DJ CBOT Delivery Intentions: Totals – Sep 7
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date
Available
SOYBEAN MEAL September Sep. 08, 2011 101 Aug 26, 2011
SOYBEAN OIL September Sep. 08, 2011 620 Sep 06, 2011
ROUGH RICE September Sep. 08, 2011 49 Sep 01, 2011
ETHANOL September Sep. 08, 2011 26 Sep 06, 2011
OATS September Sep. 08, 2011 266 Sep 06, 2011
SOYBEAN September Sep. 08, 2011 626 Sep 06, 2011
WHEAT September Sep. 08, 2011 61 Aug 31, 2011
MINI-SIZED SOYBEANS September Sep. 08, 2011 29 Aug 30, 2011

DJ KCBT Wheat Delivery Intentions Breakdown – Sep 7
Intentions Reintentions
Intention Date: Sep 7, 2011 KC 0 0
Delivery Date: Sep 8, 2011 Hutchinson 0 0
Oldest long date: Aug 31, 2011 Salina/Abilene 9 19
Wichita 0 0
Totals 9 19

MGEX Spring Wheat Deliveries for Sept 7
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 6
TOTAL ORIGINAL DELIVERY: 0
TOTAL RE-DELIVERY: 6
Notes: REG=House Account. SEG=Customer Account, RDEL=Re-delivery,
ORIG=Original delivery, N/A=not available.

U.S. Weekly Crop Progress Highlights – USDA
WASHINGTON, Sept. 06 (Reuters) – Highlights of the U.S. Agriculture
Department’s weekly crop progress report (all numbers expressed in percent):

Week ended 09/04/11 08/28/11 09/04/10 5-year

COTTON CONDITION
– Excellent 4 5 15 N/A
– Good 24 25 45 N/A
– Fair 28 29 28 N/A
– Poor 19 18 9 N/A
– Very Poor 25 23 3 N/A

CORN CONDITION
– Excellent 11 12 22 N/A
– Good 41 42 47 N/A
– Fair 27 27 20 N/A
– Poor 13 12 8 N/A
– Very Poor 8 7 3 N/A

SOYBEANS CONDITION
– Excellent 11 13 18 N/A
– Good 45 44 46 N/A
– Fair 28 28 24 N/A
– Poor 11 10 9 N/A
– Very Poor 5 5 3 N/A

RICE CONDITION
– Excellent 25 25 17 N/A
– Good 39 40 51 N/A
– Fair 28 27 27 N/A
– Poor 7 7 4 N/A
– Very Poor 1 1 1 N/A

PEANUTS CONDITION
– Excellent 6 8 12 N/A
– Good 32 32 48 N/A
– Fair 36 38 32 N/A
– Poor 19 16 7 N/A
– Very Poor 7 6 1 N/A

SORGHUM CONDITION
– Excellent 4 4 9 N/A
– Good 21 22 53 N/A
– Fair 31 32 27 N/A
– Poor 24 23 8 N/A
– Very Poor 20 19 3 N/A

BARLEY CONDITION
– Excellent 12 12 N/A N/A
– Good 53 54 N/A N/A
– Fair 25 26 N/A N/A
– Poor 6 7 N/A N/A
– Very Poor 2 1 N/A N/A

PASTURE AND RANGE CONDITION
– Excellent 5 6 7 N/A
– Good 28 30 38 N/A
– Fair 25 24 32 N/A
– Poor 18 18 16 N/A
– Very Poor 24 22 7 N/A

COTTON BOLLS OPEN 42 27 40 32
COTTON HARVESTED 7 NA 6 6
CORN DOUGHING 94 88 97 92
CORN DENTED 71 53 84 70
CORN MATURE 18 9 31 20
SOYBEANS SETTING PODS 97 93 99 98
SOYBEANS DROPPING LEAVES 6 2 17 13
RICE HEADED 94 90 97 96
RICE HARVESTED 28 18 44 27
SPRING WHEAT HARVESTED 68 50 74 81
SORGHUM HEADED 89 83 98 95
SORGHUM COLORING 54 43 70 63
SORGHUM MATURE 30 27 28 30
SORGHUM HARVESTED 22 22 19 23
BARLEY HARVESTED 71 46 74 81
OATS HARVESTED 94 89 98 97

