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DJ Food Prices Continue Steady Climb, UN Food and Agriculture Organization Says
By Will Horner
Food prices rose for a fifth consecutive month in October, the United Nations’ Food and Agriculture Organization said Thursday.
The FAO’s Food Price Index, which tracks prices of the most common food commodities, rose 3.1% in October to 100.9, its highest level since January.
Food prices, which initially slumped in the first quarter of the year as the coronavirus pandemic hit demand for even the most basic foodstuffs, have climbed steadily in recent months. Demand has returned rapidly, mostly among Asian consumers who aren’t facing the continued coronavirus lockdown measures seen in Europe and the U.S.
At the same time, concerns surrounding the supply of some foodstuffs have emerged, most notably in grain markets facing unseasonably dry weather that some fear will damage harvests.
Prices for cereals and sugar rose by the largest amounts in October and pulled the index higher, the FAO said.
The FAO’s cereals sub-index rose 7.2%, largely driven by concerns about dry weather affecting winter wheat sowings in Europe, North America, and around the Black Sea.
The FAO’s sugar sub-index gained 7.6% as crop size expectations in Brazil and India–the world’s largest producers–were lowered, the FAO said.
Sub-indexes tracking dairy and vegetable oil prices also rose by 2.2% and 1.8%, respectively, while a sub-index tracking meat prices declined by 0.5%.

DJ U.S. Export Sales: Weekly Sales Totals-Nov 5
For the week ended Oct 29, 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 597.1 0.0 16756.9 14938.4 5805.5 187.0
hrw 199.3 0.0 6117.6 5477.1 1633.2 22.0
srw 56.3 0.0 1356.3 1832.8 418.6 100.0
hrs 163.4 0.0 4725.1 4111.3 1616.6 45.0
white 176.6 0.0 4017.0 2846.4 1936.2 20.0
durum 1.5 0.0 540.9 670.8 200.9 0.0
corn 2610.9 541.0 33189.2 11893.1 26335.3 747.0
soybeans 1530.5 0.0 48500.7 20898.3 31853.2 69.0
soymeal 331.4 0.0 4471.9 4168.0 3596.4 18.1
soyoil 6.8 0.0 228.0 236.9 174.2 0.0
upland cotton 115.6 55.7 8865.3 9548.7 5667.3 576.8
pima cotton 16.8 0.0 427.3 261.3 266.3 0.7
sorghum 365.0 55.0 3641.8 538.7 3027.0 259.0
barley 0.0 0.0 42.0 58.5 31.1 0.0
rice 28.3 0.0 1230.4 1608.6 748.8 0.0

DJ CBOT Delivery Intentions: Totals – Nov 5
Source: CME Group
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
ETHANOL November Nov 06, 2020 3 Oct 28, 2020
SOYBEAN November Nov 06, 2020 1 Oct 20, 2020
This content was published based on data and/or text from the original source. For feedback, write to Valena Henderson at [email protected].

WHEAT
General Comments: Winter Wheat markets were mostly a little higher on ideas that Russia did not get enough rain over the weekend and after trading lower for much of the session. Cash market prices were reported to be steady in Russia. The export demand has held together well despite the fact that US prices are high in the world market. Not all of the dry areas off the Great Plains got the rains and snow in the last week, but many areas did. Only parts of southeastern Colorado and southwestern Kansas are still too dry. Southern Russia could stay mostly dry. Eastern sections of Ukraine got a few showers and things are better there. Kazakhstan should stay mostly dry. Farmers in Russia and surrounding areas are not really selling much of the current crop due to fears about production of the next crop. Less production is likely in Argentina due to drought, but the rains are good in some areas now. Eastern Australia is in very good condition. Western Australia should get some light rain this week. The Midwest has had good rains after a dry period. Much of Europe is in good condition.
Overnight News: The southern Great Plains should get dry weather. Temperatures should be above normal. Northern areas should see dry weather this week and showers this weekend. Temperatures will be above normal. The Canadian Prairies should see scattered showers. Temperatures should trend to near to below normal.
Chart Analysis: Trends in Chicago are mixed. Support is at 598, 591, and 587 December, with resistance at 616, 620, and 629 December. Trends in Kansas City are mixed to up with objectives of 610 December. Support is at 550, 546, and 536 December, with resistance at 563, 568, and 575 December. Trends in Minneapolis are mixed to down with objectives of 543 and 505 December. Support is at 547, 540, and 535 December, and resistance is at 561, 570, and 576 December.

