Grains Report 03/10/2025

DJ USDA Report: Recap for U.S. Agriculture Supply, Demand
The following table of analysts’ estimates is provided as a service to The Wall Street Journal subscribers in conjunction with the U.S. Department of Agriculture’s monthly supply-and-demand report scheduled for release at noon ET on Tuesday.
U.S. Stockpiles (million bushels)
2024-25
Average Range USDA February USDA 2023-2024
Corn 1,523 1,415-1,630 1,540 1,763
Soybeans 381 365-402 380 342
Wheat 796 779-815 794 696
World 2024-25 Stockpiles (million metric tons)
2024-25
Average Range USDA February USDA 2023-24
Corn 290.0 288.0-291.6 290.3 315.8
Soybeans 124.2 122.2-125.0 124.3 112.5
Wheat 257.5 256.0-259.3 257.6 267.5
Brazil Corn, Soybean Production (million metric tons)
2024-25
Average Range USDA February USDA 2023-24
Corn 126.2 124.0-130.9 126.0 122.0
Soybeans 169.3 168.0-171.0 169.0 153.0
Argentina Corn, Soybean Production (million metric tons)
2024-25
Average Range USDA February USDA 2023-24
Corn 49.0 47.0-50.0 50.0 50.0
Soybeans 48.6 47.5-49.0 49.0 48.2

DJ CBOT Delivery Intentions: Totals – Mar 10
Source: CME Group
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
SOYBEAN MEAL March Mar 11, 2025 34 Mar 05, 2025
SOYBEAN OIL March Mar 11, 2025 165 Mar 07, 2025
ROUGH RICE March Mar 11, 2025 1 Feb 27, 2025
KC HRW WHEAT March Mar 11, 2025 19 Mar 07, 2025
SOYBEAN March Mar 11, 2025 142 Feb 27, 2025
WHEAT March Mar 11, 2025 10 Mar 03, 2025

WHEAT
General Comments: All three markets closed a little lower on relaxation of the tariffs and despite good weekly export sales. Trump has allowed auto makers to avoid the tariffs for now and there are ideas that more industries will be exempted for at least a month or so. There are now somewhat reduced fears that the US is entering a recession. Growing conditions are dry around the world and in the US Great Plains and Winter Wheat crops are emerging from dormancy. This could be a supportive factor but overall demand has been weak so he lack of rain hurting production potential is less of an issue for the trade. The fears of a US recession are the consequence of the Trump economic and political policies. Republicans are trying to mask the threat by taking the government losses out of the GDP, but the consumer confidence is waning and could become a source of real harm to the economy.
Overnight News:
Chart Analysis: Trends in Chicago are mixed. Support is at 545, 530, and 524 May, with resistance at 563, 573, and 573 May. Trends in Kansas City are mixed. Support is at 555, 540, and 534 May, with resistance at 571, 582, and 600 May. Trends in Minneapolis are mixed. Support is at 585, 576, and 570 May, and resistance is at 598, 609, and 620 May.

