DJ China Dalian Grain Futures Closing Prices, Volume
Soybean No. 1
Turnover: 447,670 lots, or 20.75 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-14 4,640 4,650 4,640 4,640 4,681 4,643 -38 8 4
Sep-14 4,575 4,584 4,546 4,548 4,568 4,562 -6 77,392 243,202
Nov-14 4,613 4,613 4,561 4,599 4,604 4,587 -17 198 190
Jan-15 4,652 4,670 4,623 4,628 4,636 4,641 5 341,274 432,594
Mar-15 4,650 4,710 4,650 4,695 4,696 4,697 1 20 86
May-15 4,760 4,786 4,745 4,751 4,752 4,762 10 26,776 69,286
Jul-15 4,776 4,776 4,776 4,776 4,740 4,776 36 4 12
Sep-15 4,845 4,863 4,833 4,833 4,836 4,843 7 1,998 8,910
Nov-15 – - – 4,778 4,778 4,778 0 0 0
Soybean No. 2
Turnover: 22 lots, or 944200 yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-14 4,991 4,991 4,800 4,800 4,800 4,863 63 6 6
Sep-14 4,240 4,244 4,240 4,244 4,227 4,242 15 4 404
Nov-14 – - – 4,079 4,079 4,079 0 0 6
Jan-15 4,020 4,025 3,985 3,985 4,005 4,013 8 8 134
Mar-15 4,035 4,045 4,035 4,045 4,063 4,040 -23 4 8
May-15 – - – 4,140 4,140 4,140 0 0 10
Corn
Turnover: 183,378 lots, or 4.37 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-14 2,378 2,378 2,362 2,374 2,363 2,369 6 8 16
Sep-14 2,375 2,412 2,374 2,394 2,368 2,389 21 162,762 271,042
Nov-14 2,330 2,341 2,330 2,341 2,319 2,336 17 16 76
Jan-15 2,333 2,355 2,331 2,339 2,329 2,338 9 18,576 54,372
Mar-15 – - – 2,353 2,353 2,353 0 0 4
May-15 2,360 2,375 2,360 2,368 2,357 2,367 10 2,016 15,486
Soymeal
Turnover: 1,646,174 lots, or 61.16 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-14 3,922 3,968 3,922 3,959 3,934 3,958 24 120 5,436
Aug-14 3,820 3,860 3,820 3,854 3,796 3,832 36 410 3,900
Sep-14 3,811 3,849 3,804 3,846 3,794 3,826 32 1,079,802 1,409,002
Nov-14 3,737 3,740 3,704 3,740 3,712 3,728 16 82 828
Dec-14 3,630 3,650 3,621 3,643 3,610 3,638 28 76 1,298
Jan-15 3,541 3,565 3,537 3,559 3,528 3,549 21 436,214 1,211,044
Mar-15 3,481 3,515 3,463 3,496 3,472 3,483 11 116 976
May-15 3,329 3,363 3,329 3,362 3,329 3,348 19 129,354 379,032
Palm Oil
Turnover: 332,786 lots, or 19.92 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jun-14 – - – 6,008 6,008 6,008 0 0 0
Jul-14 – - – 6,128 6,128 6,128 0 0 0
Aug-14 – - – 5,918 5,918 5,918 0 0 34
Sep-14 5,928 5,952 5,910 5,912 5,924 5,930 6 209,180 415,706
Oct-14 – - – 5,918 5,914 5,918 4 0 4
Nov-14 – - – 5,840 5,836 5,840 4 0 4
Dec-14 – - – 6,012 6,012 6,012 0 0 2
Jan-15 6,082 6,102 6,054 6,058 6,072 6,076 4 121,760 250,238
Feb-15 – - – 6,152 6,152 6,152 0 0 0
Mar-15 – - – 6,138 6,138 6,138 0 0 2
Apr-15 – - – 6,114 6,110 6,114 4 0 0
May-15 6,228 6,240 6,194 6,198 6,210 6,212 2 1,846 11,796
Soybean oil
Turnover: 310,224 lots, or 21.27 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-14 – - – 6,646 6,646 6,646 0 0 8
Aug-14 – - – 6,740 6,740 6,740 0 0 34
Sep-14 6,800 6,822 6,792 6,798 6,784 6,802 18 195,096 488,026
Nov-14 – - – 6,854 6,854 6,854 0 0 18
Dec-14 – - – 6,946 6,928 6,946 18 0 10
Jan-15 6,928 6,964 6,928 6,936 6,920 6,940 20 107,518 462,606
Mar-15 – - – 6,988 6,988 6,988 0 0 18
May-15 6,916 6,978 6,916 6,952 6,932 6,952 20 7,610 42,002
Notes:
1) Unit is Chinese yuan a metric ton;
2) Ch. is day’s settlement minus previous settlement;
3) Volume and open interest are in lots;
4) One lot is equivalent to 10 metric tons.
