DJ CBOT Delivery Intentions: Totals – Aug 31
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
SOYBEAN MEAL September Sep. 01, 2011 193 Jul 08, 2011
SOYBEAN OIL September Sep. 01, 2011 2796 Aug 30, 2011
ROUGH RICE September Sep. 01, 2011 2013 Aug 26, 2011
OATS September Sep. 01, 2011 525 Aug 01, 2011
SOYBEAN September Sep. 01, 2011 44 Jul 21, 2011
WHEAT September Sep. 01, 2011 1552 Aug 23, 2011
CORN September Sep. 01, 2011 0 N/A

DJ KCBT Wheat Delivery Intentions Breakdown – Aug 31
Intentions Reintentions
Intention Date: Aug 31, 2011 KC 0 0
Delivery Date: Sep 1, 2011 Hutchinson 0 8
Oldest long date: Aug 4, 2011 Salina/Abilene 0 465
Wichita 0 66
Totals 0 539

DJ MGE Wheat Delivery Intentions Breakdown – Aug 30
No oldest long date for spring wheat futures. MGE Clearing House
Report of Deliveries for 8/31/11.
Delivered Duluth/Superior 394
Total Original Delivery: 394
Total Redelivery

WHEAT
General Comments: Futures closed lower yesterday on reports of profit taking by speculators and forecasts for showers in the Texas and Oklahoma Panhandles later this week. Ideas of tight supplies here of high quality Wheat and ideas that the hard Red Winter Wheat crop will struggle to get planted in a timely way as it still has not rained in areas of the central and southern Great Plains continue, but there are forecasts for some showers to hit the Panhandle areas of Texas and Oklahoma late this week. Yields and quality in Spring Wheat areas was hurt earlier in the season due to excessive rains in the north. Demand is not bad for Wheat. Wheat finding its way into feed rations in an increasing way. The current Corn prices imply that these trends will continue. Weather forecasts for dry and warm weather in Texas and Oklahoma continue for the next week, and more rain will be needed soon for planting of the Fall crops. Russian grains and Wheat prices are turning stronger amid a very active export pace and this will take some of the price pressure off the US futures and cash markets. Reports from Europe indicate that Germany has lost some production this year due to excessive rains in the last several weeks, and exports from Europe will probably be less. Canadian production appears to be very good. Charts show that the trends are up after the price action last week.
Overnight News: Mostly dry conditions or light showers are expected in the southern Great Plains, and northern areas could see mostly dry conditions or light showers. Temperatures should average near normal in the south, but near to below normal in the north. The Canadian Prairies should get mostly dry conditions or light showers. Temperatures will average near normal. Gulf basis levels are steady for Soft Red Winter Wheat and steady for Hard Red Winter Wheat.
Chart Analysis: Trends in Chicago are mixed to up with objectives of 820 December. Support is at 779, 768, and 764 December, with resistance at 793, 805, and 810 December. Trends in Kansas City are mixed to up with objectives of 942 December. Support is at 877, 854, and 847 December, with resistance at 899, 905, and 916 December. Trends in Minneapolis are mixed. Support is at 922, 897, and 885 December, and resistance is at 946, 957, and 975 December.

RICE
General Comments: Prices were higher again yesterday on speculative buying related to ideas or poor yields in Arkansas. Initial yield reports have been variable, with some reporting good yields and others reporting poor or very poor yields. Yield reports remain good along the Gulf Coast, but cash prices have held or firmed even with the harvest in the domestic markets. Milling yields have not been that strong as harvest progresses. Domestic buyers are waiting for the Arkansas harvest to start, and this should start this or next week. Asian prices have been strong as Thailand implements a new support program for farmers that will pay them much higher prices and as Rice offers inside Vietnam become hard to find. However, Pakistan and smaller exporters in Asia have been able to sell at lower prices, and Asian prices across the board are said to be lower this week. US cash markets are reported to be steady in Arkansas. New crop bids have also been steady. Cash markets in Texas and Louisiana appear steady to firm. Futures remain well above cash prices. Trends are mixed for the short term.
Overnight News: Some showers are possible in Mid South and Delta areas off and on through this weekend, but mostly dry. Temperatures will average near to above normal.
Chart Analysis: Trends are mixed. Support is at 1751, 1720, and 1716 November, and resistance is at 1776, 1788, and 1800 November.

