News From The Grain Floor

Good morning

 

The best and most beautiful things in the world cannot be seen or even touched – they must be felt with the heart.
Helen Keller

 

Opening calls – these are just floor guesses

  • Beans 2-5 lower
  • Corn steady
  • Wheat steady firm
  • Meal – Jan meal 1-2 higher, March meal mixed
  • Bean oil 5 lower to 5 higher

 

Dollar lower. Stock market, crude, gold, and silver higher.

 

Nikkei up 1%

Hang Seng closed

Shanghai Index down 1.6%

 

Weekly API energy inventory report from Tuesday afternoon

  • Crude a build of 716,000 expecting a draw of 2.3 MB
  • Gas a draw of 2.5 MB expecting a build of 1.3 MB
  • Distillates a draw of 722,000 expecting a draw of 400,000

 

China grain closings – beans down 1, corn up 5, meal up 28, palm oil down 28, bean oil down 34

 

Palm oil up 11

 

Surveyor SGS estimated Malaysia’s Dec 1-25th palm oil exports at 1.14 MMT down 7.6% from a month ago

 

Surveyor Intertek estimated Malaysia’s Dec 1-25th palm oil exports at 1.14 MMT down 7.3% from a month ago

 

Traders said China rejected 2,000 tons of US DDGS imports due to unapproved GMO

 

China said to increase scrutiny of US imports of GMO corn – Bloomberg

 

JC Intelligence said China’s demand for soybeans/soymeal may increase after quarantine officials increased the screening of corn /DDGS imports from the US for unapproved GMO

 

Analysts expect China to reject more US DDGS imports

 

Commerce Ministry estimated China’s Dec bean imports at 6.7 MMT and estimated Jan bean imports at 2.4 MMT

 

Commerce Ministry estimated China’s Dec palm oil imports at 636,900 tons and estimated Jan palm oil imports at 164,900 tons

 

Analysts estimated India’s ‘13/14 meal and corn exports at 6.0 MMT (3.0 MMT each) vs. 8.3MMT in ‘12/13

 

Analysts estimated India’s ‘13/14 meal production at 7.8 MMT down 14% from a year ago

 

Analysts estimated India’s ‘13/14 corn production at 22.5 MMT up slightly from a year ago

 

Japan’s Farm Ministry said Japan’s October corn in animal feed at 43.6% vs. 47.5% in September

 

Iraq seeks 30,000 tons of optional origin rice

 

South Korea bought 120,000 US corn on Tuesday

 

Cooler temps and rains in forecast for this weekend for Argentina and Brazil

 

Thailand Commerce Ministry estimated 2014 rice exports at 8-10 MMT

 

Open interest as of Tuesday’s close

  • Total corn 1,178,678 open, down 1,553
  • Total soybeans 629,279 open, down 3,011
  • Total meal 277,326 open, down 990
  • Total bean oil 341,883 open, up 305
  • Total wheat 404,306 open, up 1,016
  • Total KC wheat 149,346 open, up 430

 

Upcoming reports and events

  • Weekly US export sales report comes out tomorrow at 730 am CST
  • Weekly EIA Nat Gas storage report comes out tomorrow at 930 am CST
  • Weekly DOE #s come out tomorrow at 10 am CST
  • Weekly US ethanol plant production report comes out tomorrow at 10 am CST
  • Last trading day for Jan options is Tomorrow. Options expire at 115 pm CST
  • Position day for Jan futures is Dec 30th
  • First notice day for Jan futures is Dec 31
  • See attachment for New Year holiday schedule