DJ USDA Report: Summary for U.S. Agriculture Supply, Demand Report
WASHINGTON–The following are key numbers from USDA’s crop report
and how the government’s estimates compared to analysts’ forecasts in a
Wall Street Journal survey.
U.S. 2021 Corn, Soybean Production, Yield (million bushels, bushels per acre)
Thursday’s
Estimate Average Range USDA May
Corn Production 14,990 15,018 14,990-15,218 14,990
Soybean Production 4,405 4,414 4,405-4,498 4,405
Thursday’s
Estimate Average Range USDA May
Corn Yield 179.5 * 179.5 177.0-182.0 179.5
Soybean Yield 50.8 * 50.8 50.5-51.0 50.8
***
U.S. Stockpiles (million bushels)
2020-21
Thursday’s
Estimate Average Range USDA May
Corn 1,107 1,205 1,132-1,301 1,257
Soybeans 135 122 105-144 120
Wheat 852 868 847-902 872
2021-22
Thursday’s
Estimate Average Range USDA May
Corn 1,357 1,414 1,282-1,516 1,507
Soybeans 155 139 117-170 140
Wheat 770 777 661-840 774
***
World Stockpiles (million metric tons)
2020-21
Thursday’s
Estimate Average Range USDA May
Corn 280.6 280.1 276.0-283.0 283.5
Soybeans 88.0 86.7 85.8-87.6 86.6
Wheat 293.5 294.6 293.3-296.0 294.7
2021-22
Thursday’s
Estimate Average Range USDA May
Corn 289.4 288.9 280.9-293.8 292.3
Soybeans 92.6 91.6 90.0-94.1 91.1
Wheat 296.8 295.2 288.1-300.0 295.0
***
2021-22 Wheat Production (million bushels)
Thursday’s
Estimate Average Range USDA May
All Wheat 1,898 1,890 1,850-1,919 1,872
Winter Wheat 1,309 1,306 1,278-1,333 1,283
Hard Red Winter 772 757 731-786 731
Soft Red Winter 336 336 316-350 332
White Winter 202 213 195-246 220
***
2020-2021
Brazil Production (million metric tons)
Thursday’s
Estimate Average Range USDA May
Corn 98.5 97.0 89.7-103.0 102.0
Soybeans 137.0 136.2 135.7-137.0 136.0
Argentina Production (million metric tons)
Thursday’s
Estimate Average Range USDA May
Corn 47.0 47.1 46.0-48.0 47.0
Soybeans 47.0 46.5 45.0-47.5 47.0

DJ USDA Supply/Demand: Crop Summary – Jun 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
21/22 20/21 19/20: 21/22 20/21 19/20: 21/22 20/21 19/20
Soybeans 155.0 135.0 525.0:172.90 171.41 165.14:385.52 364.07 339.42
Brazil na na na: 93.00 86.00 92.14:144.00 137.00 128.50
Argentina na na na: 6.35 6.35 10.00: 52.00 47.00 48.80
China na na na: 0.10 0.10 0.09: 19.00 19.60 18.10
Soyoil 1,503 1,808 1,853: 12.82 12.59 12.31: 62.25 60.44 58.36
Corn 1,357 1,107 1,919:197.47 187.04 172.46: 1,190 1,125 1,118
China na na na: 0.02 0.02 0.01:268.00 260.67 260.78
Argentina na na na: 36.00 34.00 36.25: 51.00 47.00 51.00
S.Africa na na na: 3.20 3.20 2.55: 17.00 17.00 15.84
Cotton(a) 2.90 3.15 7.25: 46.59 47.41 41.45:118.87 113.26 121.42
All Wheat 770 852 1,028:203.22 199.10 194.88:794.44 775.82 763.49
China na na na: 1.00 0.80 1.05:136.00 134.25 133.59
European
Union na na na: 33.00 30.00 39.77:137.50 125.94 138.74
Canada na na na: 23.50 27.50 24.63: 32.00 35.18 32.67
Argentina na na na: 13.50 10.50 13.50: 20.50 17.63 19.78
Australia na na na: 20.00 22.00 9.14: 27.00 33.00 14.48
Russia na na na: 40.00 38.50 34.49: 86.00 85.35 73.61
Ukraine na na na: 20.50 17.00 21.01: 29.50 25.42 29.17
Sorghum 20.0 18.0 30.0: na na na: na na na
Barley 79.0 79.0 80.0: na na na: na na na
Oats 30.0 39.0 37.0: na na na: na na na
Rice 39.0 40.9 28.7: 46.97 47.13 43.38:506.62 504.99 497.78

