News From The Grain Floor

No finance, No romance

–          Lyle Lovett

 

USDA announced 116,000 tons of optional origin soybeans sold to China for ‘14/15 delivery

 

USDA announced 464,000 tons of US beans sold to unknown for ‘14/15 shipment

 

Overnight closes

  • SX up 3 at 1097
  • CZ down 1 at 386 ¼
  • WU down 1 ¾ at 549
  • KC WU down 1 at 648 ¼
  • MWU down a ¼ at 636 ¾
  • SMZ up 1.80 at 359.30
  • BOZ up 7 at 3646. Dec bean oil made a new contract low overnight of 3621
  • RRU down 2.50 at 1325.50

 

Overnight volume

  • SX 9,869
  • CZ 6,909
  • WU 9,030
  • KC WU 546
  • MWU 212
  • SMZ 5,151
  • BOZ 8,386
  • RRU 20

 

Opening calls

  • Beans 2-4 higher
  • Corn steady to 2 lower
  • Wheat 1-3 lower
  • KC wheat steady to 2 lower
  • Minneapolis wheat steady lower
  • Meal 1.00-2.00 higher
  • Bean oil 5-10 higher
  • Rice 2-4 lower

 

Stock market and dollar higher. Crude, gold and silver lower.

 

Nikkei down 1.03%

Hang Seng down .28%

Shanghai Index up .17%

 

China grain closings = beans down 8, corn unchanged , meal down 16, palm oil down 20, and bean oil down 28.

 

Malaysian palm oil up 15

 

China sold 45.49% of corn at auctions this week. They sold 2,056,654 tons of corn out of the 4,521,369 tons offered.

 

Hearing China bought 1 US or Brazilian bean cargo for Aug-Sept shipment

 

Hearing China bought 1 Argentine bean cargo for Aug- Sept shipment

 

Hearing China bought 5 US bean cargoes for Oct-Dec shipment

 

Thailand bought 150,000 tons of South American soymeal this week for Dec-Feb shipment

 

Iraq bought 100,000 tons of hard wheat from Russia and Canada for Oct-Nov shipment

 

South Korea seeks 44,158 tons of rice for Nov-Dec shipment optional origin

 

Malaysia to keep August palm oil export tax unchanged from July at 5%.

 

Indonesia Ag Min estimated 2014 palm oil production at 29.5 MMT vs. 2013 production of 27.8 MMT

 

Argentina Ag Min said As of July 8th Argentina farmers have sold 61.76% of their 2014 wheat crop vs. 96.10% a year ago

 

Argentina Ag Min said As of July 8th Argentina farmers have sold 49.15% of their ‘13/14 corn crop vs. 69.49% a year ago

 

Argentina Ag Min said As of July 8th Argentina farmers have sold 45.53% of their ‘13/14 bean crop vs. 52.43% a year ago

 

Buenos Aires Grains Exchange – Weekly Argentine crop progress report

  • Wheat planting is 80% complete vs. 72.5% a week ago and vs. 88.7% a year ago
  • 2014 Wheat planting area is estimated at 4.2 MH vs. previous estimate of 4.3 MH
  • Bean harvest is 99.2% complete vs. 98.5% a week ago and vs. 100% a year ago
  • ‘13/14 Bean crop estimated at 55.5 MMT unchanged from previous estimate
  • Corn harvest is 65.4% complete vs. 58.4% a week ago and vs. 92% a year ago
  • ‘13/14 Corn crop estimated at 25.0 MMT unchanged from previous estimate
  • ‘14/15 sunseed planting area estimated at 1.4 MH vs. 1.48 MH in ‘13/14

 

Russia’s stats agency said July 1st grain stocks at 11.1 MMT down 12.8% from a year ago

 

109 bean oil receipts were canceled yesterday afternoon . 100 out of South Dakota Soybean Processors , Volga, South Dakota and 9 out of Cargill Buffalo IA. Total receipts now at 7,851

 

16 rice receipts were canceled yesterday afternoon

 

From yesterday – There was a report the German Cabinet had voted to rescind the current law requiring a 6.25% biofuel blend and replace with a 3.5% cut in greenhouse gases.

Fuel producers would be free to how best to hit the new target.

This would likely reduce rape oil usage in Germany.

 

Open interest as of yesterday’s close

  • Total corn 1,319,226 open, up 5,840
  • Total soybeans 639,570 open, up 5,428
  • Total meal 312,186 open, up 175
  • Total bean oil 335,634 open, up 2,938
  • Total wheat 409,150 open, down 582
  • Total KC wheat 142,867 open, up 1,219

 

Upcoming reports/events

  • Weekly COT report comes out today at 230 pm CST.
  • Surveyors SGS and Intertek Agri Services come out on Monday with their Malaysian July 1-20th palm oil export estimates.
  • Argentine truckers may strike on Monday.
  • 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
  • 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