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DJ USDA Cold Storage: Totals-Jul 22 WASHINGTON (Dow Jones)==U.S. stocks of pork bellies in freezers totaled 36.481 million pounds, in June, 0.2% above the previous month, and 32.2% below June 2020, the U.S. Department Agriculture said Thursday. In thousand pounds. public Jun 30 May 31 Jun 30 May 31 warehouse 2021 2021 2020 2020 stocks/Jun pork bellies 36,481 36,391 53,840 60,322 orange juice 698,577 737,139 830,445 852,684 french fries 913,505 931,393 868,583 895,399 other potatoes 201,296 201,456 216,545 204,029 chicken rstr (whole) 13,120 14,277 22,458 23,533 ham 130,677 109,337 122,993 107,550 total pork 442,145 462,446 460,173 467,927 386,844 total beef 398,660 416,675 429,302 417,356 386,507 total red meat 868,757 907,481 939,473 936,227 799,963 total chicken 738,368 730,372 866,715 858,236 total turkey 406,008 390,655 474,786 420,129 total poultry 1,147,056 1,123,555 1,350,225 1,286,588 1,066,534 =============================================================================== WHEAT General Comments: Winter Wheat markets were sharply lower yesterday on a weak export sales report and on hopes for better rains in the 11 to 15 day forecast. The rains might show up but will generally be too little too late to help Wheat. The market is also hearing about too wet weather in China and Europe and dry conditions in southern Russia and Kazakhstan. It has been very cold in South America and the winter crops are in trouble in Brazil and Paraguay. The bad weather is coming back as hot and dry conditions are in the forecast for the northern Great Plains and the Canadian Prairies for the next couple of weeks. Even so, Minneapolis was lower as correction trading continued there. 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 good. Europe has had too much rain and Russia and Kazakhstan have had too little. Kazakhstan has moved to limit Wheat exports for this year. World prices might have bottomed and should start to move higher, supporting Wheat futures markets in the US. Overnight News: The southern Great Plains should get scattered showers. Temperatures should be near normal. Northern areas should see mostly 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 682, 676, and 658 September, with resistance at 700, 718, and 724 September. Trends in Kansas City are mixed. Support is at 645, 638, and 619 September, with resistance at 674, 686, and 692 September. Trends in Minneapolis are up with no objectives. Support is at 871, 859, and 849 September, and resistance is at 909, 944, and 948 September. RICE: General Comments: Rice closed higher again yesterday on increasing demand ideas. The weeklynexport sales report was stronger than expected. The market expects smaller production this year due to reduced planted area and some weather extremes seen through the growing season to date. 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. Warm temperatures are reported in Arkansas and Missouri and the crop progress is improving. However, it is still very wet in Arkansas. Texas has also been wet. Export demand has been disappointing and Asian prices are trending lower. Overnight News: The Delta should get isolated showers. Temperatures should be near to below normal. Chart Analysis: Trends are up with objectives of 1366, 1372, and 1398 September. Support is at 1334, 1319, and 1302 September, with resistance at 1358, 1371, and 1380 September. CORN AND OATS: General Comments: Corn was lower as the forecasts for 11 to 16 days out changed. The European model has added cooler temperatures and rain to the forecasts for the Northern Plains and western Midwest. All forecasts and models call for hot and