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RICE
General Comments: Rice was lower again on Friday and lower for the week on what appeared to be speculative selling against commercial buying. The export sales report was strong but half of the previous volume. 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 and planting is up to half done in Louisiana. Mississippi is about to start.
Overnight News: The Delta should get mostly dry conditions. Temperatures should be above normal.
Chart Analysis: Trends are mixed. Support is at 1300, 1290, and 1283 May, with resistance at 1345, 1350, and 1355 May.

CORN AND OATS:
General Comments: Corn closed higher in recovery trading and remains locked in a sideways trend on both the daily and weekly charts. Oats reversed last week and now appear ready to drift higher. Traders are still concerned that China might not buy more US Corn because the talks over the previous weekend between China and the US were not real positive. The country bought about 4.0 million tons of US Corn in the export sales report last week, but the report showed less sold to other destinations. Chinese demand had been strong until recently and it looks like they need the Corn. 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 much of the Soybeans area and plant much 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 540, 531, and 529 May, and resistance is at 559, 568, and 572 May. Trends in Oats are mixed to up with objectives of 397 May. Support is at 369, 362 and 360 May, and resistance is at 384, 386, and 387 May.

SOYBEANS
General Comments: Soybeans and Soybean Oil closed lower on reports that Argentine Soybean Oil was on its way here. Reports n Twitter indicate that up to two shipments of Soybean Oil are on the way. Soybean Meal closed a little higher on spreads against Soybean Oil. Selling came on ideas that the ongoing Brazil harvest will kill current demand for US Soybeans. Demand was worse at just over 100,000 tons for Soybeans 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 1390, 1374, and 1368 May, and resistance is at 1418, 1435, and 1446 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 mixed to down with objectives of 3090 May. Support is at 5060, 4920, and 4800 May, with resistance at 5410, 5570, and 5630 May.

CANOLA AND PALM OIL
General Comments: Palm Oil closed lower last week on weakness in other oilseeds. Futures were higher today on strong demand ideas. Ideas of tight supplies are still around but supplies should start to seasonally increase. Private sources reported a solid export pace so 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. Canola was lower on what appeared to be speculative selling tied to price action in Chicago. There were reports that the US was about to import a couple of cargoes of Soybean Oil from Argentina to break prices in both Soybean Oil and Canola. Worries about South American production are supporting both markets but the weather is better now and both are looking for new triggers to promote more buying.
Overnight News:
Chart Analysis: Trends in Canola are mixed to down with objectives of 738.00 and 698.00 May. Support is at 746.00, 742.00, and 732.00 May, with resistance at 771.00, 781.00, and 793.00 May. Trends in Palm Oil are mixed to down with objectives of 3590 June. Support is at 3640, 3600, and 3530 June, with resistance at 3760, 3820, and 3970 June.

Midwest Weather Forecast: Mostly dry. Temperatures should average near to above normal.

US Gulf Cash Basis
Corn HRW SRW Soybeans Soybean Meal Soybean Oil
March +69 May +141 May +105 May +54 May
April +69 May +100 May +60 May
May +60 May +100 May +66 May

DJ ICE Canada Cash Grain Close – Mar 26
WINNIPEG — The following are the closing cash
canola prices from ICE Futures.
Source: ICE Futures
Price Basis Contract Change
CANOLA
*Par Region 779.10 -2.40 May 2021 dn 14.60
Basis: Thunder Bay 756.50 50.00 Jul 2021 dn 26.00
Basis: Vancouver 796.50 90.00 Jul 2021 dn 26.00
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 29
The following are prices for Malaysian palm oil in the cash market at 1000 GMT Monday, 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 1042.50 +25.00 Unquoted – –
May 1010.00 +17.50 Unquoted – –
Jun 962.50 +12.50 Unquoted – –
Jul/Aug/Sep 885.00 -02.50 Unquoted – –
Oct/Nov/Dec 837.50 +05.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Apr 1045.00 +25.00 Unquoted – –
May 1012.50 +17.50 Unquoted – –
Jun 965.00 +12.50 Unquoted – –
Jul/Aug/Sep 887.50 -02.50 Unquoted – –
Oct/Nov/Dec 840.00 +05.00 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Apr 1020.00 00.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Apr 952.50 -02.50 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Apr 4,150.00 +100.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Apr 312.00 +02.00 Unquoted – –
($1=MYR4.139)

