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Grains Report 06/17/19


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WHEAT
General Comments: Wheat markets were mixed last week, with Minneapolis prices a little lower and Chicago SRW prices higher. Chicago HRW prices closed a little higher. Spring Wheat values had moved higher due to reports of dry weather for planting in the western Canadian Prairies and reports of hot and dry weather in Russia and into eastern Ukraine. Production estimates for Russia have started to drop and world prices have started to firm. However, forecasts for Russian areas have moderated and the reports of improved weather have hurt Minneapolis prices. The situation in Canada is having more to do with the recent strength in Minneapolis as much of the Canadian Spring Wheat is hedged in that market. The dry weather in Canada has made for easier planting but for poor emergence. Questions about yield potential are starting to increase. HRW markets had trouble generating much enthusiasm last week on reports of strong yield potential. The weather in the Great Plains seems to be a little better now and ideas are that a high yielding crop is coming. However, there have also been reports that some of the Wheat is not good and will be used as feed for dairy interests in the region. Overall quality is expected to be down due to all of the rain. The crop is expected to feature lower protein levels this year. No one has said how much of the crop could be affected, but the market does not seem real concerned at this time as USDA crop condition ratings have been stronger than trade estimates over the last couple of weeks. SRW areas of the Midwest, Delta, and Southeast continue to see significant rains. There are reports of disease in the crops, and there are questions as to the quality even if there are no diseases in the crops. Export demand for US Wheat has been stronger than trade expectations over the last few weeks. The weekly charts show that the Chicago Winter Wheat markets are still trending higher, especially SRW. Minneapolis faded from a weekly chart point at about 575 basis July futures. Taking out that level would be considered bullish for the market.
Overnight News: The southern Great Plains should get scattered showers tomorrow and late in the week. Temperatures should be above normal. Northern areas should see light to moderate precipitation all week. Temperatures should be near o above normal. The Canadian Prairies should see scattered showers. Temperatures should be near to above normal.
Chart Analysis: Trends in Chicago are up with objectives of 555, 557, and 564 July. Support is at 535, 529, and 522 July, with resistance at 544, 549, and 551 July. Trends in Kansas City are mixed to up with objectives of 508 and 601 July. Support is at 465, 454, and 450 July, with resistance at 481, 497, and 501 July. Trends in Minneapolis are mixed. Support is at 559, 556, and 551 July, and resistance is at 573, 576, and 581 July.

COT — Supplemental Report – Option and Futures Combined Positions as of June 11, 2019
: Reportable Positions : Nonreportable
:—————————————————————————————- : Positions
: Non-Commercial : Commercial : Index Traders : Total
: Long : Short :Spreading: Long : Short : Long : Short : Long : Short : Long : Short
——————————————————————————————————————-
WHEAT-SRW – CHICAGO BOARD OF TRADE
CFTC Code #001602 Open Interest is 587,649
: Positions :
: 59,375 103,430 214,995 96,982 154,445 179,264 66,407 550,616 539,277: 37,033 48,373
: Changes from: June 4, 2019 (Change in open interest: -16,490) :
: 4,182 -8,507 -17,768 2,325 15,866 -4,657 -8,274 -15,917 -18,683: -573 2,193
: Percent of Open Interest Represented by Each Category of Trader :
: 10.1 17.6 36.6 16.5 26.3 30.5 11.3 93.7 91.8: 6.3 8.2
: Total Traders: 395 Number of Traders in Each Category :
: 87 127 144 90 109 42 24 309 331:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of June 11, 2019
: Reportable Positions : Nonreportable
:—————————————————————————————- : Positions
: Non-Commercial : Commercial : Index Traders : Total
: Long : Short :Spreading: Long : Short : Long : Short : Long : Short : Long : Short
——————————————————————————————————————-
WHEAT-HRW – CHICAGO BOARD OF TRADE
CFTC Code #001612 Open Interest is 328,053
: Positions :
: 47,841 71,306 101,107 91,137 111,584 58,703 21,087 298,788 305,084: 29,265 22,969
: Changes from: June 4, 2019 (Change in open interest: -7,345) :
: -112 -1,628 -5,096 3,130 4,545 -5,318 -4,045 -7,396 -6,224: 51 -1,121
: Percent of Open Interest Represented by Each Category of Trader :
: 14.6 21.7 30.8 27.8 34.0 17.9 6.4 91.1 93.0: 8.9 7.0
: Total Traders: 259 Number of Traders in Each Category :
: 64 58 71 77 83 32 13 212 193:
——————————————————————————————————————-

