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WHEAT
General Comments: Wheat markets were higher in response to the positive export inspections report released by USDA yesterday morning. The weekly charts still show down trends in HRW and SRW. Minneapolis trends are still mixed. Demand was a problem once again as the weekly export sales report last week showed poor sales but the export inspections report yesterday was stronger. Ideas are that rain and snow that is falling in the Great Plains will help injured Winter Wheat. The threat of Winterkill production losses in the western Great Plains now appears to be part of the price. Temperatures dropped below 0F in many areas and that is cold enough to kill an unprotected crop. The actual damage will take some time to see under warmer temperatures and it might take until harvest to see the full effects of the recent extreme cold.
Overnight News: The southern Great Plains should get mostly dry conditions. Temperatures should be near to above normal. Northern areas should see mostly dry conditions. Temperatures will be above normal. The Canadian Prairies should see isolated showers or dry conditions. Temperatures should average above normal.
Chart Analysis: Trends in Chicago are mixed to down with objectives of 644 and 632 May. Support is at 636, 632, and 626 May, with resistance at 658, 663, and 669 May. Trends in Kansas City are down with objectives of 589 and 563 May. Support is at 598, 592, and 579 May, with resistance at 620, 623, and 628 May. Trends in Minneapolis are mixed. Support is at 629, 620, and 605 May, and resistance is at 644, 652, and 659 May.

RICE
General Comments: Rice was lower once again on what appeared to be light volume speculative selling. Futures are searching for news to ignite another rally or to prompt further selling but seems to be going a little lower each day for now. The cash market has not felt any increased export demand lately and mill operations are reported to be on the slow side. Exports were moderate last week. Texas is about out of Rice, but there is Rice available in the other states, especially Arkansas. Asian and Mercosur markets were steady to firm last week.
Overnight News: The Delta should get mostly dry conditions. Temperatures should be near to below normal.
Chart Analysis: Trends are mixed to down with objectives of 1286, 1270, and 1252 May. Support is at 1292, 1290, and 1243 May, with resistance at 1317, 1321, and 1325 May.

CORN AND OATS:
General Comments: Corn closed higher in old crop months in response to the latest export inspections report from USDA that showed the highest inspections in years. New crop months were lower on spreads against the old crop and on news from Allendale Commodities that it expects US farmers to plant about 92.7 million acres of Corn. Reports of Asian Swine Fever in China could hurt Corn buying and brought buying into hogs. Chinese demand had been strong until recently and it looks like they need the Corn either way. Prices inside China for Corn remain extremely high. It is still raining in central and parts of northern Brazil, but farmers were still able to harvest some of the Soybeans area and plant some of the Winter Corn around the precipitation. The Winter Corn crop is on a very slow pace to be planted and progress is well behind normal. Argentina and southern Brazil got beneficial rains to stabilized crop conditions in both areas. Southern Brazil got dry conditions but is also expecting beneficial rains later this week. The main crop harvest has started in parts of Brazil, but progress will be slow due to the late planting dates due too dry conditions earlier in the year. The second crop of Corn planting is also being delayed and yield estimates for South American Corn have been reduced.
Overnight News: China bought 1.156 million tons of US Corn.
Chart Analysis: Trends in Corn are mixed. Support is at 540, 531, and 529 May, and resistance is at 556, 558, and 572 May. Trends in Oats are mixed. Support is at 375, 372, and 368 May, and resistance is at 382, 387, and 390 May.

