Crop Progress
Date 12-Apr 5-Apr 2019 Avg
Cotton Planted 9 7 7 6
Corn Planted 3 3 4
Sorghum Planted 18 15 15 17
Rice Planted 21 17 24 31
Rice Emerged 15 10 11 13
Sugar beets Planted 10 7 10
Oats Planted 32 26 29 36
Oats Emerged
24 24 26 27
Wheat Headed 6 5 7
Spring Wheat Planted 5 2 9
Barley Planted 12 6 15

Crop Condition
Very Poor Fair Good Excellent
Winter Wheat This Week 2 7 28 53 9
Winter Wheat Last Week 2 7 29 53 9
Winter Wheat Last Year 2 7 31 48 13

DJ USDA Grain Inspections for Export in Metric Tons – Apr 13
COUNTRY OF DESTINATION IS REPORTED AS KNOWN AT THE TIME OF EXPORTATION.
INFORMATION CONTAINED IN THIS REPORT REFLECTS EXPORTED GRAIN INSPECTED AND
WEIGHED THROUGH THE AUTHORITY UNDER THE U.S. GRAIN STANDARDS ACT.
NO ADDITIONAL ANALYSIS, COMPILATIONS OR DATA IS AVAILABLE.
GRAINS INSPECTED AND/OR WEIGHED FOR EXPORT
REPORTED IN WEEK ENDING APR 09, 2020
— METRIC TONS —
————————————————————————-
CURRENT PREVIOUS
———– WEEK ENDING ———- MARKET YEAR MARKET YEAR
GRAIN 04/09/2020 04/02/2020 04/11/2019 TO DATE TO DATE
BARLEY 0 0 0 30,499 9,108
CORN 1,029,886 1,279,364 1,191,442 20,371,971 31,933,828
FLAXSEED 0 0 72 520 462
MIXED 0 0 0 0 0
OATS 0 0 499 3,243 2,592
RYE 0 0 0 0 0
SORGHUM 195,368 9,160 11,488 1,982,484 1,071,424
SOYBEANS 442,024 300,915 476,305 32,338,327 30,645,028
SUNFLOWER 0 0 0 0 0
WHEAT 608,709 350,190 528,714 21,442,019 19,935,798
Total 2,275,987 1,939,629 2,208,520 76,169,063 83,598,240
————————————————————————-
CROP MARKETING YEARS BEGIN JUNE 1 FOR WHEAT, RYE, OATS, BARLEY AND
FLAXSEED; SEPTEMBER 1 FOR CORN, SORGHUM, SOYBEANS AND SUNFLOWER SEEDS.
INCLUDES WATERWAY SHIPMENTS TO CANADA.

WHEAT:
General Comments: Wheat markets were mixed, with HRW higher and the other markets lower. Traders are watching the Russian situation near the Black Sea and it remains dry. It was cold in the Great Plains over the weekend, but ideas are that it was not cold enough to damage Wheat. The Coronavirus and stay at home orders in many states have created a rush of buying of Wheat products and have caught the mills short bought. They have been very active in buying Wheat in domestic cash markets, especially in the Great Plains. However, basis levels fell again last week and it looks like the mills have now been covered. There was confirmation of restricted exports from Russia as Wheat prices have moved sharply higher as have flour prices in local markets. For now the restrictions imposed do not seem to be onerous, but there are restrictions. It remains dry in most growing areas near the Black Sea. The dry weather pattern continues in these areas and must still be watched.
Overnight News: The southern Great Plains should get dry conditions. Temperatures should be below normal. Northern areas should see a dry week. Temperatures will average below normal. The Canadian Prairies should see mostly dry conditions. Temperatures should trend to below normal.
Chart Analysis: Trends in Chicago are mixed. Support is at 545, 539, and 534 May, with resistance at 564, 575, and 584 May. Trends in Kansas City are mixed to up with objectives of 505 and 529 May. Support is at 491, 485, and 481 May, with resistance at 497, 502, and 506 May. Trends in Minneapolis are mixed. Support is at 522, 520, and 515 May, and resistance is at 537, 542, and 545 May.

RICE
General Comments: Rice was lower in moderate volume trading. Most of the action was concentrated in the first two old crop months with new crop months barely traded. The domestic situation remains tight despite the recent price action and down side for old crop futures could be somewhat limited. Some producers are selling the next crop and some significant hedge selling has been seen in new crop months in futures but this has dried up as Arkansas has been cool and wet for planting. Demand for US Rice remains generally positive and the export sales pace in general has been very good. Mills and exporters are calling previously bought Rice to keep the market supplied. This is happening mostly in Arkansas as Gulf Coastal areas are mostly sold out of Rice. The weekly crop progress reports showed that southern Rice is going into the ground at a solid pace and is emerging well. Arkansas is still too wet and cold and has yet to start.
Overnight News: The Delta should get showers today. Temperatures should be above normal.
Chart Analysis: Trends are mixed. Support is at 1407, 1395, and 1380 May, with resistance at 1468, 1474, and 1578 May.

