News From The Grain Floor

Good morning

 

Are you really sure that a floor can’t also be a ceiling?

M. C. Escher

 

USDA announced 340,000 tons of US corn sold to Egypt for ‘13/14 shipment . 

 

April options expire today at 115 pm CST

 

Overnight closes

  • SK down 17 ¼ at 1416 ½
  • CK down 1 at 477 ½
  • WK down 6 ½ at 697 ¼
  • KC WK down 5 ½ at 776 ½
  • MWK down 6 at 749 ¼
  • SMK down 5.30 at 461.20
  • BOK down 23 at 4108
  • RRK up 2 at 1557.50

 

Overnight volume

  • SK 15,722
  • CK 10,458
  • WK 8,992
  • KC WK 475
  • MWK 66
  • SMK 7,439
  • BOK 11,383
  • RRK 39

 

Opening calls

  • Beans 15-20 lower
  • Corn 1-3 lower
  • Wheat  5-7 lower
  • KC wheat 5-7 lower
  • Minneapolis wheat 5-7 lower
  • Meal 5-6 lower
  • Bean oil 15-25 lower
  • Rice 1-3 higher

 

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

 

Nikkei down 1.70%

Hang Seng up 1.17%

Shanghai Index up 2.58%

 

China grain closings beans up 3, corn down 4, meal down 3, palm oil down 20, and bean oil down 42

 

Palm oil down 42

 

China’s General Administration of Customs. February imports

  • Wheat 578,794 tons up 160.11% from a year ago
    • From US 249,247 tons up 331.6% from a year ago
  • Barley 342,697 tons up 675.81% from a year ago
  • Corn 479,758 tons up 21.74% from a year ago
    • From US 205,776 tons down 47.78% from a year ago
  • Rice 138,953 tons up 15.45% from a year ago
  • Soybeans 4,808,276 tons up 67.58% from a year ago
    • From US 4,634,315 tons up 63.59% from a year ago
  • Rapeseed 426,032 open , up 113.7% from a year ago
  • Rapeseed oil 64,898 tons down 8.72% from a year ago
  • Rapeseed meal 16,379 tons up 27197% from a year ago
  • Bean oil 132,773 tons up 86.27% from a year ago
  • Soymeal 2,674 tons up 2.26% from a year ago
  • Palm oil 566,071 tons up 33.57% from a year ago

 

China’s General Administration of Customs. January – February imports

  • Wheat 1,304,304 tons up 224.55% from a year ago
    • From US 505,748 tons up 775.75% from a year ago
  • Barley 442,143 tons up 166.55% from a year ago
  • Corn 1,130,662 tons up 42.95% from a year ago
    • From US 847,620 tons up 7.55% from a year ago
  • Rice 338,679 tons down 20.18% from a year ago
  • Soybeans 10,722,930 tons up 40.13% from  a year ago
    • From US 10,045,988 tons up 37.55% from a year ago
  • Rapeseed 1,010,601 tons up 73.78% from a year ago
  • Rapeseed oil 151,123 tons down 34.64% from a year ago
  • Rapeseed meal 24,077 tons up 40028% from a year ago
  • Bean oil 233,726 tons , up 47.73% from a year ago
  • Soymeal 4,763 tons up 21.17% from a year ago
  • Palm oil 1,122,513 tons up 25.23% from a year ago

 

