WHEAT
General Comments: Winter Wheat markets were lower and trends turned b ack down in these markets. Minneapolis Spring Wheat markets were lower but held the recent trading range. Spring Wheat areas of the US and Canada got some showers and storms, but mostly in Canada. More showers and storms are in the forecast, but once again mostly for Canada. North Dakota is looking mostly dry and model runs from yesterday have taken some of the precipitation for the next week out of the state. Showers and rains were seen in parts of Western Texas and in Oklahoma. Drier weather is preferred for harvesting. Some rains would be very beneficial for planting and initial growth of the Spring Wheat and these are falling in some areas.
Overnight News: The southern Great Plains should get isolated showers. Temperatures should be above normal. Northern areas should see isolated showers. Temperatures will be above normal. The Canadian Prairies should see isolated showers. Temperatures should average above normal.
Chart Analysis: Trends in Chicago are down with objectives of 635 and 600 July. Support is at 626, 620, and 609 July, with resistance at 649, 659, and 673 July. Trends in Kansas City are down with objectives of 575 and 550 July. Support is at 584, 574, and 561 July, with resistance at 600, 609, and 611 July. Trends in Minneapolis are mixed. Support is at 739, 730, and 710 July, and resistance is at 775, 780, and 784 July.

RICE
General Comments: Rice prices were lower and made new lows for the move. Mostly cry conditions and warmer temperatures are currently forecast for southern US growing areas, but Louisiana could get a tropical storm moving through this weekend. Rice areas have generally been wet and northern areas have been cool, but better conditions are appearing this week. Louisiana and parts of Texas were saturated but it is drier now and crops are rated in good condition overall. Warm temperatures are reported in Arkansas and Missouri and the crop progress is improving. However, it is still very wet in Arkansas and farmer progress has been limited for the last couple of weeks. 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 1191 and 1153 July. Support is at 1212, 1200, and 1188 July, with resistance at 1231, 1250, and 1280 July.

CORN AND OATS:
General Comments: Corn was sharply lower to mostly limit down yesterday as forecasts for the Midwest called for good rains over the next week or two. Traders were also worried about Fed actions in response to inflation. The export sales report showed demand was at the low end of trade expectations. There are also concerns about ethanol demand as the government could soon modify its waiver system and allow for a few waivers in the near term. The northern areas could see cooler temperatures and some rains in the next week. Canadian Oats areas look to get some very beneficial rains in the near term. Some rains were reported in Oats areas last week and these showers and storms spilled into the Dakotas and Nebraska and into western Iowa. Hot and dry conditions continue in central and northern Brazil. Longer range forecasts released by NWS call for warmer and drier weather for many important US growing areas this Summer.
Overnight News:
Chart Analysis: Trends in Corn are down with objectives of 620 and 617 July. Support is at 629, 603, and 588 July, and resistance is at 647, 653, and 688 July. Trends in Oats are mixed. Support is at 365, 358, and 356 July, and resistance is at 379, 387, and 392 July.

SOYBEANS
General Comments: Soybeans and Soybean Meal were sharply lower with Soybean Oil mostly limit down as weather concerns returned to the forefront. Traders were also worried about Fed actions in response to inflation. The export sales report showed demand was at the low end of trade expectations. Funds were the best sellers. There are also concerns about bio fuels demand as the government could soon modify its waiver system and allow for a few waivers in the near term. 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. Northern areas should get some showers and storms and cooler temperatures this weekend or next week. 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.
Overnight News:
Chart Analysis: Trends in Soybeans are down with no objectives. Support is at 1321, 1318, and 1282 July, and resistance is at 1355, 1375, and 1423 July. Trends in Soybean Meal are down with objectives of 359.00 and 347.00 July. Support is at 359.00, 356.00, and 353.00 July, and resistance is at 361.00, 371.00, and 382.00 July. Trends in Soybean Oil are down with no objectives. Support is at 5460, 5350, and 5260 July, with resistance at 5850, 5920, and 6010 July.

CANOLA AND PALM OIL
General Comments: Palm Oil futures were higher today on stronger overnight Chicago Soybean Oil futures. The private surveyors showed less demand so far this month. There were reports that Indonesia was about to cut its Palm Oil export duty. 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. Canola closed sharply lower to mostly limit down on weather concerns and Chicago price action. 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 down with no objectives. Support is at 762.00, 754.00, and 750.00 July, with resistance at 816.00, 828.00, and 836.00 July. Trends in Palm Oil are mixed to down with no objectives. Support is at 3260, 3230, and 3200 September, with resistance at 3550, 3590, and 3750 September.

