Graains Report 04/08/2025

DJ U.S. April 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 Thursday at noon ET.
U.S. 2024-25 Stockpiles (millions)
USDA
Average Range USDA March 2023-2024
Corn 1,506 1,405-1,605 1,540 1,763
Soybeans 381 320-413 380 342
Wheat 822 795-854 819 696
2024-25
Corn Soybeans Wheat
AgriSource 1,490 385 820
Allendale 1,515 380 819
Doane 1,605 395 805
Linn 1,500 407 839
Sid Love Consulting 1,515 380 819
Marex 1,540 355 854
Midland Research 1,440 380 830
Midwest Market Solution 1,530 390 820
Northstar 1,500 395 820
Ocean State Research 1,540 380 830
Prime Ag 1,490 380 840
RJ O’Brien 1,595 413 795
RMC 1,465 380 830
StoneX 1,405 370 803
US Commodities 1,510 320 814
Vantage RM 1,505 380 810
Zaner Ag Hedge 1,465 380 819

DJ April 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 Thursday at noon ET.
World 2024-25 Stockpiles (million metric tons)

2024-25
Average Range USDA March USDA 2023-24
Corn 288.0 285.0-290.0 288.9 314.0
Soybeans 122.0 121.0-124.0 121.4 112.6
Wheat 260.8 259.8-262.0 260.1 269.5
2024-25
Corn Soybeans Wheat
Allendale 288.2 121.3 259.8
Linn 285.0 123.0 261.0
Marex 290.0 121.0 261.0
Midwest Market Solution 288.0 122.0 262.0
Northstar 287.0 122.0 261.0
Ocean State Research 290.0 121.0 261.0
Prime Ag 289.0 124.0 260.0
RMC 287.5 121.4 262.0
StoneX 287.1 122.9 260.4
US Commodities 289.5 122.3 260.4
Zaner Ag Hedge 286.3 121.6 260.1

DJ April Brazil, Argentina Corn, Soybean Production Estimates – Survey
NEW YORK–The following are analysts’ estimates in millions of metric tons for Brazil and Argentina corn and soybean production for 2024-25, as compiled by The Wall Street Journal. The U.S. Department of Agriculture is scheduled to release its monthly estimates on Thursday at noon ET.
Brazil Corn, Soybean Production (million metric tons)
Average Range USDA March USDA 2023-24
Corn 126.1 124.0-129.7 126.0 119.0
Soybeans 168.9 167.5-170.0 169.0 153.0
Corn Soybeans
Allendale 126.0 169.0
Doane 124.0 169.0
Linn 126.0 170.0
Marex 125.0 169.0
Midland Research 126.0 169.0
Midwest Market Solutions 126.0 169.0
Northstar 126.0 169.0
Ocean State Research 127.0 169.0
Prime Ag 126.0 169.0
RMC 126.0 168.5
StoneX 129.7 167.5
US Commodities 126.5 170.0
Zaner Ag Hedge 125.0 168.0

Argentina Corn, Soybean Production (million metric tons)

Average Range USDA March USDA 2023-24
Corn 49.3 48.0-51.0 50.0 51.0
Soybeans 48.7 47.5-49.5 49.0 48.2

Corn Soybeans
Allendale 49.0 48.5
Doane 48.0 48.0
Linn 48.0 49.0
Marex 50.0 49.0
Midland Research 48.5 48.0
Midwest Market Solutions 50.0 49.0
Northstar 49.0 49.0
Ocean State Research 50.0 48.0
Prime Ag 51.0 49.0
RMC 49.5 49.0
StoneX 48.0 47.5
US Commodities 49.5 49.0
Zaner Ag Hedge 51.0 49.5

DJ USDA Grain Inspections for Export in Metric Tons – Apr 7
WA_GR101
Washington, DC Mon April 07, 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 APR 03, 2025
— METRIC TONS —
————————————————————————-
CURRENT PREVIOUS
———– WEEK ENDING ———- MARKET YEAR MARKET YEAR
GRAIN 04/03/2025 03/27/2025 04/04/2024 TO DATE TO DATE
BARLEY 122 318 0 9,867 2,058
CORN 1,582,773 1,646,852 1,464,970 35,582,389 27,382,416
FLAXSEED 0 48 0 384 24
MIXED 0 0 499 122 572
OATS 0 0 0 647 3,994
RYE 0 0 0 0 72
SORGHUM 19,859 22,372 69,839 1,599,446 4,110,982
SOYBEANS 804,270 813,069 491,872 41,554,613 37,574,458
SUNFLOWER 0 0 0 0 4,109
WHEAT 334,888 501,509 516,835 17,690,658 15,370,020
Total 2,741,912 2,984,168 2,544,015 96,438,126 84,448,705
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