WHEAT
General Comments: Wheat markets were mixed, with HRW Wheat mostly a little higher and SRW and Minneapolis Spring markets mixed to higher as the weather forecasts turned wetter for Canada and remained too wet in the central and southern Great Plains. Spring Wheat areas of the US and Canada should get some showers, but mostly in Canada. North Dakota is looking mostly dry and model runs from yesterday have taken some of the precipitation for next week out of the state. Showers and rains were seen in parts of Western Texas and in Oklahoma. More showers are in the forecast in western Texas. Some rains would be very beneficial for planting and initial growth of the Spring Wheat while the drier but still wet weather would help Winter Wheat crops. USDA slightly increased Winter Wheat production in its reports released yesterday, but demand was increased as well, especially on the export side. USDA forecast slightly lower ending stocks because of the changes.
Overnight News: The southern Great Plains should get scattered showers. Temperatures should be above normal. Northern areas should see isolated showers. Temperatures will be above normal. The Canadian Prairies should see scattered showers. Temperatures should average above normal.
Chart Analysis: Trends in Chicago are mixed. Support is at 669, 667, and 658 July, with resistance at 702, 704, and 707 July. Trends in Kansas City are mixed. Support is at 618, 606, and 588 July, with resistance at 654, 675, and 683 July. Trends in Minneapolis are mixed to down with objectives of 713 and 648 July. Support is at 761, 737, and 730 July, and resistance is at 783, 807, and 824 July.

RICE
General Comments: Rice prices were lower in good volume trading on demand concerns. It looked like speculators were the best sellers. WASDE decreased ending stocks and increased demand in its monthly updates yesterday. All of the changes were note4d for long grain. No changes were made for new crop estimates except for the decreased carry in and therefore decreased ending stocks. Moderate precipitation and warmer temperatures are forecast for US growing areas. Rice areas have generally been wet and northern areas have been cool. Louisiana and parts of Texas are saturated but crops are rated in good condition overall. Warm temperatures are reported in Arkansas and Missouri and the crop progress is improving. Texas and Louisiana are almost out of Rice, but there is Rice available in the other states, especially Arkansas. Milling interest in Rice is said to be slow.
Overnight News: The Delta should get mostly dry conditions. Temperatures should be above normal.
Chart Analysis: Trends are down with objectives of 1273 and 1264 July. Support is at 1284, 1272, and 1260 July, with resistance at 1311, 1326, and 1333 July.

CORN AND OATS:
General Comments: Corn was higher and Oats closed lower as forecasts for the Midwest remained hot and dry for northern areas, but rainy to the southern Midwest. Canadian Oats areas look to get some very beneficial rains in the near term. Hot and dry weather is forecast for parts of the Great Plains and Midwest this week and hot and dry conditions continue in central and northern Brazil. Some showers are now in the forecast for the Midwest in the second week. Longer range forecasts released by NWS call for warmer and drier weather for many important US growing areas this Summer. USDA showed increased demand potential for US Corn yesterday and lower than expected ending stocks levels. Demand was increased for feed, ethanol, and exports. USDA also cut the Brazilian Corn production estimate, but not by too much and not as much as had been predicted by the trade. There are problems with the production potential for the Safrinha crop in Brazil as growing areas have been warm and dry and look to stay that way longer term. Reports indicate that crops are being stressed due to the lack of rain. It is drier in central and parts of northern Brazil, but southern Safrinha areas got some timely and somewhat beneficial precipitation last week.
Overnight News:
Chart Analysis: Trends in Corn are mixed to up with objectives of 730, 743, and 767 July. Support is at 695, 685, and 678 July, and resistance is at 703, 706, and 718 July. Trends in Oats are mixed to down with objectives of 382 and 365 July. Support is at 387, 378, and 375 July, and resistance is at 399, 409, and 411 July.

