DJ USDA Grain Inspections for Export in Metric Tons – Oct 25
WA_GR101
Washington, DC Mon Oct 25, 2021 USDA Market News
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 OCT 21, 2021
— METRIC TONS —
————————————————————————–
CURRENT PREVIOUS
———– WEEK ENDING ———- MARKET YEAR MARKET YEAR
GRAIN 10/21/2021 10/14/2021 10/22/2020 TO DATE TO DATE
BARLEY 0 0 798 8,147 9,867
CORN 545,127 1,048,617 680,823 4,712,999 6,169,627
FLAXSEED 0 0 0 24 389
MIXED 0 0 0 0 0
OATS 0 0 0 200 1,196
RYE 0 0 0 0 0
SORGHUM 80,090 37,990 73,531 417,943 545,094
SOYBEANS 2,103,505 2,449,732 2,888,760 8,129,440 14,782,896
SUNFLOWER 192 144 0 336 0
WHEAT 140,413 141,450 399,645 9,478,304 11,089,774
Total 2,869,327 3,677,933 4,043,557 22,747,393 32,598,843
————————————————————————–
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 24-Oct 17-Oct 2020 Avg
Cotton Bolls Opening 91 86 95 92
Cotton Harvested 35 28 41 41
Corn Harvested 66 52 70 53
Soybeans Harvested 73 60 82 70
Sorghum Mature 96 93 97 93
Sorghum Harvested 71 59 72 60
Peanuts Harvested 51 38 54 64
Sugarbeets Harvested 64 40 88 74
Sunflowers Harvested 40 29 48 34
Rice Harvested 95 92 94 95
Winter Wheat Planted 80 70 84 80
Winter Wheat Emerged 55 44 60 59

Crop Condition
Very Poor Poor Fair Good Excellent
Cotton This Week 1 5 30 48 16
Cotton Last Week 1 4 31 53 11
Cotton Last Year 6 25 29 32 8

Peanuts This Week 0 4 23 61 12
Peanuts Last Week 0 3 26 60 11
Peanuts Last Year 1 7 28 55 9

Winter Wheat This Week 7 13 34 40 6
Winter Wheat Last Week
Winter Wheat Last Year 6 13 40 35 6

Pasture and Range This Week 21 22 33 21 3
Pasture and Range Last Week 22 23 30 20 5
Pasture and Range Last Year 18 25 37 18 2

WHEAT
General Comments: Wheat closed higher again yesterday and trends are up in all three markets. Minneapolis futures are now solidly above 10.00 per bushel and show no signs of backing down. Ideas that the US will have good demand for Wheat as the rest of the northern hemisphere is short production this year. The US and Canada have reduced production this year and so do most exporters around the world. Production is less this year in Russia and internal prices have been strong. Dry weather in southern Russia as well as the northern US Great Plains and Canadian Prairies remains a supportive feature in the market although the weather has become old news. The Russian weather has been good for production in northern and western areas and is finally starting to improve in southern areas and into Kazakhstan in time for the next crop. Siberian Spring Wheat conditions have been very good. Europe is expecting top yields in some areas but less yield in others and parts of eastern Europe and northern Russia are expecting strong yields. European quality is a problem due to too much rain in some areas and not enough in others. Speculators keep talking about inflation and are buying commodities for an inflation trade.
Overnight News: The southern Great Plains should get mostly dry conditions or isolated showers. Temperatures should trend from below to above normal. Northern areas should see isolated showers or dry conditions. Temperatures will trend from below to above normal. The Canadian Prairies should see isolated showers or dry conditions. Temperatures should trend from below to above normal.
Chart Analysis: Trends in Chicago are mixed to up with objectives of 770 and 801 December. Support is at 744, 736, and 729 December, with resistance at 767, 769, and 7876 December. Trends in Kansas City are up with objectives of 787 December. Support is at 764, 761, and 748 December, with resistance at 782, 788, and 794 December. Trends in Minneapolis are up with no objectives. Support is at 1008, 994, and 980 December, and resistance is at 1036, 1044, and 1050 December.

RICE:
General Comments: Rice was lower last week on what appeared to be speculative selling. Short term down trends on the charts got started. Ideas are that demand is not yet strong enough to take up the supply available to the market. The crop has been largely harvested in Texas and in Louisiana. Mississippi and Arkansas producers are also almost done with the harvest. Yield reports and quality reports have been acceptable to many in Texas and are called good in Louisiana. The reports have been good in both Arkansas and Mississippi
Overnight News: The Delta should get mostly dry conditions or isolated showers. Temperatures should be near to above normal.
Chart Analysis: Trends are down with objectives of 1322, 1320, and 292 November. Support is at 1340, 1329, and 1320 November, with resistance at 1360, 1368, and 1372 November.