WHEAT
General Comments: Wheat closed lower again on reports of much better weather for finishing the crop in the central and southern Great Plains and on forecasts for drier and warmer conditions in the northern Great Plains and Canadian Prairies to aid in planting and initial growth of Spring Wheat. Reports of lower prices for Wheat in Europe and Russia hurt price action in the US. Reports indicate that demand is not strong anywhere for Wheat. Futures were able to recover from the lows along with the rallies in Corn and Soybeans. Europe and Russia have exportable surplus Wheat and are reported to be offering in a big way, but are finding few takers. China also has a much better crop this year, so world demand should be less for exporters to sell into. Funds and other speculators were the best sellers. Spring Wheat areas of the northern Great Plains and into Canada should get drier and warmer weather to promote planting progress along with some showers this week. None of the precipitation looks to be heavy and should not cause much in the way of delays. The US has seen a lot of rain this week in the Great Plains and crop conditions should now be stable..
Overnight News: The southern Great Plains should see showers today and tomorrow, then drier weather. Temperatures should average near to above normal. Northern areas should get scattered showers and storms this weekend. Temperatures should average near normal. The Canadian Prairies should get scattered showers the rest of this week and drier conditions this weekend. Temperatures will be near to above normal.
Chart Analysis: Trends in Chicago are down with objectives of 640 and 617 July. Support is at 631, 625, and 616 July, with resistance at 648, 651, and 664 July. Trends in Kansas City are down with objectives of 728 July. Support is at 729, 723, and 718 July, with resistance at 759, 771, and 780 July. Trends in Minneapolis are down with objectives of 713 and 681 July. Support is at 711, 707, and 702 July, and resistance is at 732, 738, and 754 July.
RICE
General Comments: Futures closed lower in light to moderate volume trading. There was a lot of rain in Texas ans southern Louisiana, but crops in the region are said to be OK for now. Some levees will need to be rebuilt and some water must be drained, then losses, if any, will become more apparent. However, producers do not appear real concerned for now. It remains mostly a domestic market, and the domestic market remains quiet. Most of the Rice appears to be sold in areas near the Gulf Coast. That puts most of the available Long Grain Rice in Arkansas, but there is little trading interest seen. The weather is good and the last of the crop should be getting planted now. Asian long grain prices are mostly steady today. Many industry members will be in Costa Rica for the rest of the week at a Rice convention of the Americas.
Overnight News: Showers and storms today and tomorrow, then dry. Temperatures will average near to below normal.
Chart Analysis: Trends are down with objectives of 1493 July. Support is at 1488, 1476, and 1464 July, with resistance at 1509, 1512, and 1517 July.
CORN AND OATS
General Comments: Corn and Oats closed higher as the Midwest weather continued to improve. Ideas are that both markets were oversold and due a corrective bounce. USDA showed big crop progress last week, and it is possible that futures will continue to move lower for the short term. Crop conditions are currently very good and demand is not particularly strong. However, Oats has gotten support from planting delays in the northern Midwest and up into Canada, and there is a chance that some acreage in the northwest Corn Belt will not get planted due to the late date. However, farmers are working hard to get both crops in the ground now. Corn is generally working lower as the crop is mostly planted and much of it has emerged. It will be warm with some showers around through this weekend to promote good growth. Trends on the charts are weak and imply that futures can work lower. However, futures might be getting oversold and could see some recovery trading for another day or two this week.
Overnight News:
Chart Analysis: Trends in Corn are down with objectives of 450 July. Support is at 467, 457, and 453 July, and resistance is at 475, 476, and 482 July. Trends in Oats are mixed to down with objectives of 326 and 313 July. Support is at 336, 327, and 320 July, and resistance is at 350, 353, and 358 July.
