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DJ CBOT Delivery Intentions: Totals – Jul 13 Source: CME Group Contract Quantity Next Trade Commodity Month Delivery Day Assigned Today Date Available SOYBEAN MEAL July Jul 14, 2021 147 Jul 12, 2021 ROUGH RICE July Jul 14, 2021 12 Jul 12, 2021 WHEAT July Jul 14, 2021 20 Jun 30, 2021 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 Production, Yield (million bushels, bushels per acre) Monday’s Estimate Average Range USDA June Corn Production 15,165 15,007 14,182-15,168 14,990 Soybean Production 4,405 4,374 4,135-4,405 4,405 Monday’s Estimate Average Range USDA June Corn Yield 179.5 * 178.0 172.0-179.5 179.5 Soybean Yield 50.8 ** 50.6 50.0-50.8 50.8 *** U.S. Stockpiles (million bushels) 2020-21 Monday’s Estimate Average Range USDA June Corn 1,082 1,091 957-1,211 1,107 Soybeans 135 136 115-149 135 Wheat 844 845 843-852 852 2021-22 Monday’s Estimate Average Range USDA June Corn 1,432 1,309 1,057-1,540 1,357 Soybeans 155 140 102-165 155 Wheat 665 711 573-809 770 *** World Stockpiles (million metric tons) 2020-21 Monday’s Estimate Average Range USDA June Corn 279.9 278.4 274.0-284.0 280.6 Soybeans 91.5 87.6 86.7- 88.7 88.0 Wheat 290.2 293.5 292.8-295.0 293.5 2021-22 Monday’s Estimate Average Range USDA June Corn 291.2 287.0 278.6-291.7 289.4 Soybeans 94.5 92.3 90.5- 93.5 92.6 Wheat 291.7 295.8 292.0-300.0 296.8 *** 2021-22 Wheat Production (million bushels) Monday’s Estimate Average Range USDA June All Wheat x,xxx 1,835 1,724-1,932 1,898 Winter Wheat 1,264 1,337 1,308-1,372 1,309 Hard Red Winter 805 792 762-826 771 Other Spring 345 446 358-537 N/A Durum 37 52 40-65 N/A 2020-21 Brazil Corn, Soybean Production (million metric tons) Monday’s Estimate Average Range USDA June Corn 93.0 91.5 87.9- 97.0 98.5 Soybeans 137.0 137.0 135.7-138.0 137.0 2020-21 Argentina Corn, Soybean Production (million metric tons) Monday’s Estimate Average Range USDA June Corn 48.5 47.5 47.0-48.0 47.0 Soybeans 46.5 46.4 45.0-47.0 47.0 DJ USDA Supply/Demand: Crop Summary – Jul 12 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 155.0 135.0 525.0:172.85 165.49 165.06:385.22 363.57 339.41 Brazil na na na: 93.00 83.00 92.14:144.00 137.00 128.50 Argentina na na na: 6.35 3.70 10.00: 52.00 46.50 48.80 China na na na: 0.10 0.10 0.09: 19.00 19.60 18.10 Soyoil 1,488 1,793 1,853: 12.80 12.53 12.31: 62.32 60.46 58.36 Corn 1,432 1,082 1,919:198.84 183.10 172.41: 1,195 1,121 1,118 China na na na: 0.02 0.02 0.01:268.00 260.67 260.78 Argentina na na na: 36.00 35.50 36.25: 51.00 48.50 51.00 S.Africa na na na: 3.20 3.20 2.55: 17.00 17.00 15.84 Cotton(a) 3.30 3.15 7.25: 45.92 48.00 41.44:119.39 112.56 121.42 All Wheat 665 844 1,028:203.99 201.42 194.97:792.40 775.82 763.49 China na na na: 1.00 0.80 1.05:136.00 134.25 133.59 European Union na na na: 34.00 30.75 39.77:138.20 125.94 138.74 Canada na na na: 23.00 27.50 24.63: 31.50 35.18 32.67 Argentina na na na: 13.50 10.50 13.50: 20.50 17.63 19.78 Australia na na na: 20.50 23.00 9.14: 28.50 33.00 14.48 Russia na na na: 40.00 38.50 34.49: 85.00 85.35 73.61 Ukraine na na na: 21.00 16.75 21.01: 30.00 25.42 29.17 Sorghum 17.0 13.0 30.0: na na na: na na na Barley 57.0 72.0 80.0: na na na: na na na Oats 25.0 38.0 37.0: na na na: na na na Rice 41.3 45.9 28.7: 47.12 49.06 43.38:506.04 504.94 497.74 DJ USDA Grain Inspections for Export in Metric Tons – Jul 12 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 JUL 8, 2021 — METRIC TONS — ————————————————————————- CURRENT PREVIOUS ———– WEEK ENDING ———- MARKET YEAR MARKET YEAR GRAIN 07/8/2021 07/1/2021 07/9/2020 TO DATE TO DATE BARLEY 0 744 0 1,919 367 CORN 993,974 1,236,243 917,968 59,146,024 35,297,236 FLAXSEED 0 0 24 0 317 MIXED 24 0 0 24 0 OATS 0 100 0 100 400 RYE 0 0 0 0 0 SORGHUM 73,294 4,349 71,755 6,556,602 4,141,859 SOYBEANS 200,933 208,136 483,429 57,655,465 37,866,691 SUNFLOWER 0 0 0 240 0 WHEAT 424,327 361,811 659,727 2,323,828 3,074,575 Total 1,692,552 1,811,383 2,132,903 125,684,202 80,381,445 ————————————————————————- 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. Crop Progress Date 11-Jul 4-Jul 2020 Avg Cotton Squaring 55 42 61 61 Cotton Setting Bolls 16 11 17 20 Corn Silking 26 10 26 30 Corn Dough 3 3 3 Soybeans Blooming 46 29 46 40 Soybreans Setting Pods 10 3 10 10 Sorghum Headed 29 22 27 28 Sorghum Coloring 15 14 15 16 Rice Headed 21 14 23 25 Peanuts Pegging 63 48 64 64 Oats Headed 94 88 92 91 Oats Harvested 11 11 12 Winter Wheat Harvested 59 45 66 65 Spring