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1w ago blog.pricegroup Views: 141

WHEAT General Comments: Winter Wheat markets were lower after a quiet news day. The charts show mixed trends in the short term. US weather is mixed with good conditions in the majority of the country but still dry conditions in the western Great Plains. Southwest Kansas and southeast Colorado remain the most dry and western Texas is also dry. Parts of eastern Ukraine and southern Russia are getting some showers too and the showers now are helping with soil moisture conditions. It has been cold so much of the Wheat is dormant. Western Australia conditions are improving after some recent rains. The demand has held well and world prices remain high even as Australia has tried to cut the market price to get sales on the books. The market in Russia has remained high on limited supply as farmer hold the Wheat back due to the drought. Overnight News: The southern Great Plains should get dry weather. Temperatures should be above normal. Northern areas should see mostly dry conditions. Temperatures will be near to above normal. The Canadian Prairies should see scattered snow showers. Temperatures should average near to below normal. Chart Analysis: Trends in Chicago are mixed to down with objectives of 560, 538, and 530 December. Support is at 587, 580, and 576 December, with resistance at 606, 613, and 616 December. Trends in Kansas City are mixed to down with objectives of 531, 512, and 511 December. Support is at 538, 536, and 534 December, with resistance at 562, 569, and 581 December. Trends in Minneapolis are mixed to down with objectives of 539, 524, and 523 December. Support is at 546, 544, and 540 December, and resistance is at 557, 561, and 566 December. RICE General Comments: Rice was slightly lower on the continued weak tone in the domestic cash market. The market anticipates a new tender for Rice from Iraq, but one has not come so far. Reports indicate that domestic demand has been poor to average with better consumer demand more than offset by much less demand from schools and other institutions. The harvest is mostly over in northern states with good field yields reported. Southern Louisiana and Texas are harvesting the second crop and yield reports have been good. Quality is said to be very good everywhere. Overnight News: The Delta should get mostly dry conditions. Temperatures should be near to above normal. Chart Analysis: Trends are mixed. Support is at 1223, 1220, and 1214 January, with resistance at 1248, 1250, and 1257 January. CORN AND OATS General Comments: Corn was a little lower on speculative selling. There was talk of Chinese buying once again but nothing has been confirmed by USDA. US weather has been great for harvesting until last week with warn and dry conditions for much of the Midwest. The weather has turned cooler and a little wetter in the last week and temperatures are cool this week although it is dry. Yield reports have generally been good except for the drought and derecho areas of Iowa. Ukraine has been in drought and southern Brazil, Uruguay, Paraguay, and into northern Argentina have also experienced drought but did get some beneficial showers this week to keep things stable. Overnight News: USDA said that Mexico bought 158,270 tons of US Corn and unknown destinations bought 131,000 tons of US Corn. Chart Analysis: Trends in Corn are mixed to up with objectives of 435 December. Support is at 417, 412, and 404 December, and resistance is at 428, 431, and 434 December. Trends in Oats are mixed. Support is at 293, 291, and 290 December, and resistance is at 302, 305, and 310 December. SOYBEANS AND PRODUCTS General Comments: Soybeans and Soybean Oil closed higher on ideas of new Chinese demand and on dry growing conditions in South America. Soybean Meal was a