WHEAT
General Comments: Futures closed lower yesterday in response to selling seen in most markets. Traders were worried about the economy here and those in Europe. The higher US Dollar also hurt price action. 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. 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. 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 steady for Soft Red Winter Wheat and steady for Hard Red Winter Wheat.
Chart Analysis: Trends in Chicago are mixed to down with objectives of 730 and 687 December. Support is at 758, 750, and 747 December, with resistance at 768, 774, and 779 December. Trends in Kansas City are mixed to down with no objectives. Support is at 854, 847, and 844 December, with resistance at 878, 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 lower yesterday on selling that was seen in most markets. Traders were afraid of the US and the European economies that are slowing down and could hurt demand. News of a potentially big crop in Thailand hurt price action as well. 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. 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.
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 1785, 1765, and 1751 November, and resistance is at 1822, 1836, and 1842 November.

DJ USDA World Market Rice Prices – Sep 7
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 23.06 15.09 0.00
Medium/Short Grain 22.75 15.44 0.00
Brokens 16.32 —- —-

CORN AND OATS
General Comments: Corn and Oats were lower yesterday on selling seen in most markets and on ideas that the poor US and European economies could hurt demand. 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 Informa showed only moderate losses in its production estimates yesterday. Any rains now will probably be too late to help Corn all that much. Even farmerts in areas thought to be good are now seeing some damage. 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. Basis levels are weak in the country as the elevators prepare for the harvest. Oats are being harvested, so warmer and drier weather will enhance progress.
Overnight News: Basis was weaker at the Gulf of Mexico. Informa estimated US Corn production at 12.711 billion bushels with yields of 151 bushels per acre. Allendale forecast production at 12.466 billion bushels and yields at 147.7 bushels per acre.
Chart Analysis: Trends in Corn are mixed to down with no objectives. Support is at 738, 734, and 725 December, and resistance is at 767, 779, and 786 December. Trends in Oats are mixed to down with no objectives. Support is at 361, 359, and 349 September, and resistance is at 372, 380, and 383 December.

SOYBEANS AND PRODUCTS
General Comments: Soybeans and products were lower yesterday on selling seen in most markets. The selling was in response to the poor trade action in financial markets here and in Europe and the poor economies in both areas as well. Some beneficial rains seen in the Midwest over the weekend were also negative to prices. Overall Midwest weather is mixed for Soybeans development and production potential. Some rains were reported in the Midwest over the weekend, but some areas in central Illinois and central Indiana were missed. Weather forecasts still offer more hopes for improved growing conditions in the Midwest with temperatures now below normal and some showers and storms this weekend. 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 steady at the gulf. Gulf Soybean Meal basis is steady. Informa estimated US production at 3.061 billion bushels with yields of 41.5 bushels per acre. Allendale estimated production at 3.007 billion bushels with yields of 40.7 bushels per acre.
Chart Analysis: Trends in Soybeans are mixed to down with objectives of 1402 and 1370 November. Support is at 1410, 1408, and 1405 November, and resistance is at 1432, 1448, and 1452 November. Trends in Soybean Meal are mixed to down with objectives of 366.00 and 356.00 October. Support is at 368.00, 367.00, and 360.00 October, and resistance is at 375.00, 382.00, and 385.00 October. Trends in Soybean Oil are down with objectives of 5675 and 5575 October. Support is at 5680, 5660, and 5625 October, with resistance at 5775, 5810, and 5880 October.

CANOLA AND PALM OIL
General Comments: Canola was lower on price action in Chicago and on weakness in world equities markets. Ideas of increased deliveries from farmers were also negative. 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 on lower inventories due to the Ramadan holiday. Workers were not so active during the month, but exportys are only expected to be flat from last month as demand holds stable.
Overnight News:
Chart Analysis: Trends in Canola are mixed to down with objectives of 564.00 and 554.00 November. Support is at 566.00, 560.00, and 557.00 November, with resistance at 574.00, 576.00, and 580.00 November. Trends in Palm Oil are mixed. Support is at 2960, 2895, and 2880 November, with resistance at 3015, 3035, and 3070 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

Free – Subscribe to receive Daily (9am) Newsletters via Email