Wheat Headed 83 69 73 81 Barley Headed 78 59 73 78 Crop Condition Very Poor Poor Fair Good Excellent Cotton This Week 1 8 35 44 12 Cotton Last Week 1 9 38 44 8 Cotton Last Year 4 22 30 36 8 Corn This Week 2 6 27 51 14 Corn Last Week 2 7 27 50 14 Corn Last Year 2 6 23 52 17 Soybeans This Week 3 8 30 49 10 Soybeans Last Week 3 8 30 49 10 Soybeans Last Year 2 5 25 54 14 Spring Wheat This Week 21 34 29 15 1 Spring Wheat Last Week 18 32 34 14 2 Spring Wheat Last Year 2 6 24 57 11 Rice This Week 1 4 24 55 16 Rice Last Week 1 3 23 57 16 Rice Last Year 0 2 24 55 18 Oats This Week 11 21 33 30 5 Oats Last Week 9 21 36 29 5 Oats Last Year 2 8 29 50 11 Barley This Week 16 27 33 20 4 Barley Last Week 13 26 39 15 7 Barley Last Year 1 4 26 46 23 Sorghum This Week 1 4 25 57 13 Sorghum Last Week 1 3 24 58 14 Sorghum Last Year 3 13 38 39 7 Peanuts This Week 0 2 25 63 10 Peanuts Last Week 0 2 29 61 8 Peanuts Last Year 1 6 20 65 8 Pasture and Range This Week 19 20 27 26 8 Pasture and Range Last Week 20 22 27 25 6 Pasture and Range Last Year 11 19 34 31 5 WHEAT General Comments: Winter Wheat markets were higher and Minneapolis Spring Wheat was sharply higher in reaction to the USDA WASDE estimates. USDA showed sharply lower Spring Wheat production and much lower ending stocks estimates for All Wheat. The report was bullish due to these changes as the market had expected a much smaller reduction in Spring Wheat production. White Winter Wheat production is also being hurt as both have been impacted by drought and heat this year. Yield reports have generally been good in Winter Wheat areas but there have been mixed results reported in some Great Plains states. Quality has been generally average. Overnight News: The southern Great Plains should get scattered showers. Temperatures should be near to below normal. Northern areas should see mostly isolated showers. Temperatures will be near normal. The Canadian Prairies should see isolated showers. Temperatures should average above normal. Chart Analysis: Trends in Chicago are mixed. Support is at 621, 610, and 594 September, with resistance at 645, 648, and 658 September. Trends in Kansas City are mixed to up with objectives of 625, 651, and 681 September. Support is at 595, 578, and 568 September, with resistance at 618, 638, and 655 September. Trends in Minneapolis are mixed to up with objectives of 858 and 899 September. Support is at 822, 817, and 796 September, and resistance is at 860, 864, and 870 September. RICE General Comments: Rice closed a little higher yesterday despite bearish estimates from the USDA WASDE reports. USDA increased carry in for the new crop by a lot and also cut demand. It cut yield estimates for this growing season and also reduced planted and harvested acreage. The cuts to demand and supply were not enough to overcome the increased carry in and ending stocks were up. The report was as expected but offered no big reason to buy, but the selling was very limited in response so futures drifted higher. Growing conditions have been mixed at best with many areas getting too much rain. Rice areas have generally been wet. Louisiana and parts of Mississippi were saturated and are still reported to be wetter than desired for strong production and good quality. 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. Texas has been wet. Overnight News: The Delta should get mostly dry conditions. Temperatures should be above normal. Chart Analysis: Trends are mixed. Support is at 1275, 1256, and 1250 September, with resistance at 1298, 1311, and 1331 September. CORN AND OATS: General Comments: Corn was higher in response to the WASDE estimates. It is generally cool with showers around in the Midwest. USDA adjusted the new crop production estimates higher due to increased acreage but left yields unchanged. Export and residual demand was increased but not enough to offset the increased production potential. Ending stocks were also higher but were left tight overall. USDA lowered the Brazil Corn production estimate to 93 million tons but ideas are that USDA still has a ways to go to fully account for the loss. Weather forecasts now call for cooler temperatures and generous rains in the Midwest, including in the very dry northwest parts of the belt. However, the northwest will stay generally too dry. It will not be as hot in the Great Plains and western Midwest as it has been. Pollination is coming and it looks like pollination will happen under good conditions. Oats were higher. Canadian Oats areas look to get some rain in the next couple of weeks, but US areas showed mixed conditions in the weekly USDA updates. 