Source: CME Group
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
SOYBEAN November Nov 02, 2023 438 Oct 20, 2023 WheatGeneral Comments: Wheat markets closed lower yesterday in search of new demand. Trends are turning down in all three markets. Ukraine is still exporting through the Black Sea. Russia is still exporting and offering Wheat into the world market and is reporting that it is larger than originally thought. 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 of milling grade.Overnight News: The southern Great Plains should get isolated showers. Temperatures should be below normal. Northern areas should see isolated showers. Temperatures will average below normal. The Canadian Prairies should see scattered showers. Temperatures should average below normal.Chart Analysis: Trends in Chicago are mixed to down with objectives of 524 December. Support is at 552, 546, and 537 December, with resistance at 571, 583, and 594 December. Trends in Kansas City are mixed to down with objectives of 524 December. Support is at 624, 612, and 606 December, with resistance at 649, 668, and 688 December. Trends in Minneapolis are mixed to down with no objectives. Support is at 696, 693, and 686 December, and resistance is at 730, 746, and 752 December. RiceGeneral Comments: Rice closed mostly lower yesterday with only November able to close higher. Near term cash market strength is going against bearish attitudes seen in later months. The harvest is almost over and less Rice is on offer from producers. The export sales report last week was solid but not spectacular. 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.Overnight News: The Delta should get isolated showers, mostly near the Gulf coast. Temperatures should be above normal.Chart Analysis: Trends are mixed to down with objectives of 1590 and 1578 January. Support is at 1600, 1594, and 1592 January and resistance is at 1620, 1637, and 1653 January.DJ USDA World Market Rice Prices – Nov 1
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 slightly higher yesterday as the South American weather remained stressful 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 return after some snow showers yesterday. It has turned very cold and the growing season is over for almost everyone in the Midwest. Trends are mixed in the market now on the daily charts. Oats closed lower. 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. It is already hot and dry in central and northern Brazil and in Argentina although some beneficial rains have been reported in Argentina and a few showers are reported in central and northern Brazil. Southern Brazil is too wet. Conditions are expected to continue 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:Chart Analysis: Trends in Corn are mixed. Support is at 478, 474, and 465 December, and resistance is at 495, 507, and 509 December. Trends in Oats are up with objectives of 429 December. Support is at 370, 369, and 367 December, and resistance is at 396, 406, and 418 December. SoybeansGeneral Comments: Soybeans and Soybean Meal were higher yesterday, but Soybean Oil was lower. The trade remains concerned about the weather forecasts for South America. 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 but has started to get some showers and rains. 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 and 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 but have been quiet for the last week or so.Overnight News:Chart Analysis: Trends in Soybeans are mixed. Support is at 1298, 1292, and 1270 January, and resistance is at 1321, 1331, and 1339 January. Trends in Soybean Meal are mixed. Support is at 422.00, 420.00, and 417.00 December, and resistance is at 439.00, 448.00, and 452.00 December. Trends in Soybean Oil are mixed. Support is at 5120, 4990, and 4900 December, with resistance at 5300, 5350, and 5430 December. Canola And Palm OilGeneral Comments: Palm Oil was lower yesterday on ideas of weaker demand. Prices were higher today in sympathy with the rally in Crude Oil futures. Trends are mixed on the daily charts. Canola closed lower yesterday and was led lower by liquidation in the November contract before First Notice Day tomorrow. Trends are down on the weekly charts but mixed on the daily charts in this market.Overnight News:Chart Analysis: Trends in Canola are mixed. Support is at 679.00, 672.00, and 666.00 January, with resistance at 696.00, 704.00, and 714.00 January. Trends in Palm Oil are mixed to down with objectives of 3510 January. Support is at 3650, 3610, and 3570 January, with resistance at 3730, 3810, and 3880 January.Midwest Weather Forecast Mostly dry today but some snow tomorrow. Temperatures should average below normal.US Gulf Cash BasisCorn HRW SRW Soybeans Soybean Meal Soybean Oil
