DJ Analysts’ Estimates for January USDA Cattle-On-Feed Report
The following estimates, as compiled by The Wall Street Journal for the nation’s feedyards with a capacity of 1,000 or more head, are in percentages of the year-earlier figure. High and low projections were dropped in the calculation of averages. The U.S. Department of Agriculture report is scheduled for release at 3 p.m. ET (2000 GMT) Friday.
Average Range
of estimates of estimates
On-feed January 1 102.2 101.6- 102.5
Placed in December 103.2 100.5- 105.3
Marketed in December 105.2 103.9- 105.8
Analyst On-Feed Placements Marketed
Jan. 1 in December in December
Allegiant Commodity Group 102.2 103.5 105.8
Allendale Inc. 102.5 104.1 103.9
HedgersEdge 102.4 104.4 105.7
Linn Group 102.2 105.3 104.8
Livestock Mktg Info Ctr 101.6 101.8 105.4
NFC Markets 101.8 100.5 104.8
Texas A&M Extension 102.0 102.0 105.7
U.S. Commodities 102.3 103.5 105.0

DJ USDA Cold Storage: Totals-Jan 22
WASHINGTON (Dow Jones)==U.S. stocks of pork bellies in freezers
totaled 68.015 million pounds, in December, 25.0% above the previous
month, and 61.0% above December 2018, the U.S. Department Agriculture
said Wednesday.
In thousand pounds.
public
Dec 31 Nov 30 Dec 31 Nov 30 warehouse
2019 2019 2018 2018 stocks/Dec
pork bellies 68,015 54,416 42,251 36,859
orange juice 766,091 725,568 547,910 528,895
french fries 945,969 954,826 944,230 962,841
other potatoes 208,142 226,101 230,329 235,592
chicken rstr (whole) 20,414 22,837 17,712 17,119
ham 84,981 110,635 73,118 96,375
total pork 580,904 574,840 505,287 507,668 523,695
total beef 481,012 478,261 495,624 514,698 471,180
total red meat 1,102,839 1,092,584 1,045,603 1,069,331 1,033,870
total chicken 962,255 979,323 881,626 929,136
total turkey 233,147 221,996 302,763 274,166
total poultry 1,198,049 1,204,338 1,187,331 1,206,251 1,131,645
===============================================================================

DJ IGC Raises Global Grain Production, Demand Forecasts for 2019-20
By Joe Wallace
The International Grains Council raised its forecast for global grain production in the 2019-20 season in a monthly report on Thursday, pointing to higher corn output in the U.S. and China.
The intergovernmental organization said the world would produce 2.17 billion metric tons of grain, up from 2.14 billion tons in 2018-19 and seven million tons more than it forecast in its December report.
Driving the increase: a five-million ton lift to the IGC’s forecast for Chinese corn production, and a three-million ton boost to its forecast for the U.S. corn crop.
The IGC also raised its forecast for grain demand by six million tons to 2.19 billion tons, which would leave the global grain market in a deficit for the third consecutive year.
That could lift agricultural prices, although any gains are likely to be tempered by ample stockpiles of grain that have built up in previous seasons.

WHEAT:
General Comments: Wheat markets were mostly lower yesterday in correction trading. Speculators keep buying based on the stronger world prices but they chose the sell side yesterday on ideas that the market had run far and was in need of a correction. Chart patterns are bullish in all three markets and all are looking forward to increased demand for US Wheat. World markets rallied in the face of reduced production potential for Australia and the Russian supply situation. Russia has less Wheat this year and prices in the Black Sea region have strengthened. The Ruble has also been firmer against the US Dollar and this has also caused Russian prices to form in the world market. World prices will still be dictated by what happens in Europe and the Black Sea area and US prices will most likely remain a follower as the US tries to compete for sales. The lack of production in Russia and in the southern parts of the world means higher prices for now. US farmers planted less Wheat than any time in the last 100 years so no real change in the world scenario of less supply is indicated.
Overnight News: The southern Great Plains should get some light and mixed precipitation at the end of the week and then into the weekend. Temperatures should trend to near to above normal this week and near to below normal this weekend. Northern areas should see mostly dry conditions except for some light precipitation on Friday. Temperatures will average near to below normal. The Canadian Prairies should see mostly dry weather in the west and light snow in the east. Temperatures should be below normal.
Chart Analysis: Trends in Chicago are mixed to up with objectives of 595 and 610 March. Support is at 572, 560, and 557 March, with resistance at 583, 587, and 593 March. Trends in Kansas City are mixed. Support is at 488, 481, and 477 March, with resistance at 504, 510, and 513 March. Trends in Minneapolis are mixed. Support is at 553, 551, and 549 March, and resistance is at 560, 563, and 566 March.

