News From The Grain Floor

 

May the sun in his course visit no land more free, more happy, more lovely, than this our own country!”

— Daniel Webster

 

USDA announced 347,000 tons of new crop US beans sold to China.

 

Grains did not trade overnight.

 

Guesses on opening calls are

  • Beans 3-8 or 5-10 lower
  • Corn 3-6 lower
  • Wheat 2-4 lower
  • Meal 2.00-4.00 lower
  • Bean oil 10-20 lower

 

Nikkei down .38%

Hang Seng down .02%

Shanghai index up .03%

 

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

 

China grain closings =  beans down 25, corn down 19, meal down 51, palm oil up 4, bean oil down 54

 

Malaysian palm oil up 12.

 

Last week (Wednesday and Thursday) China sold 1,559,340 tons of corn at auction . They offered 5,007,369 tons

 

Non-threatening weather continues in the US Midwest continues.

 

Dec meal 200 day moving average is 365.00

 

Dec corn made a new contract low on Thursday of 414 ½ .

 

46 new ethanol receipts were registered as of Thursday afternoon

 

11 bean receipts were canceled Thursday afternoon out of CGB Hennepin IL (10 receipts remain open)

 

2 bean oil receipts were canceled Thursday afternoon out of Cargill Kansas City MO (9,063 receipts remain open)

 

Deliveries

  • Bean oil 142 with the date at 6/30/14
    • House Term issued 116
    • Customer JP Morgan stopped 47
  • Rice 20 with the date at 6/04/14
  • Corn 5 with the date at 1/28/14
  • Ethanol 46 with the date at 6/20/14
  • KC Wheat 33 with the date at 6/25/14
    • JP Morgan customer stopped 33
  • Oats 12 with the date at 6/26/14
  • Beans 3 with the date at 5/08/14
  • Wheat 5 with the date at 6/19/14
  • Minneapolis wheat 13 with the date current
    • ADM house stopped 2
  • No meal

 

Weekly COT supplemental report from Friday. Large spec positions as of July 1st futures and options combined

  • Wheat short 62,121
  • KC Wheat long 6,859
  • Corn long 26,099
  • Beans short 28,465
  • Meal long 2,625
  • Bean oil short 3,273

 

Informa world numbers from Thursday

  • ‘14/15 world corn crop estimated at 974.3 MMT vs. previous estimate of 972.5 MMT
  • ‘14/15 world wheat crop estimated at 708.9 MMT vs. previous estimate of 712.2 MMT
  • ‘14/15 world bean crop estimated at 302.2 MMT vs. previous estimate of 298.7 MMT

 

Open interest as of Thursday’s close

  • July corn 9,355 open, down 1,157
  • Total corn 1,289,637 open, up 2,801
  • July beans 4,281 open, down 2,108
  • Total beans 599,878 open, up 2,262
  • July meal 3,070 open, down 633
  • Total meal 303,762 open, down 1,877
  • July bean oil 2,497 open, down 677
  • Total bean oil 308,293 open, up 501
  • July wheat 623 open, down 279
  • Total wheat 381,857 open, up 5,855
  • July KC wheat 544 open, down 95
  • Total KC wheat 132,801 open up 1,454

 

Upcoming reports/events

  • Weekly US export inspections report comes out today at 10 am CST
  • Weekly US crop progress report comes today at 3 pm CST
  • Weekly API energy inventory report comes out tomorrow at 330 pm CST
  • CONAB comes out on Wednesday with their ‘13/14 Brazilian crop estimate updates
  • MPOB comes out on Thursday with their Malaysian June palm oil data report
  • Surveyor SGS and Intertek Agri Services come out on Thursday with their July 1-10th Malaysian palm oil export estimates
  • USDA supply and demand and crop production report comes out on Friday at 11 am CST
  • Last trading day for July futures is Monday July 14th .  Futures expire at noon CST

 

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