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WHEAT
General Comments: Wheat markets were a little lower. Trading was quiet in all markets once again yesterday. The weekly charts still show down trends in HRW and SRW. Minneapolis trends are still mixed. Demand has been disappointing so far as traders had expected better exports due to problems in Russia and parts of Europe earlier in the year. 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 except for some precipitation on Sunday. Temperatures should be variable. Northern areas should see mostly dry conditions. Temperatures will be above normal. The Canadian Prairies should see mostly 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 622, 616, and 608 May, with resistance at 658, 663, and 669 May. Trends in Kansas City are mixed to down with objectives of 589 and 563 May. Support is at 600, 591, and 579 May, with resistance at 610, 620, and 623 May. Trends in Minneapolis are mixed. Support is at 629, 620, and 605 May, and resistance is at 640, 644, and 652 May.

RICE
General Comments: Rice was higher with all of the buying coming in the last part of the day. Volumes traded were very light early in the day but greatly improved later in the day when the market rallied. Futures are searching for news to ignite another rally or to prompt further selling. 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 above normal.
Chart Analysis: Trends are mixed. Support is at 1300, 1293, and 1290 May, with resistance at 1325, 1335, and 1350 May.

CORN AND OATS:
General Comments: Corn closed a little higher in old crop months on reports of good demand. China has been a big buyer of more than one million tons each of US Corn twice this week. New crop months were lower on spreads against the old crop and on ideas of a big planted area this year. Reports of Asian Swine Fever in China are still around but China bought 1.148 million tons of US Corn and then another 1.224 million tons of US Corn this week. 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 696,000 tons of US Corn.
Chart Analysis: Trends in Corn are mixed. Support is at 546, 540, and 531 May, and resistance is at 559, 568, and 577 May. Trends in Oats are mixed. Support is at 367, 360 and 355 May, and resistance is at 377, 382, and 387 May.

SOYBEANS
General Comments: Soybeans and the products closed lower on ideas of weakening demand. Brazil is charging less for Soybeans in FOB terms and most of the export business is there or in Argentina. Prices are expected to hold generally firm as the US has very few if any Soybeans left to sell.. Weekly chart trends are still sideways for Soybeans but are down in Soybean Meal. 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.
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 5430, 5360, and 5220 May, with resistance at 5600, 5660, and 5720 May.

CANOLA AND PALM OIL
General Comments: Palm Oil closed lower on weaker outside markets. 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 lower on what was called speculative long liquidation. 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 to down with objectives of 762.00 ad 748.00 May. Support is at 769.00, 748.00, and 742.00 May, with resistance at 795.00, 801.00, and 804.00 May. Trends in Palm Oil are mixed. Support is at 3800, 3690, and 3660 June, with resistance at 3970, 4060, and 4120 June.

Midwest Weather Forecast: Mostly dry or just light precipitation after some big rains today. More rain early net week. Temperatures should average near to above normal.

US Gulf Cash Basis
Corn HRW SRW Soybeans Soybean Meal Soybean Oil
March +76 May +140 May +104 May +59 May
April +74 May +100 May +63 May
May +65 May +100 May +69 May

DJ ICE Canada Cash Grain Close – Mar 17
By MarketsFarm
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 790.30 -5.00 May 2021 dn 7.60
Basis: Thunder Bay 781.60 50.00 July 2021 dn 12.60
Basis: Vancouver 821.60 90.00 July 2021 dn 12.60
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 18
The following are prices for Malaysian palm oil in the cash market at 1000 GMT Thursday, 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 1047.50 -05.00 Unquoted – –
Apr 1047.50 -30.00 Unquoted – –
May 1007.50 — Unquoted – –
Jun 992.50 — Unquoted – –
Jul/Aug/Sep 912.50 -27.50 Unquoted – –
Oct/Nov/Dec 837.50 -27.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Mar 1050.00 -05.00 Unquoted – –
Apr 1050.00 -30.00 Unquoted – –
May 1010.00 — Unquoted – –
Jun 995.00 — Unquoted – –
Jul/Aug/Sep 915.00 -27.50 Unquoted – –
Oct/Nov/Dec 840.00 -27.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Mar 1040.00 -10.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Mar 960.00 -20.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Mar 4,130.00 -120.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Mar 330.00 -10.00 Unquoted – –
($1=MYR4.1085)

