News From the Grain Floor 5/13/13

Good morning

In my experience they mainly do it the wrong way, they have a terribly good sense for wrong timing

Michael Wagner

Overnight closes

·         SN up 1 ¾ at 1400 ¾

·         CN 640 ¼ up 4

·         WN up 4 ¼ at 708 ½

·         SMN unchanged at 406.80

·         BON down 11 at 4912

·         RN up 12 at 1537

Overnight volume

·         SN 9,197

·         CN 6,047

·         WN 4,318

·         SMN 3,853

·         BON 4,763

·         RRN 68

Opening calls

·         Beans 1-2 higher

·         Corn 2-4 higher

·         Wheat 2-4 higher

·         Meal .50-1.50 higher

·         Bean oil 5-15 lower

·         10-15 higher

Crude lower Dollar higher

Nikkei up 1.196%

Hang Seng down 1.421 %

Shanghai Index down .217%

Palm oil down 7 Chinese grain  markets lower except oils are higher

15 wheat deliveries with the date moving to 5/08/13

No bean, meal, bean oil, or corn deliveries

31 wheat receipts canceled from the Andersons on Friday

36 bean oil receipts canceled 16 out of SDSP Volga SD and 20  out of MSP Brewster MN

128 rice canceled

Midwest weather dry over weekend with 15-20% coverage rains return Wednesday and Thursday 6-10 day wetter and 11-15 wetter

Upcoming reports/events

  • Weekly US export inspection report comes out today at 10 am CDT
  • Weekly US crop progress report comes out on today at 3 pm CDT expecting corn planting about 26-28% complete . Expecting bean planting 3-8% complete and expecting winter wheat conditions to remain steady or drop 1%
  • CME to launch RINs contracts including ethanol RINs and biodiesel RINs today  
  • May futures expire at noon CDT tomorrow
  • Weekly API energy inventory report comes out tomorrow at 330 pm CDT
  • Eurozone GDP comes out on Wednesday
  • SGS and Intertek Agri Services comes out Wednesday with their Malaysian 1-15th palm oil export estimates
  • US PPI comes out on Wednesday
  • ECB speaks on Thursday
  • NOPA April crush report comes out May 15th at 11 am CDT
  • US CPI on Friday at 730 am
  • OPEC meets May 31st in Vienna
  • Argentina will raise biodiesel blend rate to 10% from 7% on June 1st

Thank you,

Kate Rosenberg