News From The Grain Floor

Good morning

 

We may brave human laws, but we cannot resist natural ones.

Jules Verne

 

July corn, wheat, KC wheat, Minneapolis wheat, beans, meal, and bean oil are top step (spot month today)

 

Overnight closes

  • SK up 15 ¾ at 1517
  • SN up 17 ½ at 1505
  • CK down a ½ at 503 ½
  • CN down a ½ at 509 ¼
  • WK up 7 ½ at 709 ¼
  • WN up ¾ at 710 ½
  • KC WK up ¾ at 766 ¼
  • KC WN down a ½ at 771
  • MWK up 1 ¼ at 739 3/4
  • MWN up a ½ at 747
  • SMK up 5.20 at 492.60
  • SMN up 5.20 at 479.60
  • BOK up 33 at 4316
  • BON up 33 at 4338
  • RRK up 2.50 at 1543.50
  • RRN up .5 at 1543

 

Overnight volume

  • SK 11,805
  • SN 20,905
  • CK 8,256
  • CN 10,089
  • WK 9,604
  • WN 8,917
  • KC WK 691
  • KC WN 1,409
  • MWK 98
  • MWN 521
  • SMK 2,943
  • SMN 5,368
  • BOK 6,519
  • BON 8,527
  • RRK 22
  • RRN  25

 

Opening calls

  • Beans 12-16 higher
  • Corn steady lower
  • Wheat 2-4 higher
  • KC wheat steady better
  • Minneapolis wheat 1-2 higher
  • Meal 4-6 higher
  • Bean oil 30-40 higher
  • Rice steady better

 

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

 

Nikkei up 3.01%

Hang Seng up .1%

Shanghai Index up .1%

 

China’s 1st quarter GDP came out at +7.4%   expecting +7.3% and vs. 4th quarter GDP of +7.7%

 

Weekly API energy inventory report from yesterday

  • Crude a build of 7.6 MB expecting a build of 2.3 MB
  • Gas a draw of 499,000 expecting a draw of 1.7 MB
  • Distillates a draw of 1.1 MB expecting a draw of 400,000

 

Tensions in the Ukraine have escalated

 

China grain closings – beans (Jan) up 28, corn down 1, meal up 33, palm oil up 72, bean oil up 34

 

Palm oil up 38

 

Jordan bought 150,000 optional origin wheat for July / August shipment

 

Iraq seeks 10,000 tons of optional origin sunflower oil

 

China sold 16.87% of wheat at auction. They offered 625,929 tons

 

NBS estimated China’s 2014 wheat planting to fall .56% from 2013

 

Solvent Extractors Association of India said India imported 835,424 tons of veg oils in March vs. 889,415 tons a year ago

 

SEA of India said India imported 189,150 tons vs. 46,990 tons a year ago

 

SEA of India said India imported 537,077 tons down 23% a year ago

 

UkrAgroConsult said Ukraine exported 954,000 tons of grain and 146,800 tons of sunflower oil between April 1-April 14

 

UkrAgroConsult said Ukraine exported 2.702 MMT of grain in March

 

25 wheat receipts were canceled yesterday afternoon out of CIRM Chicago IL .

 

Open interest as of yesterday’s close

  • Total corn 1,412,562 open, down 9,603
  • Total beans 670,312 open, up 8,345
  • Total meal 328,474 open, up 4,979
  • Total bean oil 339,699 open, up 4,785
  • Total wheat 372,278 open, down 2,988
  • Total KC wheat 145,784 open, up 817

 

Upcoming reports/events

  • Weekly DOE #s come out today at 930 am CST . Expecting
    • Crude a build of 1.75 MB
    • Gas a draw of 1.75 MB
    • Distillates unchanged
  • Weekly US ethanol plant production report comes out today at 930 am CST
  • 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
  • Markets will be closed on Friday for Good Friday holiday  . See attachment for trading schedule.
  • Surveyors SGS and Intertek will put out their Malaysian April 1-20th palm oil export estimates on Monday
  • Tuesday April 22nd China’s HSBC April flash mfg PMI comes out
  • May options expire Friday April 25th
  • FOMC 2 day policy meeting Tuesday and Wednesday April 29th and 30th
  • EIA to release January biodiesel report on April 29th

 

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