News From The Grain Floor

Good morning

 

“You only live once but if you do it right once is enough.”

― Mae West

 

Opening calls

  • Beans 2-4 lower
  • Corn mixed
  • Wheat 3-5 higher
  • Meal steady to 1 lower
  • Bean oil steady to 10 higher

 

Gold, silver, and dollar higher. Crude oil and stock market lower.

 

Nikkei – closed

Hang Seng up .1%

Shanghai Index down .3%

 

Weekly US jobless claims came out this morning at -2K to 339K expecting 345K

 

Weekly API energy inventory report from Tuesday afternoon

  • Crude a draw  of 5.7 MB expecting a draw of 3.0 MB
  • Gas a build of 3.3 MB expecting a build of 1.9 MB
  • Distillate a build of 2.6 MB expecting a build of 1.2 MB

 

December Final mfg PMI’s

  • China’s HSBC at 50.5 vs. 50.8 in November
  • China’s official at 51 vs. 51.4 in November
  • Germany 54.3 expecting 54.2 and vs. 52.7 in November
  • Eurozone at 52.7 as expected and vs. 51.6 in November

 

China’s grain closings – beans up 2, corn up 1, meal down 22, palm oil up 78, bean oil up 32

 

Palm oil down 11

 

TALK US corn shipments destined for China have been resold to Spain and Portugal

 

China’s customs department started an import tax on biodiesel  of .8 Yuan (13 cents per liter)

 

Chinese industry analyst estimated 2013 China bean imports at 58.0 MMT and estimated 2014 bean imports at 69.0 MMT unchanged from USDA estimate

 

Favorable weather in Brazil.

 

Rains overnight in Argentina’s driest corn and bean areas.

 

March bean 50 day moving average is 1292

 

March bean 100 day moving average is 1293 ¼

 

On Tuesday morning March wheat made a new contract low of 599.

 

Deliveries

  • Meal 1 with the date at 8/30
  • Bean oil 749 with the date at 12/27
    • Bunge house stopped 84
  • No beans

 

Open interest as of Tuesday’s close

  • CH 644,448 open, up 1,183
  • Total corn 1,203,205 open, up 7,535
  • SF 13,662 open, down 7,089
  • SH 281,362 open, down 506
  • Total beans 576,092 open, down 1,545
  • SMF 7,157 open, down 1,918
  • SMH 149,482 open, down 1,016
  • Total meal 262,217 open, down 1,101
  • BOF 4,372 open, down 1,391
  • BOH 196,542 open, up 3,039
  • Total bean oil 339,805 open, up 2,297
  • WH 259,852 open, down 907
  • Total wheat 412,008 open, up 4,881
  • KC WH 88,776 open, down 333
  • Total KC wheat 153,892 open, up 1,196

 

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 numbers comes out tomorrow at 10 am CST
  • Weekly ethanol plant production report comes out tomorrow at 10 am CST
  • Weekly US export inspections comes out on Monday at 10 am CST
  • Weekly COT report comes out on Monday at 230 pm CST
  • Fund rebalancing starts on Wednesday and lasts for 5 days
  • December US unemployment report comes out Friday Jan 10 at 730 am CST
  • USDA annual US crop production, supply and demand, grain stocks, and winter wheat plantings report comes out on Friday Jan 10 at 11 am CST.
  • Last trading day for Jan futures is Nov 14th