CORN AND OATS:
General Comments: Corn was unchanged and Oats closed sharply higher yesterday. Oats were higher on a lack of supply available to the market from the northern US Great Plains and the Canadian Prairies while Corn is still finding some support from strong weekly export sales and strong ethanol demand as future demand ideas ignored some world economic and regulatory issues emanating from China. The weakness in Corn came on bad export inspections. Trends are mixed on the daily charts for Corn but turned up again yesterday for Oats. Traders keep talking about new demand for the market from exporters and noted that the demand for ethanol production was very strong. Demand will be an increasing feature in the trade moving forward as the harvest moves to its halfway point. Initial yield reports have been mixed but good, with some lower yields reported due to disease but some higher than expected yields reported in western areas. Farmers are reported to be limited sellers at best. Most of the elevators along the Mississippi are exporting again which is good news for nearby demand. There are a lot of ideas that production and planted and harvested area will be significantly less next year due to the lack of fertilizers available and the cost of production. The Oats market knows that supplies will continue to be tight due to a drought in the northern Great Plains and Canada. There will not be much in the way of high quality Oats for consumers to buy in the coming year.
Overnight News:
Chart Analysis: Trends in Corn are mixed. Support is at 529, 513, and 507 December, and resistance is at 542, 545, and 548 December. Trends in Oats are up with objectives of 731 and 792 December. Support is at 686, 670, and 649 December, and resistance is at 696, 702, and 708 December.

SOYBEANS
General Comments: Soybeans and the products closed higher yesterday. The export inspections report was considered positive for Soybeans prices. Ideas of strong demand from China were supportive but took a back seat to ideas of new economic and regulatory issue there. There were no new sales announcements to China last week. The weekly charts still show down trends for all three markets, and the daily chart trends are mixed. Harvest has moved past the half way point for Soybeans and a harvest low might be seen during the second half of the harvest. However, the low will probably not be as low as the previous low seen a few weeks ago. Reports indicate that farmers are limited sellers at best. Gulf port elevators are coming on line and export sales and exports are increasing. Planting and initial crop development is going very well in Brazil. It has been dry in Argentina and panting could be slower there when the time comes.
Overnight News: Mexico bought 125,730 tons of US Soybeans and China bought 199,000 tons of US Soybeans.
Chart Analysis: Trends in Soybeans are mixed. Support is at 1216, 1208, and 1200 November, and resistance is at 1239, 1249, and 1258 November. Trends in Soybean Meal are mixed to up with objectives of 330.00 and 341.00 December. Support is at 324.00, 320.00, and 314.00 December, and resistance is at 332.00 338.00, and 341.00 December. Trends in Soybean Oil are mixed. Support is at 6200, 6120, and 6060 December, with resistance at 6400, 6500, and 6550 December.

CANOLA AND PALM OIL
General Comments: Palm Oil was higher yesterday on supply concerns even with slow exports as reported by the private services. India was the major importer as the country reduced import taxes. It has also reduced import taxes now for Soybean Oil and Canola Oil and this has caused some demand worries for Palm. The weekly chart trends are up. There are ideas of tight supplies due to labor problems. There are just not enough workers in the fields due to Coronavirus restrictions. Production has also been down to more than offset the export losses so prices have trended higher. Canola closed higher yesterday on bad production ideas. Trends turned up on the daily charts with the price action yesterday. Farmers are bullish and reluctant to sell and would rather work in the fields. The weekly chart trends are sideways. Production ideas are down due to the extreme weather seen in these areas. It remains generally dry and warm in the Prairies. The Prairies crops are in big trouble now due to previous hot and dry weather.
Overnight News:
Chart Analysis: Trends in Canola are mixed to up with no objectives. Support is at 929.00, 922.00, and 912.00 November, with resistance at 953.00, 961.00, and 966.00 November. Trends in Palm Oil are mixed. Support is at 4940, 4820, and 4740 January, with resistance at 5090, 5220, and 5280 January.

Midwest Weather Forecast: Showers and rain from west to east over the weekend and into the first part of next week. Temperatures should average near to below 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 – Oct 25
WINNIPEG — The following are the closing cash
canola prices from ICE Futures.
Source: ICE Futures
Price Basis Contract Change
CANOLA
*Par Region 945.30 15.60 Nov 2021 dn 2.10
Basis: Thunder Bay 978.50 35.00 Jan 2022 up 18.80
Basis: Vancouver 1,008.50 65.00 Jan 2022 up 18.80
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 – October 26
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
Nov 1357.50 +17.50 Unquoted – –
Dec 1327.50 +22.50 Unquoted – –
Jan/Feb/Mar 1257.50 +10.00 Unquoted – –
Apr/May/Jun 1162.50 +07.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Nov 1360.00 +17.50 Unquoted – –
Dec 1330.00 +22.50 Unquoted – –
Jan/Feb/Mar 1260.00 +10.00 Unquoted – –
Apr/May/Jun 1165.00 +07.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Nov 1310.00 +15.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Nov 1210.00 +15.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Nov 5,380.00 +100.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Taded
Nov 505.00 +01.00 Unquoted – –
($1=MYR4.144)

