Grains Report 01/09/2025

DJ CBOT Delivery Intentions: Totals – Jan 9
Source: CME Group
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
SOYBEAN MEAL January Jan 10, 2025 51 Jan 06, 2025
SOYBEAN OIL January Jan 10, 2025 171 Jan 08, 2025
SOYBEAN January Jan 10, 2025 60 Dec 31, 2024

DJ Survey: USDA U.S. Winter Wheat Seedings Estimates
NEW YORK–The following are analysts’ estimates in millions of acres for 2025 U.S. winter wheat that was planted in October and November, as compiled by The Wall Street Journal. The U.S. Department of Agriculture is scheduled to release its report at noon ET on Friday.
U.S. 2025 U.S. Winter Wheat Seedings Estimates
Average Range USDA 2024
All Winter Wheat 33.5 32.5-34.4 33.4
Hard Red Winter 23.8 23.3-24.5 23.8
Soft Red Winter 6.2 5.7-6.5 6.1
White Winter 3.5 3.4-3.6 3.5
All Winter Hard-Red Soft-Red White
Allendale 33.3 23.7 6.1 3.6
Doane 33.6 23.8 6.3 3.6
Linn Group 33.5 23.9 6.0 3.6
Sid Love Consulting 32.9 23.4 6.0 3.5
Marex Group 33.7 24.0 6.2 3.5
Midland Research 33.7 23.7 6.5 3.6
Midwest Market Solutions 33.8 24.0 6.3 3.5
Northstar Commodity 34.1 24.1 6.4 3.6
Ocean State Research 32.5 23.3 5.7 3.5
RMC 32.7 23.4 5.9 3.4
RJ O’Brien 33.7 24.0 6.2 3.5
StoneX Group 34.4 24.5 6.4 3.5
U.S. Commodities 33.4 23.8 6.1 3.5

DJ Survey: Dec. 1 Quarterly Grain, Soybean Stockpiles Estimates
NEW YORK–The following are analysts’ estimates in millions of bushels for December 1 quarterly U.S. grain and soybean stockpiles, as compiled by The Wall Street Journal. The U.S. Department of Agriculture is scheduled to release updated tables at noon ET on Friday.
U.S. Stockpiles on Dec. 1, 2024 (million bushels)
USDA USDA
Average Range Sept. 2024 Dec. 2023
Corn 12,164 11,912-12,320 1,760 12,171
Soybeans 3,236 3,040-3,587 342 3,001
Wheat 1,578 1,460-1,638 1,986 1,421
Corn Soybeans Wheat
Allendale 12,217 3,237 1,521
Doane 12,184 3,251 1,595
Grain Cycles 12,030 3,195 1,610
Linn Group 12,093 3,192 1,579
Sid Love Consulting 12,079 3,587 1,586
Marex Group 12,250 3,040 1,460
Midland Research 11,912 3,170 1,581
Northstar Commodity 12,320 3,150 1,575
Ocean State Research 12,313 3,280 1,638
RMC 12,171 3,326 1,600
RJ O’Brien 12,167 3,191 1,603
StoneX Group 12,227 3,218 1,592

DJ January World Grain, Soybean Stockpiles Estimates — Survey
NEW YORK-The following are analysts’ estimates in millions of metric tons for world grain and soybean ending stockpiles for 2024-25, as compiled by The Wall Street Journal. The U.S. Department of Agriculture is scheduled to release updated supply and demand tables on Friday at noon ET.
World 2024-25 Stockpiles (million metric tons)
2024-25 USDA
Average Range December
Corn 295.0 290.5-297.1 296.4
Soybeans 132.0 130.0-133.0 131.9
Wheat 258.2 256.5-259.0 257.9
2024-25
Corn Soybeans Wheat
Allendale 294.9 131.8 257.1
Grain Cycles 290.5 130.0 256.5
Linn Group 295.0 131.0 258.2
Marex Group 296.0 133.0 259.0
Midwest Market Solutions 297.0 132.1 259.0
Northstar Commodity 294.0 131.5 259.0
Ocean State Research 296.0 133.0 258.0
RMC 294.0 132.5 258.0
StoneX Group 297.1 132.4 258.9
US Commodities 296.0 133.0 258.5

