DJ Analysts’ Estimates for June 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 (1900 GMT) Friday.
Average Range
of estimates of estimates
On-feed June 1 100.6 99.8- 101.2
Placed in May 95.0 93.0- 99.4
Marketed in May 123.4 121.6- 126.0
Analyst On-Feed Placements Marketed
June 1 in May in May
Allegiant Commodity Group 100.6 95.0 123.5
Allendale Inc. 100.4 93.5 123.5
Hedgers Edge 101.2 97.0 121.6
Livestock Mktg Info Ctr 100.6 95.3 122.7
NFC Markets 101.2 99.4 124.4
Texas A&M Extension 100.4 94.2 122.9
U.S. Commodities 99.8 93.0 126.0

DJ U.S. Export Sales: Weekly Sales Totals-Jun 24
For the week ended Jun 17, in thousand metric tons, except cotton in
thousand running bales. Net changes in commitments are gross sales,
less cancellations, buy-backs and other downward adjustments. Total
commitments are total export shipments plus total sales.
The marketing year for wheat and barley began Jun 1, cotton and
and rice Aug 1, corn, soybeans and sorghum Sep 1, and soymeal and
soyoil Oct 1. Source: USDA
wk’s net chg total
in commitments commitments undlvd sales
this yr next yr this yr last yr this yr next yr
wheat 374.1 0.0 6173.8 6782.0 5148.1 0.0
hrw 180.4 0.0 1977.6 2590.5 1558.0 0.0
srw 33.6 0.0 1053.8 643.9 1030.9 0.0
hrs 94.3 0.0 1821.9 1962.7 1495.7 0.0
white 65.8 0.0 1285.8 1276.5 1055.1 0.0
durum 0.0 0.0 34.7 308.5 8.4 0.0
corn 216.3 310.8 69532.1 41952.4 13269.2 15680.7
soybeans 141.7 47.3 61759.6 44580.2 3623.4 7609.3
soymeal 387.6 22.0 11005.9 10920.3 2136.8 671.5
soyoil 2.4 0.0 675.6 1186.5 24.8 0.6
upland cotton 74.7 148.9 16021.5 16925.7 2656.8 2293.2
pima cotton 9.1 0.0 820.1 569.7 129.7 4.0
sorghum 0.0 0.0 7226.1 4012.1 889.2 1594.9
barley 0.0 0.0 24.8 40.7 23.7 0.0
rice 78.0 0.0 3309.8 3286.4 499.0 0.0

DJ IGC Raises Grain Production Forecasts for 2021-22 Season
By Will Horner
The International Grains Council on Thursday raised its forecasts for global grain production in the 2021-22 season, largely due to stronger-than-expected Chinese corn harvests.
The intergovernmental body said grain production next year would total 2.3 billion metric tons, 9 million tons more than it forecast last month.
The upgrade came as the IGC said corn harvests would be 7 million tons larger than previous forecasts, largely thanks to Chinese harvests. The remainder of the increase came from minor grains such as millet and triticale.
For the 2020-21 season, the IGC kept its grain production forecasts largely unchanged at 2.2 billion metric tons.
The IGC also moderately revised higher its forecasts for grains trade, consumption and carryover stocks in the 2021-22 season.
The IGC forecasts trade of 418 million tons and consumption of 2.3 billion tons. Carryover stocks are forecast at 597 million tons.

WHEAT
General Comments: All three Wheat markets were higher yesterday dry weather was forecast for Spring Wheat areas. Winter Wheat yield reports are strong, so the supply will likely be good once the harvest is complete. However, the Spring Wheat situation is different and a short crop is increasingly likely. More rain is possible later this week, but Spring Wheat areas could get shortchanged again. Chart trends are sideways in the Winter Wheat markets but are up in Minneapolis. Its harvest time for Winter Wheat. Yield reports have generally been good and it has turned drier for the harvest. Spring Wheat areas of the US and Canada got some showers and storms, but mostly in Canada. A few more showers are in the forecast, but once again mostly for Canada. North Dakota is looking mostly dry.
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 mixed. Support is at 649, 640, and 638 July, with resistance at 673, 676, and 689 July. Trends in Kansas City are mixed. Support is at 588, 586, and 584 July, with resistance at 616, 621, and 632 July. Trends in Minneapolis are up with objectives of 825, 840, and 875 July. Support is at 786, 775, and 755 July, and resistance is at 802, 807, and 824 July.