SOYBEANS
General Comments: Soybeans and Soybean Meal closed a little lower. Weekly chart trends are still sideways for Soybeans but are down in Soybean Meal. The monthly USDA WASDE estimates were considered disappointing by the trade as no changes were made for demand or ending stocks for the US. World data showed a one million ton production increase for Brazil on higher planted and harvested area and a half million ton production decrease for Argentina due to drought and reduced yields. Selling came on ideas that the impending Brazil harvest will kill current demand for US Soybeans. Demand was improved last week in the weekly export data and the US has now sold 99% of its target amount of Soybeans for the marketing year. The Brazil harvest has been delayed due to late planting dates early due to dry weather and now too much rain that has caused harvest delays and some quality problems in the north as well. Rains are coming to an end in some areas so harvest activities have increased but the harvest remains very slow overall. China has been buying for this year and next year here but now mostly in South America. US internal demand has also been strong as seen in the crush data. The strong demand for exports and for domestic use means there is little room for error and that the US could even come close to running out of Soybeans to sell.
Overnight News:
Chart Analysis: Trends in Soybeans are mixed. Support is at 1401, 1378, and 1368 May, and resistance is at 1432, 1446, and 1460 May. Trends in Soybean Meal are down with objectives of 396.00 and 368.00 May. Support is at 395.00, 385.00, and 377.00 May, and resistance is at 415.00, 418.00, and 425.00 May. Trends in Soybean Oil are up with no objectives. Support is at 5360, 5220, and 5090 May, with resistance at 5600, 5660, and 5720 May.

CANOLA AND PALM OIL
General Comments: Palm Oil closed lower on weaker Crude Oil futures. The production of Palm Oil is down in both Malaysia and Indonesia as plantations in both countries are having trouble getting workers into the fields. Wet weather has caused even more delays. The weather is improved and trees seasonally increase production about now. Canola closed a little lower on what was called speculative profit taking. Canola still got talk of tight supplies due to reduced offers from farmers and reduced production earlier in the year. Worries about South American production coming to market were negative.
Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 786.00, 769.00, and 748.00 May, with resistance at 808.00, 814.00, and 820.00 May. Trends in Palm Oil are up with objectives of 4250 May. Support is at 4060, 3940, and 3830 May, with resistance at 4190, 4250, and 4310 May.

Midwest Weather Forecast: Mostly dry or just light precipitation. Temperatures should average near to above normal.

US Gulf Cash Basis
Corn HRW SRW Soybeans Soybean Meal Soybean Oil
March +75 May +140 May +104 May +64 May
April +73 May +100 May +66 May
May +67 May +100 May +68 May

DJ ICE Canada Cash Grain Close – Mar 15
By Markets Farm
WINNIPEG — The following are the closing cash canola prices
from ICE Futures.
Source: ICE Futures
1 Canada NCC Best Bid
Price Basis Contract Change
CANOLA
*Par Region 803.40 -5.00 May 2021 dn 7.30
Basis: Thunder Bay 800.30 50.00 July 2021 dn 0.10
Basis: Vancouver 840.30 90.00 July 2021 dn 0.10
All prices in Canadian dollars per metric tonne.
*Quote for previous day
Source: Commodity News Service Canada (news@marketsfarm.com,
or 204-414-9084

DJ Malaysian PM Cash Market Prices for Palm Oil – March 16
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
Mar 1067.50 -15.00 Unquoted – –
Apr 1067.50 -15.00 Unquoted – –
May/Jun 1027.50 -15.00 Unquoted – –
Jul/Aug/Sep 942.50 -12.50 Unquoted – –
Oct/Nov/Dec 877.50 -12.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Mar 1070.00 -15.00 Unquoted – –
Apr 1070.00 -15.00 Unquoted – –
May/Jun 1030.00 -15.00 Unquoted – –
Jul/Aug/Sep 945.00 -12.50 Unquoted – –
Oct/Nov/Dec 880.00 -12.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Mar 1045.00 -05.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Mar 980.00 -05.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Mar 4,200.00 -100.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Mar 346.00 -06.00 Unquoted – –
($1=MYR4.112)

