Grains Report 03/25/2025

DJ USDA Grain Inspections for Export in Metric Tons – Mar 24
WA_GR101
Washington, DC Mon March 24, 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 MAR 20, 2025
— METRIC TONS —
————————————————————————
CURRENT PREVIOUS
———– WEEK ENDING ———- MARKET YEAR MARKET YEAR
GRAIN 03/20/2025 03/13/2025 03/21/2024 TO DATE TO DATE
BARLEY 0 98 0 9,427 1,936
CORN 1,463,093 1,692,298 1,255,165 32,267,836 24,445,564
FLAXSEED 24 0 0 336 24
MIXED 0 0 0 122 73
OATS 0 0 0 647 3,994
RYE 0 0 0 0 72
SORGHUM 0 13,913 6,025 1,553,810 3,829,817
SOYBEANS 822,214 657,836 785,605 39,931,570 36,567,839
SUNFLOWER 0 0 0 0 4,109
WHEAT 484,701 495,153 432,764 16,853,796 14,284,038
Total 2,770,032 2,859,298 2,479,559 90,617,544 79,137,466
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: All three markets closed lower yesterday, with dry outlooks for the Great Plains and Black Sea region the main feature but with rains reported in Kansas one day last week and more in the forecast for the Great Plains in about a week. The amounts and coverage of the new system does not look real impressive at this time. It is very dry in both areas and Kansas reported 0.3 inch or less. Growing conditions are dry around the world and in the US Great Plains and Winter Wheat crops are emerging from dormancy. Overall demand has been weak so the lack of rain hurting production potential is about to be important.
Overnight News:
Chart Analysis: Trends in Chicago are mixed. Support is at 545, 530, and 524 May, with resistance at 575, 579, and 585 May. Trends in Kansas City are mixed to down. Support is at 566, 561, and 547 May, with resistance at 604, 617, and 625 May. Trends in Minneapolis are down. Support is at 585, 576, and 570 May, and resistance is at 610, 626, and 632 May.

RICE:
General Comments: Rice closed a little lower yesterday, with trading slow before the USDA stocks in all positions report and the prospective plantings report coming on Monday. There was more concern about the tariffs scheduled to be imposed in early April. Mexico has escaped tariffs for now and so it will not apply its own and this was a big relief to the Rice market. Prices remain cheap, but could develop into a trading range, and could threaten the 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 any 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.
Overnight News:
Chart Analysis: Trends are mixed to down. Support is at 1296, 1284 and 1272 May and resistance is at 1393, 1416, and 1427 May.

CORN AND OATS
General Comments: Corn closed higher last week in response to another strong week of export inspections and on reports of strong ethanol demand. The export demand in recent weeks has been very strong and ideas are that domestic demand has been stronger as well. President Trump has announced that new tariffs are being imposed for all countries on a reciprocal basis starting in April. The tariffs have become an off again on again feature of the government and no one knows what to do at this time. It is dry in growing areas in western US, but most of the Midwest has had precipitation lately. Mostly dry weather is likely this week. Traders expect USDA to estimate planting intentions at near 94 million acres this season. Oats were lower.
Overnight News:
Chart Analysis: Trends in Corn are mixed. Support is at 460, 455, and 442 May, and resistance is at 477, 484, and 492 May. Trends in Oats are mixed. Support is at 371, 364, and 359 May, and resistance is at 385, 389, and 396 May.

SOYBEANS
General Comments: Soybeans and Soybean Meal closed lower yesterday, as Soybean Oil closed higher as it bounced from recent lows. South American production looks strong although slightly less than previous estimates, with Brazil expected to produce 170 million tons and Argentina producing 49 million tons or a little less. Futures are weaker in 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, especially China, and could hurt demand from China and Canada. Tariffs are scheduled to start for the rest of the world in April. 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 Brazil. The Soybeans harvest there is estimated to be more than 75% done.
Overnight News
Analysis: Trends in Soybeans are mixed to down Support is at 990, 980 and 955 May, and resistance is at 1021, 1041, and 1051 May. Trends in Soybean Meal are mixed to down. Support is at 291.00, 285.00, and 280.00 May, and resistance is at 310.00, 315.00, and 319.00 May. Trends in Soybean Oil are down. Support is at 4110, 4080, and 3990 May, with resistance at 4290, 4450, and 4460 May.

PALM OIL AND CANOLA
General Comments: Palm Oil futures were lower last week on what appeared to be speculative long liquidation tied to reports of weaker demand. Ideas of weaker export demand pushed futures lower today. There is talk of reduced supplies in the market due to extreme weather that caused fields to flood among other things. Demand has not been good so far this month and was weaker than expected for February. Chart trends are mixed. Canola was mixed yesterday after short covering and new buying continued to support nearby months. Some selling was seen in new crop months. The selling is still in response to news that China has imposed prohibitive tariffs on Canola and the products. The demand outlook is uncertain with the threat of US tariffs being imposed the previous week but was able to partially recover the losses last week.
Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 557.00, 552.00, and 546.00 May, with resistance at 590.00, 600.00, and 615.00 May. Trends in Palm Oil are up. Support is at 4300, 4220, and 4140 June, with resistance at 4370, 4500, and 4550 June.

