Photo by Polina Rytova on Unsplash

DJ CBOT Delivery Intentions: Totals – Sep 6
Source: CME Group
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
SOYBEAN MEAL September Sep 07, 2023 50 Jul 26, 2023
OATS September Sep 07, 2023 3 Sep 05, 2023
WHEAT September Sep 07, 2023 161 Aug 31, 2023

DJ U.S. July Grain Exports-Sep 6
In kilograms (top) and in bushels (bottom), except flour in cwt and malt
in pounds. /1 denotes includes commercial and donated. Source: U.S. Department
of Commerce.
(*)NOTE: Year ago figures reflect data reported at that time.
Data includes Exports and Re-Exports.
——- In Kilograms ——-
Jul 23 Jun 23 May 23 Jul 22
Barley 1,018,000 930,000 786,000 1,800,290
Corn /1 2,398,174,000 3,820,021,000 6,092,535,000 4,583,008,000
Sorghum 422,354,000 133,053,000 310,632,000 408,873,000
Oats 2,840,222 2,803,614 1,459,775 7,049,832
Rye 1,697,806 2,090,852 4,444 611,800
Wheat /1 1,739,893,288 1,149,535,042 1,440,609,246 1,535,399,917
wheat flour /1 12,063,265 15,304,474 13,976,408 19,425,795
Malt 29,754,799 32,518,737 23,240,574 25,064,127
——- In Bushels, CWT or Pounds ——-
Jul 23 Jun 23 May 23 Jul 22
Barley 46,756 42,714 36,100 82,686
Corn /1 94,410,971 150,386,040 239,850,047 180,423,204
Sorghum 16,627,172 5,238,011 12,228,916 16,096,454
Oats 195,674 193,151 100,569 485,689
Rye 66,839 82,312 175 24,085
Wheat /1 63,929,478 42,237,749 52,932,785 56,415,710
wheat flour /1 265,950 337,406 308,127 428,266
Malt 65,598,114 71,691,556 51,236,704 55,256,951