DJ China Dalian Grain Futures Closing Prices, Volume – Mar 29
Soybean No. 1
Turnover: 155,613 lots, or 8.77 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-21 5,640 5,688 5,595 5,671 5,663 5,639 -24 125,284 94,427
Jul-21 5,658 5,720 5,621 5,709 5,706 5,669 -37 7,476 7,093
Sep-21 5,616 5,678 5,575 5,658 5,650 5,624 -26 17,117 19,970
Nov-21 5,573 5,635 5,538 5,620 5,643 5,578 -65 5,309 6,297
Jan-22 5,507 5,580 5,507 5,562 5,547 5,535 -12 416 5,186
Mar-22 5,525 5,646 5,501 5,519 5,587 5,533 -54 11 105
Corn
Turnover: 1,423,808 lots, or 37.89 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-21 2,712 2,717 2,636 2,654 2,714 2,673 -41 853,428 547,185
Jul-21 2,714 2,718 2,640 2,649 2,714 2,673 -41 144,119 118,491
Sep-21 2,685 2,686 2,611 2,616 2,682 2,640 -42 325,496 384,482
Nov-21 2,652 2,655 2,584 2,592 2,649 2,613 -36 69,407 98,922
Jan-22 2,645 2,647 2,582 2,591 2,641 2,603 -38 14,266 26,802
Mar-22 2,645 2,645 2,587 2,599 2,637 2,604 -33 17,092 10,053
Soymeal
Turnover: 1,506,060 lots, or 50.54 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-21 3,344 3,350 3,293 3,309 3,324 3,315 -9 710,594 686,195
Jul-21 3,357 3,364 3,310 3,323 3,340 3,332 -8 105,600 184,428
Aug-21 3,431 3,446 3,393 3,411 3,422 3,414 -8 38,247 18,110
Sep-21 3,437 3,444 3,388 3,404 3,416 3,410 -6 593,461 1,305,085
Nov-21 3,428 3,433 3,377 3,388 3,411 3,396 -15 9,986 10,183
Dec-21 3,381 3,381 3,357 3,360 3,371 3,369 -2 4 301
Jan-22 3,322 3,332 3,282 3,298 3,312 3,300 -12 38,721 112,380
Mar-22 3,202 3,204 3,165 3,182 3,191 3,183 -8 9,447 12,798
Palm Oil
Turnover: 748,938 lots, or 55.06 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Apr-21 7,760 7,862 7,624 7,696 8,054 7,782 -272 10 536
May-21 7,524 7,568 7,318 7,508 7,690 7,510 -180 579,259 252,174
Jun-21 7,334 7,372 7,106 7,308 7,508 7,314 -194 1,841 3,195
Jul-21 7,112 7,150 6,996 7,090 7,256 7,092 -164 73 1,388
Aug-21 6,998 7,074 6,726 6,940 7,052 6,948 -104 11 388
Sep-21 6,884 6,904 6,710 6,792 6,968 6,820 -148 148,474 145,161
Oct-21 6,804 6,804 6,600 6,674 6,856 6,700 -156 10,502 38,345
Nov-21 6,734 6,746 6,554 6,620 6,784 6,640 -144 4,488 4,527
Dec-21 6,662 6,662 6,512 6,608 6,724 6,606 -118 516 2,215
Jan-22 6,600 6,628 6,458 6,568 6,662 6,572 -90 3,758 9,757
Feb-22 6,534 6,534 6,486 6,528 6,522 6,504 -18 6 18
Mar-22 – – – 6,564 6,564 6,564 0 0 8
Soybean Oil
Turnover: 992,408 lots, or 84.51 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-21 8,768 8,784 8,520 8,680 8,864 8,696 -168 718,836 300,784
Jul-21 8,372 8,402 8,180 8,276 8,466 8,300 -166 7,156 11,875
Aug-21 8,212 8,246 7,998 8,112 8,332 8,150 -182 8,991 2,181
Sep-21 8,136 8,162 7,942 8,004 8,214 8,050 -164 214,506 287,547
Nov-21 8,050 8,050 7,794 7,876 8,076 7,934 -142 32,511 38,053
Dec-21 7,922 7,972 7,730 7,812 8,024 7,860 -164 5,799 6,698
Jan-22 7,850 7,932 7,690 7,772 7,980 7,816 -164 4,588 12,738
Mar-22 7,804 7,804 7,660 7,730 7,908 7,728 -180 21 38
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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