Written Commentary
TODAY—DELIVERABLE STOCKS
Overnight trade has SRW Wheat down roughly 3 cents, HRW down 5; HRS Wheat down 1, Corn is down 88 cents; Soybeans down 11; Soymeal down $0.50, and Soyoil down 90 points.
Chinese Ag futures (January) settled up 17 yuan in soybeans, down 16 in Corn, down 26 in Soymeal, down 138 in Soyoil, and down 54 in Palm Oil.
Malaysian palm oil prices were down 55 ringgit at 3,271 (basis February) at midsession on market move.
The player sheet had funds net buyers of 4,000 contracts of SRW Wheat; bought 12,000 Corn; bought 8,000 Soybeans; net bought 1,000 lots of Soymeal, and; net bought 1,000 lots of Soyoil.
We estimate Managed Money net long 21,000 contracts of SRW Wheat; long 294,000 Corn; net long 232,000 Soybeans; net long 78,000 lots of Soymeal, and; long 114,000 Soyoil.
Preliminary Open Interest saw SRW Wheat futures down roughly 3,200 contracts; HRW Wheat down 1,400; Corn down 9,000; Soybeans down 2,700 contracts; Soymeal down 2,600 lots, and; Soyoil down 3,800.
There were no changes in registrations—Registrations total 109 contracts for SRW Wheat; ZERO Oats; Corn 1; Soybeans 179; Soyoil 1,770 lots; Soymeal 193; Rice 417; HRW Wheat 113, and; HRS 1,195.
Tender Activity— Turkey seeks 350,000t optional corn—-
U.S.Winter Wheat plantings were 96% complete versus trade estimates of 97% and 94% average.
—Winter Wheat conditions 46% good to excellent versus trade estimates of46%, 45% last week, 52% a year ago
U.S. Corn harvest 95% complete versus 96% estimate and 87% average.
U.S. Soybean harvest 96% complete versus 96% estimate and 93% average.
The U.S. Department of Agriculture in a weekly crop progress report on Monday rated 43% of the U.S. winter wheat crop in good to excellent condition, down from 46% a week earlier and bucking trade expectations for an improvement.
Yesterday’s U.S. weekly export inspections had
—Wheat exports running 1% ahead of a year ago (2% last week) with the USDA currently forecasting a 1% increase on the year
—Corn 68% ahead of a year ago (up 74% last week) with the USDA up 49% for the season
—Soybeans are up 78% on the year (up 78% last week) with the USDA having a 31% increase forecasted on the year
Cold Storage November 23, 2020
OCTOBER HIGHLIGHTS: Total red meat supplies in freezers were up 1 percent from the previous month but down 12 percent from last year. Total pounds of beef in freezers were up 8 percent from the previous month and up 7 percent from last year. Frozen pork supplies were down 4 percent from the previous month and down 27 percent from last year.
European wheat rose on Monday, supported by fresh gains for U.S. grain futures and continuing demand from wheat importers. March milling wheat, the most active contract on the Paris-based Euronext exchange, was up 1.50 euros, or 0.7%, at 210.25 euros ($248.60) a tonne at 1708 GMT.
Indonesia’s palm oil exports are estimated at 36.1 million tonnes for this year, official data from the country’s Estate Crop Fund showed on Tuesday. Its palm oil exports are forecast to edge slightly higher next year, at 36.49 million tonnes, the data showed.
Exports of Malaysian palm oil products for October rose 6.9 percent to 1,714,779 tonnes from 1,604,729 tonnes shipped during September, cargo surveyor Societe Generale de Surveillance said on Tuesday.
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