COT — Supplemental Report – Option and Futures Combined Positions as of March 04, 2025
: Reportable Positions : Nonreportable
:—————————————————————————————- : Positions
: Non-Commercial : Commercial : Index Traders : Total
: Long : Short :Spreading: Long : Short : Long : Short : Long : Short : Long : Short
——————————————————————————————————————-
WHEAT-SRW – CHICAGO BOARD OF TRADE
CFTC Code #001602 Open Interest is 526,878
: Positions :
: 57,168 153,198 169,509 117,421 83,814 143,473 87,000 487,570 493,521: 39,308 33,357
: Changes from: February 25, 2025 (Change in open interest: 44,530) :
: 9,422 19,529 17,699 17,020 -7,003 -4,518 15,977 39,623 46,202: 4,907 -1,672
: Percent of Open Interest Represented by Each Category of Trader :
: 10.9 29.1 32.2 22.3 15.9 27.2 16.5 92.5 93.7: 7.5 6.3
: Total Traders: 390 Number of Traders in Each Category :
: 100 111 123 105 91 47 32 319 294:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of March 04, 2025
: Reportable Positions : Nonreportable
:—————————————————————————————- : Positions
: Non-Commercial : Commercial : Index Traders : Total
: Long : Short :Spreading: Long : Short : Long : Short : Long : Short : Long : Short
——————————————————————————————————————-
WHEAT-HRW – CHICAGO BOARD OF TRADE
CFTC Code #001612 Open Interest is 258,175
: Positions :
: 17,025 67,530 53,869 77,181 86,658 91,021 27,679 239,096 235,736: 19,079 22,439
: Changes from: February 25, 2025 (Change in open interest: 17,386) :
: 2,558 16,257 9,212 10,310 -16,716 -4,236 8,118 17,844 16,870: -458 515
: Percent of Open Interest Represented by Each Category of Trader :
: 6.6 26.2 20.9 29.9 33.6 35.3 10.7 92.6 91.3: 7.4 8.7
: Total Traders: 234 Number of Traders in Each Category :
: 41 61 59 71 74 36 19 186 176:
——————————————————————————————————————-

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of March 4, 2025
: Reportable Positions :
:————————————————————————————————————- :
: Producer/Merchant : : : :
: Processor/User : Swap Dealers : Managed Money : Other Reportables :
: Long : Short : Long : Short :Spreading: Long : Short :Spreading: Long : Short :Spreading :
—————————————————————————————————————-
WHEAT-HRSpring – MIAX FUTURES EXCHANGE (CONTRACTS OF 5,000 BUSHELS) :
CFTC Code #001626 Open Interest is 80,732 :
: Positions :
: 41,689 26,780 3,437 969 270 10,619 27,811 5,854 5,218 4,980 3,567 :
: Changes from: February 25, 2025 :
: 7,788 -6,460 -390 661 -88 -747 11,236 482 -285 1,187 -463 :
: Percent of Open Interest Represented by Each Category of Trader :
: 51.6 33.2 4.3 1.2 0.3 13.2 34.4 7.3 6.5 6.2 4.4 :
: Number of Traders in Each Category Total Traders: 128 :
: 51 39 6 . 4 11 25 12 10 10 13 :
—————————————————————————————————————-

RICE:
General Comments: Rice closed lower last week after trading to new lows for the move earlier in the week. It appears to be a reaction to the tariff threat on rice moving to Mexico, the major export recipient of US Rice. Prices remain cheap and could threaten planted area as it will cost more to produce Rice than it is getting in the market right now. Export sales have not been strong, and domestic demand is there but is not strong enough right now to bid prices much higher. Milling quality of the Rice remains below industry standards and it takes more Rough Rice to create the grain for sale to stores and exporters. The trends are still down the daily and weekly charts. Generally weak Asian prices are still reported. Brazil prices are falling.
Overnight News:
Chart Analysis: Trends are down. Support is at 1296, 1284 and 1272 May and resistance is at 1348, 1371, and 1386 May.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of March 4, 2025
: Reportable Positions :
:————————————————————————————————————- :
: Producer/Merchant : : : :
: Processor/User : Swap Dealers : Managed Money : Other Reportables :
: Long : Short : Long : Short :Spreading: Long : Short :Spreading: Long : Short :Spreading :
—————————————————————————————————————-
ROUGH RICE – CHICAGO BOARD OF TRADE (CONTRACTS OF 200,000 POUNDS) :
CFTC Code #039601 Open Interest is 13,514 :
: Positions :
: 7,948 3,292 0 227 0 210 6,065 0 1,967 685 826 :
: Changes from: February 25, 2025 :
: -230 -871 0 0 0 -5 647 -3 -60 -85 -3 :
: Percent of Open Interest Represented by Each Category of Trader :
: 58.8 24.4 0.0 1.7 0.0 1.6 44.9 0.0 14.6 5.1 6.1 :
: Number of Traders in Each Category Total Traders: 71 :
: 24 18 0 . 0 . 20 0 13 5 6 :
—————————————————————————————————————-

