News From The Grain Floor

Good morning

 

“The course of history shows that as a government grows, liberty decreases.

Thomas Jefferson    [ FYI – Americans’ Belief That Gov’t Is Too Powerful at Record Level –  http://www.gallup.com/poll/164591/americans-belief-gov-powerful-record-level.aspx ]

 

Rogers roll begins today. They will be rolling long Nov bean positions into Jan. Rogers roll is 3 days long.

 

Today is position day for Oct meal and bean oil. Traders should be out of long positions by close today or risk delivery. First notice day is Monday Sept 30th

  • There are 0 meal receipts registered –expectations for deliveries are 0
  • There are 8,276 bean oil receipts registered –expectations for deliveries are 500-1,500

 

 

USDA announced 121,600 tons of wheat sold to unknown for ‘13/14 delivery

 

Overnight closes

  • SX up 4 ¾ at 1321 ½
  • CZ down 1 at 455 ¾
  • WZ down a half of a cent at 677 ¾
  • KC WZ up 1 at 728 ¼
  • SMZ up 1.80 at 416.70
  • BOZ up 10 at 4215
  • RRX up 8 at 1540

 

Overnight volume

  • SX 15K
  • CZ 9,375
  • WZ 6,303
  • KC WZ 1,189
  • SMZ 6,257
  • BOZ 9,992
  • RRX 40

 

Opening calls

  • Beans 4-6 higher
  • Corn steady – 1 lower
  • Wheat steady lower
  • KC wheat steady better
  • Meal 1.00-2.00 higher
  • Bean oil  5-15 higher
  • Rice 7-9 higher

 

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

 

Nikkei down .264%

Hang Seng up .355%

Shanghai Index up .193%

 

Palm oil up 45

 

China beans 3 lower, meal 25 higher, corn 6 lower, bean oil 30 lower, and palm oil up 16

 

China markets are closed all next week for holiday

 

Hearing China has asking for US bean cargoes for Nov- Dec shipment. Talk China has bought several cargoes US beans for Nov- Dec this week

 

Hearing Brazil has been asking for US HRW wheat prices almost daily

 

Brazil also pricing Polish and other European hard wheat

 

South Korea KFA canceled tender for 60K optional origin corn

 

Upcoming reports/events

  • EIA July Biodiesel report comes out some time today.
  • Weekly COT report comes out today at 230 pm CDT
  • Weekly US export inspections come out on Monday at 10 am CDT
  • Weekly US crop progress report comes out Monday at 3 pm CDT
  • USDA quarterly stocks report is on Monday at 11 am CDT
  • China is on holiday all next week
  • Elections in Argentina in October
  • FC Stone comes out on Oct 1st after the close with their US 2013 crop estimate updates
  • Deutsche Bank roll begins Oct 2nd. They will be rolling long Nov 2013 bean positions to Nov 2014. Traders expect they will roll 3,000- 4,000 contracts a day usually on the close. DB roll ends Oct 8th
  • Goldman Sachs roll begins Oct 7th and lasts for 5 days they will be rolling long Nov positions into Jan
  • USDA crop report comes out Oct 11th

 

Thank you,

 

Kate Rosenberg