RICE
General: Rice was a little higher in consolidation trading. Reports indicate that domestic demand has been poor to average with better consumer demand more than offset by much less demand from schools and other institutions. Export demand has been good and should stay that way as South America should not have much to offer this year. The harvest is mostly over in northern states with good field yields reported. Southern Louisiana and Texas are harvesting the second crop. Producers had to endure Hurricane Delta and then Zeta in Louisiana, and some of the second crop Rice got hurt. Quality is said to be very good everywhere.
Overnight News: The Delta should get mostly dry conditions. Temperatures should be near to above normal.
Chart Analysis: Trends are down with objectives of 1214 and 1190 January. Support is at 1223, 1220, and 1218 January, with resistance at 1240, 1250, and 1257 January.

CORN AND OATS
General Comments Corn and Oats were a little higher on expectations for a Biden presidential victory that could create new government and stimulus spending. Biden was winning yesterday but by very narrow margins. Democrats did not take the Senate and gave back a little bit in the House. The chances for any stimulus to pass both chambers is small. The spending would help support a Corn market that could lose more ethanol demand due to the Coronavirus. The virus could cause lockdowns again and could keep people off the road, causing less demand for ethanol. US weather conditions are much improved this week with warmer and drier weather and the harvest is underway again. Yield reports have generally been good except for the drought and derecho areas of Iowa.
Overnight News: China bought 106,000 tons of US Sorghum.
Chart Analysis: Trends in Corn are mixed. Support is at 398, 393, and 386 December, and resistance is at 410, 413, and 415 December. Trends in Oats are mixed to down with objectives of 274 December. Support is at 291, 286, and 284 December, and resistance is at 302, 305, and 310 December.

SOYBEANS AND PRODUCTS
General Comments: Soybeans and products closed higher on hopes for more Chinese demand with a Biden victory and despite the return of the Coronavirus to the US and Europe. China has not appeared in the daily sales announcements from USDA in a couple of weeks and the market is feeling the loss. China still needs to buy for crushers, but appears to have bought what was necessary for the reserve. Ideas are that a Biden victory would mean better intergovernmental relations with China and therefor increased demand for US Soybeans. The weather in the US is good for any remaining harvest as it has turned drier and warmer this week after a cold and wet week last week. The weather in South America is improved. Showers and rains have fallen in most of Brazil and much of Argentina. Southern Brazil and Paraguay have missed out on the good rains but did get a few showers. Soybeans are actively being planted in Brazil, but southern areas are still too dry as are parts of Argentina and all of Paraguay and Uruguay.
Overnight News: India bought 33,000 tons of US Soybean Oil.
Chart Analysis: Trends in Soybeans are mixed to up with objectives of 1086 January. Support is at 1063, 1057, and 1045 January, and resistance is at 1088, 1100, and 1112 January. Trends in Soybean Meal are mixed to up with no objectives. Support is at 380.00, 375.00, and 372.00 December, and resistance is at 392.00, 394.00, and 397.00 December. Trends in Soybean Oil are mixed. Support is at 3360, 3290, and 3270 December, with resistance at 3440, 3480, and 3500 December.

CANOLA AND PALM OIL
General Comments: Palm Oil closed higher on ideas of tight supplies available to the market. Ideas are that MPOB can show lower ending stocks this month. Chart trends are trying to turn up again. It is seasonally a time for trees to produce more due to more regular rains. Getting workers to do the harvest remains hard and the lack of labor has been a big problem. At least some of the plantation owners have asked for more migrant workers to cover the lack of workers that can be sourced locally. Canola was higher on the rally in Soybeans and products and a weaker Canadian Dollar. Canola farmers are selling due to harvest pressure, and industry and speculators are starting to sell now. Harvest in the Prairies is almost done and yields are reported to be very strong.
Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 540.00, 533.00, and 529.00 January, with resistance at 547.00, 553.00, and 556.00 January. Trends in Palm Oil are mixed to with objectives of 3260 and 3440 January. Support is at 3020, 2990, and 2940 January, with resistance at 3150, 3180, and 3210 January.

Midwest Weather Forecast: Mostly dry. Temperatures should average above normal

US Gulf Cash Basis
Corn HRW SRW Soybeans Soybean Meal Soybean Oil
November +70 Dec +152 Dec +80 Dec +92 Nov +15 Dec N/A
December +73 Dec +86 Dec +83 Jan
January +71 Mar +87 Jan

DJ ICE Canada Cash Grain Close – Nov 4
WINNIPEG — The following are the closing cash
canola prices from ICE Futures.
Source: ICE Futures
Price Basis Contract Change
CANOLA
*Par Region 508.10 -32.40 Jan 2021 up 5.60
Basis: Thunder Bay 570.80 25.00 Jan 2021 up 5.30
Basis: Vancouver 580.80 35.00 Jan 2021 up 5.30
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 – Nov 5
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
Nov 862.50 +22.50 Unquoted – –
Dec 837.50 +25.00 Unquoted – –
Jan/Feb/Mar 775.00 +22.50 Unquoted – –
Apr/May/Jun 722.50 +20.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Nov 865.00 +22.50 Unquoted – –
Dec 840.00 +25.00 Unquoted – –
Jan/Feb/Mar 777.50 +22.50 Unquoted – –
Apr/May/Jun 725.00 +20.00 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Nov 860.00 +20.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Nov 735.00 +10.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Nov 3,450.00 +60.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Nov 262.00 +20.00 Unquoted – –
($1=MYR4.1480)