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

DJ Malaysian PM Cash Market Prices for Palm Oil – March 25
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.
Refined, bleached and deodorized palm oil, FOB, Malaysian ports
Offer Change Bid Change Traded
Apr 1100.00 +37.50 Unquoted – –
Apr/May/Jun 1057.50 -05.00 Unquoted – –
Jul/Aug/Sep 982.50 -07.50 Unquoted – –
Oct/Nov/Dec 975.00 -05.00 Unquoted – –
Jan/Feb/Mar 982.50 -02.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Apr 1105.50 +37.50 Unquoted – –
Apr/May/Jun 1062.50 -05.00 Unquoted – –
Jul/Aug/Sep 987.50 -07.50 Unquoted – –
Oct/Nov/Dec 980.00 -05.00 Unquoted – –
Jan/Feb/Mar 987.50 -02.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Apr 1072.50 -10.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Apr 1030.00 -02.50 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Apr 4,680.00 -20.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Apr 476.00 -02.00 Unquoted – –
($1=MYR4.4345)

DJ China Dalian Grain Futures Closing Prices, Volume – Mar 25
Soybean No. 1
Turnover: 143,051 lots, or 5.57 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-25 3,888 3,899 3,873 3,881 3,879 3,884 5 103,411 200,551
Jul-25 3,922 3,927 3,902 3,905 3,909 3,911 2 22,214 75,608
Sep-25 3,948 3,957 3,931 3,932 3,937 3,941 4 12,931 66,300
Nov-25 3,926 3,933 3,910 3,913 3,913 3,920 7 2,518 33,733
Jan-26 3,931 3,936 3,915 3,919 3,919 3,923 4 754 6,034
Mar-26 3,929 3,937 3,915 3,920 3,918 3,925 7 1,223 1,627
Corn
Turnover: 567,631 lots, or 1.30 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-25 2,269 2,276 2,265 2,271 2,279 2,271 -8 390,770 1,223,061
Jul-25 2,310 2,315 2,303 2,312 2,315 2,310 -5 115,104 624,952
Sep-25 2,326 2,331 2,321 2,324 2,332 2,326 -6 35,154 234,453
Nov-25 2,272 2,278 2,267 2,272 2,276 2,272 -4 18,948 148,721
Jan-26 2,253 2,263 2,253 2,257 2,260 2,257 -3 3,635 14,713
Mar-26 2,265 2,269 2,262 2,267 2,272 2,264 -8 4,020 7,195
Soymeal
Turnover: 1,397,809 lots, or 40.33 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-25 2,855 2,879 2,848 2,868 2,848 2,860 12 973,231 1,716,506
Jul-25 2,828 2,845 2,821 2,836 2,821 2,832 11 45,895 379,209
Aug-25 2,940 2,957 2,935 2,949 2,934 2,946 12 7,512 162,877
Sep-25 2,956 2,968 2,945 2,959 2,945 2,954 9 314,988 1,711,305
Nov-25 2,975 2,992 2,970 2,985 2,969 2,979 10 15,506 236,921
Dec-25 2,973 2,979 2,963 2,972 2,968 2,969 1 3,505 84,266
Jan-26 2,954 2,956 2,939 2,951 2,949 2,948 -1 31,648 209,535
Mar-26 2,856 2,859 2,847 2,859 2,842 2,853 11 5,524 36,490
Palm Oil
Turnover: 1,666,390 lots, or 14.75 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Apr-25 9,138 9,296 9,058 9,088 9,220 9,168 -52 304 458
May-25 8,940 9,068 8,800 8,812 8,998 8,926 -72 1,490,962 439,209
Jun-25 8,690 8,766 8,540 8,548 8,712 8,636 -76 5,046 7,297
Jul-25 8,466 8,550 8,366 8,370 8,520 8,450 -70 1,157 1,805
Aug-25 8,326 8,406 8,232 8,232 8,342 8,330 -12 219 650
Sep-25 8,220 8,304 8,134 8,142 8,278 8,220 -58 162,904 182,653
Oct-25 8,214 8,222 8,124 8,124 8,232 8,160 -72 61 1,019
Nov-25 8,182 8,200 8,082 8,088 8,202 8,132 -70 23 626
Dec-25 8,158 8,208 8,058 8,068 8,194 8,112 -82 55 241
Jan-26 8,126 8,186 8,034 8,040 8,160 8,100 -60 5,623 12,907
Feb-26 8,120 8,172 8,058 8,058 8,162 8,082 -80 10 55
Mar-26 8,120 8,160 8,050 8,050 8,134 8,114 -20 26 32
Soybean Oil
Turnover: 526,350 lots, or 41.51 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-25 7,928 7,962 7,858 7,872 7,940 7,906 -34 388,711 461,011
Jul-25 7,810 7,850 7,766 7,778 7,820 7,802 -18 3,264 12,733
Aug-25 7,848 7,892 7,808 7,812 7,866 7,840 -26 1,376 4,607
Sep-25 7,838 7,888 7,798 7,806 7,854 7,836 -18 130,315 387,193
Nov-25 7,858 7,898 7,818 7,820 7,880 7,858 -22 35 1,708
Dec-25 7,852 7,874 7,822 7,822 7,858 7,852 -6 6 103
Jan-26 7,776 7,812 7,736 7,750 7,792 7,766 -26 2,637 14,024
Mar-26 7,730 7,744 7,700 7,716 7,722 7,718 -4 6 64
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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