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of June 11, 2019
: Reportable Positions :
:————————————————————————————————————- :
: Producer/Merchant : : : :
: Processor/User : Swap Dealers : Managed Money : Other Reportables :
: Long : Short : Long : Short :Spreading: Long : Short :Spreading: Long : Short :Spreading :
—————————————————————————————————————-
WHEAT-HRSpring – MINNEAPOLIS GRAIN EXCHANGE (CONTRACTS OF 5,000 BUSHELS) :
CFTC Code #001626 Open Interest is 61,813 :
: Positions :
: 32,093 33,785 1,363 0 976 3,917 8,895 1,607 5,639 1,822 4,000 :
: Changes from: June 4, 2019 :
: -1,738 1,218 -209 0 1 685 -2,211 223 33 481 81 :
: Percent of Open Interest Represented by Each Category of Trader :
: 51.9 54.7 2.2 0.0 1.6 6.3 14.4 2.6 9.1 2.9 6.5 :
: Number of Traders in Each Category Total Traders: 84 :
: 46 39 . 0 . 4 9 4 7 7 9 :
—————————————————————————————————————-

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of June 11, 2019
: Reportable Positions :
:————————————————————————————————————- :
: Producer/Merchant : : : :
: Processor/User : Swap Dealers : Managed Money : Other Reportables :
: Long : Short : Long : Short :Spreading: Long : Short :Spreading: Long : Short :Spreading :
—————————————————————————————————————-
BLACK SEA WHEAT FINANCIAL – CHICAGO BOARD OF TRADE 50 Metric Tons :
CFTC Code #00160F Open Interest is 22,040 :
: Positions :
: 8,908 17,277 2,620 5 1,105 5,965 150 1,719 531 440 859 :
: Changes from: June 4, 2019 :
: -70 -1,497 -67 5 -86 -1,331 -50 -89 -77 292 47 :
: Percent of Open Interest Represented by Each Category of Trader :
: 40.4 78.4 11.9 0.0 5.0 27.1 0.7 7.8 2.4 2.0 3.9 :
: Number of Traders in Each Category Total Traders: 29 :
: 12 13 . . . 4 . . . . . :
—————————————————————————————————————-

RICE
General Comments: Rice was a little lower in consolidation trading last week. The good news was that export sales were solid for the week and that there is trade peace with Mexico, at least for now. Mexico buys a lot of US Rice so the news was important to the market. The weather seems to be better in Rice country. There was less rain to interrupt the last of the planting. Some of the producers in Mississippi, Arkansas, and southern Missouri will stop trying to plant Rice and will try to plant Soybeans instead. There can be little doubt now that total planted area will be somewhat reduced, especially in Mississippi and Arkansas. Just how much the planted area will be reduced seems to be a guess at this point. California is also having some weather problems from too much rain. The crop was planted a little late and the crop condition ratings have not been as strong as is normally seen in the state. Crop development seems to be generally good and crops in southern areas are now in flood. This has helped ease some quality concerns for producers. World prices remain stable to firm so there is a good chance for more US sales to the west. The main competitor for this business is Brazil, and they have little Rice to offer this year. Prices there are higher in the world market than US prices.
Overnight News: The Delta should get scattered showers most of this week. Temperatures should above normal.
Chart Analysis: Trends are mixed. Support is at 1156, 1154, and 1146 July, with resistance at 1168, 1179, and 1183 July.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of June 11, 2019
: Reportable Positions :
:————————————————————————————————————- :
: Producer/Merchant : : : :
: Processor/User : Swap Dealers : Managed Money : Other Reportables :
: Long : Short : Long : Short :Spreading: Long : Short :Spreading: Long : Short :Spreading :
—————————————————————————————————————-
ROUGH RICE – CHICAGO BOARD OF TRADE (CONTRACTS OF 200,000 POUNDS) :
CFTC Code #039601 Open Interest is 8,741 :
: Positions :
: 3,736 4,966 127 160 0 1,483 665 25 459 873 661 :
: Changes from: June 4, 2019 :
: -650 -18 0 0 0 382 -80 0 -52 0 34 :
: Percent of Open Interest Represented by Each Category of Trader :
: 42.7 56.8 1.5 1.8 0.0 17.0 7.6 0.3 5.3 10.0 7.6 :
: Number of Traders in Each Category Total Traders: 48 :
: 11 15 . . 0 8 . . 9 7 7 :
—————————————————————————————————————-

