News From The Grain Floor

Good morning

 

Nothing is impossible, the word itself says ‘I’m possible’!

Audrey Hepburn

 

Overnight closes

  • SK up 14 ¼ at 1432 ½
  • CK down a ½ at 485 ¾
  • WK down 4 at 688 ½
  • KC WK down 2 at 761 ¼
  • MWK down a ¼ at  741 ¼
  • SMK up 3.30 at 459.10
  • BOK up 36 at 4263
  • RRK up 6 at 1546

 

Overnight volume

  • SK 18,677
  • CK 10,970
  • WK 8,196
  • KC WK 788
  • MWK 345
  • SMK 7,689
  • BOK 9,476
  • RRK 4

 

Opening calls

  • Beans 13-15 higher
  • Corn steady lower
  • Wheat 3-5 lower
  • KC wheat 1-3 lower
  • Minneapolis wheat steady lower
  • Meal 3-4 higher
  • Bean oil  30-40 higher
  • Rice 5-7 higher

 

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

 

Nikkei up .932%

Hang Seng up .511%

Shanghai Index down .170%

 

Today is the last day of the FOMC meeting. Fed announcement today at 1 pm CST

 

Weekly API energy inventory report from yesterday

  • Crude a build of 5.9 MB expecting a build of 2.6 MB
  • Gas a draw of 1.4 MB expecting a draw of 1.5 MB
  • Distillates a draw of 674,000 expecting a draw of 600,000

 

Palm oil up 41

 

China grain closings – beans up 7, corn up 2, meal up 58, bean oil up 4, and palm oil up 28

 

US beans higher on firm crush margins, good US demand, and tight supplies

 

China sold 400,670 tons of wheat at auction or 45.14% of what was offered. They offered 887,645 tons

 

Reports China delaying or washing out 6 more Brazilian bean cargoes

 

Reports of Brazil bean cargoes headed to the US

 

Reports continue of China government to auction rapeseed oil from reserves. Analysts saying they will auction 300,000 tons – 1.0 MMT of rapeseed oil

 

Shandong Sunrise Grain and Oil Trading (China’s biggest soybean importer) said they resold 3 shipments of Brazilian beans to US crushers . And seeking for US to buy 3 more cargoes. – Bloomberg

 

China bought 110,000 Ukraine corn

 

Japan bought 118,795 tons of US and Australian wheat for April June shipment

 

Taiwan MFIG canceled tender to buy 60K optional origin corn for May June shipment due to high prices

 

Argentine port workers may strike if wage negotiation talks do not start by March 25th

 

Rains in Argentina today. Dry and cool weather in early forecast followed by dry warmer weather later in the week

 

Northern Brazil dry , rains and thunderstorms in southern Brazil

 

52 wheat receipts canceled yesterday afternoon out of CIRM Chicago IL

 

23 rice receipts canceled yesterday afternoon

 

May corn 200 day moving average is 475 ½

 

May bean oil 200 day moving average is 4247

 

Open interest as of yesterday’s close

  • Total corn 1,328,000 open , up 5,546
  • Total beans 656,386 open, down 3,066
  • Total meal 313,323 open, down 336
  • Total bean oil 302,393 open, up 2,164
  • Total wheat 345,682 open, up 687
  • Total KC wheat 135,253 open, up 1,924

 

Upcoming reports/events

  • Weekly DOE #s come out today at 930 am CST. Expecting
    • Crude a build of 2.625 MB
    • Gas a draw of 1.525 MB
    • Distillates a draw of 850,000
  • Weekly US ethanol plant production comes out today at 930 am CST
  • Surveyors SGS and Intertek will come out tomorrow with their Malaysian 1-20th palm oil export estimates
  • EU leaders summit in Brussels tomorrow and Friday
  • 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 930 am CST
  • Informa US acreage estimates come out within the next few days. Some saying tomorrow or Friday and others are saying not until Monday
  • Last trading day for April options is Friday March 21st . Options expire at 115 pm CST
  • USDA US planting intentions and quarterly stocks report comes out on Monday, March 31st at 11 am CST