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 mixed to down with no objectives. Support is at 521, 516, and 505 September, and resistance is at 550, 555, and 570 September. Trends in Oats are up with objectives of 410 September. Support is at 392, 389, and 384 September, and resistance is at 406, 409, and 412 September. SOYBEANS General Comments: Soybeans and the products were higher in reaction to the USDA WASDE reports. USDA made some small changes to the demand for the current marketing year and also modified production to fit the reduced demand. It made no changes to the new crop supply or demand estimates. The market had expected increased production and ending stocks. Soybeans held the weekly trading range last week and closed in the middle of the range. There are many areas that do not have good Soybeans in the US. Soybeans conditions in central production area are often too wet and have suffered. The weather forecasts changed to wetter and cooler and the crop needs dry conditions and some heat . Minnesota and northern Iowa and the Dakotas have been very hot and dry but should get very beneficial rain. Forecasts call for cooler weather this week in the Midwest and northern Great Plains, and it should generally be wet. 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. Overnight News: Chart Analysis: Trends in Soybeans are mixed to up with objectives of 1456, 1471, and 1530 August. Support is at 1382, 1334, and 12316 August, and resistance is at 1418, 1438, and 1460 August. Trends in Soybean Meal are mixed. Support is at 351.00, 347.00, and 341.00 August, and resistance is at 367.00, 375.00, and 379.00 August. Trends in Soybean Oil are mixed to up with objectives of 6590, 6700, and 7090 August. Support is at 6180, 5940, and 5900 August, with resistance at 6560, 6590, and 6800 August. CANOLA AND PALM OIL General Comments: Palm Oil futures were sharply higher Friday on a lower Ringgit and in sympathy with Chicago. Futures were higher for the week. Palm Oil was lower today on increased monthly stocks totals by MPOB. Trends are mixed on the daily charts but are starting to turn up. The private surveyors showed more demand for last month in reports issued last week and ideas are that the stronger demand can continue as India has cut its import taxes. Canola closed sharply higher to limit up in sympathy with Chicago and on weather concerns. Some showers are in the forecast for the Prairies this week and it remains generally dry. The showers have a chance to be very beneficial as the Prairies crops are in big trouble now due to previous hot and dry weather. Demand has improved a little bit with the recently weaker prices. Overnight News: Chart Analysis: Trends in Canola are up with objectives of 889.00 and 961.00 November. Support is at 856.00, 844.00, and 836.00 November, with resistance at 892.00, 898.00, and 904.00 November. Trends in Palm Oil are mixed to up with objectives of 3890 and 3960 September. Support is at 3810, 3700, and 3680 September, with resistance at 3980, 4000, and 4100 September. DJ Malaysia July 1-10 Palm Oil Exports Down 1.0%, SGS Says Malaysia’s palm oil exports during the July 1-10 period are estimated down 1.0% on month at 406,897 metric tons, cargo surveyor SGS (Malaysia) Bhd. said Monday. The following are the major items in the SGS estimate: (All figures in metric tons) July 1-10 June 1-10 RBD Palm Olein 152,664 90,200 RBD Palm Oil 41,713 9,960 RBD Palm Stearin 40,020 43,100 Crude Palm Oil 54,935 102,625 Total* 406,897 411,044 *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. DJ Malaysia’s June Palm Oil Exports 1.42M Tons; Up 12%, MPOB Says Malaysia’s palm oil exports were up 12% on month at 1.42 million metric tons in June, the Malaysian Palm Oil Board said. The following are details of the June crop data and revised numbers for May, issued by MPOB: June May Change On Month Crude Palm Oil Output 1,606,187 1,571,525 Up 2.21% Palm Oil Exports 1,418,825 1,268,659 Up 11.84% Palm Kernel Oil Exports 76,327 71,330 Up 7.01% Palm Oil Imports 113,126 89,014 Up 27.09% Closing Stocks 1,613,657 1,569,411 Up 2.82% Crude Palm Oil 798,478 841,312 Dn 5.09% Processed Palm Oil 815,179 728,099 Up 11.96% Midwest Weather Forecast: Isolated showers north and west, showers and storms south and east. Temperatures