Grains Report 01/07/2025

DJ CBOT Delivery Intentions: Totals – Jan 7
Source: CME Group
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
SOYBEAN MEAL January Jan 08, 2025 128 Jan 03, 2025
SOYBEAN OIL January Jan 08, 2025 16 Dec 31, 2024

DJ USDA Grain Inspections for Export in Metric Tons – Jan 6
WA_GR101
Washington, DC Mon Jan 6, 2025 USDA Market News
COUNTRY OF DESTINATION IS REPORTED AS KNOWN AT THE TIME OF EXPORTATION.
INFORMATION CONTAINED IN THIS REPORT REFLECTS EXPORTED GRAIN INSPECTED AND WEIGHED
THROUGH THE AUTHORITY UNDER THE U.S. GRAIN STANDARDS ACT. NO ADDITIONAL ANALYSIS,
COMPILATIONS OR DATA IS AVAILABLE
GRAINS INSPECTED AND/OR WEIGHED FOR EXPORT
REPORTED IN WEEK ENDING JAN 02, 2025
— METRIC TONS —
————————————————————————-
CURRENT PREVIOUS
———– WEEK ENDING ———- MARKET YEAR MARKET YEAR
GRAIN 01/02/2025 12/26/2024 01/04/2024 TO DATE TO DATE
BARLEY 0 699 0 8,608 1,614
CORN 847,463 907,565 1,092,362 16,236,439 13,042,810
FLAXSEED 0 0 0 264 0
MIXED 0 49 0 122 24
OATS 0 0 0 148 3,794
RYE 0 0 0 0 72
SORGHUM 1,028 14,573 175,237 1,371,293 2,243,646
SOYBEANS 1,284,970 1,643,202 1,040,799 29,956,103 24,312,449
SUNFLOWER 0 0 0 0 4,109
WHEAT 412,342 339,101 501,910 12,717,752 10,166,112
Total 2,545,803 2,905,189 2,810,308 60,290,729 49,774,630
————————————————————————-
CROP MARKETING YEARS BEGIN JUNE 1 FOR WHEAT, RYE, OATS, BARLEY AND
FLAXSEED; SEPTEMBER 1 FOR CORN, SORGHUM, SOYBEANS AND SUNFLOWER SEEDS.
INCLUDES WATERWAY SHIPMENTS TO CANADA

WHEAT
General Comments: The markets were lower last week on what appeared to be mostly speculative selling. There weas not any real news for buyers. World Wheat demand has been strong, but there has not been much demand in world markets for US Wheat. Tensions remined high between Ukraine, the US, and Russia. The growing conditions in the US are very good. Reports of very beneficial rains for the Great Plains and Midwest and reports of steady to firm prices quoted in Russia and steady prices Argentina were around and helped keep the US market mostly steady in current ranges. Wheat farmers in the US planted the Winter crops under good conditions. Australia has seen too much rain recently that has downgraded Wheat quality, but Australia still has a very big crop to sell into world markets.
Overnight News:
Chart Analysis: Trends in Chicago are mixed. Support is at 528, 522, and 516 March, with resistance at 554, 561, and 569 March. Trends in Kansas City are mixed. Support is at 535, 528, and 520 March, with resistance at 560, 566, and 571 March. Trends in Minneapolis are mixed. Support is at 572, 566, and 560 March, and resistance is at 601, 606, and 611 March.

RICE:
General Comments: Rice closed mixed yesterday in some light volume speculative trading. Commercials and speculators seemed to be on both sides of the market. The trends are mixed on the daily charts. Generally weak Asian prices are still reported. Brazil prices remain strong and well above US prices, but the difference is now less to world buyers as the Real is much lower against the US Dollar.
Overnight News:
Chart Analysis: Trends are mixed. Support is at 1382, 1372 and 1366 March and resistance is at 1423, 1454, and 1474 March.

