News From The Grain Floor and Overnights

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


EU leaders summit begins today and ends tomorrow.


Palm oil down 3


Chinese grain market closings – beans down 29, corn down 1, meal up 53, palm oil down 72, and bean oil down 100.


Market talk/Reports continue Brazil soybean cargoes washed out by China being resold to the US. Report on Reuters said there is talk of Brazilian bean cargoes headed to the US


Report on Reuters reads Major China soy buyer trying to resell 5-7 Brazilian bean cargoes to the US in April and May as bird flu outbreaks reduce demand


China’s government did confirm they will start selling rapeseed oil from reserves as early as next week. They will auction 300,000 tons per week


Surveyor SGS estimated Malaysia’s March 1-20th palm oil exports at 763,363 tons down 12% from a month ago


Surveyor Intertek Agri Services estimated March 1-20th palm oil exports at 767,785 tons down 12% from a month ago


Taiwan Sugar Corp canceled tender to buy 20,000 US corn and 15,000 US beans for May shipment


Bangladesh retenders to buy 50,000 tons of optional origin wheat for April/May shipment


India MMTC tenders to sell 35,000 tons of wheat for April/May shipment


Iraq bought 90,000 tons of rice from Argentina and Uruguay .


USDA attaché in Brazil estimated ‘13/14 Brazil bean crop at 88.0 MMT vs. USDA estimate of 88.5 MMT


USDA attaché in Brazil estimated ‘14/15 Brazil bean crop at 97.0 MMT (record)


USDA attaché in Brazil estimate ‘13/14 bean exports at 45.0 MMT unchanged from USDA estimate


USDA attaché in Brazil estimated ‘14/15 bean exports at 50.0 MMT


AgResource estimated ‘14/15 global corn production at 978.4 MMT (record) vs. ‘13/14 crop of 967.5 MMT


AgResource estimated ‘14/15 global wheat production at 713.8 MMT vs. 712.7 MMT a year ago


Some light rains are in the forecast for US HRW wheat areas. More rain is needed


Argentina weather forecast – cool and dry next 1-3 days then warm and dry early next week, beneficial for harvesting


Good harvest weather in northern Brazil . Rains and thunderstorms in southern Brazil.


13 rice receipts were canceled yesterday afternoon


Strategie Grains ‘14/15 EU28 crop estimates

  • Soft wheat crop at 137.7 MMT vs. previous estimate of 137.5 MMT
  • Soft wheat exports at 22.4 MMT vs. previous estimate of 21.7 MMT
  • Estimated ‘13/14 soft wheat exports at 25.6 MMT vs. previous estimate of 24.3 MMT
  • Corn crop at 65.2 MMT vs. previous estimate of 65.1 MMT
  • Barley crop at 55.4 MMT vs. previous estimate of 55.0 MMT


Estimates for this morning’s export sales report

  • Wheat old crop 250,000-500,000 , new crop 50,000-200,000, combined 300,000- 700,000 tons
  • Corn old crop 400,000 – 700,000 tons, new crop 100,000-350,000 tons, combined 500,000 – 1.5 M tons
  • Beans old crop negative 100,000 to positive 300,000, new crop  300,000-600,000 tons , combined 200,000 – 900,000 tons
  • Meal old crop 100,000-200,000 tons, new crop 30,000 – 100,000 tons, combined 130,000 – 300,000 tons
  • Bean oil old crop 0-50,000 tons, new crop 0-50,000 tons, combined 0-100,000 tons


Moving averages

  • CK 200 day 475
  • BOK 200 day 4243


Open interest as of yesterday’s close

  • Total corn 1,327,422 open, down 656
  • Total beans 643,058 open, down 13,188
  • Total meal 312,636 open, down 570
  • Total bean oil 301,891 open, down 99
  • Total wheat 348,927 open, up 4,133
  • Total KC wheat 143,017 open, up 7,778


Upcoming reports/events

  • Weekly EIA Nat Gas storage report comes out today at 930 am CST expecting – 60 BCF
  • Informa US acreage estimates come out within the next few days. Some saying today or Friday and others are saying not until Monday
  • Last trading day for April options is tomorrow Friday March 21st . Options expire at 115 pm CST
  • Weekly COT report comes out tomorrow at 230 pm CST
  • USDA US planting intentions and quarterly stocks report comes out on Monday, March 31st at 11 am CST