News From the Grain Floor

Like many intellectuals, he was incapable of saying a simple thing in a simple way.

–          Marcel Proust

 

No USDA announcements this morning

 

July futures expire today at noon CST. As of Friday’s close

  • July corn 425 contracts open
  • July beans 299 contracts open
  • July meal 252 contacts open
  • July bean oil 558 contracts open
  • July wheat 52 contracts open
  • July KC wheat 102 contracts open

 

Overnight closes

  • SX up 4 at 1079
  • CZ down 2 ½ at 382 ¼ – Dec corn made new contract lows overnight of 380 ¼
  • WU up 1 ¾ at 527 ¾ – Sept wheat made new contract lows overnight of 524 ¼
  • KC WU up 1 ½ at 637 ¾
  • MWU up 2 ¼ at 630 ¼
  • SMZ up 2.50 at 347.50
  • BOZ down 17 at 3679
  • RRU down 6.50 at 1314

 

Overnight volume

  • SX 17,479
  • CZ 13,088
  • WU 7,415
  • KC WU 661
  • MWU 94
  • SMZ 3,289
  • BOZ 5,064
  • RRU 52

 

Opening calls

  • Beans 3-5 higher
  • Corn 1-3 lower
  • Wheat 1-3 higher
  • KC wheat 1-3 higher
  • Minneapolis wheat 1-3 higher
  • Meal 1.50-2.50 higher
  • Bean oil 10-20 lower
  • Rice 6-8 lower

 

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

 

Nikkei up .86%

Hang Seng up .48%

Shanghai Index up .94%

 

Lack of news this morning

 

China grain markets = beans down 6, corn down 6, meal down 6, palm oil down 112, bean oil down 76.

 

Palm oil down 48

 

Hearing China bought 10-12 cargoes of beans last week

 

Hearing China bought 1-2 cargoes of US beans off the Gulf for Nov shipment on Friday

 

Hearing China bought 2 cargoes of new crop Argentine beans on Friday

 

Indonesia seeking soymeal for Sept shipment

 

CBOT to lower ethanol margins today

 

Technically oversold.

 

Benign US weather – below normal temps in Midwest Tuesday and Wednesday

 

Indian monsoon improving

 

Deliveries

  • Bean oil 233 with the date current
    • House ADM stopped 135
    • Customer JP stopped 1
  • Rice 15 with the date at 6/05/14
  • Corn 5 with the date at 5/30
  • KC wheat 55 with the date current
    • House Bunge issued 55
    • ADM house stopped 53
  • No Minneapolis or Chicago wheat

 

Open interest as of Friday’s close

  • Total corn 1,322,393 open, up 11,881
  • Total beans 621,090 open, up 8,884
  • Total meal 307,674 open, down 788
  • Total bean oil 324,868 open, up 3,139
  • Total wheat 399,542 open, up 6,292
  • Total KC wheat 139,610 open, up 1,975

 

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. Expecting
    • Bean conditions good to excellent 1% lower to 2% higher vs. 72% good to excellent a week ago
    • Corn conditions good to excellent 1% lower to 2% higher vs. 75% good to excellent a week ago
    • Spring wheat conditions 1% lower to 3% higher
    • Winter wheat harvest expecting 70% complete vs. 57% a week ago
  • Malaysian palm oil markets are closed for holiday tomorrow
  • NOPA June crush report comes out tomorrow at 11 am CST
  • Weekly API energy inventory report comes out tomorrow at 330 pm CST
  • SGS and Intertek come out on Wednesday with their Malaysian July 1-15th palm oil export estimates.
  • Last trading day for Aug options is Friday July 25th. Options expire at 115 pm CST

 

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