DJ CBOT Delivery Intentions: Totals – Sep 16
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
WHEAT September Sep. 16, 2011 1 Sep 12, 2011

DJ KCBT Wheat Delivery Intentions Breakdown – Sep 16
Intentions Reintentions
Intention Date: Sep 15, 2011 KC 0 0
Delivery Date: Sep 16, 2011 Hutchinson 0 0
Oldest long date: Sep 9, 2011 Salina/Abilene 0 22
Wichita 0 0
Totals 0 22

WHEAT
General Comments: Futures closed lower yesterday in Chicago 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. However, Kansas City and Minneapolis were higher despite news that beneficial rains were seen in the southern Great Plains. More showers are expected though the weekend. Rain totals remain very light, but even light rain will help there since it has been so dry. 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 all that much 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. Charts show that the trends are down.
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 steady for Hard Red Winter Wheat.
Chart Analysis: Trends in Chicago are down with no objectives. Support is at 682, 680, and 662 December, with resistance at 696, 706, and 708 December. Trends in Kansas City are down with no objectives. Support is at 778, 770, and 755 December, with resistance at 806, 816, and 821 December. Trends in Minneapolis are down with no objectives. Support is at 860, 853, and 833 December, and resistance is at 885, 897, and 911 December.

RICE
General Comments: Prices were higher on reports of higher prices in Asia and cold temperatures here in the US. The weather has been 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 finish with 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. Bangladesh now said it will import no more than 500,000 tons of Rice this year, from up to 900,000 tons forecast earlier, due to good local production.
Chart Analysis: Trends are mixed. Support is at 1765, 1751, and 1720 November, and resistance is at 1811, 1822, and 1829 November.

CORN AND OATS
General Comments: Corn and Oats closed lower yesterday on ideas of poor demand and reports that the cold temperatures seen the last couple of nights did only minimal; damage to the crop. Some analysts told wire services that 50 million bushels might have been lost, down quite a bit from earlier estimates. USDA showed strong export sales for one of the few times this year, but the weekly sales will need to stay strong for a while before traders will change ideas of poor overall demand. A cold front has moved through the Midwest and brought frost or freezes to some of the crop in Minnesota and the Dakotas. However, the area with temperatures cold enough to kill Corn or Soybeans was relatively small. 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 690 December. Support is at 695, 686, and 669 December, and resistance is at 706, 717, and 725 December. Trends in Oats are mixed to down with objectives of 325 December. Support is at 342, 338, and 334 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 and on reports of little damage to crops from the cold weather seen the last couple of days. A cold front has moved through the Midwest and brought frost or freezes to some of the crop in Minnesota and the Dakotas. However, the area with temperatures cold enough to kill Corn or Soybeans was relatively small. The USDA export sales report for Soybeans and products was poor yesterday. US processor demand is not strong right now, either. Demand is not strong at this time for US Soybeans, and basis levels are steady at best. Charts show that trends are mostly down for the short term.
Overnight News: Basis levels are steady at the gulf. Gulf Soybean Meal basis is weaker.
Chart Analysis: Trends in Soybeans are down with no objectives. Support is at 1349, 1345, and 1318 November, and resistance is at 1375, 1382, and 1388 November. Trends in Soybean Meal are down with no objectives. Support is at 349.00, 346.00, and 338.00 October, and resistance is at 353.00, 354.00, and 360.00 October. Trends in Soybean Oil are down with objectives of 5575 October. Support is at 5600, 5545, and 5475 October, with resistance at 5670, 5770, and 5810 October.

CANOLA AND PALM OIL
General Comments: Canola was lower on price action in US Soybeans and weak chart patterns. Funds and producers were the best sellers. Exporters and processors 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 as harvest progresses, but some crops might have been hurt in Alberta this week due to frost and freezes. Palm Oil was higher today. 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 said that exports for the first half of September are 652,766 tons, from 947,594 tons last month. ITK estimated exports so far this month at 648,343 tons, from 953,852 tons last month.
Overnight News:
Chart Analysis: Trends in Canola are down with objectives of 554.00 November. Support is at 553.00, 551.00, and 546.00 November, with resistance at 557.00, 560.00, and 569.00 November. Trends in Palm Oil are mixed. Support is at 3025, 2980, and 2960 December, with resistance at 3090, 3115, and 3125 December.

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

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