SOYBEANS
General Comments: Nearby Soybeans and both products were lower as weather and demand concerns returned to the forefront. USDA released its monthly WASDE updates and showed less domestic demand and higher ending stocks. Export demand was left unchanged and all data for the next year except ending stocks levels were also left unchanged. Forecasts call for warm and dry weather this week in the northern Midwest and northern Great Plains but showers are in the forecast for much of this week in central and southern areas. China should start with new US Soybeans purchases soon for Fall delivery and reports indicate they are now asking for offers. The longer range forecasts from NWS call for warmer and drier than normal conditions for most Soybeans areas of the US. There is still crush demand and a little export demand even though the demand is less now than before. The US does not have a lot of Soybeans in the country anymore as most producers have already sold. Buyers are scrambling for what is left. Brazil is rapidly exporting Soybeans.
Overnight News:
Chart Analysis: Trends in Soybeans are mixed to down with objectives of 1481, 1464, and 1440 July. Support is at 1537, 1523, and 1480 July, and resistance is at 1562, 1597, and 1610 July. Trends in Soybean Meal are mixed to down with objectives of 368.00 and 366.00 July. Support is at 378.00, 377.00, and 369.00 July, and resistance is at 391.00, 396.00, and 404.00 July. Trends in Soybean Oil are mixed. Support is at 6870, 6720, and 6620 July, with resistance at 7280, 7340, and 7370 July.

CANOLA AND PALM OIL
General Comments: Palm Oil was lower today on reports from MPOB of increasing production and stocks levels. The private surveyors showed les demand so far this month. There were reports that Indonesia was about to cut its Palm Oil export duty. There are fears of global shortages of vegetable oils now. Demand has been less so far this month and the market fears the loss of Indian demand due to the big Coronavirus outbreak in India that could cut demand. However, prices are very high in India and imports are needed. Ideas of tight supplies are still around but supplies are expected to increase in the short term. Canola closed lower on demand and weather concerns. Weakening demand ideas were negative for prices as were ideas that the Canadian Dollar is ready to move much higher. Demand is thought to be OK with crush margins favoring a lot of production of vegetable oils to feed the demand but less exports. The demand for bio fuels is about to increase and is one reason to see much stronger Soybean Oil and Canola prices. The weather is improving in the Prairies with rains and more in the forecast into next week.
Overnight News:
Chart Analysis: Trends in Canola are mixed to down with objectives of 813.00 July. Support is at 836.00, 828.00, and 808.00 July, with resistance at 890.00, 918.00, and 920.00 July. Trends in Palm Oil are mixed to down with objectives of 3740 and 3400 July. Support is at 3780, 3700, and 3590 August, with resistance at 3990, 4060, and 4110 August.

DJ Malaysia’s May Palm Oil Exports 1.27M Tons; Down 6%, MPOB Says
Malaysia’s palm oil exports were down 6% on month at 1.27 million metric tons in May, the Malaysian Palm Oil Board said.
The following are details of the May crop data and revised numbers for April, issued by MPOB:
May April Change
On Month
Crude Palm Oil Output 1,571,523 1,528,121 Up 2.84%
Palm Oil Exports 1,265,460 1,346,326 Dn 6.01%
Palm Kernel Oil Exports 71,330 96,546 Dn 26.12%
Palm Oil Imports 89,014 109,847 Dn 18.97%
Closing Stocks 1,568,943 1,545,905 Up 1.49%
Crude Palm Oil 841,464 785,308 Up 7.15%
Processed Palm Oil 727,479 760,597 Dn 4.35%
This content was automatically published based on data and/or text from the original source. For feedback, write to [email protected].

DJ Malaysia June 1-10 Palm Oil Exports Down 9.7%, SGS Says
Malaysia’s palm oil exports during the June 1-10 period are estimated down 9.7% on month at 411,044 metric tons, cargo surveyor SGS (Malaysia) Bhd. said Thursday.
The following are the major items in the SGS estimate:
(All figures in metric tons)
June 1-10 May 1-10
RBD Palm Olein 90,200 149,525
RBD Palm Oil 9,960 45,205
RBD Palm Stearin 43,100 35,500
Crude Palm Oil 102,625 125,235
Total* 411,044 455,285
*Palm oil product volumes don’t add up to total as some products aren’t included
SGS Malaysia is a division of the Switzerland-based Societe Generale de Surveillance Group. This content was automatically published based on data and/or text from the original source. For feedback, write to [email protected].