DJ China Dalian Grain Futures Closing Prices, Volume – Mar 16
Soybean No. 1
Turnover: 164,985 lots, or 9.76 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-21 5,946 6,001 5,872 5,882 5,999 5,918 -81 146,297 76,945
Jul-21 5,960 5,996 5,899 5,902 6,000 5,928 -72 3,511 4,200
Sep-21 5,885 5,955 5,835 5,882 5,899 5,889 -10 14,401 13,039
Nov-21 5,794 5,794 5,714 5,774 5,739 5,749 10 408 5,709
Jan-22 5,630 5,650 5,593 5,642 5,610 5,622 12 328 3,981
Mar-22 5,527 5,652 5,512 5,652 5,519 5,548 29 40 42
Corn
Turnover: 693,286 lots, or 18.73 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-21 2,710 2,726 2,694 2,716 2,697 2,710 13 436,868 622,082
Jul-21 2,710 2,730 2,699 2,714 2,701 2,714 13 72,025 105,683
Sep-21 2,690 2,705 2,674 2,686 2,676 2,687 11 128,730 328,936
Nov-21 2,641 2,668 2,641 2,655 2,639 2,653 14 38,363 95,239
Jan-22 2,640 2,659 2,633 2,645 2,633 2,645 12 3,955 22,173
Mar-22 2,638 2,660 2,611 2,634 2,625 2,636 11 13,345 4,638
Soymeal
Turnover: 1,929,147 lots, or 62.56 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-21 3,221 3,251 3,181 3,232 3,196 3,221 25 1,171,494 973,224
Jul-21 3,195 3,240 3,187 3,238 3,186 3,211 25 109,439 150,214
Aug-21 3,278 3,318 3,263 3,304 3,277 3,289 12 25,724 16,002
Sep-21 3,275 3,317 3,267 3,305 3,279 3,291 12 570,862 1,072,640
Nov-21 3,257 3,299 3,244 3,279 3,254 3,265 11 5,837 4,743
Dec-21 3,280 3,286 3,266 3,275 3,267 3,278 11 27 344
Jan-22 3,227 3,250 3,210 3,240 3,224 3,233 9 36,680 110,058
Mar-22 3,198 3,210 3,171 3,190 3,192 3,193 1 9,084 8,221
Palm Oil
Turnover: 806,104 lots, or 63.55 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Apr-21 8,170 8,358 8,110 8,110 8,252 8,304 52 33 999
May-21 8,000 8,126 7,866 7,874 8,008 8,010 2 662,134 346,328
Jun-21 7,736 7,902 7,670 7,682 7,816 7,802 -14 2,785 2,778
Jul-21 7,552 7,656 7,458 7,488 7,550 7,564 14 33 1,451
Aug-21 7,488 7,488 7,488 7,488 7,270 7,488 218 2 388
Sep-21 7,294 7,398 7,182 7,184 7,296 7,302 6 129,692 113,989
Oct-21 7,182 7,268 7,064 7,070 7,182 7,192 10 7,610 23,827
Nov-21 7,088 7,200 7,026 7,026 7,100 7,128 28 904 3,865
Dec-21 6,980 7,080 6,894 6,898 6,994 7,024 30 503 1,807
Jan-22 6,836 6,880 6,708 6,722 6,850 6,834 -16 2,405 6,379
Feb-22 6,702 6,726 6,702 6,726 6,836 6,714 -122 2 16
Mar-22 6,640 6,640 6,640 6,640 6,756 6,640 -116 1 2
Soybean Oil
Turnover: 909,698 lots, or 84.07 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-21 9,396 9,534 9,314 9,320 9,350 9,424 74 712,264 430,233
Jul-21 8,838 8,996 8,794 8,806 8,826 8,906 80 10,481 12,642
Aug-21 8,654 8,784 8,630 8,638 8,624 8,708 84 3,180 2,084
Sep-21 8,500 8,674 8,488 8,498 8,482 8,574 92 169,456 268,765
Nov-21 8,330 8,506 8,328 8,344 8,310 8,428 118 9,539 28,719
Dec-21 8,262 8,426 8,262 8,292 8,230 8,356 126 1,565 4,995
Jan-22 8,196 8,366 8,192 8,210 8,154 8,284 130 3,209 12,066
Mar-22 8,150 8,200 8,150 8,170 8,186 8,178 -8 4 9
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
 
 
 
 

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