9-2-2011 05:26 Malaysian physical palm oil prices – Sept 2 (close)

DJ CBOT Delivery Intentions: Totals – Sep 2
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
SOYBEAN MEAL September Sep. 06, 2011 273 Aug 22, 2011
SOYBEAN OIL September Sep. 06, 2011 1804 Sep 01, 2011
ROUGH RICE September Sep. 06, 2011 105 Aug 31, 2011
SOYBEAN September Sep. 06, 2011 259 Aug 30, 2011
WHEAT September Sep. 06, 2011 523 Aug 31, 2011
MINI-SIZED WHEAT September Sep. 06, 2011 35 Aug 31, 2011

DJ KCBT Wheat Delivery Intentions Breakdown – Sep 2
Intentions Reintentions
Intention Date: Sep 2, 2011 KC 0 0
Delivery Date: Sep 6, 2011 Hutchinson 0 0
Oldest long date: Aug 29, 2011 Salina/Abilene 0 0
Wichita 0 0
Totals 0 0

MGEX Spring Wheat Deliveries for Sept 2
The Minneapolis Grain Exchange reported the following deliveries
against SEPT spring wheat futures. (in contracts)
OLDEST LONG DATE FOR—SPRING WHEAT FUTURES: 8/25/11
DELIVERED DULUTH/SUPERIOR
TOTAL ORIGINAL DELIVERY: 0
TOTAL RE-DELIVERY:
Notes: REG=House Account. SEG=Customer Account, RDEL=Re-delivery,
ORIG=Original delivery, N/A=not available.

TABLE-Brazil Soy, Sugar, Iron, Crude Exports Rise in Aug
SAO PAULO, Sept 1 (Reuters) – Brazilian exports of iron
ore, crude oil, soybeans and sugar rose in August from the same
month last year, contributing to a higher-than-expected trade
surplus, trade ministry data showed on Thursday.
Brazil posted an August trade surplus of $3.87
billion, the trade ministry said on Thursday, up from a $3.14
billion surplus in July.
Below is a table of Brazil’s key commodity exports. Crude
oil exports are expressed as average barrels per day exported.
BRAZIL MONTHLY COMMODITIES EXPORTS
Aug 2011 July 2011 Aug 2010
____________________________________________________________
COFFEE (60KG BAG) 2.592 MLN 1.812 MLN 2.808 MLN
SOYBEANS (TNS) 3.692 MLN 3.738 MLN 2.966 MLN
SOYMEAL (TNS) 1.204 MLN 1.179 MLN 1.037 MLN
SOYOIL (TNS) 122,000 163,000 178,000
CORN (TNS) 1.524 MLN 272,000 1.191 MLN
FCOJ (TNS) 189,000 128,000 184,000
SUGAR RAW (TNS) 2.670 MLN 2.292 MLN 2.211 MLN
SUGAR WHITE (TNS) 632,000 770,000 1.014 MLN
PULP (TNS) 832,000 674,000 707,000
ALUMINUM (TNS) 51,000 58,000 59,000
STEEL FLATROLL (TNS) 150,000 144,000 150,000
IRON ORE (TNS) 32.479 MLN 27.322 MLN 29.834 MLN
GASOLINE (TNS) 62,000 13,000 79,000
FUEL OILS (TNS) 518,000 461,000 568,000
CRUDE OIL (BPD) 720,000 616,000 653,000
COTTON LINT (TNS) 117,500 27,600 72,700
ETHANOL (LTR) 298 MLN 247 MLN 242 MLN

WHEAT
General Comments: Futures closed lower yesterday on profit taking by speculators and forecasts for showers in the Texas and Oklahoma Panhandles later this weekend. 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 the buying after the lower start. Yields and quality in Spring Wheat areas was hurt earlier in the season due to excessive rains in the north. 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. 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 turning down for the short term.
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 mixed for Soft Red Winter Wheat and stronger for Hard Red Winter Wheat. Lybia bought 50,000 tons of Russian Wheat Wednesday night.
Chart Analysis: Trends in Chicago are mixed to down with objectives of 730 and 687 December. Support is at 751, 747, and 731 December, with resistance at 747, 761, and 779 December. Trends in Kansas City are mixed to down with objectives of 863 and 845 December. Support is at 854, 847, and 836 December, with resistance at 877, 881, and 899 December. Trends in Minneapolis are mixed. Support is at 922, 897, and 885 December, and resistance is at 950, 957, and 975 December.

RICE
General Comments: Prices were a little higher again yesterday on speculative buying related to ideas or poor yields in Arkansas. Futures traded over 1800 November before late profit taking pushed futures below this level for the second day at the close. Initial yield reports have been variable in Arkansas, with some reporting good yields and others reporting poor or very poor yields. Yield reports remain good along the Gulf Coast, but have slipped as farmers move to later planted Rice. Milling yields have not been good 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 mixed so far 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 up.
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 up with objectives of 1859 and 1954 November. Support is at 1765, 1751, and 1720 November, and resistance is at 1814, 1824, and 1836 November.

CORN AND OATS
General Comments: Corn and Oats were sharply lower on speculative long liquidation. 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.
Overnight News: Basis was weaker at the Gulf of Mexico. FC Stone estimated US Corn production at 12.350 billion bushels with yields of 146.3 bushels per acre.
Chart Analysis: Trends in Corn are mixed to down with no objectives. Support is at 734, 725, and 706 December, and resistance is at 747, 761, and 779 December. Trends in Oats are mixed to down with no objectives. Support is at 359, 349, and 346 September, and resistance is at 366, 372, and 380 December.

SOYBEANS AND PRODUCTS
General Comments: Soybeans and products were lower on speculative profit taking. 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 turning mixed for the short term.
Overnight News: Basis levels are weaker at the gulf. Gulf Soybean Meal basis is steady. FC Stone estimated US Soybeans production at 3.030 billion bushels with yields of 41.05 bushels per acre.
Chart Analysis: Trends in Soybeans are mixed. Support is at 1426, 1410, and 1405 November, and resistance is at 1448, 1465, and 1472 November. Trends in Soybean Meal are mixed. Support is at 372.00, 368.00, and 367.00 October, and resistance is at 381.00, 385.00, and 392.00 October. Trends in Soybean Oil are mixed. Support is at 5750, 5660, and 5625 October, with resistance at 5880, 5935, and 6010 October.

CANOLA AND PALM OIL
General Comments: Canola was a little lower on price action in Chicago and on ideas of increased deliveries from farmers. Producers and elevators 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. Saskatchewan is moving fast on its harvest and is ahead of average now. Alberta will get very cold this weekend, but Canola should not be much affected as most is swathed. 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 higher today. SGS estimated August exports at `.620 million tons, from 1.628 million in July. ITK estimated exports at 1.622 million tons, from 1.633 million in July.
Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 574.00, 570.00, and 566.00 November, with resistance at 580.00, 584.00, and 589.00 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.

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

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