Ag Canada – ‘14/15 Canadian crop estimates

  • All wheat crop estimated at 29.3 MMT unchanged from previous estimate and vs. 37.5 MMT a year ago
  • All wheat harvested area at 9.7 MH unchanged from previous estimate and vs. 10.4 MH year ago
  • All wheat exports at 22.1 MMT unchanged from previous estimate and vs. 21.6 MMT a year ago
  • All wheat domestic use estimated at 9.4 MMT unchanged from previous and vs. 9.3 MMT a year ago
  • All wheat ending stocks at 9.7 MMT unchanged from previous estimate and vs. 11.8 MMT a year ago
  • Barley crop at 8.3 MMT vs. previous estimate of 8.4 MMT and vs. 10.2 MMT a year ago
  • Corn crop estimated at 12.7 MMT vs. previous estimate of 13.1 MMT and vs. 14.2 MMT a year ago
  • Corn harvested acres estimated at 1.4 MMT unchanged from previous and vs. 1.5 MMT a year ago
  • Corn domestic use estimated at 12.4 MMT vs. previous estimate of 12.5 MMT and vs. 12.1 MMT a year ago
  • Corn ending stocks estimated at 3.1 MMT vs. previous estimate of 3.4 MMT and vs. 3.4 MMT a year ago
  • Canola crop estimated at 16.0 MMT unchanged from previous estimate and vs. 18.0 MMT a year ago
  • Canola harvested acres estimated at 8.7 MH unchanged from previous estimate and vs. 8.0 MH a year ago
  • Canola exports estimated at 8.5 MMT unchanged from previous and vs. 8.1 MMT a year ago
  • Canola domestic use estimated at 7.6 MMT unchanged from previous and vs. 7.3 MMT a year ago
  • Canola ending stocks estimated at 3.3 MMT unchanged from previous and unchanged from a year ago
  • Soybean crop estimated at 4.9 MMT unchanged from previous and vs. 5.2 MMT a year ago
  • Bean harvested acres 1.8 MH unchanged from previous and unchanged from a year ago
  • Bean exports estimated at 3.1 MMT unchanged from previous and vs. 3.4 MMT a year ago

 

Oil World estimated Jan – Feb  Brazilian soybean crop at 4.3 MMT vs. 4.1 MMT a year ago

 

Oil World estimated Jan-Feb Brazilian bean  exports at 2.8 MMT vs. 960,000 a year ago

 

Mexico attaché estimated 2014 corn crop at 22.5 MMT vs. 21.9 MMT a year ago

 

Mexico attaché estimated 2014 corn imports at 10.4 MMT vs. 11.5 MMT a year ago

 

India’s government may temporarily  suspend wheat exports due to possible crop damage from hail storms

 

USDA attaché in Indonesia estimated ‘14/15 palm oil production at 33.0 MMT vs. 31.0 MMT a year ago

 

USDA attaché in Indonesia estimated ‘14/15 palm oil exports at 22.0 MMT vs. 21.3 MMT a year ago

 

USDA attaché in Indonesia estimated ‘14/15 palm oil ending stocks at 2.2 MMT unchanged from a year ago

 

44 wheat receipts were canceled yesterday afternoon out of Sunrise Coop Inc. Clyde OH

 

131 bean receipts were canceled yesterday afternoon

  • 22 out of ADM Henry IL
  • 33 out of ADM Hennepin IL
  • 21 out of Cargill Ottawa IL
  • 22 out of Cargill Florence IL
  • 33 out of Cargill Lacon IL

 

Moving averages

  • CK 200 day 474 ½
  • BOK 100 day 4055
  • BOK 50 day 4020

 

Open interest as of yesterday’s close

  • Total corn 1,322,460 open, down 4,944
  • Total beans 636,805 open, down 6,236
  • Total meal 313,477 open, up 1,020
  • Total bean oil 300,673 open, down 1,111
  • Total wheat 356,623 open, up 7,323
  • Total KC wheat  144,613 open, up 1,643

 

Upcoming reports/events

  • Weekly COT report comes out today at 230 pm CST
  • Weekly US export inspections report comes out on Monday at 10 am CST
  • Informa US acreage estimates come out Monday or Tuesday with their 2014 US acreage estimates . Informa comes out at 1030 am CST
  • Weekly  US state crop progress report comes out on Monday at 3 pm CST
  • USDA US planting intentions and quarterly stocks report comes out on Monday, March 31st at 11 am CST
  • Weekly US crop progress reports start again Monday April 7th at 3 pm CST