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WHEAT
General Comments: Winter Wheat markets were higher and held higher prices all day. Minneapolis Spring Wheat contracts also closed higher. World prices have been stable. US prices moved very close to international prices and US markets searched for new demand. Export demand has started to improve with the close price relationships. World prices have held steady or worked a little higher even with additional supplies available to the market as Russian prices remain elevated. Australian supplies have increased as its harvest is moving forward. US weather is mixed with still dry conditions in the western Great Plains even though a few areas got some snow. Some precipitation was reported in the eastern Great Plains and in parts of the Midwest. Parts of southern Russia remain dry.
Overnight News: The southern Great Plains should get mostly dry conditions. Temperatures should be above normal. Northern areas should see mostly dry conditions after scattered showers today. Temperatures will be mostly above normal. The Canadian Prairies should see scattered showers today, then mostly dry conditions. Temperatures should average below normal.
Chart Analysis: Trends in Chicago are up with objectives of 639, 652, and 684 March. Support is at 620, 610, and 606 March, with resistance at 636, 642, and 648 March. Trends in Kansas City are up with objectives of 594 and 613 March. Support is at 576, 571, and 563 March, with resistance at 593, 597, and 600 March. Trends in Minneapolis are up with objectives of 604, 608, and 630 March. Support is at 574, 562, and 556 March, and resistance is at 589, 597, and 603 March.

RICE
General Comments: Rice was a little higher in quiet trading as trading reflected the lack of activity in the domestic cash market. Trading volumes have been less for the last couple of weeks. 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.
Overnight News: The Delta should get mostly dry conditions. Temperatures should be near to above normal.
Chart Analysis: Trends are mixed. Support is at 1230, 1227, and 1220 January, with resistance at 1253, 1267, and 1270 January.

CORN AND OATS
General Comments: Corn was higher along with Soybeans and Wheat. Corn has been a demand based market and the demand overall has improved, even with a weaker export sales report yesterday. Export demand has held strong as US Corn is about the cheapest feed grain in the world market. Domestic demand has been less due to reduced demand for ethanol processing but feed demand has been good. It has rained in parts of Argentina and in much of Brazil in the past week. Drought could develop in Brazil and Argentina despite the rains this week as the overall weather patterns have been dry and as dry weather is in the forecast for Argentina and southern Brazil. 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.
Overnight News:
Chart Analysis: Trends in Corn are up with objectives of 453 March. Support is at 440, 433, and 430 March, and resistance is at 451, 454, and 457 March. Trends in Oats are mixed. Support is at 335, 332, and 330 March, and resistance is at 341, 343, and 345 March.

SOYBEANS AND PRODUCTS
General Comments: Soybeans and the products closed higher on better demand for US Soybeans and despite rains in South America. A new leg higher appears to be underway on the daily and weekly charts. The weekly export sales report was below expectations and the worst of the crop year, but export demand overall has been strong. US ending stocks estimates now are very tight and are likely to get even tighter as tie goes on. China continues to buy each day but has cancelled and switched some contracts made to unknown destinations. Production potential is being threatened in South America due to the lack of rainfall. The situation is most serious in central and northern Brazil, but has improved in southern Brazil and Argentina due to recent rains. These rains have moved to the north. Southern Brazil and Argentina will now turn warm and dry and this will be much more consistent with atypical La Nina pattern. 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. A port strike in Argentina has many exporters looking to the US for supplies at this time.
Overnight News:
Chart Analysis: Trends in Soybeans are up with no objectives. Support is at 1237, 1200, and 1180 January, and resistance is at 1272, 1288, and 1300 January. Trends in Soybean Meal are up with no objectives. Support is at 413.00, 408.00, and 400.00 January, and resistance is at 425.00, 428.00, and 431.00 January. Trends in Soybean Oil are up with objectives of 4530 January. Support is at 4050, 4020, and 3970 January, with resistance at 4200, 4230, and 4260 January.

CANOLA AND PALM OIL
General Comments: Palm Oil closed higher again today on reports of increased export demand and tight supplies. Malaysia announced it would impose its export tax again starting next month but futures have rallied since then. The Argentine port strike was seen as a reason to buy Palm Oil futures. 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 in both Malaysia and Indonesia as plantations in both countries are having trouble getting workers into the fields. Palm Oil prices are relatively high right now so importers are looking at importing Soybean Oil instead due to cost and quality. Canola was lower after making new highs for the move as strong demand ideas and on tight supplies of vegetable oils around the world continue. Production problems for Soybeans in South America and a strike by workers at ports in Argentina helped Soybean Oil. Very strong Palm Oil prices have made buying Soybean and Canola oils the better option. Trends are up in Soybean Oil and in Canola. Demand for Canola has improved in recent weeks and farm selling has been less as farmers have reduced supplies.
Overnight News:
Chart Analysis: Trends in Canola are up with no objectives. Support is at 621.00, 614.00, and 601.00 January, with resistance at 634.00, 641.00, and 647.00 January. Trends in Palm Oil are up with objectives of 3540 March. Support is at 3460, 3400, and 3370 March, with resistance at 3550, 3580, and 3610 March.

