Photo by Steven Weeks on Unsplash

DJ U.S. Export Sales: Weekly Sales Totals-Dec 30
For the week ended Dec 22, in thousand metric tons, except cotton in thousand running bales. Net changes in commitments are gross sales, less cancellations, buy-backs and other downward adjustments. Total commitments are total export shipments plus total sales. The marketing year for wheat and barley began Jun 1, cotton and and rice Aug 1, corn, soybeans and sorghum Sep 1, and soymeal and soyoil Oct 1. Source: USDA wk’s net chg total
in commitments commitments undlvd sales this yr next yr this yr last yr this yr next yr 

wheat 478.1 33.0 14922.7 15834.5 4342.1 64.0
hrw 175.1 33.0 4129.7 6279.0 1001.6 39.3
srw 74.3 0.0 2383.8 2311.4 648.6 13.6
hrs 123.9 0.0 4510.4 4239.2 1357.9 10.8
white 80.4 0.0 3632.7 2871.6 1217.4 0.3
durum 24.4 0.0 266.2 133.4 116.7 0.0
corn 781.6 170.0 21421.2 40740.8 12186.1 1139.0
soybeans 705.8 0.0 43107.7 41319.2 16402.0 180.0
soymeal 264.3 0.0 6120.6 6094.9 3642.3 18.3
soyoil 5.4 0.0 36.7 437.8 18.3 0.6
upland cotton 82.3 3.5 8746.7 10450.1 4972.9 1203.1
pima cotton 5.6 0.0 120.7 372.5 69.3 1.1
sorghum -0.1 0.0 361.0 5285.2 142.3 0.0
barley 0.0 0.0 11.7 30.5 5.2 0.0
rice 98.7 0.0 1015.9 1590.9 466.9 0.0

DJ CBOT Delivery Intentions: Totals – Dec 30 
Source: CME Group
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
SOYBEAN OIL January Jan 03, 2023 779 Dec 15, 2022
ROUGH RICE January Jan 03, 2023 364 Dec 23, 2022

WHEAT
General Comments: Wheat markets were lower on long liquidation before the start of the long weekend and the new year. Much more moderate temperatures are in the forecast for this week but the damage from extreme cold was done last week to an already damaged HRW crop. The cold weather could have produced some Winterkill in US production areas to make a small crop even smaller. Temperatures were very cold and blizzard conditions were reported farther north due to high winds blowing the snow and probably the ground into the atmosphere. The demand for US Wheat in international markets has been a disappointment all year and currently is hindered by low prices and aggressive offers from Russia. Ukraine is also looking for new business for its crops and Russia is aggressive in the world market as it looks for cash to fund the war. The demand for US Wheat still needs to show up and there is still not enough demand news to help support futures.
Overnight News: The southern Great Plains should get isolated showers. Temperatures should average above normal. Northern areas should see isolated showers. Temperatures will average above normal. The Canadian Prairies should see scattered snow showers. Temperatures should average below normal.
Chart Analysis: Trends in Chicago are mixed. Support is at 758, 752, and 738 March, with resistance at 787, 799, and 809 March. Trends in Kansas City are mixed. Support is at 859, 841, and 829 March, with resistance at 879, 895, and 901 March. Trends in Minneapolis are mixed. Support is at 901, 894, and 888 March, and resistance is at 911, 919, and 928 March.

RICE:
General Comments: Rice was higher yesterday and trends are turning mixed on the daily charts. There is not much going on in the domestic market right now. Most Rice farmers were not paying much attention to the market as they are involved in other pursuits such as hunting. Demand in general has been slow to moderate for Rice for both exports and domestic uses. Congress included support payments of two cents per pound for Rice producers in its financing bill for the next year and the bill should be signed by President Biden. At least some traders expect selling interest to continue this week in response to the support payments as farmers could become more willing sellers of cash Rice.
Overnight News: The Delta should get isolated showers. Temperatures should be near normal.
Chart Analysis: Trends are mixed. Support is at 1800, 1791, and 1780 March and resistance is at 1835, 1840, and 1853 March.

CORN AND OATS
General Comments: Corn and Oats closed lower yesterday on a lack of offers from producers against ideas of less demand and the potential for USDA to raise ending stocks estimates in the next WASDE reports. Producers in the US are not selling as many are waiting for the next tax year to start this week before making sales. Demand for US Corn remains muted and forecasts for only light rains or dry conditions in southern Brazil and Argentina were seen. Brazil has been hanging on but Argentina has suffered through some extreme drought.. Weak demand overall for US Corn remains a big problem for the market. There are increasing concerns about demand with the Chinese economic problems caused by the lockdowns creating the possibility of less demand as South America has much better crops this year to compete with the US for sales. China is now moving rapidly to open the economy and allow people to move around with no lockdowns so the demand could start to improve. South American prices are currently close to or above than those in the US.
Overnight News:
Chart Analysis: Trends in Corn are mixed. Support is at 677, 672, and 667 March, and resistance is at 693, 698, and 705 March. Trends in Oats are mixed. Support is at 364, 360, and 350 March, and resistance is at 377, 380, and 386 March.