DJ China Dalian Grain Futures Closing Prices, Volume – Oct 26
Soybean No. 1
Turnover: 205,810 lots, or 12.76 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Nov-21 6,162 6,229 6,137 6,156 6,148 6,170 22 13,514 13,749
Jan-22 6,209 6,265 6,165 6,170 6,180 6,204 24 148,961 127,540
Mar-22 6,201 6,610 6,181 6,190 6,182 6,216 34 33,320 65,882
May-22 6,168 6,220 6,130 6,136 6,130 6,161 31 3,457 5,931
Jul-22 6,099 6,164 6,084 6,087 6,099 6,111 12 6,539 8,437
Sep-22 5,980 6,033 5,930 5,964 5,982 5,969 -13 19 64
Corn
Turnover: 983,302 lots, or 25.85 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Nov-21 2,596 2,615 2,587 2,605 2,561 2,596 35 14,173 45,696
Jan-22 2,622 2,644 2,608 2,628 2,585 2,622 37 690,115 773,460
Mar-22 2,627 2,659 2,619 2,639 2,606 2,633 27 165,080 209,273
May-22 2,650 2,679 2,647 2,666 2,627 2,660 33 70,283 126,661
Jul-22 2,664 2,682 2,659 2,675 2,633 2,668 35 40,332 58,863
Sep-22 2,646 2,690 2,646 2,686 2,646 2,676 30 3,319 5,021
Soymeal
Turnover: 1,167,014 lots, or 37.48 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Nov-21 3,578 3,579 3,541 3,555 3,578 3,558 -20 2,041 10,142
Dec-21 3,467 3,470 3,430 3,448 3,467 3,445 -22 77,189 77,843
Jan-22 3,293 3,293 3,250 3,270 3,288 3,266 -22 724,786 1,187,943
Mar-22 3,108 3,109 3,073 3,092 3,105 3,087 -18 81,648 293,517
May-22 3,055 3,056 3,023 3,039 3,052 3,035 -17 231,502 673,655
Jul-22 3,053 3,058 3,031 3,045 3,049 3,040 -9 34,388 101,080
Aug-22 3,128 3,128 3,101 3,113 3,120 3,110 -10 8,688 41,233
Sep-22 3,123 3,125 3,099 3,113 3,120 3,109 -11 6,772 33,539
Palm Oil
Turnover: 1,058,203 lots, or 10.18 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Nov-21 10,058 10,248 10,058 10,136 10,058 10,180 122 483 3,502
Dec-21 9,826 10,064 9,822 9,972 9,778 9,934 156 7,240 35,751
Jan-22 9,602 9,808 9,544 9,702 9,510 9,684 174 929,665 358,340
Feb-22 9,418 9,608 9,350 9,508 9,298 9,480 182 34,755 75,511
Mar-22 9,222 9,404 9,154 9,310 9,110 9,288 178 18,982 34,948
Apr-22 9,006 9,174 8,930 9,094 8,900 9,060 160 13,511 20,720
May-22 8,790 8,978 8,744 8,898 8,742 8,860 118 52,551 55,368
Jun-22 8,710 8,822 8,710 8,822 8,654 8,750 96 3 546
Jul-22 8,678 8,806 8,668 8,760 8,608 8,712 104 6 1,223
Aug-22 8,472 8,534 8,472 8,512 8,406 8,502 96 757 3,175
Sep-22 8,354 8,468 8,320 8,364 8,306 8,386 80 247 476
Oct-22 8,400 8,400 8,300 8,300 8,270 8,334 64 3 4
Soybean Oil
Turnover: 968,309 lots, or 95.78 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Nov-21 10,248 10,416 10,248 10,364 10,248 10,326 78 432 4,127
Dec-21 10,086 10,288 10,080 10,186 10,122 10,192 70 21,528 41,346
Jan-22 9,924 10,100 9,864 9,998 9,872 9,990 118 804,106 432,809
Mar-22 9,482 9,702 9,472 9,606 9,484 9,594 110 28,739 91,213
May-22 9,190 9,366 9,142 9,300 9,156 9,258 102 82,426 133,831
Jul-22 9,054 9,174 8,966 9,112 8,986 9,076 90 20,452 52,459
Aug-22 8,986 9,130 8,932 9,066 8,952 9,028 76 9,244 20,158
Sep-22 8,876 9,000 8,838 8,930 8,852 8,910 58 1,382 1,431
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.