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DJ CBOT Delivery Intentions: Totals – Dec 11
Source: CME Group
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
KC HRW WHEAT December Dec 14, 2020 4 Dec 01, 2020
WHEAT December Dec 14, 2020 2 Dec 04, 2020
This content was published based on data and/or text from the original source. For feedback, write to csstat@dowjones.com.

DJ USDA Report: Summary for U.S. Agriculture Supply, Demand Report
Following are key numbers from the USDA’s crop report and how the government’s estimates compared to analysts’ forecasts in a Wall Street Journal survey.
U.S. 2020-21 Stockpiles (million bushels)
Thursday’s Average USDA
USDA Est. Forecast Range November
Corn 1,702.0 1,697 1,550-1,825 1,702
Soybeans 175.0 165 113- 190 190
Wheat 862.0 874 850- 917 877
****
World Stockpiles (million metric tons)
2019-20
Thursday’s Average USDA
USDA Est. Forecast Range November
Corn 303.4 302.7 301.0-303.3 303.3
Soybeans 95.5 94.7 92.0- 95.3 95.3
Wheat 300.6 300.2 296.0-301.0 300.8
2020-21
Thursday’s Average USDA
USDA Est. Forecast Range November
Corn 289.0 289.3 285.0-293.0 291.4
Soybeans 85.6 85.5 83.7- 86.9 86.5
Wheat 316.5 321.5 318.5-325.5 320.5

DJ USDA Supply/Demand: Crop Summary – Dec 10
U.S. ending stocks in million bushels, except soyoil in million pounds,
cotton in million (480 pound) bales and rice in million cwt. Exports and
Production in million metric tons except cotton in million (480 pound) bales.
Projections based on trends and analysts’ judgments, not survey
date. Source: USDA’s World Agricultural Outlook Board.
======U.S.====== ================WORLD=======================
Ending Stocks Exports Production
20/21 19/20 18/19: 20/21 19/20 18/19: 20/21 19/20 18/19
Soybeans 175.0 523.0 909.0:168.48 164.57 148.82:362.05 336.47 361.04
Brazil na na na: 85.00 92.13 74.89:133.00 126.00 119.70
Argentina na na na: 7.00 9.97 9.10: 50.00 48.80 55.30
China na na na: 0.10 0.09 0.12: 17.50 18.10 15.97
Soyoil 1,889 1,849 1,775: 12.00 11.93 11.18: 60.27 57.92 55.88
Corn 1,702 1,995 2,221:185.97 171.26 181.73: 1,144 1,116 1,123
China na na na: 0.02 0.01 0.02:260.00 260.78 257.17
Argentina na na na: 34.00 37.00 37.24: 49.00 51.00 51.00
S.Africa na na na: 2.80 2.50 1.45: 16.00 16.00 11.82
Cotton(a) 5.70 7.25 4.85: 43.21 40.98 41.64:113.90 122.14 118.58
All Wheat 862 1,028 1,080:193.65 191.46 173.67:773.66 764.50 730.90
China na na na: 1.00 1.05 1.01:136.00 133.59 131.43
EU 27 na na na: 26.00 38.43 23.31:135.80 154.51 136.58
Canada na na na: 26.00 24.63 24.38: 35.18 32.67 32.35
Argentina na na na: 12.50 13.50 12.19: 18.00 19.76 19.50
Australia na na na: 20.00 9.14 9.01: 30.00 15.20 17.60
Russia na na na: 40.00 34.49 35.86: 84.00 73.61 71.69
Ukraine na na na: 17.50 21.01 16.02: 25.50 29.17 25.06
Sorghum 30.0 29.0 64.0: na na na: na na na
Barley 79.0 80.0 87.0: na na na: na na na
Oats 40.0 37.0 38.0: na na na: na na na
Rice 50.8 28.7 44.9: 45.29 42.79 43.89:501.20 496.11 497.04

WHEAT
General Comments: Wheat markets were higher on news reports that Russia was preparing to take steps to curb food inflation. One sure way to keep domestic food prices down is to keep Wheat prices down so the market expects an export tax or export quotas on Wheat soon. The monthly WASDE report had no surprises for the market. World prices have held steady with additional supplies available to the market as Russian prices remain elevated. Australian supplies have increased as its harvest is moving forward to keep world prices in check. US weather is still mixed with still dry conditions in the western Great Plains but good conditions in the Midwest. Parts of eastern Ukraine and southern Russia are getting some showers too but important growing areas remain dry. These have been late to help much with establishment but will help with soil moisture into the Spring. Western Australia conditions are good after some rains. The demand has held well and world prices remain relatively high. The market in Russia has remained high on limited supply as farmer hold the Wheat back due to the drought and also cold weather with little or no snow cover on the ground.
Overnight News: The southern Great Plains should get scattered showers starting Thursday. Temperatures should be above normal. Northern areas should see mostly dry conditions or isolated showers. 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 up with objectives of 612 and 639 March. Support is at 584, 577, and 566 March, with resistance at 600, 608, and 612 March. Trends in Kansas City are mixed to up with objectives of 577 and 602 March. Support is at 553, 545, and 533 March, with resistance at 569, 575, and 586 March. Trends in Minneapolis are mixed to up with objectives of 570 and 596 March. Support is at 558, 553, and 548 March, and resistance is at 564, 570, and 577 March.