SOYBEANS AND PRODUCTS
General Comments: Soybeans and products were higher despite improved US weather that implied rapid planting progress. Ideas of tight domestic supplies supported the market and bull spreads for Soybeans and Soybean Meal. There was more talk of Chinese firms having problems with letters of credit and ideas that more Soybeans could move to the US from South America. The strong domestic demand continues, but ideas are that the export demand is slowing. Soybeans are getting planted now, and reports from the country indicate that many farmers are about done Corn planting and moving to Soybeans. Some are now done with Soybeans. There will be some shifting from Corn to Soybeans as it got too late for producers in the north to plant all the intended Corn area. The weather though this weekend features mostly good planting and growing conditions as temperatures will remain warm and there will be only scattered showers. Supplies will remain tight, but it seems to be possibly for imports from Brazil to be very strong as reports indicate that more ships are on the way. Speculators overall remain very long Soybeans and Soybean Meal and have apparently decided to reduce these positions this week.
Overnight News:
Chart Analysis: Trends in Soybeans are mixed to up with objectives of 1575 July. Support is at 1482, 1478, and 1468 May, and resistance is at 1512, 1520, and 1537 May. Trends in Soybean Meal are mixed to up with objectives of 508.00, 513.00, and 521.00 July. Support is at 493.00, 490.00, and 484.00 July, and resistance is at 500.00, 508.00, and 512.00 July. Trends in Soybean Oil are down with objectives of 3870 July. Support is at 3950, 3910, and 3875 July, with resistance at 3990, 4035, and 4100 July.
CANOLA AND PALM OIL
General Comments: Canola was closed higher in recovery trading. Speculators were the best buyers as planting and crop development conditions across the Canadian Prairies have shown a big improvement since last weekend. Bad planting conditions have kept progress slow until now, and progress overall remains behind average. Farmers should be actively planting this week and will probably display very little interest in selling. But, there are still big supplies from the previous crop to be moved. Vegetable oils prices around the world are under pressure and Canola reflected the weakness. Palm Oil was lower on ideas of increasing production and o currency concerns. The production is increasing as Ramadan demand starts to fade. Export demand has been positive so far this month, but demand is now expected to weaken somewhat. The Ramadan demand should be getting covered now and the domestic demand is not big enough to absorb increased production. Domestic demand is expected to tay generally strong on increased use for biofuels. Indian and Chinese demand is not bad, but not super strong. The weather features showers in Malaysia and showers and storms in Indonesia.
Overnight News:
Chart Analysis: Trends in Canola are down with objective of 455.00 and 430.00 July. Support is at 457.00, 455.00, and 454.00 July, with resistance at 471.00, 475.00, and 479.00 July. Trends in Palm Oil are mixed to down with no objectives. Support is at 2490, 2460, and 2430 August, with resistance at 2540, 2575, and 2610 August.
DJ Asian Biofuel Motorists Drive Palm Oil Prices Higher
By Huileng Tan
The price of palm oil is being pushed higher by Indonesian and Malaysian efforts to cut fossil fuel use, and this is feeding through to the cost of many products sold in supermarkets world-wide.
The two countries, who together produce 85% of the world’s palm oil, have long had government mandates to divert some of it to make biodiesel for blending with transport fuels or for use in industry, but increasing amounts are now ending up in motorists’ filling stations.
While future blending targets might not be met, as has been the case in the past, palm oil’s growing use as a biofuel is reducing its availability for other uses and this has helped push prices up substantially. This in turn is adding to the costs of companies world-wide using the palm oil in products ranging from ice cream to cosmetics and washing powder.
This year, about 7.7% of Indonesia’s output of 31 million tons is expected to be used to make biodiesel, up from 1.8%-2.1% a year ago, helping the government save some of the billions of dollars this former Organization of the Petroleum Exporting Countries member spends on importing oil and keeping the price of auto fuel artificially low through subsidies.
Palm oil output by the two this year is on track to be around 50.4 tons, versus 47.8 tons last year. Increasing output to meet rising biofuel needs isn’t an easy option given controversy over deforestation, land use restrictions and the environmental sustainability of the industry.
Higher crude-oil prices in world markets last year–crude has been on an uptrend for around 18 months–has helped drive demand for biofuel.
Indonesia’s government, under budget pressure from increasingly expensive oil, responded by trimming subsidies on transport fuel last year, pushing up domestic gasoline and diesel costs by one-third. The country relies on imports for around 40% of oil needs.
Global benchmark Bursa Malaysia crude palm oil futures slumped to a 45-month low last July, of 2,137 ringgit a ton, and these have since climbed back by 17%.
One factor in that recovery was unseasonably dry weather earlier in 2014 which cut palm oil output. Another was more blending for biofuel.