CORN AND OATS
General Comments: Corn and Oats both closed higher last week. Corn futures are trading at the highest levels since 2014. The catalyst for the rally in Corn was the weather and what USDA showed in its monthly supply and demand estimates. USDA trimmed planted area estimates by 3.0 million acres in this report and is likely to trim more in coming reports. Trade estimates are that between seven and ten million acres of Corn will not get planted this year. In addition, USDA cut the yield estimate by ten bushels per acre to 166 bushels per acre. This was a surprise to the market, but one justified by past history given the late planting dates and unfavorable weather. Total production was just over 13.5 billion bushels. The bad weather continues. It was cold and damp in Chicago over the weekend and more rain was seen in much of the Midwest. More rain is expected over the second half of the week, although it will turn a little warmer. USDA has moved ahead and given very reasonable estimates for production based on current conditions and can be expected to trim more production potential as the year progresses. There is no real reason at this time to think that Corn futures will not trade above $5.00 per bushel at some point during the Summer and into the new crop year, but just how much higher prices can go is a big question. There will be a lot of competition for sales in the new marketing year as the South American production has recovered and other world producers are expected to have bigger crops. The US continues to have trade wars although it seems to have found trade peace with Mexico and Canada, our biggest customers. The trade wars will hurt demand for all US goods including all agricultural goods.
Overnight News:
Chart Analysis: Trends in Corn are up with objectives of 474 and 484 July. Support is at 445, 438, and 436 July, and resistance is at 457, 460, and 463 July. Trends in Oats are mixed. Support is at 300, 298, and 296 July, and resistance is at 307, 310, and 313 July.

COT — Supplemental Report – Option and Futures Combined Positions as of June 11, 2019
: Reportable Positions : Nonreportable
:—————————————————————————————- : Positions
: Non-Commercial : Commercial : Index Traders : Total
: Long : Short :Spreading: Long : Short : Long : Short : Long : Short : Long : Short
——————————————————————————————————————-
CORN – CHICAGO BOARD OF TRADE
CFTC Code #002602 Open Interest is 2,573,005
: Positions :
: 253,723 186,790 757,826 722,989 1,158,974 467,009 183,653 2,201,546 2,287,243: 371,459 285,762
: Changes from: June 4, 2019 (Change in open interest: 23,538) :
: -14,453 -16,400 31,388 6,868 31,429 532 -20,009 24,335 26,408: -797 -2,870
: Percent of Open Interest Represented by Each Category of Trader :
: 9.9 7.3 29.5 28.1 45.0 18.2 7.1 85.6 88.9: 14.4 11.1
: Total Traders: 971 Number of Traders in Each Category :
: 243 156 271 429 439 49 32 848 783:
——————————————————————————————————————-

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of June 11, 2019
: Reportable Positions :
:————————————————————————————————————- :
: Producer/Merchant : : : :
: Processor/User : Swap Dealers : Managed Money : Other Reportables :
: Long : Short : Long : Short :Spreading: Long : Short :Spreading: Long : Short :Spreading :
—————————————————————————————————————-
OATS – CHICAGO BOARD OF TRADE (CONTRACTS OF 5,000 BUSHELS) :
CFTC Code #004603 Open Interest is 7,405 :
: Positions :
: 1,121 5,557 137 0 0 1,822 99 6 1,591 30 563 :
: Changes from: June 4, 2019 :
: -18 -92 0 0 0 -153 -4 3 -133 -65 -67 :
: Percent of Open Interest Represented by Each Category of Trader :
: 15.1 75.0 1.9 0.0 0.0 24.6 1.3 0.1 21.5 0.4 7.6 :
: Number of Traders in Each Category Total Traders: 36 :
: 10 12 . 0 0 11 . . 6 . 5 :
—————————————————————————————————————-

