News From The Grain Floor

Good morning

 

“It is more fun to talk with someone who doesn’t use long, difficult words but rather short, easy words like “What about lunch?”

Winnie-the-Pooh

 

October options expire today at 115 pm CDT. I will email October option open interest shortly after the opening.

 

Hearing Informa is coming out today at 1030 am CDT with 2014 US planted acreage estimates and maybe update 2013 US production estimates and final US wheat numbers.

 

Overnight closes

  • SX down 12 at 1327 ½
  • CZ down 1 ¼ at 458 ¼
  • WZ down 4 ¼ at 652 ¾
  • KC WZ down 3 at 699
  • SMZ down 3.10 at 417.30
  • BOZ down 30 at 4266
  • RRX down 7 at 1561

 

Overnight volume

  • SX 15,988
  • CZ 8,020
  • WZ 4,991
  • KC WZ 399
  • SMZ 5,766
  • BOZ 5,977
  • RRX 9

 

Opening calls

  • Beans 10-15 lower
  • Corn 1-2 lower
  • Wheat 4-6 lower
  • KC wheat 2-4 lower
  • Meal 3-4 lower
  • Bean oil 25-35 lower
  • Rice 6-8 lower

 

Crude, gold, silver, and stock market lower. Dollar higher

 

Nikkei down .161%

Hang Seng up 1.666%

 

Palm oil down 20.

 

Chinese market closed today for holiday.

 

Veg oil conference in Mumbai started today.  

  • G Patel & Nikhil Research Co. estimated India’s ‘13/14 palm oil imports at 8.7 MMT vs. ‘12/13 estimate of 8.3 MMT
  • Indonesia Palm Oil Board estimated Indonesia’s 2014 palm oil production at 29.5-30.0 MMT vs. previous estimate of 28.0 MMT
  • Indonesia Palm Oil Board estimated Indonesia’s 2014 palm oil exports at 19.0 MMT vs. previous estimate of 18.0 MMT

 

Intertek Agri Services estimated Malaysia’s Sept 1-20th palm oil exports at 996,337 up 13% from a month ago

 

SGS estimated Malaysia’s Sept 1-20th palm oil exports at 973,516 tons up 9.2% from a month ago

 

Indonesia and Malaysia bought Australian wheat this week

 

Egypt FIHC seeks 25K sunflower oil for Oct/Nov shipment

 

Egypt Meditrade seeks 20K bean oil and 20K sunflower oil .

 

FAO estimated Argentine ‘13/14 wheat crop at 9.5 MMT vs. previous estimate of 11.0 MMT vs. July estimate of 12.5 MMT and vs. ‘12/13 wheat crop of 8.2 MMT

 

Rains yesterday and today in the Midwest . Forecast for the next 7 days is drier and  has no significant cold weather threats.

 

Western Argentina is dry the next 5-7 days

 

Traders will be watching to see whether Nov beans can close above 1331 ½ .

 

1 corn receipt canceled yesterday out of CGB Utica IL

 

Dec wheat 50 day is 657

 

Dec KC wheat 50 day is 705 ¼

 

Buenos Aires Grains Exchange weekly Argentine crop report

  • ‘13/14 corn planting is 2.8% complete vs. 1% week ago and vs. 5% a year ago
  • Estimated ‘13/14 Argentine corn area at 3.56 MH
  • ‘13/14 sunflower planting is 18.9% complete
  • Estimated ‘13/14 sunflower planting area at 1.7 MH vs. previous estimate of 1.9 MH and vs. 1.8 MH a year ago

 

Argentine Ag Ministry Argentine crop estimates from yesterday

  • ‘13/14 soybean planting area estimated at 20.6 MH up 3% from ‘12/13
  • ‘12/13 soybean crop estimated at 49.3 MMT vs. previous estimate of 49.4 MMT

 

Open interest as of yesterday’s close

  • CZ 729,166 open, down 3,379
  • Total corn 1,141,350 open, up 2,503
  • SX 346,244 open, up 2,045
  • Total beans 620,987 open, up 4,913
  • SMZ 156,007 open, up 197
  • Total meal 269,256 open , up 1,168
  • BOZ 166,674 open, up 3,252
  • Total bean oil 294,186 open, up 815
  • WZ 249,389 open, up 1,916
  • Total wheat 357,586 open, up 2,702
  • KC WZ 96,973 open, down 846
  • Total KC wheat 146,877 open, up 37

 

Upcoming reports/events

  • Weekly COT report comes out today at 230 pm CDT
  • Weekly US export inspection report comes out on Monday at 10 am CDT
  • Weekly US crop progress report comes out on Monday at 3 pm CDT
  • USDA quarterly stocks report is on Sept 30th at 11 am CDT

 

Thank you,

 

Kate Rosenberg