CORN AND OATS
General Comments: Corn closed a little higher last week as futures recovered well from some reports that the tariffs have been eased for at least some industries and especially the auto industry. In addition, about half of the tariffs were eased against Mexico, the major Corn importer this year, and that country has said it will not yet put tariffs on ag imports including Corn. The weekly export sales report was considered positive given the current political environment. Dry and warm conditions are in the Midwest forecast for today. The overall market fundamentals are still turning bearish. The export demand in recent weeks has been very strong and it seems like some of the buying was in anticipation of the new presidential regime. President Trump has announced that new tariffs are being imposed as of Tuesday on goods and services and some buyers may have made purchases already to avoid the potential for the tariff later. The tariffs have become an off again on again feature of the government and no one knows what to do at this time. Oats were higher as import tariffs were imposed on imports from Canada on Tuesday and seem to be holding so far.
Overnight News: Japan bought 126,000 tons off US Corn.
Chart Analysis: Trends in Corn are down. Support is at 459, 442, and 434 May, and resistance is at 482, 492, and 505 May. Trends in Oats are up. Support is at 364, 359, and 351 May, and resistance is at 381, 391, and 400 May.

COT — Supplemental Report – Option and Futures Combined Positions as of March 04, 2025
: Reportable Positions : Nonreportable
:—————————————————————————————- : Positions
: Non-Commercial : Commercial : Index Traders : Total
: Long : Short :Spreading: Long : Short : Long : Short : Long : Short : Long : Short
——————————————————————————————————————-
CORN – CHICAGO BOARD OF TRADE
CFTC Code #002602 Open Interest is 2,355,121
: Positions :
: 258,213 139,147 780,797 613,503 1,084,310 532,297 112,080 2,184,810 2,116,334: 170,310 238,787
: Changes from: February 25, 2025 (Change in open interest: -5,143) :
: -57,110 2,281 81,860 25,055 -71,854 -64,023 -1,317 -14,218 10,970: 9,075 -16,114
: Percent of Open Interest Represented by Each Category of Trader :
: 11.0 5.9 33.2 26.0 46.0 22.6 4.8 92.8 89.9: 7.2 10.1
: Total Traders: 859 Number of Traders in Each Category :
: 172 130 208 371 423 53 27 694 706:
——————————————————————————————————————-

SOYBEANS
General Comments: Soybeans and Soybean Oil closed lower last week, but Soybean Meal was higher and it is showing signs of completing a bottom on the weekly charts. Futures were hit hard in part on the Trump tariffs and in part response to the big crops hitting the market from Brazil and as the tariffs were imposed on our largest customers on the export front this week. The tariffs have caused retaliation from our buyers and could hurt demand, especially from China and Canada. Consumer confidence is down and there are increasing worries that the US could be headed into a recession that could hurt domestic demand. The fundamentals remain mixed as cash markets have turned stronger in South America and hot and dry weather has returned to central and northern parts of the country. The Soybeans harvest there is estimated to be half done.
Overnight News: Unknown destinations bought 195,000 tons of US Soybeans.
Analysis: Trends in Soybeans are mixed. Support is at 1013, 990 and 980 May, and resistance is at 1041, 1051, and 1055 May. Trends in Soybean Meal are down. Support is at 291.00, 285.00, and 280.00 May, and resistance is at 308.00, 315.00, and 319.00 May. Trends in Soybean Oil are down. Support is at 4140, 4080, and 3990 May, with resistance at 4450, 4460, and 4530 May.