DJ USDA World Market Rice Prices – Aug 31
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.
—–World Price—– MLG/LDP Rate
Milled Value Rough Rough
($/cwt) ($/cwt) ($/cwt)
Long Grain 21.48 14.06 0.00
Medium/Short Grain 21.19 14.38 0.00
Brokens 15.20 —- —-

CORN AND OATS
General Comments: Corn was higher and Oats were lower on production ideas and expectations for more crop deterioration. Ideas that the cash market is short brought some speculative buying into the market. However, the cash market has been soft, and cash market buyers have been hard to find with current prices. There is still talk of more yield loss due to the rapid progress of the crop, but more rain would make conditions better and keep yields from sliding further. Some rains fell in Iowa and Illinois yesterday, and more is forecast for this weekend. The rains could help with kernel fill, but not much else anymore. Corn losses are certain this year from the hot and dry weather seen in July and the poor Spring weather that hurt planting. End users are increasingly looking to Wheat or other substitute grains in place of Corn due to the high price of Corn. The export sales pace has also been behind last year. Oats are being harvested, so warmer and drier weather will enhance progress. However, condition ratings are still down.
Overnight News: Basis was steady at the Gulf of Mexico.
Chart Analysis: Trends in Corn are up with objectives of 818 December. Support is at 761, 747, and 734 December, and resistance is at 779, 786, and 792 December. Trends in Oats are mixed to up with objectives of 418 and 461 December. Support is at 372, 366, and 359 September, and resistance is at 383, 394, and 400 December.

SOYBEANS AND PRODUCTS
General Comments: Soybeans and products were higher on speculative buying tied to ideas of yield losses and tight supplies before harvest. Overall Midwest weather is mixed for Soybeans development and production potential. Some rains were reported in Iowa and Illinois last night. Weather forecasts still offer more hopes for improved growing conditions in the Midwest with temperatures closer to normal and some showers and storms this weekend, but there is still no soaking rain for the entire region. Farmers report that rains are needed very soon to avoid any more yield loss. It is still pod setting and pod filling time, and moisture needs are high. Soybeans have had better weather in August than Corn got in July, but still need additional rains. Demand is not strong at this time for US Soybeans, and basis levels are dropping. Charts show that trends are mostly up.
Overnight News: Basis levels are weaker at the gulf. Gulf Soybean Meal basis is weaker. China imported 5.35 million tons of Soybeans in July.
Chart Analysis: Trends in Soybeans are up with objectives of 1527 and 1657 November. Support is at 1426, 1410, and 1405 November, and resistance is at 1460, 1472, and 1484 November. Trends in Soybean Meal are up with no objectives. Support is at 380.00, 372.00, and 368.00 October, and resistance is at 386.00, 392.00, and 398.00 October. Trends in Soybean Oil are up with objectives of 5830 October. Support is at 5750, 5660, and 5625 October, with resistance at 5935, 6010, and 6080 October.

CANOLA AND PALM OIL
General Comments: Canola was lower on reports of increased hedge selling. Funds were the best buyers. There is some talk of small yields in parts of Manitoba, but overall production ideas are big for the Prairies despite the variable yield results so far in Manitoba. Reports of warm and dry weather supported ideas of big harvest progress. Some selling was seen as export demand seems slow. Cash movement by farmers is reported slow this week as the farmers are with the new crop harvest and not interested in selling. Most crops appear to be in good condition. Palm Oil was closed today. SGS estimated exports so far this month at 1.620 million tons, from 1.628 million last month.
Overnight News:
Chart Analysis: Trends in Canola are up with objectives of 590.00 November. Support is at 574.00, 570.00, and 566.00 November, with resistance at 584.00, 589.00, and 591.00 November. Trends in Palm Oil are mixed to down with objectives of 2960 and 2880 November. Support is at 2960, 2895, and 2880 November, with resistance at 2990, 3035, and 3090 November.

Midwest Weather: Mostly dry, but there will be periods of showers and storms over the weekend. Temperatures will average near normal.

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