DJ Malaysia June 1-10 Palm Oil Exports 402,520 Tons, Down 14.3%, AmSpec Says
Malaysia’s palm oil exports during the June 1-10 period are estimated down 14.3% on month at 402,520 metric tons, cargo surveyor AmSpec Agri Malaysia said Thursday.
The following are the major items in the AmSpec estimate:
(All figures in metric tons)
June 1-10 May 1-10
RBD Palm Olein 90,350 114,210
RBD Palm Oil 13,840 58,655
RBD Palm Stearin 42,900 23,300
Crude Palm Oil 102,625 146,335
Total* 402,520 469,875
*Palm oil product volumes don’t add up to total as some products aren’t included.
Write to Yi Wei Wong at [email protected]

DJ Canadian Grain Handling Summary – Jun 10
WINNIPEG–The following are Canadian grain handling summary
statistics for the week ended June 6, 2021. Figures in thousands of metric
tons.
Source: Canadian Grain Commission.
Durum
Wheat Wheat Oats Barley Flax Canola Peas Corn Total*
COMMERCIAL STOCKS
This Week 2336.6 441.8 343.8 236.2 39.3 1302.4 266.4 198.7 5633.4
Week Ago 2255.2 422.2 340.2 218.9 42.0 1239.4 255.7 178.1 5357.8
Year Ago 2257.7 551.4 216.5 366.2 54.0 950.1 208.5 91.8 5127.4
PRODUCER DELIVERIES
This Week 635.8 102.4 40.5 38.9 3.9 371.5 34.8 7.3 1321.1
Week Ago 490.5 57.3 42.8 31.5 3.9 296.9 29.3 16.4 1023.7
To Date 19041.5 5301.2 2469.6 4464.4 421.3 18350.7 3437.5 339.2 57517.7
Year Ago 18352.3 4325.3 2209.1 3419.1 315.3 17022.3 3457.6 309.7 52846.7
TERMINAL RECEIPTS
This Week 409.5 87.5 6.8 39.7 0.0 101.8 14.7 80.0 807.4
Week Ago 433.8 61.1 9.8 39.7 2.5 219.6 24.4 51.4 886.3
To Date 19928.8 6340.5 570.6 3395.1 213.2 10093.3 2454.4 1294.1 50216.0
Year Ago 16714.8 5217.0 401.9 1819.1 168.4 9176.8 2255.9 347.4 40811.4
EXPORTS
This Week 516.4 60.4 15.8 31.4 4.2 247.4 3.0 64.6 960.8
Week Ago 187.5 143.6 12.0 21.1 0.7 156.8 56.1 75.5 691.7
To Date 17157.1 5428.3 1581.8 3583.9 294.5 9648.5 2449.8 1154.0 45926.9
Year Ago 14560.6 4376.2 1408.8 1799.9 179.6 8514.6 2257.3 204.1 36910.1
DOMESTIC DISAPPEARANCE
This Week 79.9 9.0 20.8 21.6 1.4 199.7 3.3 27.4 381.5
Week Ago 63.6 20.2 18.2 21.1 1.4 223.1 4.7 17.9 388.2
To Date 3440.7 469.7 680.5 958.6 52.3 9097.7 169.7 737.3 17020.6
Year Ago 3365.9 379.6 644.1 1373.6 45.8 8881.6 203.7 596.2 16968.1
*Totals include data from other crops not shown including rye, soybeans,
canary seed, mustard seed, beans, lentils and chickpeas.
Source: Commodity News Service Canada (Phil Franz-Warkentin,
[email protected], or 204-414-9084)

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

US Gulf Cash Basis
Corn HRW SRW Soybeans Soybean Meal Soybean Oil
May +97 July +160 May +95 May +74 May
June +88 July +60 July +85 July
July +63 July +65 July +71 July

DJ ICE Canada Cash Grain Close – Jun 10
WINNIPEG — The following are the closing cash canola prices
from ICE Futures.
Source: ICE Futures
1 Canada NCC Best Bid
Price Basis Contract Change
CANOLA
*Par Region 893.20 29.20 July 2021 dn 16.61
Basis: Thunder Bay 851.30 90.00 Nov. 2021 dn 1.90
Basis: Vancouver 866.30 105.00 Nov. 2021 dn 1.90
All prices in Canadian dollars per metric tonne.
*Quote for previous day
Source: Commodity News Service Canada ([email protected],
or 204-414-9084)

DJ Malaysian PM Cash Market Prices for Palm Oil – June 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
Jun 1022.50 -40.00 Unquoted – –
Jul 1007.50 -40.00 Unquoted – –
Aug/Sep 967.50 -40.00 Unquoted – –
Oct/Nov/Dec 912.50 -52.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Jun 1025.00 -40.00 Unquoted – –
Jul 1010.00 -40.00 Unquoted – –
Aug/Sep 970.00 -40.00 Unquoted – –
Oct/Nov/Dec 915.00 -52.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Jun 1040.00 -15.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Jun 960.00 -10.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jun 4,050.00 -50.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jun 316.00 -05. 00 Unquoted – –
($1=MYR4.106)