SOYBEANS
General Comments: Soybeans closed a little higher, with Soybean Meal lower and Soybean Oil higher. Farmers are not selling many Soybeans in the US as many are waiting for the new tax year to start next week before making any new sales. No rain was reported in Argentina and very little fell in southern Brazil. Drier weather is the forecast for this week for southern Brazil and Argentina that could stress crops in both areas again, Central and northern Brazil remain in very good condition with scattered showers reported. Production potential for the Brazil is called very strong even with potential problems and losses in the south. Argentine production ideas continue to drop with the drought as planting is delayed and the crops already in the ground are stressed. There was news that China has started to ease Covid restrictions after some demonstrations by the Chinese people. Ideas that Chinese demand will improve. Export demand for the US is improved. Domestic demand should be strong for Soybeans as the crush spreads are strong and provided crushers with a big profit margin for their crushing
Overnight News: Unknown destinations bought 186,000 tons of US Soybeans.
Chart Analysis: Trends in Soybeans are up with objectives of 1557 March Support is at 1508, 1497, and 1488 March, and resistance is at 1528, 1534, and 1540 March. Trends in Soybean Meal are mixed. Support is at 453.00, 444.00, and 435.00 March, and resistance is at 464.00 466.00, and 469.00 March. Trends in Soybean Oil are mixed to up with objectives of 6710, 6840, and 6920 March. Support is at 6500, 6440, and 6350 March, with resistance at 6670, 6790, and 6860 March.

CANOLA AND PALM OIL
General Comments: Palm Oil closed higher today as Indonesia moved to limit export availability of Palm Oil. Indonesia wi;ll now permit expoerters to sell six tons for every tons sold internally instead of eight as before. Ideas of better demand and less production are still around, with production falling due to seasonal factors. Hopes for improved demand from China were reported. China has tried to relax some Covid restrictions so that the economy can start to function again. However, new outbreaks of the virus are being reported and infection rates are rapidly increasing. Ideas are that supply and production will be strong, but demand ideas are now weakening and the market will continue to look to the private data for clues on demand and the direction of the futures market. Demand reports for the current month were stronger yesterday. Canola was higher. Ideas that Chinese demand can remain weak due to increased outbreaks of Covid there were negative. Demand for export has been less. Farmers are holding tight to harvested supplies. Reports indicate that domestic demand has been strong due to favorable crush margins. Production was much improved this year on better weather during the Summer.
Overnight News:
Chart Analysis: Trends in Canola are mixed to up with objectives of 898.00 and 930.00 March. Support is at 8566.00, 856.00, and 845.00 March, with resistance at 880.00, 889.00, and 894.00 March. Trends in Palm Oil are mixed to up with objectives of 4290 March. Support is at 4000, 3980, and 3850 March, with resistance at 4190, 4210, and 4360 March.

Midwest Weather Forecast:: Scattered snow showers. Temperatures should average below normal.

US Gulf Cash Basis

Corn HRW SRW Soybeans Soybean Meal Soybean Oil
December 135 Mar
180 Mar
135 Mar
165 Jan

January 135 Mar
180 Mar
135 Mar
165 Jan

February 123 Mar
175 Mar 135 Mar
142 Mar

DJ ICE Canada Cash Grain Close – Dec 29
WINNIPEG — The following are the closing cash canola prices
from ICE Futures.
Source: ICE Futures
1 Canada NCC Best Bid
Price Basis Contract Change
CANOLA
*Par Region 857.15 -1.85 Jan. 2023 dn 0.70
Basis: Thunder Bay 905.10 30.00 Mar. 2023 up 18.10
Basis: Vancouver 930.10 55.00 Mar. 2023 up 18.10
All prices in Canadian dollars per metric tonne.
*Quote for previous day.
Source: Commodity News Service Canada (news@marketsfarm.com,
or 204-414-9084)

DJ Malaysian PM Cash Market Prices for Palm Oil – December 30
The following are prices for Malaysian palm oil in the cash market at 1000 GMT Friday, 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
Jan 960.00 +05.00 Unquoted – –
Feb 960.00 +05.00 Unquoted – –
Mar 965.00 +07.50 Unquoted – –
Apr/May/Jun 975.00 +15.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Jan 970.00 +05.00 Unquoted – –
Feb 970.00 +05.00 Unquoted – –
Mar 975.00 +07.50 Unquoted – –
Apr/May/Jun 985.00 +15.00 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Jan 935.00 +10.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Jan 760.00 +20.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jan 4180.00 +80.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jan 250.00 +03.00 Unquoted – –
($1=MYR4.4)