DJ U.S. July Oilseed, Meal, Oils/Fats Exports-Sep 6
In kilograms (top). Oils in pounds, soybeans in bushels, meal and hulls in
short tons (bottom). Source: U.S. Department of Commerce.
(*)NOTE: Year ago figures reflect data reported at that time.
Data includes Exports and Re-Exports.
——- In Kilograms ——-
Jul 23 Jun 23 May 23 Jul 22
soybeans 1,275,868,253 831,037,319 986,457,588 2,323,126,517
soyoil 16,970,153 18,154,544 22,940,920 53,648,559
crude 10,551,958 12,721,038 16,538,547 45,407,779
refined 203,842 236,819 215,327 138,844
other/1 6,053,496 4,937,453 5,984,266 7,943,557
hydrogenated 160,857 259,234 202,780 158,379
cottonseed oil 510,387 1,296,520 3,007,858 4,930,051
crude 0 57,568 0 958,323
refined 320,005 426,815 2,539,116 3,043,983
other/1 106,596 237,954 108,286 454,254
hydrogenated 83,786 574,183 360,456 473,491
sunseeds 2,686,971 942,317 0 57,782
sunseed oil 4,797,054 7,869,524 4,191,056 8,956,505
rapeseed 10,330,281 597,763 4,324,224 3,263,305
rapeseed oil 7,346,097 7,363,287 9,728,657 4,985,167
crude 3,275,894 2,903,664 5,455,943 1,123,708
refined 4,070,203 4,459,623 4,272,714 3,861,459
linseed meal 322,163 26,000 78,000 203,092
cottonseed meal 2,535,595 4,474,771 5,501,734 5,130,259
soymeal 953,621,545 939,743,515 822,844,754 669,080,108
soymeal/flour 120,051,356 303,997,584 243,460,432 150,010,112
soymeal hulls 9,699,000 16,260,000 14,404,000 10,707,000
lard 1,048,184 1,152,821 1,367,973 1,163,678
edible tallow 1,952,943 3,206,591 3,600,906 6,544,488
inedible tallow 7,285,463 4,142,992 3,069,428 27,200,791
ch white grease 49,762 24,881 19,745 0
——- In Bushels, Pounds or Short Tons ——-
Jul 23 Jun 23 May 23 Jul 22
soybeans 46,879,652 30,535,081 36,245,740 85,359,411
soyoil 37,412,790 40,023,925 50,576,080 118,274,847
crude 23,263,089 28,045,093 36,461,261 100,107,034
refined 449,395 522,097 474,715 306,099
other/1 13,345,677 10,885,222 13,193,050 17,512,548
hydrogenated 354,629 571,513 447,053 349,166
cottonseed oil 1,125,211 2,858,338 6,631,193 10,868,904
crude 0 126,916 0 2,112,741
refined 705,490 940,966 5,597,794 6,710,835
other/1 235,004 524,599 238,730 1,001,459
hydrogenated 184,717 1,265,857 794,670 1,043,869
sunseeds 5,923,758 2,077,454 0 127,388
sunseed oil 10,575,696 17,349,334 9,239,698 19,745,717
rapeseed 22,774,375 1,317,842 9,533,284 7,194,357
rapeseed oil 16,195,374 16,233,272 21,448,021 10,990,414
crude 7,222,111 6,401,484 12,028,297 2,477,353
refined 8,973,263 9,831,787 9,419,724 8,513,061
linseed meal 355 29 86 224
cottonseed meal 2,795 4,933 6,065 5,655
soymeal 1,051,177 1,035,879 907,022 737,527
soymeal flour/me 132,333 335,097 268,366 165,356
soymeal hulls 10,691 17,923 15,878 11,802
lard 2,310,851 2,541,536 3,015,865 2,565,471
edible tallow 4,305,503 7,069,324 7,938,640 14,428,129
inedible tallow 16,061,699 9,133,735 6,766,932 59,967,489
ch white grease 109,706 54,853 43,530 0

DJ U.S. July Grain Imports-Sep 6
In kilograms, from the U.S. Commerce Department, converted to
pounds by Dow Jones.
—-Jul 2023—- —-Jun 2023—-
kilograms pounds kilograms pounds
durum wheat 434,697 958,507 610,616 1,346,408
spring wheat 270,756 597,017 163,296 360,068
winter wheat 0 0 0 0
wheat/meslin 0 0 0 0
TOTAL WHEAT 705,453 1,555,524 773,912 1,706,476
barley 18,170,011 40,064,874 51,574,631 113,722,061
oats 482,678 1,064,305 18,278,625 40,304,368
corn 123,811,352 273,004,031 146,725,542 323,529,820
other corn 12,277,345 27,071,546 60,630,975 133,691,300
TOTAL CORN 136,088,697 300,075,577 207,356,517 457,221,120

DJ U.S. Jul Soymeal, Vegetable Oils/Oilseed Imports-Sep 6
In kilograms from the U.S. Commerce Department, converted to pounds
by Dow Jones.
—-Jul 2023—- —-Jun 2023—-
kilograms pounds kilograms pounds
coconut oil 50,104,936 110,481,384 33,652,615 74,204,016
palm kernel oil 25,388,128 55,980,822 12,633,449 27,856,755
palm oil 110,169,212 242,923,112 95,820,268 211,283,691
soybean 108,089,379 238,337,081 166,564,963 367,275,743
soymeal 0 0 0 0
soyoil 12,459,146 27,472,417 7,960,441 17,552,772
rapeseed oil
edible 264,643,184 583,538,221 192,371,383 424,178,900
rapeseed oil,
inedible 168,947 372,528 114,052 251,485