DJ U.S. January Grain, Soybean Stockpiles Estimates — Survey
NEW YORK-The following are analysts’ estimates in millions of bushels for U.S. ending stockpiles for 2024-25, as compiled by The Wall Street Journal. The U.S. Department of Agriculture is scheduled to release updated supply and demand tables on Friday at noon ET.
U.S. 2024-25 Stockpiles (millions)
USDA USDA
Average Range December 2023-24
Corn 1,678 1,540-1,815 1,738 1,760
Soybeans 454 390-486 470 342
Wheat 807 792-830 795 696
2024-25
Corn Soybeans Wheat
Allendale 1,681 467 795
Doane 1,815 430 820
Grain Cycles 1,540 432 795
Linn Group 1,665 435 810
Sid Love Consulting 1,621 423 821
Marex Group 1,725 485 795
Midland Research 1,560 390 795
Midwest Market Solutions 1,730 485 825
Northstar Commodity 1,700 460 810
Ocean State Research 1,679 458 820
RMC 1,625 450 795
RJ O’Brien 1,725 484 830
StoneX Group 1,723 486 792
US Commodities 1,720 473 800
VantageRM 1,663 445 795

DJ U.S. Corn, Soybean Production Estimates — Survey
U.S. Corn, Soybean Production (million bushels)
USDA USDA
Average Range December 2023-2024
Corn Production 15,092 14,965-15,240 15,143 15,341
Corn Yield 182.6 181.3-183.7 183.1 177.3
Harvested Acres 82.6 82.2-82.7 82.7 86.5
Soybean Production 4,451 4,419-4,539 4,461 4,162
Soybean Yield 51.6 51.2-52.6 51.7 50.6
Harvested Acres 86.3 85.8-86.4 86.3 82.3
Corn Soybean
Production Yield Harvested Production Yield Harvested
Acres Acres
Allendale 15,082 182.6 82.6 4,473 51.9 86.1
Doane 15,129 182.9 82.7 4,445 51.5 86.3
Grain Cycles 14,991 181.3 82.7 4,433 51.3 86.4
Linn Group 15,107 183.2 82.5 4,419 51.2 86.3
Sid Love Consulting 15,001 182.5 82.2 4,419 51.5 85.8
Marex Group 15,134 183.0 82.7 4,488 52.0 86.3
Midland Research 14,965 181.6 82.4 4,436 51.4 86.3
Midwest Market Solutions 15,240 183.5 82.7 4,445 51.5 86.3
Northstar Commodity 15,092 182.5 82.7 4,435 51.4 86.3
Ocean State Research 15,033 182.0 82.6 4,461 51.7 86.3
RMC 15,035 181.8 82.7 4,436 51.4 86.3
RJ O’Brien 15,175 183.5 82.7 4,443 51.5 86.3
StoneX Group 15,193 183.7 82.7 4,539 52.6 86.3
US Commodities 15,134 183.0 82.7 4,453 51.6 86.3
VantageRM 15,068 182.2 82.7 4,436 51.4 86.3

WHEAT
General Comments: The markets were lower yesterday in range trading. 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 538, 535, and 528 March, with resistance at 560, 568, and 571 March. Trends in Minneapolis are mixed. Support is at 583, 572, and 566 March, and resistance is at 601, 606, and 611 March.

RICE:
General Comments: Rice closed higher yesterday in speculative short covering. 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 lower yesterday on speculative selling before the export sales report today and the major USDA reports that will be released tomorrow. 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:
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 lower, and the products closed mixed yesterday, with Soybean Meal lower and Soybean Oil higher. Ideas are that Soybeans will eventually move significntly lower. 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.
Overnight News:
Analysis: Trends in Soybeans are mixed. Support is at 983, 972, and 969 March, and resistance is at 1004, 1015, and 1024 March. Trends in Soybean Meal are mixed to down. Support is at 297.00, 292.00, and 285.00 March, and resistance is at 306.00, 310.00, and 315.00 March. Trends in Soybean Oil are mixed to up. Support is at 4080, 3950, and 3900 March, with resistance at 4260, 4370, and 4410 March.

PALM OIL AND CANOLA
General Comments: Palm Oil was lower today on export demand weakness and concerns that Indonesia will not cut exports as much as expected earlier. 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 and the market seems to be pushing once again for the December highs. 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 617.00, 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 4280, 4170, and 4070 March, with resistance at 4450, 4570, and 4650 March.

Midwest Weather Forecast Mostly dry. Temperatures should average below normal.