DJ China Dalian Grain Futures Closing Prices, Volume – Dec 30
Soybean No. 1
Turnover: 104,465 lots, or .54 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jan-23 5,334 5,344 5,244 5,245 5,359 5,310 -49 1,011 291
Mar-23 5,293 5,293 5,231 5,254 5,260 5,251 -9 13,493 42,409
May-23 5,152 5,187 5,151 5,179 5,175 5,171 -4 79,902 163,939
Jul-23 5,159 5,178 5,152 5,170 5,164 5,165 1 6,161 20,731
Sep-23 5,160 5,182 5,158 5,175 5,169 5,170 1 2,341 17,187
Nov-23 5,172 5,192 5,168 5,188 5,179 5,181 2 1,557 13,405
Corn
Turnover: 545,237 lots, or 1.54 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jan-23 2,790 2,898 2,784 2,794 2,796 2,799 3 8,327 23,914
Mar-23 2,817 2,837 2,808 2,824 2,817 2,821 4 351,892 709,736
May-23 2,830 2,841 2,819 2,834 2,828 2,830 2 80,206 383,510
Jul-23 2,805 2,820 2,799 2,814 2,805 2,809 4 57,039 291,861
Sep-23 2,798 2,809 2,790 2,803 2,800 2,799 -1 5,618 44,130
Nov-23 2,778 2,790 2,774 2,777 2,784 2,782 -2 42,155 64,287
Soymeal
Turnover: 1,267,747 lots, or 5.03 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jan-23 4,502 4,707 4,493 4,688 4,488 4,573 85 78,543 14,946
Mar-23 4,201 4,290 4,201 4,288 4,208 4,251 43 122,313 288,822
May-23 3,870 3,940 3,851 3,936 3,867 3,898 31 885,334 1,348,032
Jul-23 3,850 3,918 3,821 3,899 3,828 3,859 31 45,331 129,331
Aug-23 3,885 3,949 3,868 3,944 3,875 3,904 29 44,938 84,030
Sep-23 3,853 3,910 3,835 3,907 3,841 3,873 32 40,631 109,923
Nov-23 3,796 3,853 3,787 3,850 3,786 3,820 34 44,076 30,321
Dec-23 3,783 3,842 3,774 3,842 3,777 3,811 34 6,581 12,227
Palm Oil
Turnover: 860,093 lots, or 70.48 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jan-23 7,948 8,102 7,862 8,068 7,918 7,934 16 11,868 4,551
Feb-23 8,048 8,168 7,970 8,168 7,980 8,046 66 19,704 64,360
Mar-23 8,040 8,240 8,006 8,238 8,024 8,100 76 15,589 78,799
Apr-23 8,110 8,312 8,092 8,312 8,092 8,156 64 9,393 48,513
May-23 8,156 8,342 8,108 8,338 8,108 8,204 96 773,940 432,720
Jun-23 8,156 8,332 8,102 8,292 8,096 8,186 90 10,923 26,949
Jul-23 8,132 8,318 8,100 8,318 8,092 8,170 78 9,775 17,570
Aug-23 8,110 8,300 8,080 8,300 8,076 8,170 94 6,659 10,252
Sep-23 8,144 8,270 8,080 8,270 8,086 8,172 86 2,198 3,819
Oct-23 8,152 8,152 8,152 8,152 8,020 8,152 132 1 40
Nov-23 8,014 8,156 8,014 8,156 8,000 8,074 74 39 188
Dec-23 8,026 8,162 8,026 8,162 7,972 8,116 144 4 19
Soybean Oil
Turnover: 596,866 lots, or 52.80 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jan-23 9,156 9,192 9,106 9,138 9,124 9,146 22 5,064 3,246
Mar-23 9,062 9,122 9,014 9,110 9,020 9,068 48 24,212 66,646
May-23 8,856 8,906 8,788 8,900 8,802 8,844 42 528,327 460,772
Jul-23 8,726 8,836 8,720 8,824 8,712 8,768 56 7,397 50,571
Aug-23 8,680 8,798 8,678 8,792 8,668 8,750 82 9,482 27,433
Sep-23 8,640 8,746 8,604 8,734 8,608 8,696 88 7,543 12,957
Nov-23 8,542 8,662 8,528 8,652 8,532 8,610 78 11,548 10,857
Dec-23 8,572 8,688 8,570 8,680 8,572 8,628 56 3,293 3,043
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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