should average near normal. US Gulf Cash Basis Corn HRW SRW Soybeans Soybean Meal Soybean Oil June July May May May July July July July August July July July DJ ICE Canada Cash Grain Close – Jul 9 WINNIPEG–The following are the closing cash canola prices from ICE Futures for July 9, 2021. Source: ICE Futures CANOLA 1 Canada NCC Best Bid Spot Price Basis Contract Change *Par Region 904.00 90.00 Nov 21 up 23.10 Basis: Thunder Bay 884.00 40.00 Nov 21 up 30.00 Basis: Vancouver 14.00 70.00 Nov 21 up 30.00 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 – July 13 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 July 1052.50 +15.00 Unquoted – – Aug 1037.50 +20.00 Unquoted – – Sept 1022.50 +20.00 Unquoted – – Oct/Nov/Dec 967.50 +25.00 Unquoted – – Jan/Feb/Mar 932.50 +20.00 Unquoted – – RBD palm olein, FOB, Malaysian ports Offer Change Bid Change Traded July 1055.00 +15.00 Unquoted – – Aug 1040.00 +20.00 Unquoted – – Sept 1025.00 +20.00 Unquoted – – Oct/Nov/Dec 970.00 +25.00 Unquoted – – Jan/Feb/Mar 935.00 +20.00 Unquoted – – RBD palm stearin, FOB, Malaysian ports Offer Change Bid Change Traded July 1025.00 +05.00 Unquoted – – Palm Fatty Acid Distillate, FOB Malaysian ports Offer Change Bid Change Traded July 990.00 +10.00 Unquoted – – Crude palm oil, Delivered Basis, South Malaysia Offer Change Bid Change Traded July 4,120.00 +70.00 Unquoted – – Palm kernel oil, Delivered Basis, South Malaysia Offer Change Bid Change Traded July 298.00 +01.00 Unquoted – – ($1=MYR4.19) DJ China Dalian Grain Futures Closing Prices, Volume – Jul 13 Soybean No. 1 Turnover: 201,635 lots, or 12.01 billion yuan Open High Low Close Prev. Settle Ch. Vol Open Settle Interest Jul-21 – – – 5,907 5,907 5,907 0 0 30 Sep-21 5,959 5,996 5,908 5,944 5,938 5,950 12 152,941 95,175 Nov-21 5,962 6,021 5,929 5,959 5,967 5,969 2 28,457 72,987 Jan-22 5,986 6,009 5,940 5,966 5,968 5,976 8 6,597 16,843 Mar-22 6,012 6,012 5,936 5,961 5,958 5,965 7 13,201 15,216 May-22 5,979 6,010 5,955 5,982 5,977 5,985 8 439 1,224 Corn Turnover: 907,695 lots, or 23.42 billion yuan Open High Low Close Prev. Settle Ch. Vol Open Settle Interest Jul-21 – – – 2,785 2,785 2,785 0 0 0 Sep-21 2,565 2,601 2,557 2,595 2,562 2,579 17 669,104 618,899 Nov-21 2,552 2,592 2,550 2,584 2,556 2,572 16 77,825 249,212 Jan-22 2,558 2,601 2,558 2,591 2,567 2,584 17 108,642 242,468 Mar-22 2,567 2,601 2,561 2,591 2,574 2,582 8 46,741 51,433 May-22 2,588 2,622 2,584 2,617 2,598 2,605 7 5,383 15,089 Soymeal Turnover: 1,193,774 lots, or 42.81 billion yuan Open High Low Close Prev. Settle Ch. Vol Open Settle Interest Jul-21 3,568 3,569 3,568 3,569 3,524 3,568 44 6 722 Aug-21 3,590 3,636 3,585 3,620 3,598 3,600 2 20 770 Sep-21 3,590 3,633 3,582 3,613 3,583 3,607 24 786,589 1,093,692 Nov-21 3,620 3,650 3,601 3,631 3,599 3,625 26 69,390 60,921 Dec-21 3,585 3,623 3,578 3,606 3,566 3,603 37 17,982 36,358 Jan-22 3,559 3,598 3,549 3,578 3,542 3,572 30 238,076 585,119 Mar-22 3,397 3,435 3,390 3,417 3,378 3,412 34 48,527 292,081 May-22 3,318 3,350 3,314 3,336 3,307 3,331 24 33,184 81,207 Palm Oil Turnover: 857,398 lots, or 6.65 billion yuan Open High Low Close Prev. Settle Ch. Vol Open Settle Interest Jul-21 – – – 7,998 7,998 7,998 0 0 6 Aug-21 8,040 8,040 8,040 8,040 8,040 8,040 0 70 19 Sep-21 7,746 7,898 7,744 7,802 7,834 7,810 -24 727,366 414,074 Oct-21 7,604 7,720 7,568 7,632 7,630 7,632 2 18,324 38,694 Nov-21 7,520 7,628 7,490 7,570 7,542 7,548 6 6,051 41,490 Dec-21 7,424 7,548 7,408 7,498 7,424 7,468 44 6,625 57,937 Jan-22 7,332 7,468 7,308 7,424 7,348 7,400 52 85,598 96,495 Feb-22 7,260 7,428 7,260 7,386 7,280 7,356 76 4,284 7,378 Mar-22 7,288 7,400 7,254 7,362 7,266 7,334 68 4,632 4,143 Apr-22 7,250 7,382 7,250 7,336 7,256 7,320 64 3,034 3,266 May-22 7,200 7,324 7,194 7,260 7,234 7,268 34 1,401 4,450 Jun-22 7,246 7,276 7,194 7,194 7,230 7,228 -2 13 20 Soybean Oil Turnover: 864,001 lots, or 75.12 billion yuan Open High Low Close Prev. Settle Ch. Vol Open Settle Interest Jul-21 – – – 8,940 8,940 8,940 0 0 224 Aug-21 8,790 8,800 8,752 8,762 8,732 8,768 36 6 146 Sep-21 8,636 8,790 8,632 8,772 8,670 8,726 56 722,578 414,537 Nov-21 8,546 8,702 8,546 8,684 8,584 8,642 58 29,960 56,810 Dec-21 8,488 8,632 8,488 8,620 8,488 8,566 78 12,956 77,319 Jan-22 8,412 8,566 8,402 8,548 8,424 8,500 76 90,643 173,885 Mar-22 8,270 8,432 8,270 8,404 8,282 8,364 82 6,332 21,309 May-22 8,122 8,224 8,078 8,206 8,098 8,174 76 1,526 5,470 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. DJ CBOT Delivery Intentions: Totals – Jul 13 Source: CME Group Contract Quantity Next Trade Commodity Month Delivery Day Assigned Today Date Available SOYBEAN MEAL July Jul 14, 2021 147 Jul 12, 2021 ROUGH RICE July Jul 14, 2021 12 Jul 12, 2021 WHEAT July Jul 14, 2021 20 Jun 30, 2021 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 Production, Yield (million bushels, bushels per acre) Monday’s Estimate Average Range USDA June Corn Production 15,165 15,007 14,182-15,168 14,990 Soybean Production 4,405 4,374 4,135-4,405 4,405 Monday’s Estimate Average Range USDA June Corn Yield 179.5 * 178.0 172.0-179.5 179.5 Soybean Yield 50.8 ** 50.6 50.0-50.8 50.8 *** U.S. Stockpiles (million bushels) 2020-21 Monday’s Estimate Average Range USDA June Corn 1,082 1,091 957-1,211 1,107 Soybeans 135 136 115-149 135 Wheat 844 845 843-852 852 2021-22 Monday’s Estimate Average Range USDA June Corn 1,432 1,309 1,057-1,540 1,357 Soybeans 155 140 102-165 155 Wheat 665 711 573-809 770 *** World Stockpiles (million metric tons) 2020-21 Monday’s Estimate Average Range USDA June Corn 279.9 278.4 274.0-284.0 280.6 Soybeans 91.5 87.6 86.7- 88.7 88.0 Wheat 290.2 293.5 292.8-295.0 293.5 2021-22 Monday’s Estimate Average Range USDA June Corn 291.2 287.0 278.6-291.7 289.4 Soybeans 94.5 92.3 90.5- 93.5 92.6 Wheat 291.7 295.8 292.0-300.0 296.8 *** 2021-22 Wheat Production (million bushels) Monday’s Estimate Average Range USDA June All Wheat x,xxx 1,835 1,724-1,932 1,898 Winter Wheat 1,264 1,337 1,308-1,372 1,309 Hard Red Winter 805 792 762-826 771 Other Spring 345 446 358-537 N/A Durum 37 52 40-65 N/A 2020-21 Brazil Corn, Soybean Production (million metric tons) Monday’s Estimate Average Range USDA June Corn 93.0 91.5 87.9- 97.0 98.5 Soybeans 137.0 137.0 135.7-138.0 137.0 2020-21 Argentina Corn, Soybean Production (million metric tons) Monday’s Estimate Average Range USDA June Corn 48.5 47.5 47.0-48.0 47.0 Soybeans 46.5 46.4 45.0-47.0 47.0 DJ USDA Supply/Demand: Crop Summary – Jul 12 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 155.0 135.0 525.0:172.85 165.49 165.06:385.22 363.57 339.41 Brazil na na na: 93.00 83.00 92.14:144.00 137.00 128.50 Argentina na na na: 6.35 3.70 10.00: 52.00 46.50 48.80 China na na na: 0.10 0.10 0.09: 19.00 19.60 18.10 Soyoil 1,488 1,793 1,853: 12.80 12.53 12.31: 62.32 60.46 58.36 Corn 1,432 1,082 1,919:198.84 183.10 172.41: 1,195 1,121 1,118 China na na na: 0.02 0.02 0.01:268.00 260.67 260.78 Argentina na na na: 36.00 35.50 36.25: 51.00 48.50 51.00 S.Africa na na na: 3.20 3.20 2.55: 17.00 17.00 15.84 Cotton(a) 3.30 3.15 7.25: 45.92 48.00 41.44:119.39 112.56 121.42 All Wheat 665 844 1,028:203.99 201.42 194.97:792.40 775.82 763.49 China na na na: 1.00 0.80 1.05:136.00 134.25 133.59 European Union na na na: 34.00 30.75 39.77:138.20 125.94 138.74 Canada na na na: 23.00 27.50 24.63: 31.50 35.18 32.67 Argentina na na na: 13.50 10.50 13.50: 20.50 17.63 19.78 Australia na na na: 20.50 23.00 9.14: 28.50 33.00 14.48 Russia na na na: 40.00 38.50 34.49: 85.00 85.35 73.61 Ukraine na na na: 21.00 16.75 21.01: 30.00 25.42 29.17 Sorghum 17.0 13.0 30.0: na na na: na na na Barley 57.0 72.0 80.0: na na na: na na na Oats 25.0 38.0 37.0: na na na: na na na Rice 41.3 45.9 28.7: 47.12 49.06 43.38:506.04 504.94 497.74 DJ USDA Grain Inspections for Export in Metric Tons – Jul 12 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 JUL 8, 2021 — METRIC TONS — ————————————————————————- CURRENT PREVIOUS ———– WEEK ENDING ———- MARKET YEAR MARKET YEAR GRAIN 07/8/2021 07/1/2021 07/9/2020 TO DATE TO DATE BARLEY 0 744 0 1,919 367 CORN 993,974 1,236,243 917,968 59,146,024 35,297,236 FLAXSEED 0 0 24 0 317 MIXED 24 0 0 24 0 OATS 0 100 0 100 400 RYE 0 0 0 0 0 SORGHUM 73,294 4,349 71,755 6,556,602 4,141,859 SOYBEANS 200,933 208,136 483,429 57,655,465 37,866,691 SUNFLOWER 0 0 0 240 0 WHEAT 424,327 361,811 659,727 2,323,828 3,074,575 Total 1,692,552 1,811,383 2,132,903 125,684,202 80,381,445 ————————————————————————- 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. Crop Progress Date 11-Jul 4-Jul 2020 Avg Cotton Squaring 55 42 61 61 Cotton Setting Bolls 16 11 17 20 Corn Silking 26 10 26 30 Corn Dough 3 3 3 Soybeans Blooming 46 29 46 40 Soybreans Setting Pods 10 3 10 10 Sorghum Headed 29 22 27 28 Sorghum Coloring 15 14 15 16 Rice Headed 21 14 23 25 Peanuts Pegging 63 48 64 64 Oats Headed 94 88 92 91 Oats Harvested 11 11 12 Winter Wheat Harvested 59 45 66 65 Spring Wheat Headed 83 69 73 81 Barley Headed 78 59 73 78 Crop