SOYBEANS AND PRODUCTS
General Comments: Soybeans and Soybean Meal were higher last week as chart support held and USDA said it would start to make modifications to the Soybeans supply and demand data with the July updates. The weather is becoming a feature in this market as it has for Corn. The trade had assumed that some of the unplanted Corn area could be planted to Soybeans, and this is still very possible. However, the planting of Soybeans has been just as difficult as planting has been for Corn. More rain is in the forecast after rains were reported over the weekend, so planting this week will be difficult. Producers in eastern areas will most likely get the most rain. Producers suggest that they will try to plant through early July and then give up. The total planted area for Soybeans this year will be tough to determine and it is very possible that less will get planted even if producers want to plant more. The trade is also worried about a permanent loss of demand from China due in part to the Swine Flu there and in other parts of Southeast Asia and the trade war with China. This is also happening and the Brazilian producer has been the beneficiary. The US has been selling Soybeans almost everywhere else as US prices have been competitive, but the biggest buyer in the world will not buy from the US due to the increased trade tensions. Neither side seems ready to make a deal right now and in fact the tensions seem to be escalating. China has continued to buy US pork meat as it needs meat in a big way due to the Swine Flu. It is also making deals to buy pork from just about everyone else as the demand is going to be big enough to demand imports from all corners of the globe. The Brazilian Real has firmed again in the last week. This will increase Brazil prices and will help the US remain competitive in world markets for everyone besides China.
Overnight News:
Chart Analysis: Trends in Soybeans are up with objectives of 908 and 953 July. Support is at 883, 877, and 871 July, and resistance is at 898, 907, and 917 July. Trends in Soybean Meal are mixed to up with objectives of 326.00 July. Support is at 320.00, 316.00, and 315.00 July, and resistance is at 326.00, 328.00, and 331.00 July. Trends in Soybean Oil are mixed to up with objectives of 2830 and 2950 July. Support is at 2750, 2730, and 2700 July, with resistance at 2820, 2830, and 2870 July.

COT — Supplemental Report – Option and Futures Combined Positions as of June 11, 2019
: Reportable Positions : Nonreportable
:—————————————————————————————- : Positions
: Non-Commercial : Commercial : Index Traders : Total
: Long : Short :Spreading: Long : Short : Long : Short : Long : Short : Long : Short
——————————————————————————————————————-
SOYBEANS – CHICAGO BOARD OF TRADE
CFTC Code #005602 Open Interest is 950,678
: Positions :
: 65,834 181,003 303,817 349,808 326,561 174,111 53,889 893,570 865,271: 57,108 85,407
: Changes from: June 4, 2019 (Change in open interest: -9,595) :
: 1,412 8,441 -3,148 -17 -7,498 -4,117 -6,037 -5,870 -8,242: -3,725 -1,353
: Percent of Open Interest Represented by Each Category of Trader :
: 6.9 19.0 32.0 36.8 34.4 18.3 5.7 94.0 91.0: 6.0 9.0
: Total Traders: 622 Number of Traders in Each Category :
: 142 162 214 184 210 42 30 496 521:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of June 11, 2019
: Reportable Positions : Nonreportable
:—————————————————————————————- : Positions
: Non-Commercial : Commercial : Index Traders : Total
: Long : Short :Spreading: Long : Short : Long : Short : Long : Short : Long : Short
——————————————————————————————————————-
SOYBEAN OIL – CHICAGO BOARD OF TRADE
CFTC Code #007601 Open Interest is 520,712
: Positions :
: 72,815 123,998 111,321 156,808 224,023 143,319 33,096 484,264 492,439: 36,448 28,273
: Changes from: June 4, 2019 (Change in open interest: -29,641) :
: -5,640 -4,514 -16,975 -9,922 -7,584 1,526 1,031 -31,011 -28,042: 1,370 -1,599
: Percent of Open Interest Represented by Each Category of Trader :
: 14.0 23.8 21.4 30.1 43.0 27.5 6.4 93.0 94.6: 7.0 5.4
: Total Traders: 338 Number of Traders in Each Category :
: 86 91 103 86 77 34 21 261 257:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of June 11, 2019
: Reportable Positions : Nonreportable
:—————————————————————————————- : Positions
: Non-Commercial : Commercial : Index Traders : Total
: Long : Short :Spreading: Long : Short : Long : Short : Long : Short : Long : Short
——————————————————————————————————————-
SOYBEAN MEAL – CHICAGO BOARD OF TRADE
CFTC Code #026603 Open Interest is 523,342
: Positions :
: 48,005 50,064 134,654 184,744 270,428 106,483 35,941 473,886 491,087: 49,456 32,255
: Changes from: June 4, 2019 (Change in open interest: -6,125) :
: -3,448 -4,245 3,490 -882 1,792 -4,254 -8,264 -5,093 -7,226: -1,031 1,102
: Percent of Open Interest Represented by Each Category of Trader :
: 9.2 9.6 25.7 35.3 51.7 20.3 6.9 90.6 93.8: 9.4 6.2
: Total Traders: 278 Number of Traders in Each Category :
: 55 55 89 98 94 33 19 241 218:
——————————————————————————————————————-