RICE
General Comments: Rice was a little higher in response to the WASDE reports. USDA trimmed short and medium grain supply and cut long grain exports. That left overall increased ending stocks and increased ending stocks for long grain. The market has entered into a very quiet period in both futures and cash markets. The cash market is slow and the lack of business is reflected in futures volumes traded. Reports indicate that domestic demand has been poor to average with better consumer demand more than offset by much less demand from schools and other institutions. The harvest is over with good field yields and generally good quality reported.
Overnight News: The Delta should get mostly dry conditions. Temperatures should be near to above normal.
Chart Analysis: Trends are mixed. Support is at 1231, 1221, and 1220 January, with resistance at 1252, 126 January.

CORN AND OATS
General Comments Corn was a little lower in reaction to the USDA supply and demand reports. USDA made no changes in production or in demand and ending stocks were left unchanged against expectations for higher demand and less ending stocks. Futures had been higher before the report and had touched recent highs. Traders expect increased demand and lower ending stocks levels. The South American weather is showing mixed trends. It has rained in Argentina and southern Brazil in the past week. Rains have left these areas and has moved north into central and southern Brazil. Meanwhile, it has turned warm and dry to the south and this is more consistent with La Nina. Drought could develop in southern Brazil and Argentina once again but current forecasts offer hope for improved conditions. Some more rain is in the forecast for this weekend and next week to keep conditions improved for now. The drought is especially serious in South America for the first Corn crop but the second crop could also be affected due to late planting in central and northern Brazil. Dry weather has delayed the Soybeans planting and that will delay the second Corn planting later. Farmers will not plant if it gets too late in the year as the rains will shut off before the crop gets mature.
Overnight News:
Chart Analysis: Trends in Corn are mixed. Support is at 419, 414, and 409 March, and resistance is at 427, 430, and 436 March. Trends in Oats are up with no objectives. Support is at 330, 320, and 315 March, and resistance is at 336, 339, and 342 March.

SOYBEANS AND PRODUCTS
General Comments: Soybeans and Soybean Meal closed lower in reaction to the USDA supply and demand reports. Soybean Oil closed higher on the back of stronger price action in Palm Oil and Canola. Soybeans traders got increased demand and reduced ending stocks in the report yesterday, but the ending stocks reduction was less than expected and Soybeans began to correct lower after a significant two day rally. The market had been weaker due to weaker demand news. China continues to buy in small amounts each day but has not appeared on the daily sales announcements in weeks. The weekly export sales report has reflected the decline in Chinese interest and also the seasonal turn to South American supplies by world buyers. Production potential is being threatened in South America due to the lack of rainfall. The situation has improved due to recent rains in all areas except southern Argentina. The world will need very strong production from South America to meet the projected demand. The stocks to use ration for Soybeans is now very small and the situation is the tightest projected in years.
Overnight News: Philippines bought 130,000 tons of US Soybean Meal.
Chart Analysis: Trends in Soybeans are mixed. Support is at 1143, 1138, and 1130 January, and resistance is at 1174, 1178, and 1183 January. Trends in Soybean Meal are down with objectives of 376.00 and 363.00 January. Support is at 376.00, 366.00, and 362.00 January, and resistance is at 385.00, 392.00, and 394.00 January. Trends in Soybean Oil are mixed. Support is at 3790, 3720, and 3660 January, with resistance at 3870, 3900, and 3920 January.

CANOLA AND PALM OIL
General Comments: Palm Oil closed higher in response to bullish MPOB data released this morning. The report showed less production and ending stocks. Production of most vegetable oils in the world is less this year due to a lack of production of oilseeds. The production of Palm Oil is down, too, in both Malaysia and Indonesia. Palm Oil prices are relatively high right now so importers are looking at importing Soybean Oil instead due to cost and quality. Canola was a little lower on the price action in Chicago. Trends are sideways now in Canola. Demand for Canola has improved in recent weeks and the domestic industry and exporters have been good buyers. Canola farmers have reduced selling by now so demand is chasing after fewer supplies.
Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 584.00, 576.00, and 564.00 January, with resistance at 590.00, 594.00, and 599.00 January. Trends in Palm Oil are mixed to up with objectives of 3590 February. Support is at 3340, 3300, and 3270 February, with resistance at 3420, 3470, and 3500 February.