DJ USDA Grain Inspections for Export in Metric Tons – Sep 5
WA_GR101
Washington, DC Tue Sept 05, 2023 USDA Market News
COUNTRY OF DESTINATION IS REPORTED AS KNOWN AT THE TIME OF EXPORTATION.
INFORMATION CONTAINED IN THIS REPORT REFLECTS EXPORTED GRAIN INSPECTED AND WEIGHED
THROUGH THE AUTHORITY UNDER THE U.S. GRAIN STANDARDS ACT. NO ADDITIONAL ANALYSIS,
COMPILATIONS OR DATA IS AVAILABLE
GRAINS INSPECTED AND/OR WEIGHED FOR EXPORT
REPORTED IN WEEK ENDING AUG 31, 2023
— METRIC TONS —
————————————————————————-
CURRENT PREVIOUS
———– WEEK ENDING ———- MARKET YEAR MARKET YEAR
GRAIN 08/31/2023 08/24/2023 09/01/2022 TO DATE TO DATE
BARLEY 0 0 200 399 1,414
CORN 481,309 599,910 542,943 37,262,860 55,021,746
FLAXSEED 0 0 0 0 0
MIXED 0 0 0 0 0
OATS 0 100 0 3,195 6,386
RYE 0 0 0 0 0
SORGHUM 107,675 78,059 58,242 2,698,970 7,481,174
SOYBEANS 378,595 326,066 500,286 52,251,304 56,965,877
SUNFLOWER 672 670 192 7,117 3,508
WHEAT 299,862 390,364 538,529 4,330,134 5,664,061
Total 1,268,113 1,395,169 1,640,392 96,553,979 125,144,166
CROP MARKETING YEARS BEGIN JUNE 1 FOR WHEAT, RYE, OATS, BARLEY AND
FLAXSEED; SEPTEMBER 1 FOR CORN, SORGHUM, SOYBEANS AND SUNFLOWER SEEDS.
INCLUDES WATERWAY SHIPMENTS TO CANADA

DJ Brazil Raises 2022-2023 Total Corn Crop Estimate to 131.9M Tons
By Jeffrey T. Lewis
SÃO PAULO–Brazilian crop agency Conab raised its estimate for corn production for the 2023-2024 growing season and left its estimate for soybean production unchanged in its final report for the crop year.
Brazilian farmers will produce a record 131.9 million metric tons of corn this season, the agency said Wednesday. In August, the agency forecast a crop of 130 million tons. Brazil produced 113.1 million tons of corn in the 2022-2023 season.
The record corn crop was helped by good weather in most regions, which boosted productivity, Conab said.
Brazilian farmers produced 154.6 million metric tons of soybeans this season, the agency said. The country produced 125.5 million tons of soybeans in 2022-2023.

Crop Progress
Date 3-Sep 27-Aug 2022 Avg
Cotton Setting Bolls 94 9- 97 95
Cotton Bolls Opening 32 25 37 33
Crorn Dough 93 88 91 92
Corn Dented 67 51 61 65
Corn Mature 10 5 14 16
Soybeans Setting Pods 95 91 94 94
Soybeans Dropping Leaves 16 5 9 13
Sorghum Headed 93 89 91 90
Sorghum Coloring 61 48 60 64
Sorghum Mature 28 22 27 28
Sorghum Harvested 19 17 20 21
Rice Harvested 34 25 23 26
Oats Harvested 98 82 89 92
Barley Harvested 80 61 75 81
Spring Wheat Harvested 74 54 68 77
Winter Wheat Planted 1 3 3

Crop Condition
Very Poor Poor Fair Good Excellent
Cotton This Week 19 22 28 26 5
Cotton Last Week 23 21 23 28 5
Cotton Last Year 19 16 34 30 5

Corn This Week 6 12 29 44 9
Corn Last Week 6 11 27 47 9
Corn Last Year 8 11 27 43 11

Soybeans This Week 5 12 30 44 9
Soybeans Last Week 4 10 28 48 10
Soybeans Last Year 5 9 29 47 10

Sorghum This Week 10 16 30 36 8
Sorghum Last Week 9 19 31 37 8
Sorghum Last Year 17 20 34 20 1

