News From The Grain Floor

This is one small step for a man, one giant leap for mankind.

–          Neil Armstrong

 

USDA announced 135,000 tons of US meal sold to unknown for ‘14/15 delivery  

 

USDA announced 120,000 tons of US beans sold to China for ‘13/14 delivery

 

Overnight volume

  • SX down 14 ¼ at 1071
  • CZ down 5 ¾ at 372 ¾
  • WU down 4 at 528 ¼
  • KC WU down 2 ¾ at 631
  • MWU down 1 ½ at 628 ¾
  • SMZ down 5.40 at 346.40
  • BOZ down 21 at 3651
  • RRU down 10.50 at 1303.50

 

Overnight closes

  • SX 18,535
  • CZ 23,976
  • WU 5,438
  • KC WU 637
  • MWU 92
  • SMZ 4,799
  • BOZ 5,789
  • RRU 27

 

Opening calls

  • Beans 13-16 lower
  • Corn 5-7 lower
  • Wheat 3-5 lower
  • KC wheat 2-4 lower
  • Minneapolis wheat 1-3 lower
  • Meal 5.00-6.00 lower
  • Bean oil  15-25 lower
  • Rice 9-11 lower

 

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

 

Japan is on holiday today.

 

Hang Seng down .29%

Shanghai Index down .22%

 

Concerns about Ukraine/Russia tensions continue.

 

China grain closings – beans down 6, corn down 1, meal down 45, palm oil down 8, and bean oil down 12

 

Malaysian palm oil down 12.

 

Reports China bought large volumes of US new crop soybeans last week.

 

Hearing China seeking more US new crop soybeans on Friday but hearing there were no offers.

 

China’s General Administration of Customs – China’s June imports

  • Wheat 112,254 tons down 48.83% from a year ago
  • Barley 327,053 tons up 58.71% from a year ago
  • Corn 27,250 tons up 248.25% from a year ago
  • Rice 235,524 tons up 44.49% from a year ago
  • Soybeans 6,388,623 tons down 7.76% from a year ago
  • Rapeseed 352,861 tons up 200.36% from a year ago
  • Rapeseed oil 39,549 tons down 70.17% from a year ago
  • Rapeseed meal 40,988 tons up 2627% from a year ago
  • Bean oil 96,566 tons down 3.55% from a year ago
  • Soymeal 633 tons down 7.08% from a year ago
  • Palm oil 395,736 tons up 32.91% from a year ago
  • DDGS at 598,247 tons up 130.39% from a year ago

 

China’s General Administration of Customs – China’s Jan – June (1st half of 2014) imports

  • Wheat 2,554,738 tons up 82.86% from a year ago
  • Barley 2,430,116 tons up 135.5% from a year ago
  • Corn 1,377,067 tons down 9.52% from a year ago
  • Rice 1,319,165 tons up .17% from a year ago
  • Soybeans 34,207,434 tons up 24.43% from a year ago
  • Rapeseed 2,697,664 tons up 52.18% from a year ago
  • Rapeseed oil 522,302 tons down 40.83% from a year ago
  • Rapeseed meal 158,678 tons up 1442% from a year ago
  • Bean oil 466,155 tons up 9.73% from a year ago
  • Soymeal 14,893 tons up 32.17% from a year ago
  • Palm oil 2,865,374 tons up .6% from a year ago
  • DDGS at 3,248,717 tons up 228% from a year ago

 

Surveyor Intertek Agri Services estimated Malaysia’s July 1-20th palm oil exports at 868,853 tons up 7.8% from a month ago

 

Survey SGS estimated Malaysia’s July 1-20th palm oil exports at 781,546 tons up 10.6% from a month ago

 

Private Egyptian buyers bought 60,000 tons of Black Sea origin wheat.

 

Pakistan bought 130,000 tons of Black Sea origin wheat for July/August shipment

 

Turkey seeks 165,000 tons of optional origin milling wheat for Aug-Oct shipment

 

Turkey seeks 65,000 tons of feed barley optional origin for Aug-Oct shipment.

 

MARS estimated EU28 rapeseed yield at 3.32 TPH vs. previous estimate of 3.21 TPH , up 6.9% from a year ago and up 8.4% from the five year average.

 

Russia’s Ag Min said Russia exported 1.007 MMT of grain between July 1- July 16 up 46.9% from a year ago

 

Russia’s Ag Min estimated Russia ‘14/15 grain exports at 27-30 MMT vs. 25.372 MMT in ‘13/14

 

Doane’s 31st annual crop tour starts today 7/21 – 7/24 will tour the western route (Western IL, IA, Southern Minnesota, East Nebraska , and Eastern Missouri) 7/27- 7/29 will tour the eastern route (the rest of IL, IN , and western OH)

 

Alberta weekly crop progress report said canola conditions 74% good to excellent

 

Alberta weekly crop progress report said 77% of the grain crop is in good to excellent conditions.

 

50 bean oil receipts were canceled Friday afternoon out of Minnesota Soybean Processors, Brewster MN . Total receipts remaining are 7,801.

 

16 rice receipts were canceled Friday afternoon

 

European milling wheat futures fall 1.8% to a four year low.

 

Ideal crop weather in US continues.

 

Open interest as of Friday’s close

  • Total corn 1,327,352 open, up 9,641
  • Total beans 643,813 open, up 4,466
  • Total meal 311,280 open, down 722
  • Total bean oil 333,113 open, down 1,827
  • Total wheat 414,702 open, up 6,576
  • Total KC wheat 143,140 open, up 294

 

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
    • Corn good to excellent conditions – unchanged to 1% higher from 76% good to excellent a week ago
    • Bean good to excellent conditions –  unchanged to 2% higher from 72% good to excellent a week ago
    • Spring wheat good to excellent conditions – 1% lower to 1% higher from 70% good to excellent a week ago
  • Weekly API energy inventory report comes out tomorrow at 330 pm CST.
  • On Thursday China, Eurozone, Germany, and France flash mfg PMIs come out
  • Last trading day for Aug options is Friday. Options expire at 115 pm CST
  • Position day for August futures is July 30th
  • First notice day for August futures is July 31st

 

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