DJ China Dalian Grain Futures Closing Prices, Volume – Nov 05
Soybean No. 1
Turnover: 293,941 lots, or 15.26 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Nov-20 5,140 5,248 5,140 5,248 5,130 5,173 43 20 192
Jan-21 5,172 5,255 5,142 5,244 5,140 5,191 51 272,302 148,013
Mar-21 5,180 5,249 5,138 5,242 5,134 5,185 51 4,204 2,990
May-21 5,183 5,240 5,164 5,219 5,172 5,200 28 14,475 18,649
Jul-21 5,167 5,238 5,148 5,222 5,166 5,194 28 2,623 2,239
Sep-21 5,113 5,184 5,112 5,184 5,111 5,150 39 317 619
Corn
Turnover: 916,375 lots, or 23.45 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Nov-20 – – – 2,518 2,517 2,518 1 0 21,602
Jan-21 2,546 2,565 2,540 2,556 2,544 2,553 9 592,812 1,103,205
Mar-21 2,548 2,568 2,545 2,564 2,548 2,557 9 37,239 36,735
May-21 2,556 2,575 2,550 2,572 2,551 2,564 13 175,450 573,791
Jul-21 2,562 2,587 2,561 2,584 2,561 2,576 15 98,811 101,824
Sep-21 2,561 2,583 2,559 2,581 2,559 2,574 15 12,063 107,916
Soymeal
Turnover: 2,639,229 lots, or 84.41 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Nov-20 3,183 3,220 3,183 3,220 3,150 3,214 64 378 2,341
Dec-20 3,273 3,328 3,258 3,316 3,241 3,296 55 823 2,011
Jan-21 3,227 3,299 3,222 3,276 3,207 3,266 59 1,391,983 1,129,464
Mar-21 3,160 3,257 3,160 3,255 3,146 3,221 75 46,203 35,813
May-21 3,077 3,164 3,077 3,160 3,066 3,125 59 928,599 1,286,631
Jul-21 3,035 3,107 3,031 3,102 3,029 3,057 28 125,875 33,190
Aug-21 3,094 3,160 3,087 3,157 3,083 3,125 42 10,482 10,369
Sep-21 3,100 3,166 3,094 3,161 3,091 3,127 36 134,886 210,823
Palm Oil
Turnover: 2,028,422 lots, or 12.96 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Nov-20 – – – 7,100 7,100 7,100 0 0 13
Dec-20 6,450 6,604 6,366 6,508 6,452 6,420 -32 26,020 2,230
Jan-21 6,420 6,546 6,334 6,482 6,380 6,436 56 1,476,148 403,277
Feb-21 6,330 6,476 6,264 6,420 6,302 6,358 56 282,945 18,594
Mar-21 6,250 6,372 6,164 6,318 6,224 6,286 62 82,182 5,251
Apr-21 6,130 6,240 6,064 6,202 6,096 6,148 52 20,414 1,387
May-21 6,002 6,100 5,942 6,078 5,960 6,032 72 134,776 133,975
Jun-21 – – – 5,938 5,874 5,938 64 0 11
Jul-21 5,884 5,910 5,826 5,910 5,824 5,852 28 3,373 14
Aug-21 – – – 5,802 5,792 5,802 10 0 10
Sep-21 5,706 5,798 5,670 5,792 5,668 5,732 64 2,532 5,251
Oct-21 5,718 5,894 5,678 5,806 5,632 5,732 100 32 22
Soybean Oil
Turnover: 1,361,636 lots, or 99.27 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Nov-20 – – – 7,782 7,782 7,782 0 0 0
Dec-20 7,482 7,576 7,104 7,504 7,482 7,476 -6 29 659
Jan-21 7,418 7,480 7,294 7,406 7,378 7,384 6 1,045,568 554,500
Mar-21 7,310 7,394 7,210 7,348 7,272 7,308 36 14,291 8,000
May-21 6,956 7,082 6,912 7,038 6,944 7,008 64 234,297 347,521
Jul-21 6,820 6,890 6,746 6,868 6,786 6,824 38 47,867 12,213
Aug-21 6,762 6,830 6,698 6,810 6,744 6,778 34 11,016 847
Sep-21 6,754 6,788 6,660 6,770 6,702 6,744 42 8,568 25,284
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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