News From The Grain Floor

Good morning.

 

Plan for work for today and every day, then work your plan.

–          Margret Thatcher

 

USDA October crop production and supply and demand report comes out today at 11 am CST. See attachment for recap table for report.

 

Egypt GASC is in for wheat for November shipment

 

USDA announced 1,478,280 tons of corn sold to Mexico 975,360 tons for ‘14/15 shipment and 502,920 tons for ’15/16 shipment  

 

Overnight closes

  • SX down 10 at 932
  • CZ down 5 at 339 ¾
  • WZ down 4 ½ at 488 ¾
  • KC WZ down 4 at 568 ¾
  • MWZ down 4 ¾ at 548 ¾
  • SMZ down 2.20 at 311.30
  • BOZ down 31 at 3270
  • RRX down 2.50 at 1257

 

Overnight volume

  • SX 21,294
  • CZ 18,527
  • WZ 4,660
  • KC WZ 361
  • MWZ 288
  • SMZ 4,518
  • BOZ 9,477
  • RRX 11

 

Opening calls

  • Beans 9-11 lower
  • Corn 4-6 lower
  • Wheat 3-5 lower
  • KC wheat 3-5 lower
  • Minneapolis wheat 4-6 lower
  • Meal 2.00-3.00 lower
  • Bean oil 25-35 lower
  • Rice 1-3 lower

 

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

 

Nikkei down 1.15%

Hang Seng down 1.9%

Shanghai Index down .6%

 

North Korea fires artillery towards South Korea , shell lands near border – Yonhap News Agency

 

South Korea fires back with machineguns after North Korea gun shorts land in the south – Defense Ministry

 

Reports of Ebola in Brazil

 

China grain closings = beans down 86, corn down 8, meal down 17, palm oil down 10, and bean oil down 30

 

Malaysian palm oil down 10

 

Malaysian Palm Oil Board came out this morning with their Sept palm oil data report.

  • September palm oil stocks at 2.09  MMT vs. average estimate of 2.05 MMT and vs. August stocks of 2.054 MMT
  • September palm oil output at  1.897 MMT vs. average estimate of 1.87 MMT and vs. August output of 2.03 MMT
  • September palm oil exports at 1.628  MMT vs. average estimate of 1.60 MMT and vs. August exports of 1.44 MMT

 

Surveyor SGS estimated Malaysia’s Oct 1-10th palm oil exports at 395,940 tons down 18.2% from a month ago

 

Surveyor Intertek estimated Malaysia Oct 1-10th palm oil exports at 395,532 tons down 18.9% from a month ago

 

Thailand bought 220,000 tons of South American soymeal for March-June shipment

 

South Korea NOFI canceled tender for 60,000 tons of optional origin corn.

 

Hearing about 10% of the Brazilian bean crop has been planted.

 

Buenos Aires Grains Exchange said 22.5% of Argentina’s sunflower crop has been planted vs. 21.32% a week ago and vs. 29.2% a year ago

 

Dry and hot weather in Brazil bean areas for the next 5-10 days. Brazilian traders/analysts said it is too early to be concerned about the dry hot weather

 

No bean oil or soymeal deliveries.

 

ADM Hutchinson Elev. A canceled 98 KC wheat receipts yesterday afternoon . 679 KC wheat receipts remain registered.

 

Today is the fourth day of the Goldman Sachs roll. The roll ends Monday. They have been rolling long Nov bean positions and long Dec meal and bean oil positions into Jan.

 

Grain markets will be opened on Monday. Currencies and financials are closed

 

Open interest as of yesterday’s close

  • Total corn 1,305,846 open, up 3,208
  • Total beans 795,240 open, up 4,596
  • October meal 881 open, down 544
  • Total meal 359,355 open, down 86
  • October bean oil 826 open, down 400
  • Total bean oil 388,309 open, up 2,253
  • Total wheat 417,800 open, up 1,402
  • Total KC wheat 157,637 open, up 485

 

Upcoming reports/events

  • Weekly COT report comes out today at 230 pm CST
  • I will be on vacation all next week. There will be no reports sent from me during this time.
  • China’s September trade data comes out on Monday morning
  • Weekly US export inspections come out on Monday at 10 am CST
  • Weekly US crop progress report comes out on Monday at 3 pm CST
  • Last trading day for October futures is Tuesday October 14th. Futures expire at noon CST.
  • NOPA September crush report comes out on Wednesday October 15th at 11 am CST
  • November options expire Friday October 24th at 115 pm CST.

 

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