News From The Grain Floor

It’s never too late to be who you might have been.

– George Eliot

 

Informa comes out today at 1030 am CST with US winter wheat comments , 2013 US cotton production estimates, and world crop estimates

 

Overnight closes

  • SK up 13 at 1475 ¼
  • CK up 2 ½ at 498 ¼
  • WK up 1 ½ at 670 ¾
  • KC WK up 1 ¼ at 740
  • MWK up 2 ¼ at 724 ½
  • SMK up 4.80 at 481.30
  • BOK up 43 at 4133

 

Overnight volume

  • SK 15,224
  • CK 10,557
  • WK 7,309
  • KC WK 539
  • MWK 236
  • SMK 4,910
  • BOK 12,364

 

Opening calls

  • Beans 10-15 higher
  • Corn 2-4 higher
  • Wheat 1-2 higher
  • KC wheat 1-2 higher
  • Minneapolis wheat 1-3 higher
  • Meal 4-5 higher
  • Bean oil 40-50 higher

 

Dollar higher . Crude lower

 

Weekly US jobless claims report came out this morning at +16K to 326K expecting 320K

 

China grain market closings – beans down 32, corn up 1, meal down 32, palm oil down 106, and bean oil down 102

 

Palm oil down 11.

 

Weekly US export sales report came out this morning

  • Wheat – ‘13/14 336,400 ‘14/15 310,500 (expecting 400-800K)
  • Corn – ‘13/14 960,600 ‘14/15 37,900 (expecting old crop 850K – 1.15 M tons , new crop 0-200K)
  • Beans – ‘13/14 66,200 ‘14/15 19,300 (expecting old crop 0-200K , new crop at 350-550K)
  • Meal – ‘13/14 307,800 ‘14/15 25,000  (expecting 100-350K)
  • Bean oil – ‘13/14 6,200 (expecting 0-40K)

 

Export highlights

  • Wheat – Net sales of 336,400 MT for delivery during the 2013/2014 marketing year were down 16 percent from the previous week and 27 percent from the prior 4-week average. Increases were reported for Indonesia (68,300 MT, including 65,000 MT switched from unknown destinations), Egypt (63,000 MT), Nigeria (60,600 MT), Brazil (46,400 MT), unknown destinations (35,200 MT), the Dominican Republic (22,300 MT), and Mexico (20,800 MT). Decreases were reported for Guatemala (700 MT). Net sales of 310,500 MT for 2014/2015 were primarily for South Korea (74,000 MT), the Dominican Republic (72,500 MT), Guatemala (46,000 MT), and unknown destinations (38,000 MT). Exports of 523,100 MT were down 1 percent from the previous week, but up 2 percent from the prior 4-week average. The primary destinations were Japan (105,200 MT), Mexico (72,700 MT), Indonesia (68,300 MT), Egypt (63,000 MT), South Korea (55,400 MT), and Nigeria (51,000 MT).
  • Corn – Net sales of 960,600 MT for 2013/2014 were down 32 percent from the previous week and 12 percent from the prior 4-week average. Increases were reported for Japan (236,500 MT, including 118,300 MT switched from unknown destinations), South Korea (184,600 MT, including 60,000 MT switched from Japan and decreases of 3,200 MT), Egypt (136,200 MT, including 60,000 MT switched from China), Guatemala (106,500 MT, including 20,700 MT switched from unknown destinations, 4,900 MT switched Nicaragua, and 1,900 MT switched from Costa Rica), Colombia (92,300 MT, including 56,900 MT switched from unknown destinations and decreases of 5,600 MT), Taiwan (73,100 MT, including 63,000 MT switched from unknown destinations), Saudi Arabia (69,000 MT, including 65,000 MT switched from China), and Mexico (60,100 MT). Decreases were reported for China (221,400 MT), Honduras (2,500 MT), and Nicaragua (1,200 MT). Net sales of 37,900 MT for 2014/2015 were reported for Costa Rica. Exports of 1,425,700 MT were up 16 percent from the previous week and 36 percent from the prior 4-week average. The primary destinations were Japan (324,800 MT), Egypt (261,200 MT), Mexico (207,600 MT), Colombia (163,000 MT), South Korea (123,300 MT), Taiwan (74,400 MT), and Saudi Arabia (69,000 MT).
  • Beans – Net sales of 66,200 MT for 2013/2014 resulted as increases for China (51,200 MT), Mexico (30,400 MT), Malaysia (25,300 MT, Including 24,000 MT switched from unknown destinations), Japan (22,300 MT, including 8,500 MT switched from unknown destinations), and Indonesia (8,300 MT), were partially offset by decreases for unknown destinations (92,500 MT). Net sales of 19,300 MT for 2014/2015 were reported for Mexico (10,900 MT), China (5,000 MT), the Philippines (1,800 MT), Vietnam (1,000 MT), and Canada (700 MT). Exports of 659,400 MT were down 8 percent from the previous week and 31 percent from the prior 4-week average. The primary destinations were China (312,000 MT), Mexico (99,200 MT), Turkey (69,200 MT), Indonesia (52,800 MT), and Malaysia (32,800 MT).
  • Meal – Net sales of 307,800 MT for 2013/2014 were up 94 percent from the previous week and 55 percent from the prior 4-week average. Increases were reported for Denmark (60,500 MT, including 55,000 MT switched from unknown destinations), Mexico (52,800 MT), Guatemala (42,400 MT, including 8,000 MT switched from unknown destinations), Egypt (25,500 MT), Portugal (24,500 MT), and Cuba (20,900 MT). Decreases were reported for unknown destinations (40,300 MT). Net sales of 25,000 MT for 2014/2015 were reported for Costa Rica (10,100 MT), Indonesia (10,000 MT), and Canada (4,900 MT). Exports of 388,500 MT were up noticeably from the previous week and 54 percent from the prior 4-week average. The primary destinations were Denmark (60,500 MT), the Philippines (48,300 MT), Thailand (48,100 MT), Mexico (42,300 MT), France (33,000 MT), and Ecuador (30,000 MT).
  • Bean oil – Net sales of 6,200 MT for 2013/2014 were up 58 percent from the previous week, but down 17 percent from the prior 4-week average. Increases reported for Guatemala (3,500 MT, switched from the Dominican Republic) and Mexico (3,300 MT), were partially offset by decreases for Canada (500 MT) and the Dominican Republic (300 MT). Exports of 14,800 MT were up noticeably from the previous week, but down 37 percent from the prior 4-week average. The primary destinations were the Dominican Republic (8,500 MT), Guatemala (3,500 MT), Mexico (1,600 MT), Canada (900 MT), and Lebanon (100 MT).

 

Upcoming reports/events

  • Weekly EIA Nat Gas storage report comes out today at 930 am CST expecting – 74 BCF
  • China to auction 300,000 tons of rapeseed oil from reserves this week
  • US March unemployment report comes out tomorrow at 730 am CST
  • Weekly COT report comes out tomorrow at 230 pm CST
  • 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
  • USDA supply and demand and crop production report comes out on April 9th

 

Data sources: DowJones , Bloomberg, Reuters , DTN news, barchart.com and CME Group, NYSE