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WHEAT
General Comments: Winter Wheat markets were higher with Chicago SRW leading the gains. Speculators appeared to be the best buyers. It has been a demand market. 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. Temperatures dropped below 0F in many areas a few weeks ago 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 down with objectives of 622 and 605 May. Support is at 622, 616, and 608 May, with resistance at 639, 649, and 658 May. Trends in Kansas City are down with objectives of 563 and 450 May. Support is at 574, 560, and 551 May, with resistance at 591, 602, and 610 May. Trends in Minneapolis are mixed to down with objectives of 601 May. Support is at 620, 615, and 610 May, and resistance is at 632, 640, and 644 May.

RICE
General Comments: Rice was slightly lower in light volume trading. No one appears too interested in Rice for now. Commercial buying went against some fund and other speculator selling. Export demand has been good and the market got another good weekly export sales report last week. The cash market has not felt any increased export demand lately and mill operations are reported to be on the slow side. 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 New crop Rice is getting planted in Texas.
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 1335, 1340, and 1350 May.

DJ USDA World Market Rice Prices – Mar 24
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 18.07 11.56 0.00
Medium/Short Grain 17.72 11.82 0.00
Brokens 11.46 —- —-

CORN AND OATS:
General Comments: Corn closed a little higher yesterday but gave back its best gains of the day on demand concerns. Traders are afraid that China might not buy more US Corn because the talks over the weekend between China and the US were not real positive. The country bought about 4.0 million tons of US Corn last week. Reports of Asian Swine Fever in China hurt speculative Corn buying as well. 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 but is drier in central and parts of northern Brazil, and farmers are able to harvest some of the Soybeans area and plant some of the Winter Corn. The Winter Corn crop is on a very slow pace to be planted and progress is well behind normal. Argentina has seen a general rain in the last week and Corn in Argentina has stabilized after losing yield to dry conditions and crop stress. Southern Brazil is also in a better place on crop conditions. More rain is in the forecast for these areas in the next 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.
Overnight News:
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 down with no objectives. Support is at 360, 355 and 351 May, and resistance is at 386, 387, and 390 May.

SOYBEANS
General Comments: Soybeans and Soybean Meal closed higher but well off the highs of the day. Soybean Oil closed sharply higher on very strong demand ideas. Weekly chart trends are still sideways for Soybeans and are still down in Soybean Meal. Selling came on ideas that the ongoing Brazil harvest will kill current demand for US Soybeans. Demand was worse last week in the weekly export data but the US has now sold 99% of its target amount of Soybeans for the marketing year and really has very few Soybeans left to sell. The Brazil harvest had 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. 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.
Overnight News:
Chart Analysis: Trends in Soybeans are mixed. Support is at 1418, 1390, and 1374 May, and resistance is at 1435, 1446, and 1460 May. Trends in Soybean Meal are mixed. Support is at 395.00, 385.00, and 370.00 May, and resistance is at 410.00, 415.00, and 418.00 May. Trends in Soybean Oil are up with objectives of 5950 May. Support is at 5620, 5560, and 5410 May, with resistance at 5840, 5900, and 5960 May.

CANOLA AND PALM OIL
General Comments: Palm Oil closed about unchangerd today after rallying earlier in the week. Ideas of tight supplies are still around but supplies should start to seasonally increase. Futures were higher today on the solid export pace sp far this month. 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. Export demand has been less for the last couple of months. Canola was lower on what appeared to be speculative selling. Chicago Soybean Oil rallied sharply and supported Canola price action. Worries about South American production are supporting both markets but both are looking for new triggers to promote more buying.
Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 778.00, 770.00, and 765.00 May, with resistance at 806.00, 820.00, and 826.00 May. Trends in Palm Oil are mixed to down with objectives of 3580 June. Support is at 3890, 3850, and 3760 June, with resistance at 4010, 4060, and 4120 June.

Midwest Weather Forecast: Rains off and on all week. Temperatures should average near normal.

US Gulf Cash Basis
Corn HRW SRW Soybeans Soybean Meal Soybean Oil
March +75 May +140 May +104 May +60 May
April +75 May +100 May +61 May
May +65 May +100 May +68 May

DJ ICE Canada Cash Grain Close – Mar 23
WINNIPEG — The following are the closing cash
canola prices from ICE Futures.
Source: ICE Futures
Price Basis Contract Change
CANOLA
*Par Region 793.50 -2.40 May 2021 up 19.70
Basis: Thunder Bay 781.30 50.00 Jul 2021 dn 12.40
Basis: Vancouver 821.30 90.00 Jul 2021 dn 12.40
All prices in Canadian dollars per metric tonne.
*Quote for previous day
Source: Commodity News Service Canada
(news@marketsfarm.com, 204-414-9084, or cell
204-782-5944)