RICE
General Comments: Rice prices were higher again yesterday as the funds were said to be good buyers of futures and as trends remained up on the daily charts. Mostly dry conditions and warmer temperatures are currently forecast for southern US growing areas, but Louisiana and Mississippi got a tropical storm moving through this past weekend. Rice areas have generally been wet and northern areas have been cool, but better conditions are appearing this week. Louisiana and parts of Mississippi were saturated but it is drier now. Some big storms are in the forecast for the rest of the week 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.
Overnight News: The Delta should get mostly dry conditions. Temperatures should be above normal.
Chart Analysis: Trends are up with no objectives. Support is at 1320, 1311, and 1281 July, with resistance at 1341, 1354, and 1367 July.

CORN AND OATS:
General Comments: Corn was higher in July as the cash market is holding strong but lower in new crop months as forecasts for the Midwest called for more rains late in the week. As much as 2.00 to 4.00 inches of rain is possible, mostly in central and eastern areas but also somewhat in the west. The northern areas could see cooler temperatures and some rains in the next week after rains fell mostly in central and southern areas over the weekend. Canadian Oats areas look to be dry in the near term. Some rains were reported in Oats areas last week. 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: Ethanol production rose to 1.048 million barrels per day last week, up from 1.025 million last week and from 893,000 barrels per day last year. Ethanol stocks are 21.1 million barrels last week, from 20.6 million the previous week and 21.0 million last year. Corn used in the production of Ethanol in the week ending June 18 totaled an estimated 105.9 million bushels, from 103.6 million last week and 89.1 million last year. Marketing year to date Corn use for Ethanol totals an estimated 4.008 billion bushels.
Chart Analysis: Trends in Corn are mixed. Support is at 647, 630, and 603 July, and resistance is at 668, 678, and 688 July. Trends in Oats are mixed to down with objectives of 352 and 338 July. Support is at 356, 354, and 351 July, and resistance is at 370, 379, and 387 July.

SOYBEANS
General Comments: Soybeans and Soybean Meal closed lower yesterday on forecasts for more rains in the Midwest. Soybean Oil was higher. Rains of from 2.00 to 4.00 inches are possible mostly east of the Mississippi River, but also west in eastern and southern Iowa. Rains were reported in the Midwest over the weekend, but mostly in central and southern areas. Northern areas got a little rain. Forecasts call for cooler weather this week in the Midwest and northern Great Plains. China has started with new US Soybeans purchases for Fall delivery. The longer range forecasts from NWS call for warmer and drier than normal conditions for most Soybeans areas of the US. Traders think there is less old crop demand and that less demand will mean a less tight situation for old crop Soybeans in the next few months.
Overnight News: China bought 132,000 tons of US new crop Soybeans and unknown destinations bought 260,000 tons of US Soybeans.
Chart Analysis: Trends in Soybeans are mixed. Support is at 1375, 1370, and 1355 July, and resistance is at 1423, 1448, and 1460 July. Trends in Soybean Meal are mixed to down with objectives of 359.00 and 347.00 July. Support is at 363.00, 360.00, and 357.00 July, and resistance is at 378.00, 382.00, and 387.00 July. Trends in Soybean Oil are mixed. Support is at 5900, 5550, and 5450 July, with resistance at 6310, 6430, and 6520 July.

CANOLA AND PALM OIL
General Comments: Palm Oil futures were lower today on reports from MPOA that production for the month so far is up 15% from last month. The market had expected s smaller increase. Part of the weakness was on ideas of weaker demand. Demand has been mixed 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 higher as the weather market returned. Some showers, but a lot of dry weather, is in the forecast for the Prairies this week and it remains generally dry. Demand has backed off with the collapse in world vegetable oils prices.
Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 746.00, 729.00, and 719.00 July, with resistance at 773.00, 816.00, and 828.00 July. Trends in Palm Oil are mixed. Support is at 3250, 3230, and 3200 September, with resistance at 3550, 3590, and 3750 September.

Midwest Weather Forecast: Mostly dry north and west, showers and storms south and east. Temperatures should average near to above normal.

US Gulf Cash Basis
Corn HRW SRW Soybeans Soybean Meal Soybean Oil
June July May May May
July July July July
Augustg July July July

DJ ICE Canada Cash Grain Close – Jun 23
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 812.90 70.60 July 2021 up 6.70
Basis: Thunder Bay 777.90 40.00 Nov. 2021 unchanged
Basis: Vancouver 807.90 70.00 Nov. 2021 up 10.00
All prices in Canadian dollars per metric tonne.
*Quote for previous day
Source: Commodity News Service Canada (Adam Peleshaty,
[email protected], or 204-414-9084)

DJ Malaysian PM Cash Market Prices for Palm Oil – June 24
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
July 962.50 00.00 Unquoted – –
Aug 897.50 -20.00 Unquoted – –
Sept 857.50 -10.00 Unquoted – –
Oct/Nov/Dec 855.00 -07.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
July 965.00 00.00 Unquoted – –
Aug 900.00 -20.00 Unquoted – –
Sept 860.00 -10.00 Unquoted – –
Oct/Nov/Dec 857.50 -07.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
July 925.00 -05.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
July 890.00 00.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
July 3,650.00 -50.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
July 285.00 -02.00 Unquoted – –
($1=MYR4.158)