This Week Last Week Last Year Average
Cotton Planted 4 5 6
Corn Planted 2 3 2
Sorghum Planted 13 13 14
Rice Planted 24 21 18
Rice Emerged 12 10 10
Sygarbeets Planted 2 2 3
Oats Planted 31 33 28
Oats Emerged 25 26 23
Winter Wheat Headed 5 6 5
Spring Wheat Planted 3 3 3
Barley Planted 6 5 5

Very Poor Poor Fair Good Excellent
Winter Wheat This Week 6 15 31 31 7
Winter Wheat Last Week
Winter Wheat Lasy Year 4 8 32 48 8

WHEAT
General Comments: All three markets closed higher yesterday in response to news that speculators held massive shorts in the market and on the tariffs that President Trump imposed Wednesday. The tariffs will cost producers more for inputs and should damage upside price potential. Dry outlooks for the Great Plains and Black Sea regions are still the main feature but rains were seen in West Texas last week. 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.
Overnight News:
Chart Analysis: Trends in Chicago are mixed. Support is at 521, 518, and 512 May, with resistance at 546, 553, and 563 May. Trends in Kansas City are mixed. Support is at 546, 542, and 536 May, with resistance at 574, 583, and 598 May. Trends in Minneapolis are mixed. Support is at 576, 570, and 564 May, and resistance is at 600, 610, and 626 May.

RICE:
General Comments: Rice closed higher yesterday. Mexico has been exempted from new tariffs but still must deal with tariffs already imposed on their goods. Prices remain cheap 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 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 1294, 1282, and 1270 May and resistance is at 1341, 1365, and 1393 May.

CORN AND OATS
General Comments: Corn closed higher yesterday as the market did not hear any further news about the Trump tariffs. There was more talk that tariffs could damage agricultural exports starting now as Trump imposed a blanket of tariffs on all countries and big tariffs on some countries such as China. Mexico and Canada were excused from this round of tariffs but already have tariffs imposed on them. The tariffs have become an off again on again feature of the government and no one knows what to do at this time. And that news appears to have allowed Corn to hold firm. It is dry in growing areas in western US, but most of the Midwest has had precipitation lately and eastern areas are getting too wet. Oats were lower and the trends are down again.
Overnight News: Spsin bought 240,000 tons of US Corn.
Chart Analysis: Trends in Corn are mixed. Support is at 442, 434, and 433 May, and resistance is at 470, 477, and 484 May. Trends in Oats are mixed to up. Support is at 331, 329, and 323 May, and resistance is at 346, 353, and 362 May.

SOYBEANS
General Comments: Soybeans closed mixed to higher yesterday as the market got no new information on the new tariffs imposed by President Trump. There was increasing talk of new tariffs and the damage they could do to US agriculture and especially Soybeans sales to China and Europe. China retaliated with tariffs of their own of 34% and caused renewed selling on Friday. It is now possible for Soybeans to make a low and rally at least a little more this week. South American production looks strong, with Brazil expected to produce 170 million tons and Argentina producing 49 million tons or a little less. Consumer confidence is down and there are increasing worries that the US could be headed into a recession that could hurt domestic demand. The Brazil Soybeans harvest is now estimated to be more than 85% complete.
Overnight News
Analysis: Trends in Soybeans are down Support is at 956, 944, and 932 May, and resistance is at 993, 998, and 1011 May. Trends in Soybean Meal are down. Support is at 280.00, 277.00, and 274.00 May, and resistance is at 292.00, 297.00, and 301.00 May. Trends in Soybean Oil are mixed. Support is at 4390, 4270, and 4150 May, with resistance at 4720, 4850, and 4920 May.

PALM OIL AND CANOLA
General Comments: Palm Oil futures were higher yesterday as the outside markets were able to rally. There is talk of reduced supplies in the market due to extreme weather that caused fields to flood among other things. Demand ideas are weaker. Chart trends are mixed. Canola was higher yesterday as traders reacted to the Trump tariffs on Canadian goods and others in the world. Canadian goods were exempted from the new round of tariffs but still must deal with the tariffs previously imposed by the US.
Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 619.00, 609.00, and 607.00 May, with resistance at 645.00, 652.00, and 657.00 May. Trends in Palm Oil are mixed to down. Support is at 4140, 4070, and 3910 June, with resistance at 4280, 4340, and 4430 June.