CORN AND OATS
General Comments: Corn and Oats both made very small losses after trading both sides of unchanged. Corn futures held well in the face of bearish demand news. Smithfields announced it had closed its Souix Fall, SD plant for an indefinite period, joining oth4r processors who have closed plants in other states recently. The Coronavirus has affected worker safety and many have caught the disease. Smithfields will wait for clearance from state, local, and federal officials before reopening. The trade war between Saudi Arabia and Russia hurt domestic ethanol production and the effects of the Coronavirus remain part of the market. It might be resoled now with all producer countries agreeing to cut production by about 10 million barrels per day. The demand loss has been 20 million barrels per day so the lost production will only partly solve the problem. Ethanol demand will not improve in the short term because people are not driving much due to the Coronavirus. Prices for Crude Oil and also gasoline and heating oil are at extremely low levels and ethanol plants in the US are shutting down or greatly reducing run times. Ethanol stocks are increasing even with the reduced processing due to the lack of driving in the US. That means a lot less Corn demand.
Chart Analysis: Trends in Corn are mixed. Support is at 326, 323, and 320 May, and resistance is at 335, 339, and 342 May. Trends in Oats are mixed. Support is at 270, 268, and 264 March, and resistance is at 279, 283, and 286 May.

SOYBEANS AND PRODUCTS
General Comments: Soybeans closed lower in sympathy with Soybean Oil and Soybean Meal. Soybean Meal has given back all of its rally that started when DDG production dropped in the US and the lack of demand is why. Smithfields announced it is closing its Souix GFalls, SD plant for an extended period and no one knows when it will reopen. Too many workers have contracted the Coronavirus. That closing along with other plants in the US from other processors hurts feed demand a lot. The lack of demand for biofuels is hurting the Soybean Oil. Producer countries are working on an agreement to cut Crude Oil production by 10% but the demand has dropped even more so the agreement will only partially solve the problem.
Overnight News:
Chart Analysis: Trends in Soybeans are mixed. Support is at 849, 838, and 832 May, and resistance is at 870, 876, and 892 May. Trends in Soybean Meal are down with no objectives. Support is at 286.00, 283.00, and 280.00 May, and resistance is at 297.00, 300.00, and 305.00 May. Trends in Soybean Oil are mixed. Support is at 2620, 2570, and 2520 May, with resistance at 2780, 2830, and 2850 May.

CANOLA AND PALM OIL
General Comments: Canola was a little lower on Chicago and Malaysia price action. Trends are mixed on the daily charts but price action is weak. Palm Oil was a little higher. Production is dropping. Workers are not in the fields or the processors due to the Coronavirus but buyers are not buying as import have been locked down in many cases. Demand has remained a big problem.
Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 459.00, 457.00, and 451.00 May, with resistance at 466.00, 470.00, and 473.00 May. Trends in Palm Oil are mixed. Support is at 2220, 2190, and 2160 June, with resistance at 2330, 2410, and 2460 June.

Midwest Weather Forecast: Showers early and late this week. Temperatures should average above normal through Wednesday, then near to below normal.

US Gulf Cash Basis
Corn HRW SRW Soybeans Soybean Meal Soybean Oil
April
+51 May
+145 May
+55 May
+61 May
+12 May
N/A
May
+49 May
+55 May
+59 May

June
+50 July
+55 July
+59 July

DJ ICE Canada Cash Grain Close – Apr 13
WINNIPEG– The following are the closing cash canola prices
from ICE Futures for April 13, 2020.
Source: ICE Futures
CANOLA
1 Canada NCC Best Bid
Spot Price Basis Contract Change
*Par Region 433.60 -30.00 May 2020 up 1.30
Track Thunder Bay 469.80 10.00 May 2020 dn 3.80
Track Vancouver 481.80 22.00 May 2020 dn 3.80
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 – April 14
The following are prices for Malaysian palm oil in the cash market at 1000 GMT Tuesday, 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 575.00 -05.00 Unquoted – –
May 567.50 -05.00 Unquoted – –
Jun 555.00 -02.50 Unquoted – –
Jul/Aug/Sep 537.50 -02.50 Unquoted – –
Oct/Nov/Dec 537.50 00.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Apr 577.50 -05.00 Unquoted – –
May 570.00 -05.00 Unquoted – –
Jun 557.50 -02.50 Unquoted – –
Jul/Aug/Sep 540.00 -02.50 Unquoted – –
Oct/Nov/Dec 540.00 00.00 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Apr 600.00 -12.50 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Apr 555.00 -10.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Apr 2,330.00 -50.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Apr 171.00 -03.00 Unquoted – –
($1=MYR4.3305)