Rice This Week 1 5 24 55 15
Rice Last Week 0 3 24 58 15
Rice Last Year 1 3 24 56 16

Peanuts This Week 2 8 34 51 5
Peanuts Last Week 2 8 31 55 4
Peaanuts Last Year 1 4 25 59 11

Pasture and Range This Week 16 20 28 29 7
Pasture and Range Last Week 16 21 27 30 6
Pasture and Range Last Year 19 23 30 23 5

Wheat

General Comments: Wheat markets closed higher, but trends are still down on the daily charts for all three markets, Demand for US Wheat needs to improve and the lack of demand for US Wheat keep prices weak. Demand has been poor for US Wheat and should remain bad as Russia production looks strong and exports from Russia have not abated. It is certain that there will be no grain deal soon for Ukraine exports through the Black Sea and any export from the Danube will be difficult if not impossible. Ukraine will still be able to ship via land through the EU. It is unlikely that any ship owner or ship insurer will take the chance on any passage of Ukrainian grain through the Black Sea, and maybe not for Russia, either. The world access to Wheat from at least one and perhaps both countries is a lot more restricted. Weather forecasts call for drier weather for the northern Great Plains and Canadian Prairies and some areas will be real hot. Canada is now suffering potential crop losses due to dry weather.
Overnight News: The southern Great Plains should get isolated showers. Temperatures should be above normal. Northern areas should see isolated showers. Temperatures will average above normal. The Canadian Prairies should see scattered showers. Temperatures should average above normal.
Chart Analysis: Trends in Chicago are down with objectives of 590 and 555 November. Support is at 588, 582, and 576 November, with resistance at 616, 626, and 646 November. Trends in Kansas City are down with objectives of 682 November. Support is at 710, 704, and 698 November, with resistance at 740, 755, and 772 November. Trends in Minneapolis are down with objectives of 749 November. Support is at 752, 746, and 740 November, and resistance is at 790, 797, and 810 November.

Rice

General Comments: Rice closed higher yesterday as the US harvest expands. Yields are called average to below average in Texas and average so far in Arkansas. The quality has been a little uneven with some crops affected by the extreme heat in southern areas that has hurt field yields in some areas. India will not allow Rice exports except for Basmati for now because of too much rain on some the crops and not enough for other areas. Northern areas are too wet and southern areas are too dry. It instituted a new 20% tax on White Rice exports over the weekend that caused Indian exporters to cancel contracts to sell 500,000 tons. India is the largest exporter of Rice in the world, so it was big news and one that implies that a sharp increase in world price is once again possible.
Overnight News: The Delta should get isolated showers. Temperatures should be above normal.
Chart Analysis: Trends are up with no objectives. Support is at 1650, 1639, and 1614 November and resistance is at 1687, 1700, and 1712 November.

DJ USDA World Market Rice Prices – Sep 6
USDA today announced the prevailing world market prices
of milled and rough rice, adjusted for U.S. milling yields
and location, and the resulting marketing loan gain (MLG)
and loan deficiency payment LDP) rates. Source: USDA
—–World Price—– MLG/LDP Rate
Milled Value Rough Rough
($/cwt) ($/cwt) ($/cwt)
Long Grain 24.30 15.26 0.00
Medium/Short Grain 23.82 15.90 0.00
Brokens 14.70 —- —-
This week’s prevailing world market prices and MLG/LDP
rates are based on the following U.S. milling yields and
the corresponding loan rates:
U.S. Milling Yields Loan Rate
Whole/Broken ($/cwt)
(lbs/cwt)
Long Grain 53.50/15.38 7.00
Medium Grain/Short Grain 60.37/10.35 7.00