COT — Supplemental Report – Option and Futures Combined Positions as of March 04, 2025
: Reportable Positions : Nonreportable
:—————————————————————————————- : Positions
: Non-Commercial : Commercial : Index Traders : Total
: Long : Short :Spreading: Long : Short : Long : Short : Long : Short : Long : Short
——————————————————————————————————————-
SOYBEANS – CHICAGO BOARD OF TRADE
CFTC Code #005602 Open Interest is 1,024,053
: Positions :
: 78,807 147,084 287,973 388,920 435,880 223,527 71,564 979,226 942,500: 44,827 81,553
: Changes from: February 25, 2025 (Change in open interest: 26,247) :
: -10,116 13,652 18,610 11,926 -18,075 6,721 15,461 27,141 29,648: -893 -3,401
: Percent of Open Interest Represented by Each Category of Trader :
: 7.7 14.4 28.1 38.0 42.6 21.8 7.0 95.6 92.0: 4.4 8.0
: Total Traders: 577 Number of Traders in Each Category :
: 94 152 164 208 239 45 25 449 489:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of March 04, 2025
: Reportable Positions : Nonreportable
:—————————————————————————————- : Positions
: Non-Commercial : Commercial : Index Traders : Total
: Long : Short :Spreading: Long : Short : Long : Short : Long : Short : Long : Short
——————————————————————————————————————-
SOYBEAN OIL – CHICAGO BOARD OF TRADE
CFTC Code #007601 Open Interest is 606,136
: Positions :
: 57,607 92,750 124,823 228,283 326,530 160,847 34,554 571,560 578,657: 34,577 27,480
: Changes from: February 25, 2025 (Change in open interest: 19,266) :
: -4,079 15,056 20,245 12,920 -25,807 -9,861 7,815 19,225 17,309: 42 1,957
: Percent of Open Interest Represented by Each Category of Trader :
: 9.5 15.3 20.6 37.7 53.9 26.5 5.7 94.3 95.5: 5.7 4.5
: Total Traders: 321 Number of Traders in Each Category :
: 78 65 97 95 96 41 22 266 240:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of March 04, 2025
: Reportable Positions : Nonreportable
:—————————————————————————————- : Positions
: Non-Commercial : Commercial : Index Traders : Total
: Long : Short :Spreading: Long : Short : Long : Short : Long : Short : Long : Short
——————————————————————————————————————-
SOYBEAN MEAL – CHICAGO BOARD OF TRADE
CFTC Code #026603 Open Interest is 610,469
: Positions :
: 48,964 138,479 145,632 227,110 251,767 134,010 40,261 555,717 576,139: 54,752 34,330
: Changes from: February 25, 2025 (Change in open interest: 15,273) :
: -414 22,626 9,345 7,773 -16,222 -2,012 495 14,692 16,244: 580 -971
: Percent of Open Interest Represented by Each Category of Trader :
: 8.0 22.7 23.9 37.2 41.2 22.0 6.6 91.0 94.4: 9.0 5.6
: Total Traders: 341 Number of Traders in Each Category :
: 63 83 91 131 117 37 19 283 265:
——————————————————————————————————————-

PALM OIL AND CANOLA
General Comments: Palm Oil closed lower on less than expected export demand lat month as reported by MPOB. There is talk of reduced supplies in the market due to extreme weather that caused fields to flood among other things. Demand from China has not been good but reports indicate that demand from India has been strong in February and provided support. Chart trends are turning up. Canola was higher lower with Chicago. The demand outlook is uncertain with the threat of US tariffs being imposed last week but was able to partially recover the losses on report of moderations by the US on the tariff schedule.
Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 640.00, 630.00, and 616.00 May, with resistance at 652.00, 657.00, and 673.00 May. Trends in Palm Oil are mixed to up. Support is at 4430, 437e0, and 4350 May, with resistance at 4650, 4720, and 4790 May.