DJ China Dalian Grain Futures Closing Prices, Volume – Jun 24
Soybean No. 1
Turnover: 199,602 lots, or 11.39 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-21 5,723 5,749 5,593 5,593 5,720 5,684 -36 479 2,039
Sep-21 5,728 5,789 5,623 5,636 5,745 5,700 -45 167,961 109,338
Nov-21 5,772 5,820 5,650 5,670 5,774 5,731 -43 17,400 30,203
Jan-22 5,798 5,835 5,671 5,686 5,794 5,746 -48 4,555 13,632
Mar-22 5,802 5,842 5,668 5,668 5,798 5,752 -46 9,021 10,195
May-22 5,838 5,866 5,728 5,750 5,838 5,802 -36 186 707
Corn
Turnover: 657,333 lots, or 1.70 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-21 2,650 2,650 2,615 2,616 2,647 2,628 -19 2,109 8,343
Sep-21 2,590 2,609 2,583 2,588 2,588 2,593 5 457,926 613,790
Nov-21 2,585 2,597 2,572 2,577 2,575 2,583 8 78,773 226,357
Jan-22 2,590 2,610 2,583 2,589 2,587 2,594 7 78,740 201,027
Mar-22 2,587 2,611 2,585 2,593 2,586 2,598 12 36,658 37,436
May-22 2,595 2,611 2,589 2,599 2,586 2,599 13 3,127 9,862
Soymeal
Turnover: 1,385,387 lots, or 46.83 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-21 3,326 3,363 3,319 3,355 3,353 3,341 -12 1,969 11,050
Aug-21 3,388 3,412 3,367 3,391 3,412 3,389 -23 28,203 16,658
Sep-21 3,380 3,404 3,356 3,390 3,393 3,383 -10 1,007,880 1,192,806
Nov-21 3,399 3,423 3,379 3,409 3,412 3,402 -10 47,278 46,852
Dec-21 3,404 3,422 3,385 3,413 3,414 3,405 -9 11,855 20,276
Jan-22 3,390 3,407 3,365 3,393 3,398 3,389 -9 238,593 493,277
Mar-22 3,256 3,273 3,233 3,258 3,261 3,253 -8 38,601 228,364
May-22 3,208 3,222 3,193 3,208 3,215 3,206 -9 11,008 37,187
Palm Oil
Turnover: 1,088,592 lots, or 75.34 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-21 7,670 7,670 7,578 7,578 7,802 7,658 -144 13 79
Aug-21 – – – 7,150 7,210 7,150 -60 0 108
Sep-21 6,968 7,038 6,842 6,860 6,978 6,936 -42 985,548 409,145
Oct-21 6,912 6,970 6,782 6,798 6,918 6,858 -60 18,085 23,916
Nov-21 6,838 6,906 6,722 6,752 6,838 6,804 -34 8,263 34,560
Dec-21 6,784 6,848 6,680 6,694 6,782 6,740 -42 3,235 42,470
Jan-22 6,774 6,838 6,642 6,658 6,770 6,730 -40 67,327 107,028
Feb-22 6,772 6,822 6,644 6,644 6,758 6,722 -36 2,168 5,276
Mar-22 6,730 6,830 6,646 6,682 6,764 6,716 -48 1,135 2,406
Apr-22 6,812 6,840 6,644 6,666 6,776 6,732 -44 1,105 1,808
May-22 6,778 6,838 6,646 6,678 6,780 6,732 -48 1,710 4,356
Jun-22 6,772 6,772 6,652 6,652 6,706 6,712 6 3 9
Soybean Oil
Turnover: 1,038,126 lots, or 84.49 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-21 8,664 8,664 8,460 8,588 8,518 8,560 42 122 678
Aug-21 8,182 8,284 8,168 8,168 8,284 8,214 -70 4 163
Sep-21 8,134 8,248 8,072 8,078 8,120 8,156 36 926,343 444,439
Nov-21 8,058 8,144 7,984 7,988 8,024 8,044 20 23,781 36,020
Dec-21 8,030 8,102 7,942 7,948 7,958 8,000 42 6,895 73,381
Jan-22 7,970 8,066 7,902 7,902 7,942 7,974 32 78,463 130,490
Mar-22 7,966 7,966 7,796 7,806 7,838 7,866 28 825 12,575
May-22 7,750 7,808 7,646 7,658 7,750 7,708 -42 1,693 4,343
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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