CANOLA AND PALM OIL
General Comments: Canola was mostly a little lower as speculators took some profits despite weather concerns in Canada. Support still comes from reports of dry weather in Canada and Saskatchewan is the driest province. There were some forecasts for rain in some of the driest areas over the weekend and into this week. The Canadian Dollar was a little weaker on Friday. Demand remains light in the domestic market and the export market. There is hope for increased demand from China as that country bought about double its normal amount of Canadian Wheat last month. Palm Oil was higher on outside markets. Export demand is said to be improving. It has been a tough time getting Soybeans planted in the US and this is supporting Palm Oil. Demand ideas are improving on ideas China on increase buying, but ideas are that production remains high. Short term trends are trying to turn up.
Overnight News: SGS said that Malaysian Palm Oil exports are 655,777 tons so far this month, from 773,917 tons last month. AmSpec said that export were 636,837 tons, from 785,367 tons last month.
Chart Analysis: Trends in Canola are mixed. Support is at 452.00, 449.00, and 446.00 July, with resistance at 460.00, 462.00, and 464.00 July. Trends in Palm Oil are mixed to down with objectives of 1920 and 1800 September. Support is at 2000, 1980, and 1950 September, with resistance at 2040, 2070, and 2080 September.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of June 11, 2019
: Reportable Positions :
:————————————————————————————————————- :
: Producer/Merchant : : : :
: Processor/User : Swap Dealers : Managed Money : Other Reportables :
: Long : Short : Long : Short :Spreading: Long : Short :Spreading: Long : Short :Spreading :
—————————————————————————————————————-
CANOLA – ICE FUTURES U.S. (20 Metric Tonnes) :
CFTC Code #135731 Open Interest is 164,609 :
: Positions :
: 111,177 52,718 4,852 1,267 398 18,040 63,819 8,656 5,310 21,212 14,937 :
: Changes from: June 4, 2019 :
: -11,614 -7,190 240 403 -38 -811 -3,174 -5,313 557 -1,591 -2,562 :
: Percent of Open Interest Represented by Each Category of Trader :
: 67.5 32.0 2.9 0.8 0.2 11.0 38.8 5.3 3.2 12.9 9.1 :
: Number of Traders in Each Category Total Traders: 263 :
: 33 32 4 . . 10 48 14 58 85 38 :
—————————————————————————————————————-

Midwest Weather Forecast: More precipitation in eastern areas today and in all areas again most of this week. Temperatures should be near to below normal.

US Gulf Cash Basis
Corn HRW SRW Soybeans Soybean Meal Soybean Oil
June +60 July +163 July +85 July +58 July +1 July
July +50 July +85 July +48 July
August +38 September +75 September +38 August
All basis levels are positive unless noted as negative

Brazil Premiums Soybeans Soybean Meal Soybean Oil Corn
Paraguay Paraguay Paraguay Santos
June
July 120 July -13 July 36 July
August 125 August -9 August 26 September

DJ ICE Canola Canada Cash Grain Close – Jun 14
WINNIPEG — The following are the closing cash
canola prices from ICE Futures.
Source: ICE Futures
Price Change
CANOLA
*Par Region 446.50 dn 1.00
Basis: Thunder Bay 467.90 dn 1.60
Basis: Vancouver 474.90 dn 1.60
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 – June 17
The following are prices for Malaysian palm oil in the cash market at 1000 GMT Monday applied 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
Jun 510.00 +02.50 Unquoted – –
July 507.50 00.00 Unquoted – –
Aug/Sep 510.00 00.00 Unquoted – –
Oct/Nov/Dec 520.00 00.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Jun 515.00 +02.50 Unquoted – –
July 512.50 00.00 Unquoted – –
Aug/Sep 515.00 00.00 Unquoted – –
Oct/Nov/Dec 525.00 00.00 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Jun 472.50 00.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Jun 395.00 -02.50 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jun 2,010 +10.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jun 133 00.00 Unquoted – –
($1=MYR 4.1740)

