News From The Grain Floor

Good morning

 

Happiness is when what you think, what you say, and what you do are in harmony.

Mahatma Gandhi

 

Overnight closes

  • SK up 10 ¾ at 1371
  • CK down 4 ¼ at 454 ¾
  • WK down 1 ¾ at 603 ¾
  • KC WK down 4 ½ at 671
  • MWK down 5 at 645
  • SMK up 3.50 at 443.70
  • BOK up 12 at 4135
  • RRK up 10 at 1543.50

 

Overnight volume

  • SK 29,734
  • CK 18,224
  • WK 6,144
  • KC WK 1,161
  • MWK 225
  • SMK 6,840
  • BOK 18,256
  • RRK 38

 

Opening calls

  • Beans 10-12 higher
  • Corn 3-5 lower
  • Wheat 1-3 lower
  • KC wheat 3-5 lower
  • Minneapolis wheat 4-6 lower
  • Meal 3.00-4.00 higher
  • Bean oil 10-15 higher
  • Rice 9-11 higher

 

Crude, gold, silver, stock market, and dollar higher

 

Nikkei down .19%

Hang Seng down .80%

Shanghai Index down 1.75%

 

China grain closings – beans up 25, corn down 8, meal up 21, palm oil up 36, bean oil up 2

 

Palm oil down 10

 

Egypt FIHC bought 18,000 sunflower oil and 30,000 bean oil for March April shipment

 

Turkey seeks 100,000 feed barley optional origin for March April shipment

 

EU demand for US meal

 

China buying/seeking South American beans.

 

Canada’s weekly canola crushings down 4.3% from a week ago

 

Argentina Ag Min estimated ‘13/14 sunflower crop at 2.0 MMT vs. 3.1 MMT in ‘12/13

 

Argentina Ag Min estimated ‘13/14 sunflower area at 1.28 MH vs. 1.66 MH a year ago

 

Safras e Mercado said as of Friday Brazil bean harvest is 31% complete vs. 21% a week ago vs. 28% a year ago and vs. 18% average

 

Safras e Mercado said Mato Grosso bean harvest is 45% complete vs. 30% a week ago vs. 49% a year ago and vs. 36% average

 

Safras e Mercado said Parana bean harvest is 37% complete vs. 25% a week ago vs. 36% a year ago and vs. 19% average

 

SovEcon estimated Russia’s 2014 grain crop at 86.0 MMT vs. Russia’s official estimate of 95.0 MMT

 

German Stats Office said Germany exported 7.6 MMT of grain between July – Dec vs. 6.5 MMT a year ago

 

India government estimated ‘13/14 wheat and rice exports at 18.0 MMT vs. 22.0 MMT in ‘12/13

 

SAGIS said South Africa’s January corn stocks were 2.336 MMT vs. 3.179 MMT in December

 

SAGIS said South Africa exported 1.926 MMT of corn by the end of January

 

140 new KC wheat receipts were registered Friday afternoon out of Salina KC, Cargill

 

Bitter cold in Midwest this week

 

Mostly favorable weather in South America

 

Malaysia dry

 

May meal made new contract highs overnight of 446.20

 

May beans made new contract highs overnight of 1374

 

Weekly COT supplemental report from Friday. Large Spec positions options and futures combined

  • Wheat short 70,772
  • KC wheat long 15
  • Corn short 20,777
  • Beans long 168,443
  • Meal long 41,283
  • Bean oil short 40,253

 

 

Open interest as of Friday’s closes

  • CH 210,250 open, down 34,126
  • CK 500,054 open, up 9,344
  • Total corn 1,383,235 open, down 15,827
  • SH 89,695 open, down 18,656
  • SK 307,451 open, up 13,609
  • Total beans 703,015 open, up 1,122
  • SMH 46,355 open, down 6,503
  • SMK 161,954 open, up 8,580
  • Total meal 323,223 open, up 4,575
  • BOH 44,936 open , down 5,636
  • BOK 161,954 open, up 3,034
  • Total bean oil 327,634 open, up 2,288
  • WH 50,496 open, down 6,460
  • WK 201,462 open, up 3,408
  • Total wheat 410,239 open, down 2,650
  • KC WH 21,711 open, down 3,763
  • KC WK 65,904 open, up 1,446
  • Total KC wheat 141,362 open, down 2,254

 

Upcoming reports and events

  • Weekly US export inspections report comes out today at 10 am CST
  • Tomorrow SGS and Intertek will estimate Malaysia’s Feb 1-25th palm oil exports
  • Weekly API energy inventory report comes out tomorrow at 330 pm CST
  • Position day for March futures is Thursday Feb 27th . Traders should be out of long positions by the close or risk delivery
  • First Notice Day for March futures is Friday Feb 28th
  • Month end is Friday Feb 28th