Condition Very Poor Poor Fair Good Excellent Cotton This Week 1 8 35 44 12 Cotton Last Week 1 9 38 44 8 Cotton Last Year 4 22 30 36 8 Corn This Week 2 6 27 51 14 Corn Last Week 2 7 27 50 14 Corn Last Year 2 6 23 52 17 Soybeans This Week 3 8 30 49 10 Soybeans Last Week 3 8 30 49 10 Soybeans Last Year 2 5 25 54 14 Spring Wheat This Week 21 34 29 15 1 Spring Wheat Last Week 18 32 34 14 2 Spring Wheat Last Year 2 6 24 57 11 Rice This Week 1 4 24 55 16 Rice Last Week 1 3 23 57 16 Rice Last Year 0 2 24 55 18 Oats This Week 11 21 33 30 5 Oats Last Week 9 21 36 29 5 Oats Last Year 2 8 29 50 11 Barley This Week 16 27 33 20 4 Barley Last Week 13 26 39 15 7 Barley Last Year 1 4 26 46 23 Sorghum This Week 1 4 25 57 13 Sorghum Last Week 1 3 24 58 14 Sorghum Last Year 3 13 38 39 7 Peanuts This Week 0 2 25 63 10 Peanuts Last Week 0 2 29 61 8 Peanuts Last Year 1 6 20 65 8 Pasture and Range This Week 19 20 27 26 8 Pasture and Range Last Week 20 22 27 25 6 Pasture and Range Last Year 11 19 34 31 5 WHEAT General Comments: Winter Wheat markets were higher and Minneapolis Spring Wheat was sharply higher in reaction to the USDA WASDE estimates. USDA showed sharply lower Spring Wheat production and much lower ending stocks estimates for All Wheat. The report was bullish due to these changes as the market had expected a much smaller reduction in Spring Wheat production. White Winter Wheat production is also being hurt as both have been impacted by drought and heat this year. Yield reports have generally been good in Winter Wheat areas but there have been mixed results reported in some Great Plains states. Quality has been generally average. Overnight News: The southern Great Plains should get scattered showers. Temperatures should be near to below normal. Northern areas should see mostly isolated showers. Temperatures will be near normal. The Canadian Prairies should see isolated showers. Temperatures should average above normal. Chart Analysis: Trends in Chicago are mixed. Support is at 621, 610, and 594 September, with resistance at 645, 648, and 658 September. Trends in Kansas City are mixed to up with objectives of 625, 651, and 681 September. Support is at 595, 578, and 568 September, with resistance at 618, 638, and 655 September. Trends in Minneapolis are mixed to up with objectives of 858 and 899 September. Support is at 822, 817, and 796 September, and resistance is at 860, 864, and 870 September. RICE General Comments: Rice closed a little higher yesterday despite bearish estimates from the USDA WASDE reports. USDA increased carry in for the new crop by a lot and also cut demand. It cut yield estimates for this growing season and also reduced planted and harvested acreage. The cuts to demand and supply were not enough to overcome the increased carry in and ending stocks were up. The report was as expected but offered no big reason to buy, but the selling was very limited in response so futures drifted higher. Growing conditions have been mixed at best with many areas getting too much rain. Rice areas have generally been wet. Louisiana and parts of Mississippi were saturated and are still reported to be wetter than desired for strong production and good quality. 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. Texas has been wet. Overnight News: The Delta should get mostly dry conditions. Temperatures should be above normal. Chart Analysis: Trends are mixed. Support is at 1275, 1256, and 1250 September, with resistance at 1298, 1311, and 1331 September. CORN AND OATS: General Comments: Corn was higher in response to the WASDE estimates. It is generally cool with showers around in the Midwest. USDA adjusted the new crop production estimates higher due to increased acreage but left yields unchanged. Export and residual demand was increased but not enough to offset the increased production potential. Ending stocks were also higher but were left tight overall. USDA lowered the Brazil Corn production estimate to 93 million tons but ideas are that USDA still has a ways to go to fully account for the loss. Weather forecasts now call for cooler temperatures and generous rains in the Midwest, including in the very dry northwest parts of the belt. However, the northwest will stay generally too dry. It will not be as hot in the Great Plains and western Midwest as it has been. Pollination is coming and it looks like pollination will happen under good conditions. Oats were higher. Canadian Oats areas look to get some rain in the next couple of weeks, but US areas showed mixed conditions in the weekly USDA updates. 