DJ China Dalian Grain Futures Closing Prices, Volume – Mar 18
Soybean No. 1
Turnover: 226,644 lots, or 12.98 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-21 5,817 5,821 5,646 5,666 5,841 5,726 -115 198,810 98,732
Jul-21 5,819 5,829 5,681 5,700 5,871 5,736 -135 4,300 4,885
Sep-21 5,840 5,856 5,670 5,687 5,867 5,753 -114 21,247 14,860
Nov-21 5,702 5,748 5,602 5,607 5,738 5,649 -89 1,370 5,763
Jan-22 5,576 5,628 5,517 5,536 5,622 5,563 -59 883 4,301
Mar-22 5,532 5,537 5,471 5,471 5,534 5,513 -21 34 59
Corn
Turnover: 706,360 lots, or 18.97 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-21 2,700 2,711 2,680 2,695 2,718 2,695 -23 422,242 603,070
Jul-21 2,697 2,708 2,681 2,695 2,715 2,695 -20 68,265 107,402
Sep-21 2,675 2,681 2,658 2,669 2,688 2,669 -19 140,320 345,126
Nov-21 2,649 2,657 2,634 2,649 2,660 2,647 -13 62,336 97,990
Jan-22 2,644 2,652 2,631 2,645 2,653 2,641 -12 5,779 22,088
Mar-22 2,628 2,651 2,619 2,640 2,647 2,635 -12 7,418 7,695
Soymeal
Turnover: 1,557,189 lots, or 51.07 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-21 3,260 3,291 3,227 3,246 3,266 3,251 -15 896,720 885,012
Jul-21 3,260 3,296 3,236 3,252 3,266 3,255 -11 89,564 165,130
Aug-21 3,336 3,373 3,311 3,339 3,341 3,329 -12 40,706 16,142
Sep-21 3,340 3,366 3,310 3,332 3,338 3,332 -6 490,824 1,089,157
Nov-21 3,317 3,343 3,293 3,311 3,315 3,309 -6 7,373 4,628
Dec-21 3,303 3,335 3,287 3,303 3,305 3,304 -1 8 339
Jan-22 3,258 3,288 3,245 3,266 3,265 3,260 -5 28,579 106,664
Mar-22 3,215 3,234 3,203 3,209 3,223 3,212 -11 3,415 9,400
Palm Oil
Turnover: 920,508 lots, or 70.34 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Apr-21 8,108 8,108 7,916 8,020 8,108 8,084 -24 147 864
May-21 7,838 7,862 7,656 7,780 7,792 7,776 -16 749,399 328,136
Jun-21 7,640 7,662 7,462 7,570 7,614 7,586 -28 4,475 2,738
Jul-21 7,392 7,438 7,270 7,330 7,390 7,376 -14 41 1,426
Aug-21 7,200 7,204 7,200 7,204 7,240 7,200 -40 3 387
Sep-21 7,160 7,160 6,960 7,044 7,114 7,064 -50 140,820 128,244
Oct-21 7,006 7,026 6,840 6,922 7,006 6,924 -82 19,653 30,574
Nov-21 6,928 6,958 6,784 6,854 6,930 6,878 -52 1,798 3,675
Dec-21 6,832 6,846 6,724 6,766 6,838 6,782 -56 1,162 1,830
Jan-22 6,652 6,672 6,560 6,604 6,670 6,622 -48 2,993 7,450
Feb-22 6,648 6,648 6,538 6,548 6,602 6,568 -34 4 18
Mar-22 6,580 6,580 6,526 6,558 6,616 6,562 -54 13 19
Soybean Oil
Turnover: 1,173,911 lots, or 10.50 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-21 9,250 9,256 8,962 9,080 9,238 9,108 -130 922,614 408,614
Jul-21 8,728 8,728 8,460 8,546 8,718 8,596 -122 13,206 12,600
Aug-21 8,548 8,558 8,296 8,368 8,560 8,428 -132 5,657 2,122
Sep-21 8,452 8,466 8,230 8,292 8,450 8,342 -108 205,083 277,849
Nov-21 8,288 8,302 8,094 8,138 8,288 8,188 -100 17,279 34,616
Dec-21 8,212 8,226 8,020 8,064 8,212 8,126 -86 3,540 5,730
Jan-22 8,160 8,160 7,960 7,986 8,160 8,052 -108 6,530 12,224
Mar-22 7,912 7,918 7,912 7,918 8,096 7,914 -182 2 8
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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