CORN AND OATS
General Comments: Corn closed higher yesterday in recovery trading from the selloff seen late last week. The export sales report released last week by USDA showed a big reduction in demand and many think that this could become a feature for the market. The export demand in recent weeks has been very strong and it seems like some of the buying is in anticipation of the new presidential regime starting here in January. President Trump has promised new tariffs on goods and services and some buyers may be making purchases now to avoid the potential for the tariff later. It is about to turn very cold in the Midwest so it will get harder for Corn buyers to convince farmers to sell. Oats were higher.
Overnight News: Colombia bought 110,000 tons of US Corn.
Chart Analysis: Trends in Corn are mixed. Support is at 448, 441, and 436 March, and resistance is at 460, 464, and 470 March. Trends in Oats are mixed. Support is at 320, 313, and 398 March, and resistance is at 336, 339, and 350 March.

SOYBEANS
General Comments: Soybeans closed higher and the products closed mixed yesterday on talk that President Trump might not impose the draconian tariff rules. This talk was denied by the Trump officials. Supplies are very large now and look to get even bigger with the coming South American harvest. Talk that President Trump wants to stop the use of bio fuels as part of his war on the green economy hurt demand ideas for Soybean Oil. The tariffs that Trump plans to impose could be a detriment to sales of all products. Brazil looks to produce much more than a year ago and some estimates range as high as 175 million tons for the country. Brazilian farmers have planted what is expected to be a very big crop in central and northern areas of the country. Warm and dry weather in the Midwest last year has hurt US production ideas due to ideas of small and very dry beans in the pods. Demand has been very strong so far this year, in part as many buyers try to get bought ahead of any new tariffs that the Trump administration might impose. And are getting cheaper Soybeans from Brazil. Supplies are very large and ending stocks projections for the USDA WASDE reports are a burden for prices. However, farmers are not selling for tax reasons and now due to the very cold weather that will be seen in the Midwest over the next couple of weeks.
Overnight News:
Analysis: Trends in Soybeans are mixed to up. Support is at 987, 972, and 969 March, and resistance is at 1015, 1024, and 1032 March. Trends in Soybean Meal are mixed. Support is at 306.00, 302.00, and 297.00 March, and resistance is at 315.00, 321.00, and 326.00 March. Trends in Soybean Oil are mixed. Support is at 3900, 3840, and 3780 March, with resistance at 4100, 4160, and 4260 March.

PALM OIL AND CANOLA
General Comments: Palm Oil was lower yesterday on demand worries from India. That country has not been importing at the expected pace with holidays coming. Futures were a little higher today. Indonesia wants to use a blend of 40% of Plam Oil in its gasoline mixtures, but this has proved to be expensive and might need to be reduced and allow for increased exports. Demand from China has not been good and demand from India has been reduced. Ideas of weaker production caused by too much rain and reports of good demand provided support. Chart trends are down. Canola was higher. The charts show that a low has been completed and a new uptrend could be underway. The harvest is over in Canada and the crops are locked away in the bin. Producers will try to wait for higher prices before selling much, especially with the cold weather in place now.
Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 619.00, 610.00, and 601.00 March, with resistance at 632.00, 640.00, and 647.00 March. Trends in Palm Oil are mixed to down. Support is at 4170, 4070, and 4020 March, with resistance at 4570, 4650, and 4770 March.

Midwest Weather Forecast Light and scattered precipitation. Temperatures should average below normal.

DJ Malaysian PM Cash Market Prices for Palm Oil – Jan 7
The following are prices for Malaysian palm oil in the cash market at 1000 GMT Tuesday, 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.
Offer Change Bid Change Traded
Jan 1120.00 +10.00 Unquoted – –
Feb 1090.00 +20.00 Unquoted – –
Mar 1070.00 00.00 Unquoted – –
Apr/May/Jun 990.00 +10.00 Unquoted – –
Jul/Aug/Sep 975.00 +10.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Jan 1125.00 +10.00 Unquoted – –
Feb 1095.00 +20.00 Unquoted – –
Mar 1075.00 00.00 Unquoted – –
Apr/May/Jun 995.00 +10.00 Unquoted – –
Jul/Aug/Sep 980.00 +10.00 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Jan 1130.00 +10.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Jan 985.00 +10.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jan 4,750.00 +20.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jan 472.00 -05.00 Unquoted – –
($1=MYR4.485)