DJ Canadian Grain Handling Summary – Dec 10
WINNIPEG–The following are Canadian grain handling summary
statistics for the week ended Dec. 6, 2020. Figures in thousands of metric
tons.
Source: Canadian Grain Commission.
Durum
Wheat Wheat Oats Barley Flax Canola Peas Corn Total*
COMMERCIAL STOCKS
This Week 2437.8 715.1 324.9 430.1 105.6 1611.2 409.9 168.8 7327.3
Week Ago 2420.5 745.6 354.2 486.0 114.1 1608.8 404.4 139.9 7360.5
Year Ago 2460.4 755.5 333.0 478.9 42.3 1584.3 289.8 52.7 6796.1
PRODUCER DELIVERIES
This Week 579.0 162.6 60.7 114.4 9.8 476.2 95.5 9.1 1573.5
Week Ago 504.0 194.3 45.6 126.9 17.7 536.3 85.7 9.5 1610.2
To Date 7783.1 2301.1 1281.8 2036.8 222.9 8325.6 1966.8 151.3 26191.0
Year Ago 7558.9 1855.4 1051.0 1584.9 119.4 7175.4 1711.9 145.3 22565.9
TERMINAL RECEIPTS
This Week 410.3 240.3 11.9 81.8 14.5 243.5 33.1 50.0 1375.6
Week Ago 398.9 169.5 34.4 81.6 19.0 204.7 76.4 56.6 1329.3
To Date 8668.8 2630.6 358.3 1367.7 116.7 4924.2 1333.1 359.8 23936.3
Year Ago 6885.4 2401.6 224.1 747.0 49.6 3801.4 1112.8 51.3 18202.0
EXPORTS
This Week 338.7 64.3 64.3 103.6 22.3 254.5 71.0 31.2 1348.5
Week Ago 230.1 161.3 31.9 117.7 14.9 265.9 48.6 11.0 1104.8
To Date 7017.7 1953.2 860.8 1400.6 107.4 4490.6 1356.5 215.6 20250.6
Year Ago 5784.6 1791.8 641.4 670.7 37.8 3245.8 1107.0 12.5 15233.3
DOMESTIC DISAPPEARANCE
This Week 67.6 21.8 17.2 21.9 3.5 194.5 4.2 11.1 409.5
Week Ago 67.9 26.4 15.5 23.3 1.3 227.3 5.8 29.6 442.4
To Date 1670.6 186.4 266.4 405.8 24.0 3642.7 73.8 324.2 7396.5
Year Ago 1599.3 140.9 104.4 493.9 16.1 3698.3 81.0 263.8 7082.3
*Totals include data from other crops not shown including rye, soybeans,
canaryseed, mustard seed, beans, lentils and chickpeas.
Source: Commodity News Service Canada (news@marketsfarm.com, or 204-414-
9084)

Midwest Weather Forecast: Mostly dry this week and some precipitation this weekend. Temperatures should average near to above normal

US Gulf Cash Basis
Corn HRW SRW Soybeans Soybean Meal Soybean Oil
December +64 Mar +146 Dec +85 Mar +72 Jan +15 Jan N/A
January +70 Mar +90 Mar +74 Jan
February +74 Mar +90 Mar +72 Mar

DJ ICE Canada Cash Grain Close – Dec 10
WINNIPEG, Dec. 10 (MarketsFarm) – The following are the closing
cash canola prices from ICE Futures. Source: ICE Futures
Price Basis Contract Change
CANOLA
*Par Region 555.43 -30.07 Jan 2021 up 3.60
Basis: Thunder Bay 622.40 35.00 Jan 2021 dn 0.40
Basis: Vancouver 632.40 45.00 Jan 2021 dn 0.40
All prices in Canadian dollars per metric ton.

