News From The Grain Floor

My definition of an intellectual is someone who can listen to the William Tell Overture without thinking of the Lone Ranger.’

–          Billy Connolly

 

USDA announced 120,000 US old crop beans sold to China

 

USDA announced 240,000 US new crop beans sold to unknown

 

USDA announced 210,448 US new crop corn sold to unknown

 

Overnight closes

  • SX up 9 ¼ at 1095 ½
  • CZ up 5 ¾ at 387 ½
  • WU up 5 ¼ at 543
  • KC WU up 5 ½ at 644 ½
  • MWU up 3 at 633 ½
  • SMZ up 4.70 at 351.90
  • BOZ up 1 at 3712
  • RRU down a .50 at 1286.50

 

Overnight volume

  • SX 16,404
  • CZ 10,306
  • WU 4,934
  • KC WU 768
  • MWU 145
  • SMZ 3,886
  • BOZ 7,312
  • RRU 11

 

Opening calls

  • Beans 7-10 higher
  • Corn 5-7 higher
  • Wheat 4-6 higher
  • KC wheat 4-6 higher
  • Minneapolis wheat 2-4 higher
  • Meal 4.00-5.00 higher
  • Bean oil steady better
  • Rice steady lower

 

Silver lower. Crude, gold, stock market, and dollar higher.

 

Nikkei down .10%

Hang Seng up .3%

Shanghai Index down .2%

 

China’s second quarter GDP came out at 7.5% a little better than expected and vs. 7.4% in the first quarter

 

Weekly API energy inventory report from yesterday

  • Crude a draw of 4.8 MB expecting a draw of 2.1 MB
  • Gas a draw of 1.6 MB expecting a build of 600,000
  • Distillates a build of 1.3 MB expecting a build of 1.8 MB

 

China grain closings = beans up 5, corn up 10, meal up 18, palm oil up 22, bean oil down 4.

 

Palm oil up 20.

 

Hearing China bought a few new crop Brazilian bean cargoes Monday night and yesterday.

 

South Korea Kocopia bought 55,000 tons of optional origin corn for Dec shipment

 

South Korea MFG seeks 55,000 tons of soymeal from the US , South America, and or China for Dec-Jan shipment

 

Japan seeks 112,709 tons of food wheat for Aug –Sept shipment. Breakdown

  • 43,284 tons of US Western white wheat
  • 19,830 tons of US HRW wheat
  • 23,060 tons of US dark northern spring wheat
  • 26,535 tons of Australian white wheat

 

Russia’s Ag Min estimated 2014 grain crop at 100+ MMT . Russia’s Ag Min said average grain yield is 3.55 TPH up .5 TPH from a year ago.

 

Argentine Rosario port workers to begin strike tonight

 

27 new corn receipts were registered yesterday afternoon

  • 24 out of Elburn Coop Inc. Morris, IL
  • 3 out of CIRM Chicago, IL

 

There is a total of 37 corn receipts registered.

 

1 new soybean receipt was registered yesterday afternoon out of CIRM Chicago, IL

 

There is a total of 137 bean receipts registered.

 

115 bean oil receipts were canceled yesterday afternoon out of Ag Processing Omaha, NE

 

There is a total of 8,231 bean oil receipts registered.

 

Soymeal receipts were unchanged yesterday afternoon , there are a total of 57 receipts still registered.

 

155 rice receipts were canceled yesterday afternoon. There is a total of 357 rice receipts registered.

 

53 KC wheat receipts were canceled yesterday afternoon out of ADM Hutchinson Elev. I , KS

 

There is a total of 88 KC receipts registered

 

Chicago wheat receipts were unchanged yesterday afternoon there are a total of 159 receipts registered.

 

Deliveries

  • Minneapolis wheat 1 with the date at 7/14/14
    • House ADM stopped 1.
  • Corn 27 with the date at 7/14/14
    • CHS Hedging House issued 24
    • House ADM stopped 12
    • Customer JP Morgan stopped 14
  • Soybean 1 with the date at 7/11/14
    • Customer JP stopped 1
  • Mini corn 4 with the date at 7/14/14

 

Open interest as of yesterday’s close

  • Total corn 1,327,201 open, up 5,598
  • Total beans 626,625 open, up 1,833
  • Total meal 309,734 open, up 1,183
  • Total bean oil 326,825 open, down 305
  • Total wheat 405,618 open, up 4,911
  • Total KC wheat 141,188 open, up 1,646

 

Upcoming reports/events

  • Weekly DOE #s come out today at 930 am CST. Expecting
    • Crude a draw of 2.75 MB
    • Gas a build of 950,000
    • Distillates a build of 2.0 MB
  • Weekly US ethanol plant production report comes out today at 930 am CST
  • Weekly US jobless claims report comes out tomorrow at 730 am CST
  • Weekly US export sales report comes out tomorrow at 730 am CST
  • Weekly EIA Nat Gas storage report comes out tomorrow at 930 am CST
  • Argentine truckers plan to strike on July 21st
  • 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 Group, NYSE