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 mixed to down with no objectives. Support is at 521, 516, and 505 September, and resistance is at 550, 555, and 570 September. Trends in Oats are up with objectives of 410 September. Support is at 392, 389, and 384 September, and resistance is at 406, 409, and 412 September. SOYBEANS General Comments: Soybeans and the products were higher in reaction to the USDA WASDE reports. USDA made some small changes to the demand for the current marketing year and also modified production to fit the reduced demand. It made no changes to the new crop supply or demand estimates. The market had expected increased production and ending stocks. Soybeans held the weekly trading range last week and closed in the middle of the range. There are many areas that do not have good Soybeans in the US. Soybeans conditions in central production area are often too wet and have suffered. The weather forecasts changed to wetter and cooler and the crop needs dry conditions and some heat . Minnesota and northern Iowa and the Dakotas have been very hot and dry but should get very beneficial rain. Forecasts call for cooler weather this week in the Midwest and northern Great Plains, and it should generally be wet. 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. Overnight News: Chart Analysis: Trends in Soybeans are mixed to up with objectives of 1456, 1471, and 1530 August. Support is at 1382, 1334, and 12316 August, and resistance is at 1418, 1438, and 1460 August. Trends in Soybean Meal are mixed. Support is at 351.00, 347.00, and 341.00 August, and resistance is at 367.00, 375.00, and 379.00 August. Trends in Soybean Oil are mixed to up with objectives of 6590, 6700, and 7090 August. Support is at 6180, 5940, and 5900 August, with resistance at 6560, 6590, and 6800 August. CANOLA AND PALM OIL General Comments: Palm Oil futures were sharply higher Friday on a lower Ringgit and in sympathy with Chicago. Futures were higher for the week. Palm Oil was lower today on increased monthly stocks totals by MPOB. Trends are mixed on the daily charts but are starting to turn up. The private surveyors showed more demand for last month in reports issued last week and ideas are that the stronger demand can continue as India has cut its import taxes. Canola closed sharply higher to limit up in sympathy with Chicago and on weather concerns. Some showers are in the forecast for the Prairies this week and it remains generally dry. The showers have a chance to be very beneficial as the Prairies crops are in big trouble now due to previous hot and dry weather. Demand has improved a little bit with the recently weaker prices. Overnight News: Chart Analysis: Trends in Canola are up with objectives of 889.00 and 961.00 November. Support is at 856.00, 844.00, and 836.00 November, with resistance at 892.00, 898.00, and 904.00 November. Trends in Palm Oil are mixed to up with objectives of 3890 and 3960 September. Support is at 3810, 3700, and 3680 September, with resistance at 3980, 4000, and 4100 September. DJ Malaysia July 1-10 Palm Oil Exports Down 1.0%, SGS Says Malaysia’s palm oil exports during the July 1-10 period are estimated down 1.0% on month at 406,897 metric tons, cargo surveyor SGS (Malaysia) Bhd. said Monday. The following are the major items in the SGS estimate: (All figures in metric tons) July 1-10 June 1-10 RBD Palm Olein 152,664 90,200 RBD Palm Oil 41,713 9,960 RBD Palm Stearin 40,020 43,100 Crude Palm Oil 54,935 102,625 Total* 406,897 411,044 *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. DJ Malaysia’s June Palm Oil Exports 1.42M Tons; Up 12%, MPOB Says Malaysia’s palm oil exports were up 12% on month at 1.42 million metric tons in June, the Malaysian Palm Oil Board said. The following are details of the June crop data and revised numbers for May, issued by MPOB: June May Change On Month Crude Palm Oil Output 1,606,187 1,571,525 Up 2.21% Palm Oil Exports 1,418,825 1,268,659 Up 11.84% Palm Kernel Oil Exports 76,327 71,330 Up 7.01% Palm Oil Imports 113,126 89,014 Up 27.09% Closing Stocks 1,613,657 1,569,411 Up 2.82% Crude Palm Oil 798,478 841,312 Dn 5.09% Processed Palm Oil 815,179 728,099 Up 11.96% Midwest Weather Forecast: Isolated showers north and west, showers and storms south and east. Temperatures should average near normal. US Gulf Cash Basis