News From The Grain Floor

 

Drive carefully – It’s not only cars that can be recalled by their maker.

Anon

 

USDA announced 120K US corn canceled from unknown for ‘13/14 shipment

 

USDA announced 100K tons of US corn canceled by Spain for ‘13/14 shipment

 

Overnight closes

  • SN down 16 ¼ at 1447
  • CN down 4 ½ at 503 ½
  • WN down 3 at 726
  • KC WN up a ¼ at 832 ¼
  • MWN down a ½ at 788 ¾
  • SMN down 5.90 at 472.80
  • BON down 4 at 4113
  • RRN up .50 at 1552

 

Overnight volume

  • SN 14,474
  • CN 9,718
  • WN 6,337
  • KC WN 1,238
  • MWN 371
  • SMN 7,941
  • BON 8,958
  • RRN 9

 

Opening calls

  • Beans 15-20 lower
  • Corn 3-5 lower
  • Wheat 2-4 lower
  • KC wheat steady mixed
  • Minneapolis wheat steady mixed
  • Meal 5.50-6.50 lower
  • Bean oil steady to 10 lower
  • Rice steady better

 

Dollar and crude lower. Silver, stock market, and dollar higher

 

Hang Seng down 1.277%

Shanghai Index up .033%

 

Japan is on holiday . They return tomorrow

 

Tensions in Ukraine and Russia continue.

 

Reports China was eyeing Brazilian bean cargoes for July- August shipment

 

China grain closings – beans down 54, corn down 4, meal down 11, palm oil down 48, and bean oil down 42

 

Palm oil down 15.

 

Maldives seek 6,000 optional origin wheat flour

 

Palm oil demand is expected to pick up ahead of Ramadan. Ramadan starts at the end of June.

 

Russia Ag Min said as of May 5th spring plantings are complete on 9.5 MH (29.7% of total area) vs. 8.4 MH a year ago

 

Hot and dry in the US Plains

 

Thunderstorms in the forecast for the Midwest the next 5 days

 

Favorable planting weather in the US Delta

 

Argentine weather forecast is favorable for planting

 

July bean oil 200 day moving average is 4196

 

July bean oil 100 day moving average is 4088

 

205 corn receipts were canceled yesterday afternoon out of Cargill Burns Harbor

 

75 new ethanol receipts were registered yesterday afternoon

 

15 new KC wheat receipts were registered yesterday afternoon out of Hutchinson KS ADM

 

Deliveries

  • Minneapolis wheat 162 with the date current
    • ADM house stopped 90
  • Meal 19 with the date at 4/15/14
  • Bean oil 96 with the date at 5/01/14
  • Ethanol 70 with the date at 5/02/14
  • KC Wheat 15 with the date at 3/26/14
    • House ADM issued 15
  • Wheat 144 with the date at 4/30/14

 

Open interest as of yesterday’s close

  • Total corn 1,343,238 open, down 3,692
  • Total beans 588,696 open, up 899
  • Total meal 306,054 open, down 943
  • Total bean oil 313,444 open, up 1,778
  • Total wheat 358,174 open, up 2,994
  • Total KC wheat 148,305 open , down 532

 

Weekly US crop progress report from yesterday afternoon

 

Corn

  • Planted 29% complete (Reuters survey expecting 25-38% complete other analysts expecting 35-40% complete) vs. 19% a week ago and vs. 42% five year average
  • Emerged 7% vs. 3% a week ago and vs. 13
  • % five year average

 

Soybeans

  • Planted 5% (Reuters poll expecting about 8% complete other analysts expecting 10-12% complete) vs. 3% a week ago and vs. 11% five year average

 

Winter Wheat

  • Condition 31% good to excellent (expecting 1-2% lower than a week ago) vs. 33% a week ago and vs. 32% a year ago
  • Headed 29% vs. 18% a week ago and vs. 35% five year average

 

Spring wheat

  • Planted 26% (Reuters poll expecting about 26% complete other analysts expecting 25-30% complete) vs. 18% a week ago and vs. 41% five year average
  • Emerged 7% vs. 5% a week ago and vs. 17% five year average

 

Rice

  • Planted 57% vs. 45% a week ago and vs. 65% five year average
  • Emerged 39% vs. 25% a week ago and vs. 47% five year average

 

Cotton

  • Planted 16% vs. 13% a week ago and vs. 25% five year average

 

 

Upcoming reports/events

  • Weekly API energy inventory report comes out today  at 330 pm CST
  • Weekly DOE numbers come out tomorrow at 930 am CST
  • Weekly US ethanol plant production report comes out tomorrow at 930 am CST
  • Wednesday night/ Thursday morning China will come out with their April trade dated report
  • CONAB comes out on Thursday with their Brazilian crop estimate updates. Previous estimates were
    • ‘13/14 bean crop estimated at 86.08 MMT
    • ‘13/14 bean exports estimated at 45.3 MMT
    • ‘13/14 total corn crop estimated at 75.46 MMT
    • ‘13/14 corn exports estimated at 19.5 MMT
    • 2014 wheat crop estimated at 6.7 MMT
    • 2014 wheat exports estimated at 500,000 tons
  • USDA report comes out Friday at 11 am CST . Will send out estimates for the report shortly.
  • Reports – China may start auctioning beans from reserves starting next week . May auction up to 3.0 MMT .
  • Malaysian Palm Oil Board comes out on Friday with their April data report. In April (March data report) the report was
    • Palm oil stocks at 1.688 MMT
    • Palm oil exports at 1.24 MMT
    • Palm oil output at 1.497 MMT
  • Surveyors SGS and Intertek Agri Services come out on Monday with their May 1-10th palm oil export estimates .

 

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