DJ Malaysia’s February Palm Oil Exports 1.00M Tons; Down 16%, MPOB Says
Malaysia’s palm oil exports were down 16% on month at 1.00 million metric tons in February, the Malaysian Palm Oil Board said.
The following are details of the February crop data and revised numbers for January, issued by MPOB:
February January Change
On Month
Crude Palm Oil Output 1,188,029 1,239,545 Dn 4.16%
Palm Oil Exports 1,002,135 1,196,849 Dn 16.27%
Palm Kernel Oil Exports 58,144 57,554 Up 1.03%
Palm Oil Imports 66,784 88,474 Dn 24.52%
Closing Stocks 1,512,100 1,580,252 Dn 4.31%
Crude Palm Oil 826,248 789,435 Up 4.66%
Processed Palm Oil 685,852 790,817 Dn 13.27%

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of March 4, 2025
: Reportable Positions :
:————————————————————————————————————- :
: Producer/Merchant : : : :
: Processor/User : Swap Dealers : Managed Money : Other Reportables :
: Long : Short : Long : Short :Spreading: Long : Short :Spreading: Long : Short :Spreading :
—————————————————————————————————————-
USD Malaysian Crude Palm Oil C – CHICAGO MERCANTILE EXCHANGE (CONTRACTS OF 25 METRIC TONS) :
CFTC Code #037021 Open Interest is 17,839 :
: Positions :
: 13,569 9,144 378 3,098 616 520 761 0 1,696 3,130 1,060 :
: Changes from: February 25, 2025 :
: -2,737 -695 -18 -1,602 0 -40 -1,300 0 598 1,400 -1,400 :
: Percent of Open Interest Represented by Each Category of Trader :
: 76.1 51.3 2.1 17.4 3.5 2.9 4.3 0.0 9.5 17.5 5.9 :
: Number of Traders in Each Category Total Traders: 28 :
: 7 7 . 6 . . . 0 4 7 . :
—————————————————————————————————————-

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of March 4, 2025
: Reportable Positions :
:————————————————————————————————————- :
: Producer/Merchant : : : :
: Processor/User : Swap Dealers : Managed Money : Other Reportables :
: Long : Short : Long : Short :Spreading: Long : Short :Spreading: Long : Short :Spreading :
—————————————————————————————————————-
CANOLA – ICE FUTURES U.S. (20 Metric Tonnes) :
CFTC Code #135731 Open Interest is 249,203 :
: Positions :
: 89,248 155,772 14,877 7,846 2,910 107,941 43,356 15,071 6,075 10,317 11,774 :
: Changes from: February 25, 2025 :
: 7,885 -7,513 5,216 88 -108 -12,293 8,482 -1,280 209 -21 872 :
: Percent of Open Interest Represented by Each Category of Trader :
: 35.8 62.5 6.0 3.1 1.2 43.3 17.4 6.0 2.4 4.1 4.7 :
: Number of Traders in Each Category Total Traders: 296 :
: 53 64 6 4 7 49 41 24 35 72 44 :
—————————————————————————————————————-

Midwest Weather Forecast: Mostly dry. Temperatures should average above normal.

DJ Malaysian PM Cash Market Prices for Palm Oil – March 10
The following are prices for Malaysian palm oil in the cash market at 1000 GMT Monday, 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
Mar 1130.00 -15.00 Unquoted – –
Apr/May/Jun 1080.00 -15.00 Unquoted – –
Jul/Aug/Sep 1012.50 -15.00 Unquoted – –
Oct/Nov/Dec 1007.50 -12.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Mar 1035.00 -15.00 Unquoted – –
Apr/May/Jun 1085.00 -15.00 Unquoted – –
Jul/Aug/Sep 1017.50 -15.00 Unquoted – –
Oct/Nov/Dec 1012.50 -12.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Mar 1105.00 -05.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Mar 1080.00 -05.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Mar 4,850.00 -50.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Mar 468.00 +03.00 Unquoted – –
($1=MYR4.4185)