DJ China Dalian Grain Futures Closing Prices, Volume – Jun 11
Soybean No. 1
Turnover: 197,107 lots, or 11.26 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-21 5,681 5,706 5,639 5,676 5,680 5,651 -29 166 2,235
Sep-21 5,700 5,739 5,673 5,712 5,735 5,703 -32 158,111 126,793
Nov-21 5,705 5,764 5,700 5,740 5,757 5,731 -26 27,481 25,305
Jan-22 5,768 5,794 5,730 5,763 5,788 5,758 -30 6,689 14,491
Mar-22 5,775 5,819 5,761 5,798 5,820 5,791 -29 4,539 8,118
May-22 5,830 5,879 5,812 5,844 5,863 5,838 -25 121 359
Corn
Turnover: 748,482 lots, or 20.44 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-21 2,732 2,761 2,732 2,758 2,739 2,744 5 14,131 25,105
Sep-21 2,735 2,768 2,721 2,765 2,716 2,741 25 532,189 562,564
Nov-21 2,680 2,723 2,672 2,721 2,670 2,691 21 82,740 214,175
Jan-22 2,695 2,738 2,684 2,735 2,687 2,706 19 80,175 139,265
Mar-22 2,689 2,736 2,683 2,731 2,687 2,703 16 37,150 38,532
May-22 2,688 2,731 2,682 2,731 2,684 2,707 23 2,097 5,919
Soymeal
Turnover: 1,650,387 lots, or 59.96 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-21 3,518 3,572 3,518 3,541 3,513 3,542 29 29,840 46,236
Aug-21 3,632 3,663 3,616 3,640 3,615 3,637 22 8,279 17,158
Sep-21 3,639 3,667 3,619 3,642 3,617 3,640 23 1,169,743 1,263,317
Nov-21 3,646 3,676 3,631 3,653 3,627 3,651 24 72,965 28,673
Dec-21 3,630 3,677 3,630 3,657 3,629 3,652 23 9,801 17,343
Jan-22 3,631 3,666 3,616 3,648 3,609 3,640 31 299,675 424,257
Mar-22 3,474 3,510 3,465 3,495 3,452 3,487 35 43,152 217,524
May-22 3,422 3,456 3,421 3,440 3,404 3,435 31 16,932 23,170
Palm Oil
Turnover: 1,083,188 lots, or 81.33 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jun-21 – – – 9,280 9,280 9,280 0 0 0
Jul-21 8,180 8,188 8,180 8,186 8,384 8,184 -200 4 260
Aug-21 – – – 8,000 8,000 8,000 0 0 108
Sep-21 7,608 7,672 7,410 7,432 7,620 7,530 -90 972,714 394,309
Oct-21 7,584 7,624 7,404 7,426 7,584 7,516 -68 18,345 24,415
Nov-21 7,554 7,584 7,364 7,384 7,552 7,468 -84 5,621 28,639
Dec-21 7,440 7,504 7,270 7,288 7,440 7,372 -68 4,193 36,598
Jan-22 7,352 7,408 7,170 7,194 7,352 7,264 -88 74,662 73,718
Feb-22 7,298 7,360 7,106 7,146 7,292 7,218 -74 3,632 4,800
Mar-22 7,284 7,368 7,130 7,146 7,304 7,244 -60 1,847 2,091
Apr-22 7,300 7,368 7,094 7,132 7,348 7,252 -96 544 1,650
May-22 7,340 7,386 7,140 7,170 7,310 7,232 -78 1,626 2,941
Soybean Oil
Turnover: 1,085,959 lots, or 94.21 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-21 9,208 9,208 9,042 9,050 9,090 9,118 28 71 955
Aug-21 8,756 8,756 8,756 8,756 8,794 8,780 -14 2 293
Sep-21 8,788 8,822 8,590 8,628 8,710 8,692 -18 979,516 463,811
Nov-21 8,648 8,706 8,494 8,536 8,612 8,584 -28 25,090 37,311
Dec-21 8,590 8,650 8,444 8,486 8,538 8,560 22 3,115 59,098
Jan-22 8,578 8,600 8,404 8,440 8,490 8,490 0 74,328 97,513
Mar-22 8,424 8,474 8,282 8,326 8,378 8,368 -10 2,800 10,243
May-22 8,398 8,438 8,254 8,300 8,330 8,314 -16 1,037 2,430
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.
This content was automatically published based on data and/or text from the original source. For feedback, write to [email protected].