More recently, though, prices have eased slightly from an 18-month high reached in March to around 2,500 ringgit a ton, although if the El Niño weather system arrives later this year as weather forecasters increasingly expect, this could bolster the price late this year or in 2015.
As higher palm oil prices have increased the cost of making biodiesel, Indonesia is unlikely to meet its target to blend 3.4 million tons of palm oil in 2014, and probably will use about 2.4 million tons instead, said Indonesian Palm Oil Association’s executive director, Fadhil Hasan.
Indonesia’s government started development of the biofuel industry in 2006. Oil-based transport fuels containing 1% of the product were introduced in 2008 and targets were increased later, to 7.5% and then in September 2013 to 10%. Longer-range plans call for this to rise to 20%.
Both of the major political parties in Indonesia’s presidential elections due July may further reduce transport fuel subsidies, which should ensure strong future demand for palm oil for blending.
In Malaysia, the government expects to fully implement 5% palm oil biodiesel blending nationwide by July this year. The country introduced its national biofuel program in 2006.
Leading London-based vegetable oils analyst Dorab Mistry has described Indonesia’s biofuel mandate a “game-changer” that will keep palm oil prices “relatively high for a long time”.
DAIRY
General Comments: Prices moved sharply lower on reports of less demand, especially for exports. Trends are mixed after the collapse in prices yesterday, but futures are still at Support areas and could try to rally today and tomorrow. Domestic Butter demand is strong while demand for Cheese and Milk depends on the region. Production conditions across the complex are mixed. Production of fluid Milk is mixed in the north, but is starting to fade in the south. The warmer Midwest weather is helping the production of fluid milk. Weaker international demand has been reported as China is out of the market for the short term. They are expected to return in a couple of months once supplies become less in the country. European prices remain soft on strong production. Production is peaking in the west and coming close to the peak in the east. Domestic and international dried dairy prices are weak. Australian production has increased on better weather. New Zealand production is seasonally lower as the industry starts to prepare for next year. Even so, Fonterra said that pool returns could be lower less year and that farmer incomes could also be lower on increased world dairy supply projections. Fonterra is keeping the payout projections the same as this year for now.
Overnight News:
Chart Analysis: Trends in Milk are mixed to up with objectives of 2150 and 2275 July. Support is at 2-060, 2040, and 2000 July, and resistance is at 2130, 2145, and 2160 July. Trends in Cheese are mixed. Support is at 197.00, 195.00, and 194.00 July, with resistance at 206.00, 207.00, and 209.00 July. Trends in Butter are mixed. Support is at 210.00, 207.00, and 206.00 July, and resistance is at 215.00, 218.00, and 221.00 July.
Daily Cash Nonfat Dry Milk Trading on Wednesday, May 28, 2014
(Carload Unit = 42,000-45,000 lbs)
——————————————————————
NONFAT DRY MILK : CLOSE : CHANGE
——————————————————————
GRADE A : $1.8225 : .0250
——————————————————————
SALES: NONE
LAST BID UNFILLED: 2 CARS GRADE A @ $1.8225
LAST OFFER UNCOVERED: NONE
Close represents US $ per pound. Change is price change from previous close.
Information disseminated by USDA, Dairy Market News – Madison, WI
1138C (608) 278-4150
USDA/AMS/Dairy Market News, Madison, Wisconsin
Dairy Market News website: www.ams.usda.gov/dairymarketnews
Dairy Market News database portal: www.marketnews.usda.gov/portal/da
Daily Cash Cheese Trading on Wednesday, May 28, 2014
(Carload Unit = 40,000-44,000 lbs.)
——————————————————————
CHEESE : CLOSE : CHANGE
——————————————————————
BARRELS : $1.9450 : -.0875
40# BLOCKS : $2.0000 : -.0200
——————————————————————
SALES: 3 CARS BARRELS @ $2.0350
3 CARS 40# BLOCKS:
2 @ $2.0350, 1 @ $2.0375
LAST BID UNFILLED: NONE
LAST OFFER UNCOVERED: 1 CAR BARRELS @ $1.9450
1 CAR 40# BLOCKS @ $2.0000
Close represents US $ per pound. Change is price change from previous close.