Corn & Oats

General Comments: Corn was higher and held above contract lows for another day as the market fights to confirm a bottom formation. Expectations are for stressful weather to continue.. Weather forecasts remain mostly dry and warm for the Midwest for the next couple of weeks. The crops will need rain to maintain the condition due to the lack of soil moisture from three months of drought that ended at the end of June but the crops are not expected to see much rain if any rain at all. A return to hot and dry weather now could impact yields in a bad way. Demand for US Corn in the world market has been very low and domestic demand has been weak due to reduced Cattle and other livestock production. The Brazil Corn harvest is underway and so export prices for Corn from Brazil are getting relatively cheap and Brazil is getting the business.
Overnight News:
Chart Analysis: Trends in Corn are mixed. Support is at 474, 471, and 468 December, and resistance is at 503, 507, and 517 December. Trends in Oats are up with no objectives. Support is at 472, 465, and 456 December, and resistance is at 500, 522, and 528 December.

Soybeans

General Comments: Soybeans and the products were lower on follow through selling from last week. Highly variable conditions were noted especially in western areas. Weather forecasts call for warm and dry conditions for the Midwest. Most longer-range maps indicate the potential for dry weather. Temperatures are expected to be above normal. Ideas are that the top end of the yield potential is gone and severe damage is becoming possible in some areas. Brazil basis levels are still low, and the US is being shut out of the market for most importers, but the US is price competitive now. Brazil is still selling a lot of Soybeans to China and other countries. Brazil has a very good crop, but the additional Soybeans grown in Brazil will be partially wiped out by the losses in Argentina.
Overnight News:
Chart Analysis: Trends in Soybeans are mixed. Support is at 1358, 1338, and 1333 November, and resistance is at 1395, 1409, and 1435 November. Trends in Soybean Meal are mixed to down with objectives of 388.00 and 370.00 October. Support is at 393.00, 389.00, and 383.00 October, and resistance is at 405.00, 412.00, and 416.00 October. Trends in Soybean Oil are mixed. Support is at 6300, 6190, and 6060 October, with resistance at 6580, 6700, and 6800 October.

Canola & Palm Oil

General Comments: Palm Oil was lower today on ideas of weaker demand and strong production. The private sources reported that the export pace is behind that of the previous month. Production ideas are strong and are helping to keep rallies in check. Canola was lower. Drier weather is generally forecast for the Prairies and the crop has been stressed, but some rain is falling now.
Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 782.00, 777.00, and 758.00 November, with resistance at 821.00, 835.00, and 850.00 November. Trends in Palm Oil are mixed. Support is at 3900, 3800, and 3700 November, with resistance at 4160, 4210, and 4270 November.

Midwest Weather Forecast Mostly dry. Temperatures should average below normal.

US Gulf Cash Basis

Corn HRW SRW Soybeans Soybean Meal Soybean Oil
September 110 Dec 115 Sep
65 Sep
140 Nov

October
94 Dec 130 Dec
80 Dec 115 Nov

November
92 Dec
140 Dec 95 Dec 107 Nov

DJ Malaysian PM Cash Market Prices for Palm Oil – Sept 6
The following are prices for Malaysian palm oil in the cash market at 1000 GMT Wednesday,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
Sept 850.00 -07.50 Unquoted – –
Oct 855.00 -10.00 Unquoted – –
Nov/Dec 870.00 -05.00 Unquoted – –
Jan/Feb/Mar 890.00 -02.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Sept 860.00 -07.50 Unquoted – –
Oct 865.00 -10.00 Unquoted – –
Nov/Dec 880.00 -05.00 Unquoted – –
Jan/Feb/Mar 900.00 -02.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Sept 800.00 -10.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Sept 795.00 -10.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Sept 3,850.00 -30.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Sept 244.00 00.00 Unquoted – –
($1=MYR4.674)