Midwest Weather Forecast: Some precipitation today and late this weekend. Temperatures should average below normal this week and near normal this weekend

US Gulf Cash Basis
Corn HRW SRW Soybeans Soybean Meal Soybean Oil
December +73 Mar +152 Mar +92 Mar +79 Jan +15 Jan N/A
January +76 Mar +95 Mar +75 Jan
February +76 Mar +97 Mar +74 Mar

DJ ICE Canada Cash Grain Close – Dec 23
WINNIPEG, Dec. 23 (MarketsFarm) – The following are the closing
cash canola prices from ICE Futures.
Source: ICE Futures
Price Basis Contract Change
CANOLA
*Par Region 595.50 -30.07 Jan 2021 dn 2.33
Basis: Thunder Bay 665.80 35.00 Jan 2021 dn 7.30
Basis: Vancouver 680.80 45.00 Jan 2021 dn 7.30
All prices in Canadian dollars per metric ton.

DJ Malaysian PM Cash Market Prices for Palm Oil – December 24
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
Jan 977.50 +15.00 Unquoted – –
Feb/Mar 940.00 +22.50 Unquoted – –
Apr/May/Jun 857.50 +10.00 Unquoted – –
Jul/Aug/Sep 792.50 +05.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Jan 980.00 +15.00 Unquoted – –
Feb/Mar 942.50 +22.50 Unquoted – –
Apr/May/Jun 860.00 +10.00 Unquoted – –
Jul/Aug/Sep 795.00 +05.00 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Jan 950.00 +20.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Jan 845.00 +15.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jan 3,850.00 +50.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jan 318.00 +13.00 Unquoted – –
($1=MYR4.059)

DJ China Dalian Grain Futures Closing Prices, Volume – Dec 24
Soybean No. 1
Turnover: 243,930 lots, or 13.75 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jan-21 5,545 5,644 5,519 5,606 5,516 5,568 52 10,734 9,654
Mar-21 5,593 5,700 5,489 5,661 5,565 5,614 49 10,000 6,263
May-21 5,620 5,710 5,575 5,690 5,578 5,640 62 219,786 90,571
Jul-21 5,582 5,593 5,512 5,572 5,539 5,561 22 2,288 3,216
Sep-21 5,486 5,508 5,448 5,470 5,471 5,480 9 1,117 2,208
Nov-21 5,267 5,279 5,248 5,279 5,264 5,258 -6 5 118
Corn
Turnover: 616,614 lots, or 1.64 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jan-21 2,600 2,600 2,582 2,583 2,574 2,586 12 32,005 104,918
Mar-21 2,633 2,639 2,621 2,629 2,619 2,629 10 49,417 87,297
May-21 2,675 2,677 2,664 2,667 2,661 2,669 8 413,937 999,561
Jul-21 2,695 2,700 2,685 2,687 2,684 2,691 7 84,340 140,380
Sep-21 2,679 2,681 2,667 2,670 2,670 2,674 4 33,513 191,311
Nov-21 2,610 2,612 2,600 2,604 2,608 2,606 -2 3,402 10,444
Soymeal
Turnover: 2,052,362 lots, or 6.82 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jan-21 3,261 3,272 3,216 3,220 3,249 3,238 -11 56,081 53,664
Mar-21 3,307 3,314 3,253 3,256 3,289 3,280 -9 41,710 38,122
May-21 3,348 3,349 3,304 3,307 3,326 3,322 -4 1,134,019 1,626,317
Jul-21 3,328 3,333 3,293 3,297 3,305 3,308 3 491,538 52,956
Aug-21 3,380 3,383 3,344 3,349 3,355 3,360 5 141,641 12,592
Sep-21 3,390 3,397 3,356 3,359 3,366 3,374 8 186,705 491,158
Nov-21 3,338 3,338 3,330 3,333 3,325 3,333 8 9 799
Dec-21 3,297 3,309 3,289 3,291 3,292 3,301 9 659 915
Palm Oil
Turnover: 1,533,253 lots, or 10.73 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jan-21 7,120 7,366 7,114 7,338 6,966 7,250 284 27,095 22,148
Feb-21 7,250 7,506 7,236 7,478 7,084 7,332 248 296,265 59,561
Mar-21 7,102 7,422 7,102 7,400 7,032 7,270 238 98,541 9,062
Apr-21 6,998 7,192 6,998 7,176 6,824 7,054 230 73,063 3,621
May-21 6,802 6,966 6,802 6,938 6,636 6,882 246 997,324 372,954
Jun-21 6,730 6,824 6,730 6,772 6,562 6,788 226 6 9
Jul-21 6,410 6,544 6,410 6,544 6,322 6,464 142 24,074 38
Aug-21 – – – 6,430 6,430 6,430 0 0 4
Sep-21 6,320 6,436 6,320 6,418 6,194 6,380 186 16,868 28,560
Oct-21 6,314 6,406 6,314 6,378 6,180 6,348 168 5 18
Nov-21 6,302 6,462 6,284 6,408 6,152 6,342 190 11 32
Dec-21 6,324 6,324 6,324 6,324 6,228 6,324 96 1 7
Soybean Oil
Turnover: 1,099,009 lots, or 85.48 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jan-21 8,524 8,728 8,524 8,670 8,344 8,622 278 45,404 47,863
Mar-21 8,196 8,318 8,124 8,282 7,996 8,218 222 5,663 9,603
May-21 7,762 7,918 7,730 7,860 7,598 7,812 214 837,293 510,333
Jul-21 7,398 7,576 7,398 7,532 7,304 7,480 176 127,303 19,925
Aug-21 7,376 7,496 7,336 7,442 7,268 7,424 156 52,660 2,721
Sep-21 7,284 7,432 7,284 7,400 7,190 7,344 154 30,638 48,962
Nov-21 7,266 7,370 7,240 7,310 7,178 7,262 84 40 50
Dec-21 7,252 7,330 7,252 7,330 7,144 7,276 132 8 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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