DJ China Dalian Grain Futures Closing Prices, Volume – Jan 07
Soybean No. 1
Turnover: 190,106 lots, or 7.33 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jan-25 3,821 3,821 3,758 3,758 3,821 3,820 -1 622 1,690
Mar-25 3,823 3,831 3,770 3,784 3,825 3,795 -30 17,241 44,524
May-25 3,901 3,906 3,829 3,848 3,895 3,861 -34 153,748 179,825
Jul-25 3,921 3,929 3,848 3,865 3,917 3,880 -37 12,672 24,545
Sep-25 3,943 3,953 3,872 3,890 3,939 3,905 -34 4,129 16,952
Nov-25 3,937 3,944 3,869 3,882 3,930 3,902 -28 1,694 5,970
Corn
Turnover: 619,121 lots, or 13.72 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jan-25 2,105 2,105 2,090 2,102 2,096 2,094 -2 850 9,530
Mar-25 2,150 2,150 2,129 2,138 2,134 2,137 3 80,236 479,385
May-25 2,225 2,235 2,215 2,225 2,223 2,224 1 483,242 1,191,075
Jul-25 2,260 2,265 2,246 2,255 2,253 2,253 0 32,694 262,959
Sep-25 2,283 2,288 2,268 2,275 2,276 2,275 -1 15,471 62,382
Nov-25 2,228 2,230 2,213 2,222 2,222 2,219 -3 6,628 47,740
Soymeal
Turnover: 2,145,639 lots, or 5.80 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jan-25 2,860 2,876 2,824 2,824 2,861 2,856 -5 92 7,790
Mar-25 2,886 2,887 2,817 2,832 2,864 2,845 -19 87,302 358,924
May-25 2,710 2,712 2,640 2,647 2,683 2,670 -13 1,691,120 2,299,797
Jul-25 2,681 2,692 2,630 2,635 2,664 2,656 -8 44,132 279,641
Aug-25 2,841 2,853 2,785 2,790 2,825 2,811 -14 21,148 154,735
Sep-25 2,860 2,863 2,794 2,798 2,833 2,824 -9 254,516 918,780
Nov-25 2,875 2,884 2,817 2,822 2,855 2,846 -9 32,900 196,357
Dec-25 2,941 2,951 2,884 2,887 2,932 2,916 -16 14,429 46,630
Palm Oil
Turnover: 1,336,438 lots, or 11.47 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jan-25 9,900 9,988 9,896 9,900 9,894 9,904 10 75 950
Feb-25 9,382 9,578 9,370 9,556 9,384 9,482 98 30,342 19,709
Mar-25 9,006 9,244 8,976 9,228 9,038 9,096 58 15,470 16,415
Apr-25 8,716 8,942 8,672 8,922 8,710 8,788 78 1,385 1,337
May-25 8,534 8,752 8,460 8,722 8,556 8,576 20 1,220,042 497,072
Jun-25 8,374 8,592 8,316 8,580 8,372 8,406 34 486 580
Jul-25 8,222 8,472 8,208 8,434 8,252 8,304 52 290 597
Aug-25 8,174 8,372 8,160 8,364 8,188 8,240 52 91 174
Sep-25 8,148 8,336 8,108 8,324 8,150 8,204 54 67,988 88,108
Oct-25 8,080 8,284 8,080 8,250 8,106 8,166 60 90 438
Nov-25 8,068 8,248 8,062 8,216 8,080 8,140 60 113 249
Dec-25 8,086 8,236 8,060 8,206 8,106 8,142 36 66 110
Soybean Oil
Turnover: 532,266 lots, or 40.31 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jan-25 7,560 7,560 7,560 7,560 7,680 7,560 -120 5 1,519
Mar-25 7,652 7,688 7,556 7,632 7,658 7,618 -40 6,678 23,418
May-25 7,602 7,632 7,524 7,596 7,590 7,580 -10 472,949 668,424
Jul-25 7,538 7,572 7,492 7,550 7,522 7,528 6 1,821 7,359
Aug-25 7,566 7,582 7,518 7,568 7,534 7,550 16 216 649
Sep-25 7,524 7,558 7,466 7,512 7,530 7,504 -26 50,309 132,623
Nov-25 7,550 7,582 7,498 7,546 7,532 7,538 6 282 1,317
Dec-25 7,566 7,566 7,526 7,544 7,600 7,540 -60 6 42
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.

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