little lower on spreads against Soybean Oil. The stocks to use ration for Soybeans is now very small and the situation is the tightest projected in years. Higher Soybeans prices are likely. China has not appeared in the daily sales announcements from USDA in over three weeks except for one time, but the country was a significant buyer in the weekly export sales report. China still needs to buy for crushers, but appears to have bought what was necessary for the reserve. The weather in the US is good for any remaining harvest as it was drier and cooler this week. The weather in South America is mixed. Showers and rains have fallen in northern Brazil. Southern Brazil, northern Argentina, Uruguay, and Paraguay have missed out on good rains but have seen a shower or two. Soybeans are actively being planted in central and northern Brazil. The dry weather is causing yield concerns. Overnight News: Chart Analysis: Trends in Soybeans are up with objectives of 1203 January. Support is at 1162, 1155, and 1138 January, and resistance is at 1190, 1196, and 1208 January. Trends in Soybean Meal are mixed to up with objectives of 405.00 December. Support is at 391.00, 384.00, and 380.00 December, and resistance is at 401.00, 404.00, and 407.00 December. Trends in Soybean Oil are up with objectives of 3960 December. Support is at 3800, 3720, and 3660 December, with resistance at 3900, 3930, and 3960 December. CANOLA AND PALM OIL General Comments: Palm Oil closed lower on weak November export data from the private sources. Chart trends are up. It is seasonally a time for trees to produce more due to more regular rains. Getting workers to do the harvest remains hard and the lack of labor has been a big problem. Canola were higher on strong demand ideas and dry weather in South America. Very strong Palm Oil prices have made buying Soybean and Canola oils the better option. Trends are up in Canola. Canola farmers have reduced selling by now so demand is chasing after fewer supplies. Overnight News: AmSpec said that Malaysian Palm Oil exports are 908,443 tons so far this month, from 1.084 million tons last month. Chart Analysis: Trends in Canola are up with objectives of 582.00 January.. Support is at 564.00, 560.00, and 556.00 January, with resistance at 574.00, 577.00, and 580.00 January. Trends in Palm Oil are mixed to up with no objectives. Support is at 3270, 3200, and 3170 February, with resistance at 3420, 3440, and 3470 February. Midwest Weather Forecast: Mostly dry this week and rain this weekend. Temperatures should average near to below normal US Gulf Cash Basis Corn HRW SRW Soybeans Soybean Meal Soybean Oil November +70 Dec +145 Dec +84 Dec +52 Jan +15 Dec N/A December +70 Dec +90 Dec +62 Jan January +72 Mar +82 Mar +72 Jan DJ ICE Canada Cash Grain Close – Nov 19 WINNIPEG, Nov. 19 (MarketsFarm) – The following are the closing cash canola prices from ICE Futures. Source: ICE Futures Price Basis Contract Change CANOLA *Par Region 537.00 -32.40 Jan 2021 up 5.80 Basis: Thunder Bay 597.30 25.00 Jan 2021 up 2.90 Basis: Vancouver 607.30 35.00 Jan 2021 up 2.90 All prices in Canadian dollars per metric ton. DJ Malaysian PM Cash Market Prices for Palm Oil – Nov 20 The following are prices for Malaysian palm oil in the cash market at 1000 GMT Thursday, supplied by commodity broker Matthes & Porton Bhd. Prices are quoted in U.S. dollars a metric ton, except for crude palm oil and palm kernel oil, which are in ringgit a ton. Palm kernel oil prices are in ringgit a pikul, a Malaysian measurement equivalent to 60 kilograms. Refined, bleached and deodorized palm oil, FOB, Malaysian ports Offer Change Bid Change Traded Dec 887.50 -10.00 Unquoted – – Jan/Feb/Mar 850.00 -07.50 Unquoted – – Apr/May/Jun 790.00 -02.50 Unquoted – – Jul/Aug/Sep 745.00 -02.50 Unquoted – – RBD palm olein, FOB, Malaysian ports Offer