News From The Grain Floor

Good morning

 

Christmas is not a time nor a season, but a state of mind. To cherish peace and goodwill, to be plenteous in mercy, is to have the real spirit of Christmas.
Calvin Coolidge

 

USDA announced 278,384 tons of US corn sold to Japan for ‘14/15 shipment 

Egypt GASC is in for wheat for Jan shipment .

 

March beans, meal, and bean oil are top step (spot month) today.

 

 

Overnight closes

  • SF down 3 ¾ at 1334
  • SH down 3 ½ at 1321 ¾
  • CH up a ¼ at 423 ½
  • WH up a ½ at 622 ¼
  • KC WH unchanged at 665 ½
  • MWH down a ¼ at 654
  • SMF down 1.80 at 437.20
  • SMH down 2.20 at 427.60
  • BOF up 11 at 3986
  • BOH up 9 at 4019
  • RRH up 2.50 at 1556

 

 

Overnight volume

  • SF 9,550
  • SH 8,281
  • CH 6,515
  • WH 4,507
  • KC WH 560
  • MWH 74
  • SMF 4,337
  • SMH 5,802
  • BOF 6,001
  • BOH 7,779
  • RRH 94

 

Opening calls

  • Beans 3-5 lower
  • Corn steady better
  • Wheat steady – 1 higher
  • KC wheat steady
  • Minneapolis wheat steady easier
  • Meal 1.50-2.50 lower
  • Bean oil  5-15 higher
  • Rice 2-4 higher

 

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

 

Nikkei up .8%

Hang Seng up .2%

Shanghai Index down .5%

 

FOMC 2 day policy meeting begins today.

 

Lack of news this morning.

 

China grain closings – beans up 14, corn down 1, meal up 27, palm oil up 24, and bean oil down 2

 

Malaysia palm oil down 6

 

Hearing China was eyeing US beans of the PNW for March shipment yesterday.

 

Speculation continues that China will cancel some US bean cargoes .

 

South Korea KFA bought 65,000 tons of US corn for Jan shipment

 

Egypt Meditrade bought 25,000 tons of bean oil for Jan-Feb shipment

 

Hearing Japan bought 30,000 tons of US meal last week for Jan-Feb shipment

 

Israel seeks 45,000 tons of optional origin corn, 25,000 tons of optional origin feed wheat, and 25,000 tons of optional origin feed sorghum for Feb-April shipment

 

Tunisia seeks 134K tons of optional origin durum wheat, 109,000 tons of optional origin soft wheat, and 25,000 tons of optional origin feed barley for Jan-March shipment

 

Jordan seeks 100,000 tons of optional origin wheat for May-June shipment

 

Maldives seeks 6,000 tons of optional origin wheat flour for July shipment

 

Russia’s federal statistics agency said Nov 1st grain stocks were 36.3 MMT up 10.3% from a year ago

 

Russia bought 25,100 tons of intervention grain. Total bought since Oct 15th is 510,570 tons

 

Northern Argentina and southern Brazil hot and dry next few days.

 

March wheat low overnight was 621. This is the contract low that was made yesterday.

 

Open interest as of yesterday’s close

  • CH 661,061 open, down 3,340
  • Total corn 1,195,164 open, up 2,350
  • SH 220,358 open, up 10,005
  • Total beans 644,829 open, up 6,152
  • SMH 126,110 open, up 10,333
  • Total meal 278,266 open, up 3,207
  • BOH 148,401 open, up 5,607
  • Total bean oil 345,210 open, down 9,285
  • WH 247,602 open, down 83
  • Total wheat 390,902 open, down 771
  • KC WH 89,279 open
  • Total KC wheat 147,840 open

 

Upcoming reports and events

  • Weekly API energy inventory report comes out today at 330 pm CST
  • Weekly DOE #s come out tomorrow at 930 am CST
  • Weekly US ethanol plant production comes out tomorrow at 930 am CST
  • Informa comes out tomorrow at 1030 am CST with their 2014 US acreage estimate updates. Previous estimates were
    • All wheat 58.105 MA
    • Corn 91.5 MA
    • Beans 83.8 MA
  • Surveyors SGS and Intertek come out on Friday with their Malaysian Dec 1-20th palm oil export estimates
  • See attachments for holiday trading schedules
  • Last trading day for Jan options is Friday, Dec 27th . Options expire at 115 pm CST