News From The Grain Floor 07/17/15

Weather Highlights

We’ll have heat in the 90’s today, tomorrow and second part of next week across the northern plains and corn belt. Near term rains should focus on the southern 2/3 of the corn belt with 0.75” to 1.50” coverage in most locations especially Saturday and Sunday. Rains chances will continue into July 22-26 but will focus on the northern parts of the corn belt and plains.  See maps below.

Overnight closes

  • SX down 6 ¼ at 1004 ¾
  • CZ down 5 ½ at 435 ½
  • WU down 5 ¾ at 565 ¼
  • KC WU down 6 ¼ at 547
  • MWU down 4 ¼ at 577 ¾
  • SMZ down 1.80 at 347.90
  • BOZ down 13 at 3167

Overnight volume

  • SX 15,783
  • CZ 17,493
  • WU 6,993
  • KC WU 1,208
  • MWU 192
  • SMZ 4,195
  • BOZ 6,122

Overnight option volume

  • Beans 2,548
  • Corn 5,017
  • Wheat 3,150
  • Meal 488
  • Bean Oil 6

Total EOO’s cleared from previous session

Contract Year Month

Product Desc

P/C Ind

Strike Price

Ex Pit Volume – CME Group

201509

CORN OPTIONS

C

410

421

201509

CORN OPTIONS

C

400

99

201509

CORN OPTIONS

C

390

91

Funds

 

COT

COT

COT

 

 

 

 

 

 

 

Current

 

30-Jun

7-Jul

to COT

8-Jul

9-Jul

10-Jul

13-Jul

14-Jul

15-Jul

16-Jul

Estimate

Corn

-9214

89510

98724

3000

10000

12000

15000

-14000

3000

1000

119510

Wheat

-22413

-7744

14669

0

2000

-2000

-2000

-2000

-3000

-4000

-18744

Soybeans

69632

68318

-1314

4000

12000

5000

5000

-3000

-6000

-1000

84318

Soymeal

35423

45209

9786

2000

7000

3000

2000

0

3000

-4000

58209

Soyoil

38823

20471

-18352

3000

5000

2000

3000

-3000

-5000

-3000

22471

News

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

Nikkei up .25%

Hang Seng up 1.0%

Shanghai Index up 3.5%

China grain markets closings = beans up 13, corn up 40, meal down 4, palm oil down 10, and bean oil down 10

Malaysian palm oil markets were closed today for holiday. Trading resumes Monday

Reports yesterday Algeria bought 250,000 tons of optional origin wheat – Some reports saying they bought as much as 600,000 tons of optional origin (possibly French) wheat for October shipment

Reports of Brazilian corn and Argentine soymeal being imported into the US.

China sold 65,122 tons of corn at this week’s auction. They offered 5.33 MMT of corn

China sold 23,551 tons of cotton at this week’s auction. Only 8.78% of total offered

The US Coast Guard reopened flood swollen section of the Illinois River to commercial traffic yesterday afternoon

 Receipt Registrations as of yesterday afternoon

  • Wheat = 470
  • Oats = 18
  • Corn =264

o   89 corn receipts canceled yesterday afternoon

  1. 39 out of ADM Ottawa –N IL
  2. 2 out of ADM Ottawa – S IL
  3. 48 out of ADM Spring Valley IL
  • Ethanol = 57
  • DDGs = 0
  • Beans = 9

o   88 bean receipts were canceled yesterday afternoon

  1. 88 out of CGB Utica IL
  • Bean oil = 3,063
  • Soymeal = 0
  • Rice = 2,424

o   10 new rice receipts were registered yesterday afternoon by Harvest Rice McGehee, AR

  • KC wheat = 2

o   8 receipts were canceled yesterday afternoon

  1. 7 out of ADM Hutchinson Elev. A, KS
  2. 1 out of ADM Hutchinson Elev. I , KS
  • Minneapolis wheat =  722

Open interest as of yesterday’s close

  • Total corn 1,369,853 open, up 11,821
  • Total soybeans 673,423 open, down 992
  • Total soymeal 403,595 open, down 1,242
  • Total bean oil 373,149 open, up 1,255
  • Total wheat 405,564 open, down 4,198
  • Total KC wheat 192,823 open, up 901

Upcoming reports/events:

  • Weekly COT report comes out today at 230 pm CST
  • Monday surveyors SGS and Intertek will come out with their Malaysian July 1-20th palm oil export estimates
  • 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 .

o   Expecting soybean good to excellent conditions to be steady to up 1% from a week ago

o   Expecting corn good to excellent conditions to be steady to up 1% from a week ago

  • Canadian Wheat Board – Canada crop tour is July 21-24th
  • USDA will restart monthly census crush reports, hearing first report comes out August 3rd .
  • Lanworth Midwest crop tour is Aug 3-5th
  • Pro Farmer annual crop tour is August 16-20th

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