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

DJ Malaysian PM Cash Market Prices for Palm Oil – Apr 8
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
Apr 1085.00 -02.50 Unquoted – –
May 1022.50 -02.50 Unquoted – –
Jun 1022.50 -02.50 Unquoted – –
Jul/Aug/Sep 965.00 00.00 Unquoted – –
Oct/Nov/Dec 957.50 00.00 Unquoted – –
Jan/Feb/Mar 962.50 -02.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Apr 1090.00 -02.50 Unquoted – –
May 1027.50 -02.50 Unquoted – –
Jun 1027.50 -02.50 Unquoted – –
Jul/Aug/Sep 970.00 00.00 Unquoted – –
Oct/Nov/Dec 962.50 00.00 Unquoted – –
Jan/Feb/Mar 967.50 -02.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Apr 1062.50 +02.50 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Apr 1030.00 00.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Apr 4,650.00 00.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Apr 482.00 -03.00 Unquoted – –
($1=MYR4.4895)

DJ China Dalian Grain Futures Closing Prices, Volume – Apr 08
Soybean No. 1
Turnover: 381,648 lots, or 15.59 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-25 4,027 4,100 4,027 4,078 4,026 4,074 48 222,905 133,284
Jul-25 4,045 4,127 4,045 4,107 4,041 4,099 58 75,892 94,138
Sep-25 4,044 4,136 4,044 4,126 4,050 4,105 55 65,164 73,910
Nov-25 4,011 4,088 4,011 4,079 4,014 4,067 53 10,509 33,023
Jan-26 4,015 4,093 4,015 4,086 4,020 4,070 50 5,039 5,108
Mar-26 4,018 4,103 4,018 4,098 4,028 4,080 52 2,139 2,220
Corn
Turnover: 724,687 lots, or 16.68 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-25 2,282 2,291 2,278 2,288 2,290 2,284 -6 417,433 804,691
Jul-25 2,321 2,333 2,316 2,328 2,330 2,326 -4 213,397 887,517
Sep-25 2,345 2,353 2,337 2,349 2,351 2,346 -5 54,248 236,221
Nov-25 2,276 2,290 2,273 2,286 2,286 2,282 -4 25,187 159,994
Jan-26 2,255 2,273 2,253 2,273 2,268 2,266 -2 10,396 23,535
Mar-26 2,260 2,275 2,259 2,274 2,270 2,267 -3 4,026 10,889
Soymeal
Turnover: 4,125,137 lots, or 12.58 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-25 2,895 2,980 2,881 2,973 2,903 2,922 19 986,295 854,483
Jul-25 2,901 3,006 2,900 3,000 2,917 2,942 25 223,341 422,036
Aug-25 3,045 3,153 3,038 3,149 3,071 3,092 21 40,156 170,578
Sep-25 3,057 3,168 3,048 3,164 3,079 3,102 23 2,551,277 2,349,506
Nov-25 3,084 3,191 3,073 3,187 3,105 3,126 21 94,981 234,469
Dec-25 3,056 3,165 3,055 3,163 3,071 3,101 30 10,477 80,752
Jan-26 3,017 3,131 3,014 3,127 3,037 3,071 34 185,605 330,355
Mar-26 2,888 2,980 2,885 2,975 2,894 2,930 36 33,005 58,977
Palm Oil
Turnover: 1,087,213 lots, or 93.35 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Apr-25 – – – 9,366 9,366 9,366 0 0 12
May-25 8,740 8,820 8,710 8,758 8,800 8,754 -46 767,881 257,496
Jun-25 8,484 8,586 8,474 8,512 8,546 8,518 -28 5,629 6,335
Jul-25 8,350 8,444 8,308 8,350 8,398 8,368 -30 4,010 4,585
Aug-25 8,240 8,326 8,192 8,232 8,312 8,250 -62 272 748
Sep-25 8,144 8,258 8,096 8,156 8,220 8,176 -44 291,479 232,481
Oct-25 8,108 8,222 8,070 8,104 8,186 8,156 -30 131 998
Nov-25 8,114 8,198 8,080 8,104 8,150 8,128 -22 64 604
Dec-25 8,108 8,186 8,066 8,102 8,140 8,132 -8 50 164
Jan-26 8,042 8,198 8,010 8,082 8,136 8,106 -30 17,652 34,730
Feb-26 8,108 8,184 8,044 8,080 8,110 8,122 12 33 810
Mar-26 8,082 8,140 8,012 8,050 8,102 8,076 -26 12 67
Soybean Oil
Turnover: 578,175 lots, or 44.21 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-25 7,658 7,710 7,632 7,654 7,718 7,662 -56 204,284 221,361
Jul-25 7,610 7,662 7,580 7,604 7,662 7,622 -40 4,679 14,150
Aug-25 7,652 7,704 7,626 7,652 7,706 7,658 -48 1,411 5,778
Sep-25 7,650 7,684 7,600 7,628 7,688 7,644 -44 337,425 522,570
Nov-25 7,662 7,692 7,644 7,648 7,726 7,666 -60 118 1,844
Dec-25 7,656 7,666 7,598 7,616 7,676 7,640 -36 36 125
Jan-26 7,552 7,612 7,518 7,548 7,618 7,564 -54 30,129 47,152
Mar-26 7,598 7,600 7,528 7,544 7,614 7,568 -46 93 416
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