News From The Grain Floor

Good morning

 

Take a look at them. All nice guys. They’ll finish last. Nice guys – finish last

Leo Durocher

 

July options expire today at 115 pm CST.  I will send open interest in a separate email shortly.

 

USDA announced 110,000 tons of US beans sold to unknown for ‘14/15 shipment

 

Overnight closes

  • SN down 9 ¾ at 1411
  • SX  down 7 ½ at 1219 ¾
  • CN  down 2 ¾ at 447 ¾
  • CZ  down 2 at 445 ½
  • WN  down 2 ¾ at 590 ¾
  • WU  down 3 ¾ at 598 ¾
  • KC WN down 3 ¼ at 726
  • KC WU  down 3 ¼ at 723 ½
  • MWN   down 2 ¼ at 700 ¾
  • MWU down 2 ¼ at 699 ½
  • SMN down 2.40 at 448.80
  • SMZ  down 1.80 at 393.40
  • BON down 19 at 4042
  • BOZ down 30 at 4019
  • RRN down 4 at 1465
  • RRU down 3.50 at 1384

 

Overnight volume

  • SN 6,888
  • SX    9,358
  • CN  10,302
  • CZ  10,473
  • WN 4,494
  • WU  3,808
  • KC WN 435
  • KC WU   469
  • MWN  400
  • MWU 440
  • SMN  3,213
  • SMZ  2,048
  • BON 4,436
  • BOZ 3,512
  • RRN 27
  • RRU 23

 

Opening calls

  • Beans 7-10 lower
  • Corn 2-4 lower
  • Wheat 2-4 lower
  • KC wheat 3-5 lower
  • Minneapolis wheat 2-4 lower
  • Meal 2.50-3.50 lower
  • Bean oil 20-40 lower
  • Rice 3-5 lower

 

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

 

Nikkei down .08%

Hang Seng down .1%

Shanghai Index up .2%

 

China grain closings = beans up 2, corn down 5, meal up 13, palm oil up 12, and bean oil up 28

 

Malaysian palm oil down 5

 

Argentina markets are closed today for holiday.

 

Not a lot of fresh news this morning

 

Market talk – Brazil has bought 6-8 cargoes of HRW wheat over the past 1-3 days

 

Taiwan bought 96,180 tons of US wheat for Aug – Sept shipment

 

Surveyor SGS estimated June 1-20th Malaysian palm oil exports at 781,546 tons down 8.6% from a month ago .

 

Surveyor Intertek Agri Services estimated June 1-20th Malaysian palm oil exports at 806,303 tons down 5.8% from a month ago

 

Analysts were expecting Malaysian palm oil exports to be higher than a month ago due to demand picking up ahead of Ramadan June 28th

 

Reports yesterday that China’s reserve corn stocks are at 150.0 MMT vs. previous estimates of 100.0 MMT

 

NDRC reported today that China’s corn stocks were 150 MMT

 

CNGOIC estimated China’s ’13/14 corn consumption at 186.98 MMT vs. previous estimate of 188.98 MMT

 

CNGOIC estimated China’s ‘13/14 corn imports at 4.0 MMT vs. previous estimate of 5.5 MMT vs. ’12.13 imports of 2.7 MMT

 

CNGOIC estimated China’s ‘14/15 corn imports at 3.5 MMT

 

Buenos Aires Grains Exchange – Weekly Argentine crop progress report

  • Wheat planting is 34.3% complete vs. 20.1% a week ago and vs. 42% a year ago
  • Estimated 2014 wheat area at 4.3 MH unchanged from previous estimate
  • Bean harvest is 92.2% complete vs. 88.1% a week ago and vs. 100% a year ago
  • Bean crop estimated at 55.5 MMT unchanged from previous estimate
  • Corn harvest is 44.4% complete vs. 41.6% a week ago and vs. 71.8% a year ago
  • Corn crop estimated at 25.0 MMT unchanged from previous estimate

 

Moving averages

  • SN 100 day 1419 ¼
  • SX 50 day 1228 ¼
  • KC WN 100 day 730
  • KC WU 100 day 735 ½
  • KC WU 200 day 716 ½
  • MWN 100 day 709 ½
  • MWN 200 day 709 ¼
  • MWU 100 day 715 ¼
  • MWU 200 day 714 ¼
  • BON 50 day 4086
  • BOZ 100 day 4055
  • SMN 100 day 458.60
  • SMZ 50 day 392.00

 

Opening interest as of yesterday’s close

  • Total corn 1,399,474 open, up 467
  • Total beans 614,467 open, down 2,010
  • Total meal 323,075 open, up 1,242
  • Total bean oil 337,927 open, down 4,735
  • Total wheat 403,361 open, up 1,638
  • Total KC wheat 138,887 open, down 269

 

Upcoming reports/events

  • Weekly COT report comes out today at 230 pm CST
  • Weekly US export inspections report comes out on Monday at 10 am CST
  • Weekly US crop progress report comes out on Monday at 3 pm CST
  • Tuesday China will auction 352,000 tons of beans from reserves
  • Wednesday and Thursday China will auction 4.99 MMT of corn from reserves
  • Position day for July futures is Friday June 27th . Traders should be out of long positions by the close or risk delivery.
  • Ramadan begins June 28th
  • USDA stocks and acreage report on June 30th at 11 am CST
  • First Notice Day for July futures is Monday June 30th.

 

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