DJ China Dalian Grain Futures Closing Prices, Volume – Jun 17
Soybean No. 1
Turnover: 162,340 lots, or 5.66 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-19 – – – 3,431 3,431 3,431 0 0 606
Sep-19 3,478 3,504 3,440 3,492 3,483 3,481 -2 147,542 135,420
Nov-19 3,478 3,478 3,467 3,478 3,461 3,474 13 6 128
Jan-20 3,478 3,510 3,461 3,507 3,493 3,496 3 11,924 44,820
Mar-20 – – – 3,461 3,459 3,461 2 0 36
May-20 3,572 3,588 3,545 3,587 3,560 3,574 14 2,868 19,802
Corn
Turnover: 992,180 lots, or 19.50 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-19 1,910 1,911 1,897 1,909 1,913 1,907 -6 2,642 62,838
Sep-19 1,947 1,955 1,939 1,953 1,955 1,948 -7 758,490 1,064,540
Nov-19 1,981 1,993 1,974 1,991 1,993 1,985 -8 27,516 304,302
Jan-20 2,018 2,028 2,007 2,027 2,026 2,019 -7 183,186 530,450
Mar-20 2,038 2,047 2,027 2,047 2,047 2,038 -9 1,188 8,962
May-20 2,095 2,103 2,083 2,101 2,101 2,094 -7 19,158 61,338
Soymeal
Turnover: 3,356,044 lots, or 99.04 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-19 2,859 2,918 2,852 2,909 2,852 2,888 36 4,730 10,390
Aug-19 2,900 2,977 2,900 2,956 2,900 2,918 18 101,378 183,612
Sep-19 2,924 2,981 2,913 2,973 2,914 2,950 36 2,765,514 1,961,066
Nov-19 2,954 3,011 2,947 3,006 2,949 2,993 44 1,252 8,026
Dec-19 2,957 3,010 2,957 3,002 2,961 2,988 27 100 834
Jan-20 2,980 3,025 2,962 3,015 2,960 3,001 41 397,634 465,938
Mar-20 2,897 2,997 2,897 2,936 2,882 2,961 79 542 912
May-20 2,746 2,799 2,746 2,787 2,749 2,780 31 84,894 202,672
Palm Oil
Turnover: 439,112 lots, or 19.29 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jun-19 – – – 4,076 4,076 4,076 0 0 0
Jul-19 – – – 4,414 4,414 4,414 0 0 18
Aug-19 – – – 4,378 4,378 4,378 0 0 2
Sep-19 4,390 4,390 4,358 4,372 4,390 4,370 -20 392,254 628,238
Oct-19 – – – 4,494 4,494 4,494 0 0 14
Nov-19 – – – 4,556 4,556 4,556 0 0 22
Dec-19 – – – 4,462 4,482 4,462 -20 0 12
Jan-20 4,580 4,580 4,560 4,578 4,578 4,570 -8 45,360 146,596
Feb-20 – – – 4,604 4,604 4,604 0 0 4
Mar-20 – – – 4,756 4,756 4,756 0 0 12
Apr-20 – – – 4,654 4,662 4,654 -8 0 2
May-20 4,758 4,778 4,752 4,778 4,760 4,770 10 1,498 8,344
Soybean Oil
Turnover: 434,836 lots, or 23.99 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-19 – – – 5,420 5,420 5,420 0 0 2
Aug-19 5,442 5,442 5,442 5,442 5,430 5,442 12 2 34
Sep-19 5,478 5,518 5,462 5,514 5,486 5,488 2 361,136 759,356
Nov-19 5,488 5,570 5,488 5,570 5,560 5,528 -32 4 2
Dec-19 5,638 5,698 5,614 5,698 5,602 5,652 50 52 18
Jan-20 5,628 5,680 5,620 5,676 5,644 5,650 6 70,664 178,556
Mar-20 – – – 5,696 5,690 5,696 6 0 12
May-20 5,726 5,764 5,714 5,754 5,728 5,734 6 2,978 13,636
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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About the author


Jack Scoville is a futures market analyst specializing in grains, softs, rice, oilseeds, and tropical products such as coffee and sugar.

He offers brokerage services to an international clientele of agricultural producers, processors, exporters, and other professional traders.

Jack writes daily comments of the many products he specializes in, in three languages, English, Spanish, and Portuguese.

He has been quoted by most major wire services including Dow Jones, AP, and Reuters. His comments have also appeared in newspapers around the world and on various radio and television shows.

Jack offers a dedicated and high quality service for his clients. His industry contacts in South America, Europe, Asia, and North America provide him with a unique view of the markets. He also uses his own charting program for technical traders.

Jack began working in the futures industry over 30 years ago and spent 10 years working on the floor of the Chicago Board of Trade in various roles. He has been a broker off the floor since then and has been with The PRICE Futures Group since it was established in 1988.

Contact Jack Scoville: (800) 769-7021 or at jscoville@pricegroup.com

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