dry conditions for the next 10 days and the American model continues the hot and dry weather for the following days. The growing conditions in the US are highly variable and not likely to produce trend line yields. Traders are reducing yield estimates from the USDA report of 179.5 bushels per acre to more like 174 bushels per acre and ideas are that more adverse weather could drive yields lower. No one is talking much about increasing yield estimates right now. Ideas are that Brazil Corn production will be less than 90 million tons so reduced production estimates are expected in coming reports. Oats were a little lower in sympathy with Corn, but had a high range close. 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. Support is at 555, 549, and 546 September, and resistance is at 572, 579, and 588 September. Trends in Oats are mixed. Support is at 440, 436, and 424 September, and resistance is at 465, 467, and 470 September. SOYBEANS General Comments: Soybeans and the products were generally lower as the outlook for the weather in 11 to 15 days changed. The European model has added cooler temperatures and rain to the forecasts for the Northern Plains and western Midwest. All forecasts and models call for hot and dry conditions for the next 10 days and the American model continues the hot and dry weather for the following days . 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 Iowa got very beneficial rain last week. \The longer range forecasts from NWS call for warmer and drier than normal conditions for most Soybeans areas of the US. Overnight News: Mexico bought 100,000 tons of US Soybeans. Chart Analysis: Trends in Soybeans are mixed to down with objectives of 1375 and 1321 August. Support is at 1391, 14382, and 1354 August, and resistance is at 1429, 1450, and 1480 August. Trends in Soybean Meal are mixed. Support is at 358.00, 351.00, and 347.00 August, and resistance is at 371.00, 375.00, and 379.00 August. Trends in Soybean Oil mixed to down with no objectives. Support is at 6180, 615940, and 5900 August, with resistance at 6630, 6660, and 6820 CANOLA AND PALM OIL General Comments: Palm Oil futures were lower on weaker export data for the month to date from the private surveyors. Trends are still up on the daily charts. 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 lower along with Spring Wheat futures and on demand concerns. Trends are still up longer term, but are mixed short term and weather concerns continue. It remains generally dry and is turning warmer in the Prairies. The showers last week 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. Overnight News: Chart Analysis: Trends in Canola are mixed to down with objectives of 816.00 and 739.00 November. Support is at 844.00, 836.00, and 807.00 November, with resistance at 893.00, 932.00, and 949.00 November. Trends in Palm Oil are mixed to up with objectives of 4340 October. Support is at 4080, 4000, and 3960 October, with resistance at 4220, 4280, and 4340 October. 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 22 WINNIPEG–The following are the closing cash canola prices from ICE Futures for July 22, 2021. Source: ICE Futures CANOLA 1 Canada NCC Best Bid Spot Price Basis Contract Change *Par Region 954.90 75.00 Nov 21 dn 29.20 Basis: Thunder Bay 921.30 40.00 Nov 21 up 1.40 Basis: Vancouver 951.30 70.00 Nov 21 up 1.40 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 23 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 Aug 1127.50 +30.00 Unquoted – – Sept 1107.50 +40.00 Unquoted – – Oct/Nov/Dec 1030.00 +30.00 Unquoted – – Jan/Feb/Mar 977.50 +25.00 Unquoted – – RBD palm olein, FOB, Malaysian ports Offer Change Bid Change Traded Aug 1130.00 +30.00 Unquoted – – Sept 1110.00 +40.00 Unquoted – – Oct/Nov/Dec 1032.50 +30.00 Unquoted – – Jan/Feb/Mar 980.00 +25.00 Unquoted – – RBD palm stearin, FOB, Malaysian ports Offer Change Bid Change Traded Aug 1080.00 +35.00 Unquoted – – Palm Fatty Acid Distillate, FOB Malaysian ports Offer Change Bid Change Traded Aug 1025.00 +25.00 Unquoted – – Crude palm oil, Delivered Basis, South Malaysia Offer Change Bid Change Traded Aug 4,560.00 +110.00 Unquoted – – Palm kernel oil, Delivered Basis, South Malaysia Offer Change Bid Change Traded Aug 304.00 +02.00 Unquoted – – ($1=MYR4.226) DJ China Dalian Grain Futures Closing Prices, Volume – Jul 23 Soybean No. 1 Turnover: 192,778 lots, or 1.10 billion yuan Open High Low Close Prev. Settle Ch. Vol Open Settle Interest Sep-21 5,627 5,698 5,602 5,676 5,650 5,662 12 135,143 92,165 Nov-21 5,640 5,741 5,624 5,722 5,692 5,712 20 21,622 84,047 Jan-22 5,725 5,768 5,669 5,745 5,711 5,727 16 17,983 28,597 Mar-22 5,699 5,771 5,677 5,745 5,713 5,738 25 8,982 15,621 May-22 5,752 5,835 5,730 5,780 5,763 5,792 29 219 1,052 Jul-22 5,730 5,823 5,722 5,779 5,765 5,793 28 8,829 2,146 Corn Turnover: 615,333 lots, or 15.56 billion yuan Open High Low Close Prev. Settle Ch. Vol Open Settle Interest Sep-21 2,511 2,534 2,502 2,524 2,520 2,523 3 441,752 645,571 Nov-21 2,515 2,538 2,512 2,525 2,527 2,528 1 43,868 250,314 Jan-22 2,525 2,549 2,523 2,537 2,536 2,539 3 90,720 269,042 Mar-22 2,542 2,557 2,533 2,546 2,548 2,548 0 29,243 56,872 May-22 2,578 2,585 2,571 2,577 2,582 2,579 -3 3,597 16,169 Jul-22 2,583 2,597 2,583 2,592 2,593 2,592 -1 6,153 2,353 Soymeal Turnover: 1,348,931 lots, or 48.14 billion yuan Open High Low Close Prev. Settle Ch. Vol Open Settle Interest Aug-21 3,580 3,600 3,561 3,572 3,659 3,573 -86 43 818 Sep-21 3,601 3,607 3,558 3,578 3,653 3,581 -72 805,566 979,039 Nov-21 3,618 3,633 3,584 3,606 3,685 3,608 -77 60,127 59,700 Dec-21 3,606 3,625 3,578 3,598 3,681 3,601 -80 14,636 30,806 Jan-22 3,597 3,606 3,551 3,568 3,650 3,575 -75 381,949 635,654 Mar-22 3,451 3,457 3,405 3,415 3,501 3,432 -69 41,651 277,384 May-22 3,371 3,375 3,312 3,320 3,405 3,337 -68 42,168 100,235 Jul-22 3,322 3,355 3,300 3,313 3,382 3,329 -53 2,791 6,283 Palm Oil Turnover: 1,202,105 lots, or 97.58 billion yuan Open High Low Close Prev. Settle Ch. Vol Open Settle Interest Aug-21 8,678 8,786 8,534 8,786 8,428 8,666 238 3 13 Sep-21 8,068 8,344 8,032 8,326 8,076 8,184 108 1,040,716 444,414 Oct-21 7,892 8,130 7,840 8,112 7,896 7,970 74 18,205 36,775 Nov-21 7,700 8,000 7,700 7,968 7,796 7,848 52 7,275 39,487 Dec-21 7,660 7,878 7,624 7,852 7,672 7,736 64 9,021 56,938 Jan-22 7,520 7,780 7,504 7,756 7,572 7,642 70 111,447 118,239 Feb-22 7,512 7,716 7,492 7,688 7,502 7,590 88 4,646 8,792 Mar-22 7,496 7,684 7,428 7,658 7,484 7,552 68 4,989 4,209 Apr-22 7,418 7,600 7,374 7,566 7,428 7,474 46 4,376 3,268 May-22 7,306 7,488 7,276 7,454 7,338 7,388 50 1,317 5,109 Jun-22 7,224 7,410 7,180 7,376 7,240 7,334 94 21 29 Jul-22 7,132 7,414 7,132 7,290 7,150 7,346 196 89 47 Soybean Oil Turnover: 1,075,927 lots, or 95.46 billion yuan Open High Low Close Prev. Settle Ch. Vol Open Settle Interest Aug-21 8,830 8,836 8,722 8,830 8,804 8,796 -8 6 144 Sep-21 8,812 9,024 8,810 8,988 8,904 8,910 6 887,887 394,326 Nov-21 8,758 8,926 8,730 8,898 8,832 8,810 -22 36,669 51,048 Dec-21 8,730 8,844 8,666 8,818 8,744 8,742 -2 15,788 71,999 Jan-22 8,578 8,758 8,558 8,738 8,664 8,666 2 123,007 178,425 Mar-22 8,468 8,608 8,462 8,586 8,530 8,520 -10 9,171 21,122 May-22 8,298 8,374 8,236 8,362 8,318 8,300 -18 1,841 5,627 Jul-22 8,202 8,304 8,178 8,290 8,268 8,240 -28 1,558 4,322 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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