DJ China Dalian Grain Futures Closing Prices, Volume – Mar 10
Soybean No. 1
Turnover: 260,344 lots, or 10.83 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Mar-25 4,100 4,100 4,069 4,070 4,100 4,096 -4 100 585
May-25 4,130 4,204 4,115 4,153 4,152 4,157 5 213,125 184,871
Jul-25 4,146 4,211 4,124 4,164 4,157 4,170 13 25,833 45,532
Sep-25 4,147 4,214 4,130 4,171 4,162 4,174 12 15,622 28,509
Nov-25 4,094 4,152 4,077 4,113 4,102 4,111 9 4,891 25,674
Jan-26 4,087 4,154 4,081 4,113 4,104 4,117 13 773 2,155
Corn
Turnover: 945,685 lots, or 21.96 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Mar-25 2,163 2,163 2,163 2,163 2,163 2,163 0 10 553
May-25 2,303 2,336 2,299 2,319 2,309 2,316 7 737,328 1,373,175
Jul-25 2,339 2,363 2,327 2,348 2,339 2,344 5 126,749 411,656
Sep-25 2,353 2,378 2,341 2,358 2,356 2,355 -1 56,115 166,119
Nov-25 2,293 2,314 2,283 2,295 2,296 2,293 -3 21,511 106,459
Jan-26 2,279 2,299 2,268 2,280 2,281 2,280 -1 3,972 10,761
Soymeal
Turnover: 4,545,412 lots, or 13.39 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Mar-25 3,465 3,496 3,455 3,496 3,481 3,476 -5 161 7,634
May-25 2,886 2,979 2,863 2,937 2,902 2,928 26 3,262,779 2,201,707
Jul-25 2,822 2,914 2,808 2,887 2,838 2,865 27 192,063 372,840
Aug-25 2,965 3,030 2,945 3,003 2,982 2,992 10 41,783 168,987
Sep-25 2,977 3,039 2,954 3,014 2,990 3,006 16 833,757 1,564,754
Nov-25 2,996 3,063 2,979 3,036 3,016 3,026 10 81,198 252,808
Dec-25 3,023 3,075 3,003 3,058 3,038 3,048 10 26,504 87,291
Jan-26 3,015 3,058 2,992 3,043 3,027 3,031 4 107,167 166,285
Palm Oil
Turnover: 1,448,855 lots, or 13.18 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Mar-25 – – – 9,584 9,584 9,584 0 0 882
Apr-25 9,294 9,452 9,180 9,230 9,172 9,328 156 14,215 5,163
May-25 9,130 9,282 9,022 9,074 8,998 9,156 158 1,290,800 462,031
Jun-25 8,868 9,022 8,774 8,834 8,768 8,906 138 2,437 3,999
Jul-25 8,698 8,830 8,594 8,674 8,594 8,696 102 853 989
Aug-25 8,558 8,644 8,490 8,558 8,458 8,560 102 75 176
Sep-25 8,488 8,614 8,390 8,462 8,388 8,488 100 138,018 133,938
Oct-25 8,438 8,560 8,348 8,364 8,348 8,458 110 66 677
Nov-25 8,410 8,532 8,362 8,366 8,330 8,432 102 62 1,347
Dec-25 8,376 8,460 8,308 8,330 8,306 8,388 82 62 923
Jan-26 8,356 8,452 8,270 8,336 8,282 8,366 84 2,236 5,774
Feb-26 8,344 8,412 8,298 8,304 8,278 8,364 86 31 43
Soybean Oil
Turnover: 790,539 lots, or 63.13 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Mar-25 – – – 8,276 8,276 8,276 0 0 99
May-25 7,992 8,118 7,914 8,002 7,946 8,008 62 620,006 593,990
Jul-25 7,834 7,944 7,764 7,858 7,784 7,866 82 7,680 9,826
Aug-25 7,870 7,986 7,816 7,904 7,826 7,914 88 1,893 2,727
Sep-25 7,866 7,982 7,808 7,900 7,820 7,902 82 156,173 326,540
Nov-25 7,876 8,000 7,840 7,930 7,832 7,932 100 286 2,260
Dec-25 7,864 7,986 7,836 7,924 7,840 7,912 72 57 116
Jan-26 7,834 7,962 7,798 7,886 7,796 7,874 78 4,444 7,043
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