DJ CBOT Delivery Intentions: Totals – Sep 13
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
SOYBEAN OIL September Sep. 14, 2011 397 Sep 12, 2011
ROUGH RICE September Sep. 14, 2011 144 Sep 12, 2011
OATS September Sep. 14, 2011 23 Sep 06, 2011
SOYBEAN September Sep. 14, 2011 603 Sep 12, 2011
WHEAT September Sep. 14, 2011 14 Sep 12, 2011

DJ KCBT Wheat Delivery Intentions Breakdown – Sep 13
Intentions Reintentions
Intention Date: Sep 13, 2011 KC 0 0
Delivery Date: Sep 14, 2011 Hutchinson 0 0
Oldest long date: Sep 9, 2011 Salina/Abilene 0 5
Wichita 0 0
Totals 0 5

MGEX Spring Wheat Deliveries for Sept 13
The Minneapolis Grain Exchange reported the following deliveries
against SEPT spring wheat futures. (in contracts)
OLDEST LONG DATE FOR—SPRING WHEAT FUTURES: 8/29/11
DELIVERED DULUTH/SUPERIOR 0
TOTAL ORIGINAL DELIVERY: 0
TOTAL RE-DELIVERY: 0
Notes: REG=House Account. SEG=Customer Account, RDEL=Re-delivery,
ORIG=Original delivery, N/A=not available.

WHEAT
General Comments: Futures closed lower yesterday in response to selling seen in most markets and ideas that most of the export business was still going to Russia and countries near there. 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, and these ideas supported buying after the lower start. Some forecasts call for some showers in the region this week. Yields and quality in Spring Wheat areas was hurt earlier in the season due to excessive rains in the north, but harvest conditions now are good. Wheat is still finding its way into feed rations as many buyers do not want to pay the high prices for Corn. 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. Charts show that the trends are down for at least the short term.
Overnight News: Mostly dry conditions or light showers are expected in the southern Great Plains, and Texas should get showers in the Panhandle. Northern areas could see mostly dry conditions. Temperatures should average near to below normal or below normal. 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 weaker for Hard Red Winter Wheat.
Chart Analysis: Trends in Chicago are down with objectives of 687 December. Support is at 696, 682, and 680 December, with resistance at 706, 708, and 710 December. Trends in Kansas City are down with no objectives. Support is at 798, 769, and 756 December, with resistance at 806, 816, and 821 December. Trends in Minneapolis are down with objectives of 864 December. Support is at 876, 860, and 833 December, and resistance is at 885, 897, and 911 December.

RICE
General Comments: Prices were lower on demand fears and worries about Europe. However, the move lower could be a short term thing. There is more and more talk about cold weather that is forecast for Delta states by the end of the week. The weather should be cool enough to hurt Rice progress and yield potential. The harvest continues to move north, although many producers near the Gulf Coast about done with the harvest. Initial yield reports are mixed in Arkansas. Yield reports are getting worse along the Gulf Coast as farmers move through later planted Rice. Milling yields have not been good as harvest progresses. US cash markets are reported to be steady to firm in Arkansas. New crop bids have also been steady to firm. Cash markets in Texas and Louisiana appear steady to firm. Futures remain well above cash prices, but cash prices are starting to move a little higher as the harvest progresses.
Overnight News: Some showers are possible in Mid South and Delta areas this weekend, but mostly dry. Temperatures will average below normal.
Chart Analysis: Trends are mixed. Support is at 1795, 1765, and 1751 November, and resistance is at 1822, 1829, and 1836 November.

CORN AND OATS
General Comments: Corn and Oats closed lower yesterday on ideas of poor demand and despite forecasts for cold and possibly freezing temperatures in parts of the Corn Belt later this week. USDA cut production for Corn, but also demand and posted ending stocks estimates that were higher than anticipated. It cut export demand and also demand for ethanol, and could have cut feed demand as well. A cold front is moving into the Midwest and could bring a frost or freezes to some of the crop in the north and west later this week. The cash market is steady, and cash market buyers have been hard to find with current prices. 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. Basis levels are weak in the country as the elevators prepare for the harvest. Oats are about done being harvested, so the market might soon find a bottom.
Overnight News: Basis was steady at the Gulf of Mexico.
Chart Analysis: Trends in Corn are down with objectives of 717 and 690 December. Support is at 717, 706, and 695 December, and resistance is at 725, 727, and 730 December. Trends in Oats are down with objectives of 325 December. Support is at 338, 334, and 333 September, and resistance is at 349, 359, and 361 December.

SOYBEANS AND PRODUCTS
General Comments: Soybeans and products were lower yesterday on ideas of weak demand. Futures traders ignored threats from a cold air mass moving into the Midwest this week. Forecasts call for frost or freezing conditions in northern and northwestern areas later this week as a cold air mass moved into the region. It also looks like a dry week in many production areas. It is still pod setting and pod filling time, and moisture needs are high. Soybeans 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 down for the short term.
Overnight News: Basis levels are weaker at the gulf. Gulf Soybean Meal basis is steady.
Chart Analysis: Trends in Soybeans are down with objectives of 1402 and 1370 November. Support is at 1382, 1375, and 1349 November, and resistance is at 1405, 1408, and 1410 November. Trends in Soybean Meal are down with objectives of 356.00 October. Support is at 354.00, 353.00, and 349.00 October, and resistance is at 367.00, 372.00, and 375.00 October. Trends in Soybean Oil are mixed to down with objectives of 5675 and 5575 October. Support is at 5670, 5660, and 5625 October, with resistance at 5770, 5810, and 5840 October.

CANOLA AND PALM OIL
General Comments: Canola was lower on price action in US Soybeans. Forecasts for a frost in the Canadian Prairies this week provided some support. Ideas of increased deliveries from farmers were also negative and hurt November on spreads. Producers and elevators were the best buyers. Reports of 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 lower today in reaction to the USDA Soybeans production estimates. Ideas it was too cheap to Soybean Oil provided some support. Workers were not so active during the month, but exports are only expected to be flat from last month as demand holds stable. SGS estimated exports so far this month at 389,069 tons, from 608,236 tons last month. ITK estimated exports at 377,038 tons, from 592,538 tons last month.
Overnight News:
Chart Analysis: Trends in Canola are down with objectives of 554.00 November. Support is at 560.00, 557.00, and 553.00 November, with resistance at 569.00, 574.00, and 576.00 November. Trends in Palm Oil are mixed. Support is at 3015, 2990, and 2960 November, with resistance at 3040, 3050, and 3075 November.

09/11 23:47 CDT Malaysia’s August palm oil stocks down 5.6 pct-MPOB
KUALA LUMPUR, Sept 12 (Reuters) – Malaysia’s August palm oil stocks fell 5.6
percent to 1,884,560 tonnes from a revised 1,996,396 tonnes in July, industry
regulator Malaysian Palm Oil Board said on Monday.
August’s fall exceeded market expectations that stocks in the world’s No.2
palm oil producer likely dropped 2.3 percent to 1.95 million tonnes. [PALM/POLL]
The following is a breakdown of Malaysian Palm Oil Board figures and Reuters
estimates for August:
(volumes in tonnes)
August 2011 August poll August 2010 July 2011
Output 1,667,230 1,700,000 1,606,420 1,751,296
Stocks 1,884,560 1,950,000 1,709,735 1,996,396
Exports 1,688,785 1,650,000 1,211,340 1,735,843
Imports* 63,860 90,000 85,139 97,114
* Refers to Malaysian imports of mostly Indonesian crude palm oil

Midwest Weather: Mostly dry. Temperatures will average below normal.

Questions? Ask Jack Scoville today at 312-264-4322

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