DJ Malaysian PM Cash Market Prices for Palm Oil – March 24
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
Apr 1067.50 -15.00 Unquoted – –
May 1037.50 -15.00 Unquoted – –
Jun 1002.50 -10.00 Unquoted – –
Jul/Aug/Sep 930.00 -10.00 Unquoted – –
Oct/Nov/Dec 862.50 -07.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Apr 1070.00 -15.00 Unquoted – –
May 1040.00 -15.00 Unquoted – –
Jun 1005.00 -10.00 Unquoted – –
Jul/Aug/Sep 932.50 -10.00 Unquoted – –
Oct/Nov/Dec 865.00 -07.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Apr 1060.00 -10.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Apr 985.00 -05.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Mar 4,230.00 -30.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Apr 326.00 -04.00 Unquoted – –
($1=MYR4.129)

DJ China Dalian Grain Futures Closing Prices, Volume – Mar 24
Soybean No. 1
Turnover: 189,777 lots, or 11.08 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-21 5,770 5,896 5,760 5,876 5,751 5,841 90 166,727 81,010
Jul-21 5,818 5,900 5,798 5,889 5,791 5,867 76 7,643 5,157
Sep-21 5,773 5,828 5,745 5,826 5,728 5,792 64 12,395 16,600
Nov-21 5,679 5,737 5,671 5,723 5,670 5,703 33 2,813 6,046
Jan-22 5,615 5,673 5,615 5,657 5,610 5,638 28 194 4,676
Mar-22 5,596 5,605 5,587 5,587 5,590 5,597 7 5 75
Corn
Turnover: 677,719 lots, or 18.34 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-21 2,719 2,731 2,703 2,709 2,718 2,718 0 391,501 549,836
Jul-21 2,720 2,732 2,710 2,716 2,719 2,722 3 92,812 114,819
Sep-21 2,680 2,696 2,677 2,683 2,686 2,686 0 119,511 348,056
Nov-21 2,656 2,666 2,650 2,655 2,658 2,659 1 56,086 97,224
Jan-22 2,644 2,655 2,639 2,648 2,649 2,649 0 5,280 24,092
Mar-22 2,647 2,655 2,635 2,644 2,643 2,645 2 12,529 8,837
Soymeal
Turnover: 1,666,595 lots, or 55.21 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-21 3,257 3,301 3,249 3,288 3,237 3,274 37 809,199 765,363
Jul-21 3,267 3,314 3,258 3,302 3,250 3,288 38 111,572 179,892
Aug-21 3,350 3,399 3,341 3,384 3,335 3,368 33 49,321 17,422
Sep-21 3,345 3,394 3,335 3,382 3,330 3,366 36 633,818 1,244,903
Nov-21 3,320 3,388 3,304 3,386 3,313 3,340 27 13,676 6,975
Dec-21 3,328 3,340 3,315 3,338 3,296 3,326 30 21 333
Jan-22 3,254 3,290 3,249 3,284 3,249 3,267 18 37,849 109,965
Mar-22 3,190 3,194 3,161 3,174 3,195 3,174 -21 11,139 11,358
Palm Oil
Turnover: 646,795 lots, or 5.09 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Apr-21 8,302 8,302 8,302 8,302 8,288 8,302 14 1 728
May-21 8,048 8,084 7,982 8,046 8,046 8,034 -12 508,090 325,181
Jun-21 7,804 7,826 7,728 7,804 7,814 7,782 -32 1,416 2,936
Jul-21 7,550 7,564 7,510 7,540 7,544 7,536 -8 23 1,426
Aug-21 7,378 7,392 7,368 7,374 7,338 7,380 42 8 391
Sep-21 7,230 7,292 7,202 7,278 7,262 7,252 -10 121,816 128,420
Oct-21 7,162 7,162 7,072 7,144 7,162 7,124 -38 12,026 35,284
Nov-21 7,046 7,090 7,006 7,074 7,108 7,058 -50 1,304 3,797
Dec-21 6,956 6,986 6,912 6,956 6,994 6,946 -48 859 1,912
Jan-22 6,782 6,944 6,710 6,830 6,796 6,788 -8 1,233 7,451
Feb-22 6,828 6,828 6,702 6,768 6,670 6,740 70 8 14
Mar-22 6,552 6,710 6,552 6,710 6,666 6,640 -26 11 7
Soybean Oil
Turnover: 757,807 lots, or 68.20 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-21 9,128 9,280 9,128 9,268 9,208 9,202 -6 560,353 361,940
Jul-21 8,686 8,776 8,664 8,776 8,718 8,726 8 4,829 12,082
Aug-21 8,498 8,588 8,494 8,580 8,548 8,544 -4 7,691 2,166
Sep-21 8,450 8,492 8,396 8,472 8,466 8,442 -24 157,474 272,480
Nov-21 8,292 8,316 8,224 8,312 8,292 8,276 -16 17,476 37,066
Dec-21 8,228 8,236 8,140 8,222 8,228 8,196 -32 5,157 6,340
Jan-22 8,120 8,156 8,052 8,146 8,164 8,106 -58 4,823 11,950
Mar-22 8,076 8,076 8,002 8,010 8,120 8,036 -84 4 15
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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