News From The Grain Floor

 

“To sin by silence when we should protest makes cowards out of men.” —Ella Wheeler Wilcox

 

On Friday – USDA announced 128,000 tons of US corn sold to unknown for ‘13/14 shipment – US government was opened on Friday

 

No announcements today from USDA

 

Overnight closes

  • SN down 10 ¼ at 1492 ½
  • CN down 4 at 496 ½
  • WN down 11 ¾ at 687 ¼
  • KC WN down 9 ¾ at 754
  • MWN down 9 ¾ at 730
  • SMN down 2.70 at 485.60
  • BON down 36 at 4330
  • RRN down 1.50 at 1544

 

Overnight volume

  • SN 10,238
  • CN 11,354
  • WN 9,098
  • KC WN 987
  • MWN 248
  • SMN 3,515
  • BON 6,265
  • RRN 17

 

Opening calls

  • Beans 8-10 lower
  • Corn 3-5 lower
  • Wheat 8-12 lower
  • KC wheat 7-10 lower
  • Minneapolis wheat 7-10 lower
  • Meal 2.50-3.50 lower
  • Bean oil 30-40 lower
  • Rice 1-2 lower

 

Dollar and stock market higher. Gold, silver, and crude lower

 

Nikkei down .027%

Hang Seng up .283%

Shanghai Index down 1.522%

 

China grain closings today – beans down 44, corn down 7, meal down 5, palm oil down 20, bean oil down 30

 

China grain closings on Friday – beans up 24, corn down 3, meal up 13, palm oil down 58, bean oil down 42

 

Palm oil today closed up 6

 

Palm oil Friday closed down 12

 

Still no news on the Chinese rapeseed auctions

 

SGS estimated Malaysia’s April 1-20th palm oil exports at 717,842 tons down 6% from a month ago

 

Intertek Agri Services estimated Malaysia’s April 1-20th palm oil exports at 722,177 tons down 5.99% from a month ago

 

Hearing China bought 5-10 South American bean cargoes for June- July shipment

 

Safras e Mercado said on Friday that Brazil has planted 90% of their bean crop vs. a year ago of 86% and vs. 86% average

 

Safras e Mercado estimated Brazil’s 2nd corn crop at 42.25 MMT vs. 45.2 M a year ago

 

Good weekend planting weather in most of the US this weekend

 

Some light rains in US Plains this weekend

 

Much needed rains in the forecast for Kansas by Wednesday

 

Argentina dry , beneficial for harvest

 

Australia dry next 7-10 day – beneficial for field work , but then rain will be needed

 

On Thursday May beans made a new contract high of 1508 ¼

 

On Thursday July beans made new contract highs of 1521

 

On Thursday May meal made new contract highs of 495.90

 

On Thursday July meal mad new contract highs of 485.00

 

China’s March import data – General Administration of Customs

  • Wheat – 538,684 tons up 86.27% from a year ago
  • Barley – 541,110 tons up 167.02% from a year ago
  • Corn – 48,131 tons down 79.7% from a year ago
  • Rice – 152,247 tons down 43.17% from a year ago
  • Beans 4,623,223 tons up 20.4% from a year ago
    • 3,692,537 tons from the US up 11.67% from a year ago
    • 929,709 tons from Brazil up 121.66% from a year ago
  • Rapeseed 138,527 tons down 41.44% from a year ago
  • Rapeseed oil 123,221 tons down 21% from a year ago
  • Rapeseed meal 14,047 tons up 373.13% from a year ago
  • Bean oil 40,023 tons up 26.41% from a year ago
  • Soymeal 3,678 tons up 7.69% from a year ago
  • Palm oil 452,233 tons down 23.51% from a year ago

 

China’s Jan – March import data – General Administration of Customs

  • Wheat – 1,843,297 tons up 166.67% from a year ago
  • Barley – 983,253 tons up 166.81% from a year ago
  • Corn – 1,178,793 tons, up 14.67% from a year ago
  • Rice – 490,927 tons, down 29.08% from a year ago
  • Beans – 15,345,668 tons, up 33.53% from a year ago
    • 13,738,040 tons from the US up 29.42% from a year ago
    • 1,045,774 tons from Brazil up 149.33% from a year ago
  • Rapeseed 1,149,260 tons up 40.48% from a year ago
  • Rapeseed oil 274,344 tons down 29.14% from a year ago
  • Rapeseed meal 38,124 tons up 1158% from a year ago
  • Bean oil 273,749 tons up 44.17% from a year ago
  • Soymeal 8,441 tons up 14.91% from a year ago
  • Palm oil 1,574,622 tons up 5.85% from a year ago

 

Weekly CFTC COT supplemental report from Friday . Large spec position as of April 15th options and futures combined

  • Wheat short 2,291
  • KC wheat long 13,012
  • Corn long 187,027
  • Beans long 145,012
  • Meal long 42,350
  • Bean oil long 10,229

 

Open interest as of Thursday’s close

  • Total corn 1,411,439 open, up 3,121
  • Total beans 672,761 open, up 281
  • Total meal 331,058 open, up 842
  • Total bean oil 333,990 open, down 4,422
  • Total wheat 371,839 open, up 1,069
  • Total KC wheat 146,790 open, down 1,10

 

Upcoming reports/events

  • Weekly US export inspections report comes out today at 10 am CST
  • Weekly US crop progress report comes out today at 3 pm CST
  • Weekly API energy inventory report comes out tomorrow at 330 pm CST
  • 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