October 85 Dec 140 Dec
115 Dec
75 NovNovember
85 Dec 140 Dec
115 Dec 75 NovDecember
70 Dec
140 Dec 120 Dec 75 JanDJ 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 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 795.00 +02.50 Unquoted – –
Dec 802.50 00.00 Unquoted – –
Jan/Feb/Mar 817.50 +05.00 Unquoted – –
Apr/May/Jun 820.00 00.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Nov 802.50 +02.50 Unquoted – –
Dec 810.00 00.00 Unquoted – –
Jan/Feb/Mar 825.00 +05.00 Unquoted – –
Apr/May/Jun 827.50 00.00 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Nov 760.00 +02.50 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Nov 740.00 00.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Nov 3,630.00 +20.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Nov 230.00 +01.00 Unquoted – –
($1=MYR4.7715)DJ China Dalian Grain Futures Closing Prices, Volume – Nov 01
Soybean No. 1
Turnover: 118,728 lots, or 5.78 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Nov-23 4,872 4,883 4,849 4,852 4,872 4,871 -1 2,563 5,129
Jan-24 4,856 4,898 4,856 4,861 4,869 4,878 9 92,969 192,089
Mar-24 4,818 4,846 4,813 4,814 4,819 4,832 13 19,963 26,460
May-24 4,862 4,885 4,859 4,862 4,863 4,873 10 2,805 11,148
Jul-24 4,839 4,858 4,835 4,837 4,835 4,846 11 205 4,960
Sep-24 4,817 4,838 4,816 4,816 4,815 4,826 11 223 2,463
Corn
Turnover: 528,044 lots, or 13.45 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Nov-23 2,517 2,557 2,513 2,550 2,517 2,536 19 8,619 12,512
Jan-24 2,539 2,552 2,530 2,542 2,534 2,541 7 346,188 776,917
Mar-24 2,548 2,557 2,538 2,548 2,543 2,547 4 91,676 256,331
May-24 2,572 2,583 2,565 2,576 2,569 2,574 5 30,935 217,102
Jul-24 2,578 2,586 2,569 2,581 2,575 2,578 3 47,850 119,462
Sep-24 2,576 2,581 2,569 2,577 2,575 2,575 0 2,776 13,120
Soymeal
Turnover: 1,392,361 lots, or 53.27 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Nov-23 4,064 4,064 3,961 4,055 4,064 4,037 -27 1,139 13,628
Dec-23 4,007 4,037 3,992 4,030 4,019 4,009 -10 31,840 53,086
Jan-24 3,935 3,963 3,922 3,957 3,940 3,941 1 1,025,930 1,373,404
Mar-24 3,772 3,799 3,765 3,791 3,774 3,780 6 19,872 78,705
May-24 3,420 3,437 3,409 3,432 3,422 3,423 1 193,430 804,171
Jul-24 3,410 3,429 3,403 3,422 3,415 3,415 0 55,847 481,371
Aug-24 3,480 3,495 3,469 3,486 3,478 3,482 4 39,371 66,268
Sep-24 3,457 3,469 3,446 3,462 3,455 3,456 1 24,932 174,881
Palm Oil
Turnover: 730,628 lots, or 52.02 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Nov-23 7,058 7,058 7,058 7,058 7,058 7,058 0 1 88
Dec-23 7,108 7,134 7,030 7,112 7,102 7,082 -20 13,042 24,583
Jan-24 7,110 7,166 7,058 7,146 7,138 7,114 -24 643,781 449,717
Feb-24 7,168 7,206 7,100 7,188 7,172 7,154 -18 10,640 28,037
Mar-24 7,168 7,236 7,132 7,220 7,184 7,184 0 3,808 19,893
Apr-24 7,170 7,226 7,126 7,210 7,192 7,178 -14 3,879 9,430
May-24 7,184 7,222 7,122 7,204 7,194 7,172 -22 52,224 106,731
Jun-24 7,142 7,196 7,106 7,174 7,192 7,152 -40 2,041 1,766
Jul-24 7,110 7,152 7,080 7,150 7,146 7,120 -26 42 1,277
Aug-24 7,082 7,114 7,040 7,104 7,096 7,086 -10 55 1,698
Sep-24 7,028 7,058 6,972 7,050 7,038 7,016 -22 1,093 3,376
Oct-24 7,002 7,024 6,962 7,020 7,020 6,990 -30 22 79
Soybean Oil
Turnover: 900,874 lots, or 71.36 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Nov-23 8,098 8,146 8,098 8,144 8,138 8,112 -26 30 5,220
Dec-23 8,038 8,128 8,008 8,092 8,016 8,064 48 17,215 30,442
Jan-24 7,948 8,026 7,902 7,986 7,948 7,966 18 780,815 509,714
Mar-24 7,760 7,874 7,760 7,834 7,764 7,822 58 7,190 34,949
May-24 7,542 7,596 7,488 7,554 7,550 7,542 -8 78,333 197,966
Jul-24 7,480 7,534 7,438 7,496 7,500 7,484 -16 11,051 124,950
Aug-24 7,464 7,522 7,436 7,490 7,490 7,476 -14 3,325 28,977
Sep-24 7,408 7,446 7,368 7,426 7,420 7,408 -12 2,915 8,207
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:Softs Report – Friday, October 27Grains Report – Wednesday, October 25Grains Report – Tuesday, October 24