RICE
General Comments: Rice was slightly higher in subdued trading. The tone remains firm but some speculators and producers have been selling. Speculators have also been the best buyers. The weekly charts still display a bullish market. Prices are profitable for producers at this time. Some are also selling the next crop and the trade and open interest in the September contract is relatively large for the time of year. More selling from producers of the next crop is expected on any further rally attempts. Demand for US Rice remains generally positive and the export sales pace in general has been very good. Mills and exporters are having to battle it out now for supplies with almost all of the Rice in Texas and Louisiana spoken for. That makes Arkansas as the lone provider of Rice in volume for the market.
Overnight News: The Delta should get showers and rains tomorrow and again late in the week. Temperatures should be near normal.
Chart Analysis: Trends are mixed to up with objectives of 1379, 1390, and 1438 March. Support is at 1335, 1326, and 1316 March, with resistance at 1349, 1364, and 1368 March.

CORN AND OATS
General Comments: Corn closed mixed, with nearby months slightly higher and new crop months slightly lower. Oats closed a little lower yesterday. It was a consolidation trade in both markets. Demand and the lack of identified demand over the short-term is partly dictating the price action. Export demand has been disappointing and ethanol and other industrial demand has started to improve but faces an uncertain road ahead. Much of the improved ethanol demand will be seen if and when China starts to buy. Feed demand was improved as seen in the latest quarterly stocks report. That report showed less supplies on hand than expected. There is little Corn available to the domestic cash market. The market has been short Corn as farmers have been holding and not selling.
Overnight News: USDA said that Guatemala bought 114,224 tons of current crop Corn and 29,774 tons of next crop Corn. Unknown destinations bought 141,000 tons of US Corn.
Chart Analysis: Trends in Corn are mixed. Support is at 385, 382, and 379 March, and resistance is at 392, 393, and 394 March. Trends in Oats are mixed to up with objectives of 317, 319, and 321 March. Support is at 308, 304, and 301 March, and resistance is at 316, 318, and 320 March.

SOYBEANS AND PRODUCTS
General Comments: Soybeans and Soybean Meal were lower. Soybean Oil was higher on the strength in Palm Oil. Soybeans were down on the lack of fresh demand from China. China might not buy Soybeans until after the Lunar New Year holiday. A lot will depend on the price of US Soybeans and those from Brazil and Argentina. Lower prices there will hurt overall demand here. China will return in the end to buy at least as many Soybeans as it did before the trade war, but when is the main problem and is compounded by good growing conditions and ideas of big crops in South America. Many US producers have put their Soybeans into storage and not selling. This has caused basis levels to firm in the country and at the Gulf of Mexico.
Overnight News:
Chart Analysis: Trends in Soybeans are down with objectives of 911, 907, and 894 March. Support is at 911, 903, and 890 March, and resistance is at 922, 934, and 936 March. Trends in Soybean Meal are mixed to down with objectives of 298.00, 297.00, and 291.00 March Support is at 296.00, 293.00, and 290.00 March, and resistance is at 301.00, 304.00, and 307.00 March. Trends in Soybean Oil are mixed to down with objectives of 3190 March. Support is at 3260, 3240, and 3200 March, with resistance at 3360, 3410, and 3440 March.

CANOLA AND PALM OIL
General Comments: Canola was higher along with the price action in Chicago Soybean Oil and Malaysian Palm Oil. Demand from crusher is reported to be good and crush margins are reported to be strong. Farmers are not selling. Palm Oil was lower in consolidation trading. Prices are still being supported overall by the MPOA data showing less production in the country. SGS showed less export demand for Palm Oil so far this month.
Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 476.00, 474.00, and 473.00 March, with resistance at 481.00, 485.00, and 490.00 March. Trends in Palm Oil are mixed to up with objectives of 2980 and 3070 April. Support is at 2890, 2820, and 2800 April, with resistance at 3000, 3040, and 3050 April.

Midwest Weather Forecast: Some rain and snow late in the week and into the weekend. Temperatures should average near normal.

US Gulf Cash Basis
Corn HRW SRW Soybeans Soybean Meal Soybean Oil
January +50 Mar +164 Mar +110 Mar +52 Mar +12 Mar N/A
February +58 Mar +112 Mar +46 Mar
March +59 Mar +112 Mar +47 Mar
All basis levels are positive unless noted as negative

DJ ICE Canada Cash Grain Close – Jan 22
WINNIPEG–The following are the closing cash canola prices from
ICE Futures for Jan. 22, 2020.
Source: ICE Futures
CANOLA
1 Canada NCC Best Bid
Spot Price Basis Contract Change
*Par Region 442.80 -34.00 Mar 2020 dn 4.20
Track Thunder Bay 484.90 7.00 Mar 2020 up 1.10
Track Vancouver 497.90 20.00 Mar 2020 up 1.10
All prices in Canadian dollars per metric ton.
*Quote for previous day
Source: Commodity News Service Canada ([email protected], or
204-414-9084)