Midwest Weather Forecast: Mostly dry north and west, showrs and storms south and east. Temperatures should average near to 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 17
WINNIPEG — The following are the closing cash
canola prices from ICE Futures.
Source: ICE Futures
Price Basis Contract Change
CANOLA
*Par Region 821.40 4.30 Jul 2021 dn 27.80
Basis: Thunder Bay 736.40 70.00 Nov 2021 dn 30.00
Basis: Vancouver 756.40 90.00 Nov 2021 dn 30.00
All prices in Canadian dollars per metric tonne.
*Quote for previous day
Source: Commodity News Service Canada
([email protected], 204-414-9084, or cell
204-782-5944)

DJ Malaysian PM Cash Market Prices for Palm Oil – June 18
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
July 957.50 +10.00 Unquoted – –
Aug 902.50 +10.00 Unquoted – –
Sept 862.50 00.00 Unquoted – –
Oct/Nov/Dec 857.50 +05.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
July 960.00 +10.00 Unquoted – –
Aug 905.00 +10.00 Unquoted – –
Sept 865.00 00.00 Unquoted – –
Oct/Nov/Dec 860.00 +05.00 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
July 940.00 +10.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
July 900.00 +05.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
July 3,700.00 +80.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
July 288.00 +02.00 Unquoted – –
($1=MYR4.137)

DJ China Dalian Grain Futures Closing Prices, Volume – Jun 18
Soybean No. 1
Turnover: 261,321 lots, or 14.64 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-21 5,552 5,625 5,510 5,575 5,618 5,557 -61 514 2,163
Sep-21 5,673 5,674 5,501 5,606 5,626 5,598 -28 226,427 123,021
Nov-21 5,698 5,698 5,542 5,611 5,654 5,619 -35 20,521 27,814
Jan-22 5,700 5,721 5,553 5,660 5,678 5,651 -27 8,019 14,880
Mar-22 5,722 5,730 5,596 5,703 5,710 5,669 -41 5,534 9,138
May-22 5,702 5,760 5,646 5,721 5,753 5,705 -48 306 646
Corn
Turnover: 1,043,263 lots, or 27.32 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-21 2,682 2,703 2,670 2,674 2,712 2,685 -27 7,361 11,975
Sep-21 2,661 2,663 2,601 2,619 2,677 2,624 -53 764,369 578,082
Nov-21 2,630 2,630 2,567 2,587 2,638 2,590 -48 87,937 225,904
Jan-22 2,633 2,634 2,579 2,602 2,652 2,603 -49 142,802 177,488
Mar-22 2,640 2,640 2,573 2,604 2,650 2,602 -48 36,175 37,753
May-22 2,646 2,646 2,586 2,608 2,651 2,603 -48 4,619 7,245
Soymeal
Turnover: 2,174,583 lots, or 73.41 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-21 3,360 3,376 3,256 3,333 3,402 3,321 -81 10,601 18,356
Aug-21 3,438 3,451 3,338 3,402 3,474 3,390 -84 14,413 16,343
Sep-21 3,427 3,444 3,310 3,373 3,461 3,382 -79 1,533,318 1,165,339
Nov-21 3,444 3,455 3,324 3,387 3,473 3,387 -86 72,340 36,268
Dec-21 3,439 3,456 3,350 3,392 3,480 3,394 -86 19,536 18,669
Jan-22 3,410 3,436 3,320 3,372 3,457 3,377 -80 448,370 456,091
Mar-22 3,286 3,297 3,183 3,230 3,326 3,240 -86 55,840 221,812
May-22 3,216 3,246 3,151 3,181 3,272 3,186 -86 20,165 30,270
Palm Oil
Turnover: 1,303,886 lots, or 87.70 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-21 7,452 7,452 7,428 7,428 7,800 7,436 -364 6 91
Aug-21 7,084 7,084 6,982 6,986 7,220 7,032 -188 4 107
Sep-21 6,740 6,888 6,606 6,694 6,890 6,742 -148 1,193,964 417,284
Oct-21 6,722 6,822 6,562 6,634 6,858 6,670 -188 17,078 23,551
Nov-21 6,680 6,754 6,496 6,550 6,824 6,632 -192 5,121 31,336
Dec-21 6,632 6,728 6,464 6,520 6,786 6,580 -206 4,562 40,556
Jan-22 6,576 6,664 6,384 6,458 6,694 6,516 -178 76,662 90,940
Feb-22 6,538 6,630 6,404 6,450 6,672 6,500 -172 2,320 4,836
Mar-22 6,630 6,644 6,402 6,438 6,670 6,494 -176 1,681 2,155
Apr-22 6,604 6,646 6,300 6,432 6,670 6,522 -148 970 1,672
May-22 6,564 6,636 6,406 6,444 6,676 6,494 -182 1,506 3,171
Jun-22 6,600 6,600 6,406 6,444 6,606 6,498 -108 12 6
Soybean Oil
Turnover: 1,409,196 lots, or 11.01 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-21 8,312 8,312 8,146 8,228 8,462 8,242 -220 53 861
Aug-21 7,944 8,048 7,906 7,958 8,260 7,944 -316 24 171
Sep-21 7,852 7,970 7,678 7,790 8,032 7,830 -202 1,251,287 453,894
Nov-21 7,786 7,862 7,596 7,690 7,938 7,718 -220 31,308 37,634
Dec-21 7,762 7,810 7,568 7,650 7,902 7,704 -198 4,323 63,828
Jan-22 7,632 7,774 7,512 7,610 7,862 7,656 -206 119,324 111,153
Mar-22 7,624 7,650 7,456 7,518 7,758 7,558 -200 1,492 11,409
May-22 7,538 7,636 7,400 7,468 7,712 7,502 -210 1,385 3,381
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.
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