Change Bid Change Traded Dec 890.00 -10.00 Unquoted – – Jan/Feb/Mar 852.50 -07.50 Unquoted – – Apr/May/Jun 792.50 -02.50 Unquoted – – Jul/Aug/Sep 747.50 -02.50 Unquoted – – RBD palm stearin, FOB, Malaysian ports Offer Change Bid Change Traded Dec 890.00 -10.00 Unquoted – – Palm Fatty Acid Distillate, FOB Malaysian ports Offer Change Bid Change Traded Dec 765.00 -10.00 Unquoted – – Crude palm oil, Delivered Basis, South Malaysia Offer Change Bid Change Traded Dec 3,510.00 -70.00 Unquoted – – Palm kernel oil, Delivered Basis, South Malaysia Offer Change Bid Change Traded Dec 286.00 -06.00 Unquoted – – ($1=MYR4.089) DJ China Dalian Grain Futures Closing Prices, Volume – Nov 20 Soybean No. 1 Turnover: 238,328 lots, or 12.55 billion yuan Open High Low Close Prev. Settle Ch. Vol Open Settle Interest Jan-21 5,258 5,296 5,231 5,281 5,331 5,262 -69 205,230 106,839 Mar-21 5,294 5,315 5,257 5,294 5,350 5,287 -63 2,767 3,774 May-21 5,298 5,312 5,260 5,292 5,345 5,287 -58 26,781 27,396 Jul-21 5,312 5,337 5,202 5,322 5,364 5,317 -47 3,183 4,551 Sep-21 5,268 5,300 5,252 5,292 5,284 5,273 -11 364 1,268 Nov-21 5,191 5,222 5,191 5,200 5,206 5,204 -2 3 7 Corn Turnover: 807,178 lots, or 21.15 billion yuan Open High Low Close Prev. Settle Ch. Vol Open Settle Interest Jan-21 2,610 2,614 2,589 2,599 2,604 2,601 -3 446,272 787,438 Mar-21 2,626 2,631 2,609 2,617 2,618 2,620 2 38,520 33,217 May-21 2,646 2,649 2,629 2,644 2,640 2,641 1 226,492 790,268 Jul-21 2,655 2,665 2,645 2,660 2,652 2,658 6 71,856 114,927 Sep-21 2,637 2,644 2,624 2,642 2,630 2,637 7 18,621 153,812 Nov-21 2,590 2,598 2,578 2,595 2,592 2,592 0 5,417 3,390 Soymeal Turnover: 1,891,859 lots, or 60.31 billion yuan Open High Low Close Prev. Settle Ch. Vol Open Settle Interest Dec-20 3,135 3,193 3,130 3,172 3,145 3,167 22 52 5,156 Jan-21 3,155 3,203 3,143 3,192 3,165 3,175 10 383,387 691,802 Mar-21 3,176 3,225 3,159 3,217 3,182 3,195 13 33,921 32,410 May-21 3,168 3,228 3,153 3,221 3,179 3,192 13 1,214,966 1,660,773 Jul-21 3,126 3,193 3,118 3,187 3,139 3,157 18 137,716 49,855 Aug-21 3,156 3,232 3,156 3,227 3,177 3,191 14 14,638 12,913 Sep-21 3,175 3,239 3,169 3,236 3,186 3,208 22 106,925 311,579 Nov-21 3,156 3,201 3,156 3,201 3,156 3,185 29 254 265 Palm Oil Turnover: 1,757,340 lots, or 12.02 billion yuan Open High Low Close Prev. Settle Ch. Vol Open Settle Interest Dec-20 6,892 6,964 6,734 6,734 6,908 6,880 -28 50 1,900 Jan-21 6,926 6,988 6,762 6,778 6,968 6,896 -72 1,234,026 342,221 Feb-21 6,850 6,888 6,660 6,682 6,862 6,816 -46 292,608 32,925 Mar-21 6,788 6,824 6,604 6,604 6,774 6,700 -74 49,236 6,320 Apr-21 6,652 6,716 6,506 6,514 6,690 6,642 -48 13,771 2,265 May-21 6,514 6,614 6,422 6,448 6,574 6,528 -46 162,810 193,555 Jun-21 6,466 6,466 6,466 6,466 6,458 6,466 8 1 6 Jul-21 6,402 6,436 6,302 6,320 6,396 6,346 -50 10 13 Aug-21 6,310 6,310 6,234 6,234 6,278 6,272 -6 2 10 Sep-21 6,276 6,292 6,150 6,168 6,260 6,242 -18 4,797 12,181 Oct-21 6,166 6,166 6,166 6,166 6,234 6,166 -68 1 19 Nov-21 6,144 6,228 6,076 6,132 6,194 6,178 -16 28 11 Soybean Oil Turnover: 1,379,999 lots, or 10.77 billion yuan Open High Low Close Prev. Settle Ch. Vol Open Settle Interest Dec-20 7,988 8,050 7,958 7,958 7,956 7,998 42 11 532 Jan-21 7,926 8,036 7,876 7,916 7,958 7,966 8 891,643 514,806 Mar-21 7,820 7,942 7,820 7,840 7,868 7,892 24 4,138 8,331 May-21 7,540 7,638 7,510 7,542 7,574 7,580 6 286,743 423,902 Jul-21 7,356 7,448 7,326 7,362 7,392 7,398 6 136,909 15,715 Aug-21 7,272 7,368 7,262 7,280 7,318 7,344 26 50,612 1,445 Sep-21 7,230 7,326 7,212 7,238 7,274 7,268 -6 9,915 40,103 Nov-21 7,180 7,260 7,086 7,238 7,210 7,220 10 28 17 Notes: 1) Unit is Chinese yuan a metric ton; 2) Ch. is day’s settlement minus previous settlement; 3) Volume and open interest are in lots; 4) One lot is equivalent to 10 metric tons. -

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