DJ Malaysian PM Cash Market Prices for Palm Oil – Dec 11
The following are prices for Malaysian palm oil in the cash market at 1000 GMT Friday, 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
Dec 932.50 -15.00 Unquoted – –
Jan/Feb/Mar 882.50 -05.00 Unquoted – –
Apr/May/Jun 805.00 +02.50 Unquoted – –
Jul/Aug/Sep 752.50 00.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Dec 935.00 -15.00 Unquoted – –
Jan/Feb/Mar 885.00 -05.00 Unquoted – –
Apr/May/Jun 807.50 +02.50 Unquoted – –
Jul/Aug/Sep 755.00 00.00 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Dec 920.00 -10.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Dec 810.00 00.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Dec 3,700.00 00.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Dec 290.00 00.00 Unquoted – –
($1=MYR4.0485)

DJ China Dalian Grain Futures Closing Prices, Volume – Dec 11
Soybean No. 1
Turnover: 220,349 lots, or 1.22 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jan-21 5,565 5,663 5,482 5,625 5,518 5,572 54 153,138 65,028
Mar-21 5,589 5,589 5,484 5,544 5,515 5,530 15 1,706 3,295
May-21 5,454 5,540 5,420 5,496 5,432 5,476 44 63,030 48,732
Jul-21 5,419 5,483 5,408 5,451 5,415 5,447 32 1,548 2,819
Sep-21 5,407 5,427 5,389 5,411 5,400 5,410 10 918 2,426
Nov-21 5,238 5,246 5,225 5,228 5,220 5,231 11 9 53
Corn
Turnover: 940,233 lots, or 24.34 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jan-21 2,549 2,550 2,525 2,540 2,547 2,535 -12 87,934 248,265
Mar-21 2,583 2,583 2,557 2,574 2,580 2,568 -12 16,688 43,323
May-21 2,606 2,610 2,580 2,602 2,606 2,594 -12 688,176 1,009,946
Jul-21 2,620 2,620 2,590 2,611 2,610 2,602 -8 90,410 124,249
Sep-21 2,617 2,624 2,593 2,614 2,611 2,605 -6 44,144 179,777
Nov-21 2,563 2,573 2,543 2,551 2,560 2,554 -6 12,881 7,795
Soymeal
Turnover: 1,669,140 lots, or 51.95 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Dec-20 – – – 3,200 3,200 3,200 0 0 0
Jan-21 3,080 3,097 3,026 3,032 3,071 3,049 -22 186,232 341,042
Mar-21 3,088 3,128 3,061 3,063 3,104 3,090 -14 40,114 35,683
May-21 3,149 3,161 3,087 3,089 3,124 3,116 -8 1,170,788 1,683,054
Jul-21 3,123 3,140 3,073 3,077 3,104 3,105 1 116,228 60,450
Aug-21 3,176 3,191 3,127 3,131 3,158 3,159 1 19,627 12,108
Sep-21 3,185 3,205 3,139 3,143 3,172 3,167 -5 135,745 434,846
Nov-21 3,168 3,171 3,123 3,125 3,147 3,137 -10 406 933
Palm Oil
Turnover: 1,563,998 lots, or 10.52 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Dec-20 6,666 7,010 6,666 7,010 6,588 6,684 96 126 1,600
Jan-21 6,732 6,956 6,710 6,922 6,720 6,830 110 407,751 129,773
Feb-21 6,776 7,060 6,764 7,022 6,776 6,932 156 391,089 62,724
Mar-21 6,646 6,958 6,646 6,902 6,668 6,806 138 91,957 6,671
Apr-21 6,560 6,806 6,526 6,746 6,538 6,666 128 89,916 2,575
May-21 6,420 6,634 6,392 6,568 6,382 6,510 128 573,248 269,968
Jun-21 6,374 6,484 6,308 6,484 6,194 6,370 176 23 4
Jul-21 6,122 6,266 6,122 6,266 6,152 6,204 52 9 13
Aug-21 – – – 6,160 6,110 6,160 50 0 5
Sep-21 5,992 6,176 5,992 6,130 5,982 6,078 96 9,867 20,219
Oct-21 6,068 6,106 6,068 6,106 6,026 6,086 60 2 20
Nov-21 6,042 6,080 6,006 6,080 5,966 6,062 96 10 28
Soybean Oil
Turnover: 836,841 lots, or 63.39 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Dec-20 – – – 7,798 7,798 7,798 0 0 0
Jan-21 7,810 7,966 7,806 7,954 7,788 7,882 94 363,131 225,660
Mar-21 7,650 7,778 7,622 7,730 7,610 7,700 90 2,832 8,638
May-21 7,310 7,436 7,286 7,422 7,264 7,362 98 428,470 397,056
Jul-21 7,034 7,156 7,034 7,146 7,022 7,102 80 25,702 21,062
Aug-21 6,966 7,102 6,966 7,100 6,966 7,044 78 6,082 2,463
Sep-21 6,946 7,070 6,946 7,060 6,942 7,014 72 10,604 48,550
Nov-21 6,952 7,016 6,952 7,010 6,932 6,968 36 20 37
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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