News From The Grain Floor

Vote for the man who promises least; he’ll be the least disappointing.

Bernard Baruch

 

No USDA announcements this morning.

 

Overnight closes

  • SK down 5 ½ at 1422 ½
  • CK down 2 ¾ at 483 ¾
  • WK down 5 ¼ at 703
  • KC WK down 4 ¾ at 787
  • MWK down 4 at 759
  • SMK down 1.60 at 462.10
  • BOK up 13 at 4087
  • RRK up 2 at 1535.50

 

Overnight volume

  • SK 7,332
  • CK 4,873
  • WK 7,529
  • KC WK 337
  • MWK 195
  • SMK 2,458
  • BOK 6,432
  • RRK 10

 

Opening calls

  • Beans 4-6 lower
  • Corn 2-4 lower
  • Wheat 4-6 lower
  • KC wheat 3-5 lower
  • Minneapolis wheat 3-5 lower
  • Meal 1.00-2.00 lower
  • Bean oil 5-15 higher
  • Rice 1-3 higher

 

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

 

Nikkei up .37%

Hang Seng up .71%

Shanghai Index down .18%

 

Weekly  API energy inventory report from yesterday

  • Crude a build of 6.3 MB expecting a build of 2.7 MB
  • Gas a draw of 2.8  MB expecting a draw of 1.2 MB
  • Distillates a build of 267,000 expecting a draw of 1.4 MB

 

China grain closings – beans down 19, corn down 11, meal down 6, palm oil up 82, and bean oil up 50

 

Palm oil down 20

 

Grain.gov reported the China soybean crushers have sold 8 South American bean cargoes to the US and China has canceled or delayed up to 20 cargoes of South American soybeans

 

China sold 263,516 tons of wheat at auction they offered 803,289 tons

 

South Korea NOFI bought 189,000 tons of US and SA corn for July-Aug shipment

 

Algeria seeks 50K tons of optional origin milling wheat for May shipment

 

Egypt Meditrade bought 15,000 tons of bean oil and bought 37,000 tons of sunflower oil for April shipment

 

Japan Ag Min estimated ‘14/15 food wheat imports at 4.93 MMT vs. 4.91 MMT in ‘13/14

 

Japan Ag Min said they will hold 943,000 tons of wheat in reserves in 2014 vs. 938,000 tons in 2013

 

Dry weather in Argentina and Brazil through the end of the week. Rains in forecast for the weekend

 

Dry , light showers in central and southern Plains next 10 days

 

22 wheat receipts canceled yesterday afternoon out of The Andersons Maumee OH

 

BOK 50 day moving average is 4035

 

BOK 100 day moving average is 4052

 

Open interest as of yesterday’s close

  • Total corn 1,329,921 open, up 1,098
  • Total beans 624,249 open, up 736
  • Total meal 308,786 open, down 1,915
  • Total bean oil 302,193 open, up 2,012
  • Total wheat 361,107 open, up 759
  • Total KC wheat 147,994 open, up 300

 

Upcoming reports/events

  • Weekly DOE #s come out today at 930 am CST . Expecting
    • Crude a build of 2.5 MB
    • Gas a draw of 1.5 MB
    • Distillate a draw of 1.38 MB
  • Weekly US ethanol plant production report comes out today at 930 am CST
  • CEC comes out on Thursday with their South American crop estimates
  • 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
  • Rogers roll begins on Friday March 28th and ends Tuesday April 1st. They will be rolling their long May positions into July
  • Monday is the end of the month and end of the quarter.
  • Surveyors SGS and Intertek Agri Services come out Monday with their March Malaysian palm oil export estimates
  • USDA US planting intentions and quarterly stocks report comes out on Monday, March 31st at 11 am CST
  • China to auction 300,000 tons of rapeseed oil from reserves next week
  • Goldman Sachs roll begins April 7th. Goldman Sachs roll lasts for 5 days. They will be rolling their long May positions forward.
  • Weekly US crop progress reports start again Monday April 7th at 3 pm CST