DJ Malaysian PM Cash Market Prices for Palm Oil – Jan 9
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
Jan 1095.00 -15.00 Unquoted – –
Feb 1065.00 -15.00 Unquoted – –
Mar 1065.00 -15.00 Unquoted – –
Apr/May/Jun 975.00 -17.50 Unquoted – –
Jul/Aug/Sep 965.00 -12.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Jan 1100.00 -15.00 Unquoted – –
Feb 1070.00 -15.00 Unquoted – –
Mar 1070.00 -15.00 Unquoted – –
Apr/May/Jun 980.00 -17.50 Unquoted – –
Jul/Aug/Sep 970.00 -12.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Jan 1100.00 -20.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Jan 980.00 -05.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jan 4,700.00 -50.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jan 467.00 -03.00 Unquoted – –
($1=MYR4.504)

DJ China Dalian Grain Futures Closing Prices, Volume – Jan 09
Soybean No. 1
Turnover: 107,880 lots, or 4.14 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jan-25 3,800 3,800 3,750 3,750 3,753 3,779 26 286 936
Mar-25 3,769 3,782 3,763 3,775 3,776 3,772 -4 7,574 42,173
May-25 3,837 3,852 3,829 3,840 3,839 3,839 0 85,396 181,559
Jul-25 3,851 3,869 3,842 3,859 3,853 3,856 3 9,321 30,099
Sep-25 3,880 3,893 3,869 3,884 3,880 3,882 2 2,612 17,611
Nov-25 3,874 3,891 3,868 3,888 3,876 3,882 6 2,691 8,852
Corn
Turnover: 661,691 lots, or 14.66 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jan-25 2,102 2,106 2,096 2,100 2,102 2,101 -1 929 6,291
Mar-25 2,147 2,147 2,132 2,144 2,141 2,138 -3 98,015 420,422
May-25 2,232 2,237 2,217 2,231 2,228 2,225 -3 504,110 1,213,662
Jul-25 2,255 2,264 2,246 2,258 2,256 2,253 -3 38,000 279,506
Sep-25 2,277 2,284 2,269 2,280 2,277 2,274 -3 12,788 64,538
Nov-25 2,226 2,232 2,219 2,232 2,223 2,225 2 7,849 54,249
Soymeal
Turnover: 1,710,889 lots, or 45.62 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jan-25 2,835 2,835 2,835 2,835 2,835 2,835 0 19 7,552
Mar-25 2,837 2,862 2,832 2,847 2,850 2,846 -4 112,605 355,693
May-25 2,640 2,645 2,613 2,616 2,655 2,628 -27 1,293,690 2,288,773
Jul-25 2,630 2,630 2,596 2,598 2,637 2,611 -26 47,746 295,146
Aug-25 2,786 2,789 2,758 2,760 2,798 2,773 -25 18,777 161,367
Sep-25 2,797 2,799 2,766 2,770 2,806 2,783 -23 203,705 946,334
Nov-25 2,824 2,824 2,790 2,792 2,830 2,807 -23 20,345 202,842
Dec-25 2,893 2,893 2,866 2,870 2,900 2,880 -20 14,002 59,261
Palm Oil
Turnover: 1,139,291 lots, or 96.95 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jan-25 9,850 9,898 9,750 9,810 9,900 9,790 -110 284 650
Feb-25 9,468 9,468 9,254 9,296 9,532 9,336 -196 20,716 16,033
Mar-25 9,106 9,118 8,878 8,914 9,186 8,972 -214 10,381 16,499
Apr-25 8,806 8,826 8,616 8,642 8,890 8,674 -216 1,562 1,666
May-25 8,648 8,650 8,408 8,418 8,686 8,506 -180 1,041,693 468,225
Jun-25 8,508 8,508 8,284 8,286 8,550 8,362 -188 267 620
Jul-25 8,396 8,396 8,212 8,212 8,422 8,290 -132 169 565
Aug-25 8,350 8,350 8,162 8,168 8,354 8,234 -120 112 203
Sep-25 8,302 8,306 8,118 8,126 8,306 8,204 -102 63,853 92,908
Oct-25 8,226 8,254 8,104 8,116 8,230 8,168 -62 83 495
Nov-25 8,210 8,218 8,084 8,084 8,236 8,168 -68 144 354
Dec-25 8,218 8,218 8,098 8,098 8,228 8,144 -84 27 123
Soybean Oil
Turnover: 499,994 lots, or 37.56 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jan-25 7,560 7,560 7,550 7,550 7,560 7,554 -6 310 1,208
Mar-25 7,638 7,660 7,540 7,560 7,614 7,596 -18 9,293 20,980
May-25 7,574 7,582 7,456 7,474 7,562 7,514 -48 450,371 667,531
Jul-25 7,524 7,532 7,412 7,430 7,518 7,478 -40 1,148 7,400
Aug-25 7,556 7,564 7,438 7,438 7,550 7,516 -34 75 598
Sep-25 7,508 7,518 7,388 7,410 7,496 7,456 -40 38,417 138,501
Nov-25 7,532 7,532 7,432 7,440 7,526 7,448 -78 357 2,115
Dec-25 7,520 7,526 7,468 7,490 7,540 7,486 -54 23 66
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