Grains Report - Wednesday, Sept. 15

assorted food in sacks

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DJ CBOT Delivery Intentions: Totals – Sep 15
Source: CME Group
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
SOYBEAN OIL September Sep 16, 2021 80 Sep 10, 2021
ROUGH RICE September Sep 16, 2021 5 Sep 14, 2021
CORN September Sep 16, 2021 17 Sep 14, 2021
KC HRW WHEAT September Sep 16, 2021 1 Sep 14, 2021
SOYBEAN September Sep 16, 2021 1 Aug 30, 2021
WHEAT September Sep 16, 2021 3 Sep 14, 2021


General Comments: Wheat was higher in all three markets in the wake of the StatsCan production estimates that showed less Canadian Wheat production than the market anticipated. Trends are now mixed on the daily charts. Dry weather in southern Russia as well as the northern US Great Plains and Canadian Prairies remains a supportive feature in the market although the weather has become old news. Crop size estimates in Russia have been reduced. The Russian weather has been good for production in northern and western areas but is still trending dry in southern areas and into Kazakhstan. The weather in China and Europe is wet and there is potential for reduced quality in Europe. Europe is expecting top yields in some areas but less yield in others and parts of eastern Europe and northern Russia are expecting strong yields.

Overnight News: The southern Great Plains should get isolated showers. Temperatures should be above
normal. Northern areas should see isolated showers. Temperatures will be near to above normal. The Canadian Prairies should see isolated showers or dry conditions. Temperatures should average near normal.

Chart Analysis: Trends in Chicago are mixed. Support is at 690, 677, and 657 December, with resistance at 706, 714, and 733 December. Trends in Kansas City are mixed. Support is at 688, 670, and 659 December, with resistance at 715, 720, and 730 December. Trends in Minneapolis are mixed. Support is at 862, 840, and 830 December, and resistance is at 890, 903, and 915 December.


General Comments: Rice closed higher again yesterday as another tropical system threatened crops in Texas and Louisiana. Hurricane Nicholas came o shore near Houston. The first crop has been largely harvested in Texas and will soon be harvested in Louisiana, but the second crop s still in the field and is still at risk of loss in both states. Nicholas is moving generally to the northeast now. Harvesting continues in Louisiana and Texas and will start to wind down in both states over the next couple of weeks. A delayed harvest is expected in Mississippi and Arkansas but a few producers are starting to harvest now. Yield reports and quality reports have been acceptable to many in Texas and are called good in Louisiana. The harvest pace is expected to be slow due to ongoing showers in both regions and farther into the north. Ideas of average yields are also heard in Arkansas and Mississippi.

Overnight News: The Delta should get isolated showers. Temperatures should be near to below normal.

Chart Analysis: Trends are mixed to up with objectives of 1381 November. Support is at 1343, 1335, and 1326 November, with resistance at 1370, 1380, and 1390 November.


General Comments: Corn was higher. Trends are now mixed on the daily charts but are still down on the weekly charts. Traders are now waiting on the harvest and yield reports. Ideas are that the yield reports will be high and will confirm the USDA production estimates or even find better yields. Most of the elevators along the Mississippi are starting to export again which is good news for nearby demand. Electricity has been restored and the elevators are transloading grain if they are not fully open yet. Another tropical storm is coming to southern Louisiana but should be mostly a big rain event. Winds are expected to be moderate. The weather remains a feature of the trade but is less important now as the Corn is filling kernels and starting to mature. Ideas are that Brazil's Corn production could be less than 85 million tons so reduced production estimates are expected in coming reports. Oats were higher yesterday as the weather remains bad for production even with the crop near or in harvest.

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