 32 40,164 151,040
Palm Oil
Turnover: 651,415 lots, or 45.97 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Nov-23 7,046 7,046 6,954 6,982 7,052 7,034 -18 4,314 4,820
Dec-23 7,054 7,086 6,986 7,008 7,078 7,028 -50 12,067 31,664
Jan-24 7,086 7,112 7,006 7,016 7,106 7,052 -54 565,332 473,414
Feb-24 7,110 7,126 7,026 7,034 7,122 7,072 -50 9,262 24,978
Mar-24 7,126 7,152 7,052 7,058 7,148 7,094 -54 7,154 18,734
Apr-24 7,122 7,154 7,050 7,060 7,150 7,100 -50 3,330 8,864
May-24 7,120 7,152 7,044 7,062 7,134 7,090 -44 48,088 98,659
Jun-24 7,082 7,120 7,018 7,038 7,110 7,046 -64 142 773
Jul-24 7,050 7,078 6,986 7,012 7,042 7,024 -18 132 1,348
Aug-24 7,030 7,056 6,970 6,976 7,028 7,002 -26 38 1,680
Sep-24 7,008 7,022 6,924 6,938 7,000 6,964 -36 1,519 2,894
Oct-24 6,984 7,000 6,916 6,936 6,974 6,948 -26 37 38
Soybean Oil
Turnover: 748,050 lots, or 57.95 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Nov-23 7,948 7,998 7,860 7,900 8,004 7,924 -80 7,377 14,289
Dec-23 7,890 7,912 7,796 7,822 7,914 7,846 -68 9,098 40,725
Jan-24 7,822 7,854 7,730 7,756 7,834 7,790 -44 630,346 539,223
Mar-24 7,682 7,720 7,610 7,626 7,674 7,654 -20 4,646 29,973
May-24 7,456 7,508 7,408 7,432 7,468 7,454 -14 87,102 171,605
Jul-24 7,416 7,448 7,356 7,382 7,406 7,396 -10 6,394 120,230
Aug-24 7,396 7,428 7,358 7,376 7,396 7,392 -4 1,158 27,510
Sep-24 7,356 7,366 7,304 7,320 7,326 7,332 6 1,929 7,069
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.More By This Author:Grains Report – Tuesday, October 24Softs Report – Tuesday, October 24Grains Report – Monday, October 23