News From The Grain Floor

 

Money can’t buy you happiness, but it can buy you a yacht big enough to pull up right alongside it.

David Lee Roth

 

No USDA announcement this morning. 

 

Overnight closes

  • SN up a ½ cent at 1487
  • CN down 3 ¼ at 504 ¼
  • WN down 12 ¾ at 709 ¾
  • KC WN down 11 ½ at 817 ¼
  • MWN down 10 ¼ at 785
  • SMN down 2.30 at 485.00
  • BON up 46 at 4164
  • RRN unchanged at 1542

 

Overnight volume

  • SN 12,202
  • CN 12,427
  • WN 10,753
  • KC WN 1,348
  • MWN 242
  • SMN 3,363
  • BON 8,051
  • RRN 11

 

Opening calls

  • Beans steady lower
  • Corn 2-4 lower
  • Wheat 7-10 lower
  • KC wheat 9-11 lower
  • Minneapolis wheat 7-10 lower
  • Meal 1.50-2.50 lower
  • Bean oil 40-50 higher
  • Rice steady

 

Stock market, crude oil, gold,  and silver higher . Dollar lower

 

Nikkei down .353%

Hang Seng up 1.823%

Shanghai Index up 2.078%

 

China grain closings – beans up 1, corn up 2, meal up 14, palm oil down 6, and bean oil up 16

 

Palm oil up 12.

 

Malaysian Palm Oil Board came out today with their April palm oil data report

  • Palm oil stocks at 1.77 MMT vs. average estimate of 1.74 MMT , vs. March stocks of 1.69 MMT,  and vs. 1.91 MMT in April 2013
  • Palm oil output at 1.56 MMT vs. average estimate of 1.55 MMT,  vs. March output of 1.50 MMT,  and vs. 1.37 MMT in April 2013.
  • Palm oil exports at 1.26 MMT vs. average estimate 1.29 MMT,  vs. March exports of 1.24 MMT,  and vs. 1.46 MMT in April 2013.

 

Surveyor SGS estimated Malaysia’s May 1-10th palm oil exports at 386,076 tons up 25.9% from a month ago

 

Surveyor Intertek estimated Malaysia’s May 1-10th palm oil exports at 391,856 tons up 28% from a month ago.

 

Iraq seeks 10,000+ tons of sunflower oil any origin except for China.

 

Taiwan seeks 60,000 tons of corn from the US, South America, and or South Africa for July/August shipment

 

Lebanon seeks 30,000 tons of milling wheat for immediate shipment.

 

Jordan seeks 100,000 tons of feed barley , optional origin, for Sept / Oct shipment

 

Thailand could sell up to 800,000 tons of rice to Malaysia

 

Grain.gov.cn said China palm oil stocks is 1.1 MMT down 30,000 tons from April 30th 2014 and vs. 1.4 MMT in May 2013.

 

China to auction 300,000 tons of beans from reserves tomorrow. Bloomberg article this morning said – China soybean auction may draw little interest.

 

Egypt’s Ag Min said Egypt has bought more than 1.2 MMT of local wheat since the start of harvest last month.

 

Argentine port workers union ended strike on Saturday.

 

Effective after today’s close CME to raise margins on SN-SX and SK-SX bean spreads, CME to lower margins on most corn and wheat spreads. – See attachment for details.

 

9 corn receipts were canceled Friday afternoon out of Cargill Burns Harbor IN

 

30 bean receipts were canceled Friday afternoon

  • 11 out of Zen-Noh Grain Corporation Hennepin IL
  • 19 out of Zen-Noh Grain Corporation Utica IL

 

7 bean oil receipts were canceled Friday afternoon out of Cargill Ackley IA

 

1 rice receipt canceled Friday afternoon .

 

Deliveries

  • Minneapolis wheat 1 with the date at 5/5/14
  • Meal 18 with the date at 4/29/14
  • Bean oil 15 with the date at 5/06/14
  • KC wheat 42 with the date current
  • Soybeans 65 with the date at 4/23/14
  • Chicago wheat 122 with the date at 5/08/14

 

Open interest as of Friday’s close

  • Total corn 1,345,010 open, up 735
  • Total beans 587,736 open, up 773
  • Total meal 306,598 open, up 2,351
  • Total bean oil 306,914 open, up 300
  • Total wheat 365,436 open, up 4,842
  • Total KC wheat 144,758 open, down 3,715

 

Upcoming reports/events

  • Weekly US export inspection report comes out today at 10 am CST
  • Weekly US crop progress report comes out today at 3 pm CST. Expecting corn planting to be 50-60% complete, some analysts are saying as much as 70% complete. Bean planting expecting 15-20% complete.
  • China to auction 300,000 tons of beans from reserves tomorrow
  • Weekly API energy inventory report comes out tomorrow at 330 pm CST
  • Thursday May 15th NOPA April crush report comes out at 11 am CST
  • Last trading day for May futures is May 15th at noon CST
  • Analysts expecting palm oil demand to pick up ahead of Ramadan. Ramadan begins June 28th

 

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