Information disseminated by USDA, Dairy Market News – Madison, WI
1133C (608) 278-4150
USDA/AMS/Dairy Market News, Madison, Wisconsin
Dairy Market News website: www.ams.usda.gov/dairymarketnews
Dairy Market News database portal: www.marketnews.usda.gov/portal/da
Daily Cash Butter Trading on Wednesday, May 28, 2014
(Carload Unit = 40,000-42,000 lbs)
——————————————————————
BUTTER : CLOSE : CHANGE
——————————————————————
GRADE AA : $2.2950 : .0450
——————————————————————
SALES: 2 CARS GRADE AA:
1 @ $2.2500, 1 @ $2.2525
LAST BID UNFILLED: 1 CAR GRADE AA @ $2.2950
LAST OFFER UNCOVERED: NONE
Close represents US $ per pound. Change is price change from previous close.
Information disseminated by USDA, Dairy Market News – Madison, WI
1140C (608) 278-4150
USDA/AMS/Dairy Market News, Madison, Wisconsin
Dairy Market News website: www.ams.usda.gov/dairymarketnews
Dairy Market News database portal: www.marketnews.usda.gov/portal/da
Midwest Weather Forecast: Chances for showers and storms today and again late in the week. Temperatures will average above normal.
FOB Gulf Basis Levels-Cents per Bushel
Corn HRW SRW Soybeans Soybean Meal Soybean Oil
May 63 July 142 July 61 May 82 July 45 July 50 July
June 59 July 130 July 38 July 80 July
July 58 July 38 July 82 July
All basis levels are positive unless noted as negative
Brazil Premiums Soybeans Soybean Meal Soybean Oil Corn
May Plus 70 July July
June minus 32 July minus 20 July plus 63 Sep August
July minus 31 July minus 21 July plus 65 Sep September
Canada, Malaysia, y Indonesia:
DJ ICE Canada Cash Grain Close – May 28
Winnipeg–The following are the closing cash grain
prices from ICE Futures Canada.
Values are based on the commodity being delivered at
Thunder Bay, Ontario, unless otherwise noted. Source: ICE
Futures Canada
Price Change
CANOLA
*Par Region 439.40 dn 21.50
Basis: Thunder Bay
1 Can 496.50 up 7.10
2 Can 483.50 up 7.10
Basis: Vancouver
1 Can 506.50 up 7.10
2 Can 493.50 up 7.10
FEED WHEAT
Lethbridge 208.00 unchanged
Can Feed 245.00 unchanged
WESTERN BARLEY
Lethbridge 210.00 unchanged
All prices in Canadian dollars per metric ton.
*Quote for previous day
Source: Commodity News Service Canada (cnscanada@shaw.ca,
or 204-414-9084)
DJ Malaysian PM Cash Market Prices for Palm Oil – May 29
The following are prices for Malaysian palm oil in the cash market at 1000 GMT Thursday supplied by commodity broker Matthes & Porton Bhd.
Prices are quoted in U.S. dollars a metric ton except for crude palm oil and palm kernel oil which are in ringgit a ton. Palm kernel oil prices are in ringgit a pikul–a Malaysian measurement equivalent to 60 kilograms.
Refined, bleached and deodorized palm oil, FOB, Malaysian ports
Offer Change Bid Change Traded
June 805.00 -07.50 Unquoted – -
Jul/Aug/Sep 790.00 -12.50 Unquoted – -
Oct/Nov/Dec 787.50 -12.50 Unquoted – -
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Jun 807.50 -07.50 Unquoted – -
Jul/Aug/Sep 792.50 -12.50 Unquoted – -
Oct/Nov/Dec 790.00 -12.50 Unquoted – -
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Jun 790.00 00.00 Unquoted – -
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Jun 780.00 00.00 Unquoted – -
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jun 2,500 -20.00 Unquoted – -
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jun 235.00 -01.00 Unquoted – -
($1=MYR3.2220)
Questions? Ask Jack Scoville today at 312-264-4322
View Morning Grains Archives • www.pricegroup.com
A Subsidiary of Price Holdings, Inc. – an Employee Owned Diversified Financial Services Firm. Member NIBA, NFA
Past results are not necessarily indicative of future results. Investing in futures can involve substantial risk of loss & is not suitable for everyone. Trading foreign exchange also involves a high degree of risk. The leverage created by trading on margin can work against you as well as for you, and losses can exceed your entire investment. Before opening an account and trading, you should seek advice from your advisors as appropriate to ensure that you understand the risks and can withstand the losses.
The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or futures. The Price Futures Group, its officers, directors, employees, and brokers may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction. Reproduction and/or distribution of any portion of this report are strictly prohibited without the written permission of the author. Trading in futures contracts, options on futures contracts, and forward contracts is not suitable for all investors and involves substantial risks. ©2014