DJ Malaysian PM Cash Market Prices for Palm Oil – January 23
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
Feb 765.00 -05.00 Unquoted – –
Mar 762.50 -07.50 Unquoted – –
Apr/May/Jun 732.50 -07.50 Unquoted – –
Jul/Aug/Sep 700.00 -07.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Feb 767.50 -05.00 Unquoted – –
Mar 765.00 -07.50 Unquoted – –
Apr/May/Jun 735.00 -07.50 Unquoted – –
Jul/Aug/Sep 702.50 -07.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Feb 760.00 -15.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Feb 700.00 -10.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Feb 3,020.00 -40.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Feb 229.00 -06.00 Unquoted – –
($1=MYR4.0680)

DJ China Dalian Grain Futures Closing Prices, Volume – Jan 23
Soybean No. 1
Turnover: 66,904 lots, or 2.72 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Mar-20 3,418 3,452 3,401 3,447 3,449 3,425 -24 29 1,257
May-20 4,089 4,096 4,043 4,060 4,055 4,065 10 64,589 97,554
Jul-20 – – – 4,043 4,043 4,043 0 0 27
Sep-20 3,994 4,004 3,960 3,967 3,965 3,976 11 2,262 15,695
Nov-20 3,838 3,838 3,810 3,810 3,818 3,817 -1 4 249
Jan-21 3,855 3,855 3,820 3,820 3,825 3,840 15 20 426
Corn
Turnover: 303,754 lots, or 5.83 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Mar-20 1,880 1,882 1,867 1,870 1,875 1,872 -3 21,231 89,570
May-20 1,927 1,927 1,910 1,912 1,919 1,916 -3 244,746 652,293
Jul-20 1,949 1,949 1,937 1,939 1,946 1,942 -4 476 4,755
Sep-20 1,968 1,972 1,961 1,962 1,967 1,965 -2 36,635 186,197
Nov-20 1,984 1,986 1,978 1,980 1,986 1,981 -5 157 1,193
Jan-21 1,995 2,003 1,991 1,991 1,999 1,996 -3 509 3,301
Soymeal
Turnover: 1,100,120 lots, or 29.48 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Mar-20 2,623 2,623 2,559 2,562 2,613 2,590 -23 87,462 95,241
May-20 2,679 2,682 2,635 2,640 2,679 2,660 -19 698,419 1,422,529
Jul-20 2,718 2,718 2,669 2,673 2,712 2,690 -22 1,128 5,144
Aug-20 2,726 2,736 2,726 2,736 2,752 2,731 -21 2 101
Sep-20 2,760 2,768 2,724 2,729 2,761 2,748 -13 309,481 1,073,476
Nov-20 2,790 2,790 2,751 2,759 2,791 2,762 -29 51 1,976
Dec-20 2,805 2,813 2,766 2,803 2,800 2,792 -8 17 219
Jan-21 2,812 2,815 2,773 2,781 2,806 2,802 -4 3,560 8,992
Palm Oil
Turnover: 1,465,464 lots, or 89.26 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Feb-20 6,518 6,700 6,518 6,644 6,534 6,650 116 38 139
Mar-20 6,484 6,508 6,392 6,446 6,306 6,440 134 54 491
Apr-20 – – – 6,188 6,060 6,188 128 0 9
May-20 6,110 6,186 6,004 6,094 5,974 6,102 128 1,402,347 454,570
Jun-20 6,054 6,054 5,918 5,918 5,882 5,968 86 6 9
Jul-20 6,004 6,030 5,908 5,978 5,936 5,968 32 7 302
Aug-20 5,864 5,864 5,682 5,682 5,806 5,772 -34 2 6
Sep-20 5,824 5,882 5,738 5,812 5,734 5,810 76 62,470 60,687
Oct-20 – – – 5,762 5,762 5,762 0 0 4
Nov-20 – – – 5,714 5,714 5,714 0 0 6
Dec-20 5,650 5,694 5,650 5,694 5,704 5,672 -32 2 83
Jan-21 5,674 5,748 5,630 5,678 5,616 5,682 66 538 1,284
Soybean Oil
Turnover: 584,921 lots, or 37.94 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Mar-20 – – – 6,514 6,514 6,514 0 0 23
May-20 6,580 6,618 6,374 6,440 6,460 6,494 34 530,026 503,283
Jul-20 – – – 6,450 6,450 6,450 0 0 418
Aug-20 – – – 6,416 6,416 6,416 0 0 2
Sep-20 6,456 6,514 6,302 6,368 6,382 6,408 26 54,724 156,175
Nov-20 – – – 6,314 6,314 6,314 0 0 204
Dec-20 – – – 6,380 6,380 6,380 0 0 0
Jan-21 6,536 6,552 6,358 6,416 6,444 6,450 6 171 940
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.