News From The Grain Floor

Good morning

 

“Tact is the ability to tell someone to go to hell in such a way that they look forward to the trip.”

― Winston Churchill

 

USDA announced 236,728 tons of corn sold to unknown for ‘13/14 shipment

 

Overnight closes

  • SH down 2 ¼ at 1311
  • CH down 1 ¾ at 440
  • WH down 3 ¼ at 581 ¼
  • KC WH down 2 at 644 ½
  • MWH  down 1 ¾ at 621 ¾
  • SMH down 4.30 at 442.70
  • BOH up 4 at 3775
  • RRH down 4.50 at 1531.50

 

Overnight volume

  • SH 14,481
  • CH 15,203
  • WH 12,359
  • KC WH 836
  • MWH 194
  • SMH 8,449
  • BOH 10,365
  • RRH 34

 

Opening calls

  • Beans 2-4 lower
  • Corn 1-3 lower
  • Wheat 2-4 lower
  • KC wheat 1-3 lower
  • Minneapolis wheat 1-3 lower
  • Meal 4.00-5.00 lower
  • Bean oil steady to 5 higher
  • Rice 4-6 lower

 

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

 

Nikkei up 1.23%

Hang Seng down .6%

 

China markets are still closed trading resumes on Friday.

 

Weekly API energy inventory report from yesterday

  • Crude a build of 384,000 expecting a build of 2.2 MB
  • Gas a draw of 1.2 MB expecting a build of 1.5 MB
  • Distillates a draw of 1.5 MB expecting a draw of 1.6 MB

 

Malaysian palm oil up 15

 

New bird flu strain (H10H8) found in China . two human cases with one human death

 

Philippines canceled tender to buy 42,000 US meal for March shipment

 

Hearing China bought 2 Brazilian bean cargoes this week 1 for Feb- March and 1 for April – May

 

Oil World estimated Argentina’s 2013 soybean crush at 34.0 MMT vs. 33.3 MMT in 2012.

 

Oil World estimated Argentina’s 2013 sunseed crush at 2.6 MMT vs. 3.7 MMT in 2012.

 

8 rice receipts canceled yesterday afternoon

 

Hot and dry weather forecast for Brazil next 7-10 days

 

Scattered showers and thunderstorms and no extreme heat next 5-7 days in Argentina

 

Informa’s ‘14/15 global crop estimates

  • Corn crop at 955 MMT vs. previous estimate of 949 MMT and vs. ‘13/14 crop of 963.0 MMT
  • Wheat crop at 707.8 MMT vs. previous estimate of 708.2 MMT and vs. ‘13/14 crop of 713.3 MMT
  • Rapeseed crop at 69.3 MMT vs. previous estimate of 68.7 MMT and vs. ‘13/14 crop of 289.9 MMT
  • Soybean crop at 286.9 MMT vs. previous estimate of 287.7 MMT and vs. ‘13/14 crop of 289.9 MMT

 

Moving averages

  • SH 50 day 1302
  • CH 100 day 439 ½
  • KC WH 50 day 654 ½

 

Open interest as of yesterday’s close

  • Total corn 1,319,609 open, up 9,077
  • Total beans 624,459 open, up 9,417
  • Total meal 296,222 open, down 91
  • Total bean oil 369,621 open, down 4,054
  • Total wheat 438,187 open, down 240
  • Total KC wheat 159,565 open, down 823

 

Upcoming reports and events

  • Weekly DOE #s come out today at 930 am CST
  • Weekly US ethanol plant production report comes out today at 930 am CST
  • Weekly US jobless claims report comes out tomorrow at 730 am CST
  • Weekly US export sales report comes out tomorrow at 730 am CST
  • Weekly EIA Nat Gas storage report comes out tomorrow at 730 am CST
  • Unemployment comes out Friday at 730 am CST
  • Goldman Sachs roll begins Friday
  • Malaysian Palm Oil Board January data report comes out Monday Feb 10th
  • Surveyors SGS and Intertek will estimated Malaysia’s Feb 1-10th palm oil exports on Monday
  • USDA supply and demand report and crop production report comes out Monday Feb 10th at 11 am CST . Estimates should be out this afternoon.
  • CONAB comes out on Tuesday Feb 11th with their Brazilian crop production estimates.
  • May beans, corn, wheat, KC wheat, meal, oil, and rice will go top step on Feb 19th. CME started new roll date procedures CME will roll months on the 12th business day of the month
  • USDA Annual Outlook Meeting is Feb 20th and 21st
  • March options expire on 2/21/14