DJ China Dalian Grain Futures Closing Prices, Volume – Apr 14
Soybean No. 1
Turnover: 283,357 lots, or 12.98 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-20 4,854 4,942 4,836 4,934 4,865 4,893 28 48,486 55,567
Jul-20 4,722 4,807 4,705 4,780 4,781 4,756 -25 149 453
Sep-20 4,500 4,567 4,464 4,545 4,537 4,522 -15 230,780 118,444
Nov-20 4,140 4,156 4,140 4,149 4,156 4,150 -6 8 355
Jan-21 4,041 4,087 4,011 4,069 4,057 4,051 -6 3,930 23,378
Mar-21 4,062 4,102 4,062 4,101 4,076 4,088 12 4 31
Corn
Turnover: 428,592 lots, or 8.77 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-20 1,998 2,002 1,991 1,999 1,989 1,995 6 36,889 187,572
Jul-20 2,023 2,033 2,022 2,029 2,023 2,026 3 12,066 53,363
Sep-20 2,044 2,056 2,043 2,051 2,045 2,049 4 361,080 812,917
Nov-20 2,060 2,070 2,057 2,066 2,059 2,064 5 1,232 7,258
Jan-21 2,073 2,084 2,069 2,077 2,074 2,076 2 15,633 83,284
Mar-21 2,088 2,098 2,085 2,091 2,087 2,090 3 1,692 1,329
Soymeal
Turnover: 1,219,869 lots, or 34.04 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-20 2,760 2,767 2,730 2,759 2,793 2,755 -38 159,471 228,034
Jul-20 2,741 2,754 2,728 2,748 2,778 2,742 -36 52,725 93,051
Aug-20 2,777 2,809 2,746 2,785 2,810 2,781 -29 17,122 9,436
Sep-20 2,791 2,810 2,778 2,808 2,824 2,797 -27 933,641 1,789,187
Nov-20 2,816 2,835 2,804 2,831 2,851 2,824 -27 8,634 7,386
Dec-20 – – – 2,845 2,845 2,845 0 0 313
Jan-21 2,820 2,838 2,807 2,836 2,847 2,824 -23 48,253 206,560
Mar-21 2,780 2,804 2,780 2,802 2,808 2,794 -14 23 522
Palm Oil
Turnover: 814,687 lots, or 38.27 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Apr-20 – – – 4,598 4,598 4,598 0 0 0
May-20 4,850 4,898 4,820 4,854 4,924 4,852 -72 114,874 62,447
Jun-20 5,302 5,302 4,894 4,950 4,976 5,008 32 15 10
Jul-20 5,006 5,006 4,838 4,976 4,962 4,920 -42 6 13
Aug-20 4,818 4,818 4,818 4,818 4,734 4,818 84 2 9
Sep-20 4,678 4,710 4,632 4,678 4,750 4,670 -80 689,814 310,652
Oct-20 4,748 4,764 4,694 4,764 4,844 4,734 -110 3 13
Nov-20 4,758 4,760 4,758 4,758 4,790 4,758 -32 3 9
Dec-20 4,784 4,784 4,784 4,784 4,786 4,784 -2 1 156
Jan-21 4,802 4,802 4,710 4,744 4,810 4,750 -60 9,967 29,974
Feb-21 – – – 4,858 4,918 4,858 -60 0 12
Mar-21 4,970 4,970 4,946 4,946 5,008 4,958 -50 2 18
Soybean Oil
Turnover: 431,246 lots, or 23.85 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-20 5,670 5,676 5,538 5,564 5,716 5,596 -120 72,848 75,720
Jul-20 – – – 5,574 5,692 5,574 -118 0 9
Aug-20 5,630 5,632 5,482 5,482 5,570 5,586 16 103 3
Sep-20 5,542 5,564 5,470 5,492 5,596 5,514 -82 343,522 440,182
Nov-20 5,624 5,624 5,564 5,580 5,694 5,596 -98 37 433
Dec-20 5,664 5,726 5,586 5,718 5,722 5,636 -86 18 18
Jan-21 5,620 5,644 5,552 5,572 5,672 5,604 -68 14,718 47,273
Mar-21 – – – 5,640 5,708 5,640 -68 0 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.