Corn HRW SRW Soybeans Soybean Meal Soybean Oil June July May May May July July July July August July July July DJ ICE Canada Cash Grain Close – Jul 9 WINNIPEG–The following are the closing cash canola prices from ICE Futures for July 9, 2021. Source: ICE Futures CANOLA 1 Canada NCC Best Bid Spot Price Basis Contract Change *Par Region 904.00 90.00 Nov 21 up 23.10 Basis: Thunder Bay 884.00 40.00 Nov 21 up 30.00 Basis: Vancouver 14.00 70.00 Nov 21 up 30.00 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 – July 13 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 July 1052.50 +15.00 Unquoted – – Aug 1037.50 +20.00 Unquoted – – Sept 1022.50 +20.00 Unquoted – – Oct/Nov/Dec 967.50 +25.00 Unquoted – – Jan/Feb/Mar 932.50 +20.00 Unquoted – – RBD palm olein, FOB, Malaysian ports Offer Change Bid Change Traded July 1055.00 +15.00 Unquoted – – Aug 1040.00 +20.00 Unquoted – – Sept 1025.00 +20.00 Unquoted – – Oct/Nov/Dec 970.00 +25.00 Unquoted – – Jan/Feb/Mar 935.00 +20.00 Unquoted – – RBD palm stearin, FOB, Malaysian ports Offer Change Bid Change Traded July 1025.00 +05.00 Unquoted – – Palm Fatty Acid Distillate, FOB Malaysian ports Offer Change Bid Change Traded July 990.00 +10.00 Unquoted – – Crude palm oil, Delivered Basis, South Malaysia Offer Change Bid Change Traded July 4,120.00 +70.00 Unquoted – – Palm kernel oil, Delivered Basis, South Malaysia Offer Change Bid Change Traded July 298.00 +01.00 Unquoted – – ($1=MYR4.19) DJ China Dalian Grain Futures Closing Prices, Volume – Jul 13 Soybean No. 1 Turnover: 201,635 lots, or 12.01 billion yuan Open High Low Close Prev. Settle Ch. Vol Open Settle Interest Jul-21 – – – 5,907 5,907 5,907 0 0 30 Sep-21 5,959 5,996 5,908 5,944 5,938 5,950 12 152,941 95,175 Nov-21 5,962 6,021 5,929 5,959 5,967 5,969 2 28,457 72,987 Jan-22 5,986 6,009 5,940 5,966 5,968 5,976 8 6,597 16,843 Mar-22 6,012 6,012 5,936 5,961 5,958 5,965 7 13,201 15,216 May-22 5,979 6,010 5,955 5,982 5,977 5,985 8 439 1,224 Corn Turnover: 907,695 lots, or 23.42 billion yuan Open High Low Close Prev. Settle Ch. Vol Open Settle Interest Jul-21 – – – 2,785 2,785 2,785 0 0 0 Sep-21 2,565 2,601 2,557 2,595 2,562 2,579 17 669,104 618,899 Nov-21 2,552 2,592 2,550 2,584 2,556 2,572 16 77,825 249,212 Jan-22 2,558 2,601 2,558 2,591 2,567 2,584 17 108,642 242,468 Mar-22 2,567 2,601 2,561 2,591 2,574 2,582 8 46,741 51,433 May-22 2,588 2,622 2,584 2,617 2,598 2,605 7 5,383 15,089 Soymeal Turnover: 1,193,774 lots, or 42.81 billion yuan Open High Low Close Prev. Settle Ch. Vol Open Settle Interest Jul-21 3,568 3,569 3,568 3,569 3,524 3,568 44 6 722 Aug-21 3,590 3,636 3,585 3,620 3,598 3,600 2 20 770 Sep-21 3,590 3,633 3,582 3,613 3,583 3,607 24 786,589 1,093,692 Nov-21 3,620 3,650 3,601 3,631 3,599 3,625 26 69,390 60,921 Dec-21 3,585 3,623 3,578 3,606 3,566 3,603 37 17,982 36,358 Jan-22 3,559 3,598 3,549 3,578 3,542 3,572 30 238,076 585,119 Mar-22 3,397 3,435 3,390 3,417 3,378 3,412 34 48,527 292,081 May-22 3,318 3,350 3,314 3,336 3,307 3,331 24 33,184 81,207 Palm Oil Turnover: 857,398 lots, or 6.65 billion yuan Open High Low Close Prev. Settle Ch. Vol Open Settle Interest Jul-21 – – – 7,998 7,998 7,998 0 0 6 Aug-21 8,040 8,040 8,040 8,040 8,040 8,040 0 70 19 Sep-21 7,746 7,898 7,744 7,802 7,834 7,810 -24 727,366 414,074 Oct-21 7,604 7,720 7,568 7,632 7,630 7,632 2 18,324 38,694 Nov-21 7,520 7,628 7,490 7,570 7,542 7,548 6 6,051 41,490 Dec-21 7,424 7,548 7,408 7,498 7,424 7,468 44 6,625 57,937 Jan-22 7,332 7,468 7,308 7,424 7,348 7,400 52 85,598 96,495 Feb-22 7,260 7,428 7,260 7,386 7,280 7,356 76 4,284 7,378 Mar-22 7,288 7,400 7,254 7,362 7,266 7,334 68 4,632 4,143 Apr-22 7,250 7,382 7,250 7,336 7,256 7,320 64 3,034 3,266 May-22 7,200 7,324 7,194 7,260 7,234 7,268 34 1,401 4,450 Jun-22 7,246 7,276 7,194 7,194 7,230 7,228 -2 13 20 Soybean Oil Turnover: 864,001 lots, or 75.12 billion yuan Open High Low Close Prev. Settle Ch. Vol Open Settle Interest Jul-21 – – – 8,940 8,940 8,940 0 0 224 Aug-21 8,790 8,800 8,752 8,762 8,732 8,768 36 6 146 Sep-21 8,636 8,790 8,632 8,772 8,670 8,726 56 722,578 414,537 Nov-21 8,546 8,702 8,546 8,684 8,584 8,642 58 29,960 56,810 Dec-21 8,488 8,632 8,488 8,620 8,488 8,566 78 12,956 77,319 Jan-22 8,412 8,566 8,402 8,548 8,424 8,500 76 90,643 173,885 Mar-22 8,270 8,432 8,270 8,404 8,282 8,364 82 6,332 21,309 May-22 8,122 8,224 8,078 8,206 8,098 8,174 76 1,526 5,470 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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