DJ China Dalian Grain Futures Closing Prices, Volume – Sep 06
Soybean No. 1
Turnover: 157,658 lots, or 8.32 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-23 5,246 5,246 5,246 5,246 5,246 5,246 0 3 6,896
Nov-23 5,247 5,319 5,243 5,273 5,225 5,290 65 124,835 131,724
Jan-24 5,197 5,255 5,194 5,225 5,177 5,233 56 20,978 47,794
Mar-24 5,137 5,189 5,135 5,165 5,121 5,174 53 9,598 7,740
May-24 5,148 5,194 5,142 5,171 5,128 5,179 51 1,652 4,565
Jul-24 5,113 5,146 5,105 5,135 5,085 5,138 53 592 776
Corn
Turnover: 533,537 lots, or 1.42 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-23 2,845 2,856 2,840 2,843 2,844 2,844 0 1,598 9,912
Nov-23 2,685 2,700 2,668 2,691 2,683 2,688 5 330,727 619,739
Jan-24 2,617 2,632 2,606 2,621 2,616 2,620 4 109,719 408,102
Mar-24 2,599 2,612 2,590 2,604 2,599 2,603 4 46,214 154,292
May-24 2,610 2,622 2,602 2,614 2,609 2,613 4 13,807 94,592
Jul-24 2,604 2,614 2,597 2,608 2,604 2,607 3 31,472 47,028
Soymeal
Turnover: 1,571,582 lots, or 63.79 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-23 4,880 4,910 4,875 4,910 4,880 4,888 8 32 4,714
Nov-23 4,550 4,604 4,535 4,592 4,551 4,578 27 140,759 352,320
Dec-23 4,255 4,319 4,248 4,309 4,258 4,285 27 17,841 58,891
Jan-24 4,086 4,147 4,075 4,135 4,076 4,118 42 1,149,962 1,863,808
Mar-24 3,750 3,830 3,750 3,824 3,750 3,803 53 14,941 58,061
May-24 3,475 3,522 3,469 3,515 3,466 3,498 32 179,801 551,290
Jul-24 3,422 3,471 3,420 3,467 3,413 3,448 35 43,939 437,395
Aug-24 3,450 3,495 3,447 3,484 3,444 3,474 30 24,307 39,236
Palm Oil
Turnover: 890,333 lots, or 68.91 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-23 7,648 7,648 7,648 7,648 7,738 7,692 -46 2 2,056
Oct-23 7,704 7,756 7,630 7,650 7,712 7,700 -12 23,933 24,685
Nov-23 7,712 7,782 7,638 7,660 7,730 7,724 -6 17,342 55,642
Dec-23 7,732 7,802 7,660 7,682 7,742 7,740 -2 9,360 35,796
Jan-24 7,726 7,816 7,662 7,690 7,740 7,744 4 783,433 473,490
Feb-24 7,722 7,808 7,660 7,688 7,738 7,742 4 6,977 18,077
Mar-24 7,718 7,802 7,656 7,686 7,728 7,732 4 3,432 16,175
Apr-24 7,708 7,788 7,636 7,672 7,720 7,720 0 4,158 3,107
May-24 7,690 7,758 7,608 7,634 7,694 7,690 -4 40,747 62,135
Jun-24 7,650 7,694 7,578 7,594 7,660 7,642 -18 501 434
Jul-24 7,602 7,646 7,540 7,558 7,596 7,616 20 355 525
Aug-24 7,586 7,634 7,520 7,538 7,574 7,560 -14 93 173
Soybean Oil
Turnover: 1,042,198 lots, or 87.77 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-23 8,742 8,742 8,612 8,678 8,606 8,672 66 14 1,556
Nov-23 8,608 8,674 8,566 8,584 8,614 8,626 12 34,827 107,166
Dec-23 8,530 8,610 8,504 8,520 8,520 8,562 42 3,951 34,214
Jan-24 8,388 8,500 8,382 8,410 8,392 8,438 46 942,616 638,024
Mar-24 8,196 8,280 8,176 8,196 8,178 8,228 50 2,522 31,599
May-24 8,002 8,082 7,970 7,994 7,994 8,024 30 45,625 86,598
Jul-24 7,920 7,996 7,884 7,912 7,916 7,936 20 7,978 112,114
Aug-24 7,938 8,010 7,904 7,930 7,934 7,952 18 4,665 18,126
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.

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