Grains Report 04/17/2025

DJ Analysts’ Estimates for April Cattle-On-Feed Report
The following estimates, as compiled by The Wall Street Journal for the nation’s feedyards with a capacity of 1,000 or more head, are in percentages of the year-earlier figure. High and low projections were dropped in the calculation of averages. The U.S. Department of Agriculture report is scheduled for release at 3 p.m. ET (1900 GMT) Thursday.
Average Range
of estimates of estimates
On-feed Apr 1 98.3 97.5 – 99.2
Placed in Mar 104.2 99.0 – 106.7
Marketed in Mar 100.6 99.0 – 101.5
Analyst On-Feed Placements Marketed
Apr 1 in Mar in Mar
Allegiant Commodity Group 98.5 105.5 100.6
Allendale Inc. 98.0 102.5 101.5
HedgersEdge 98.9 106.4 99.0
Livestock Mktg Info Ctr 98.1 102.5 100.7
Midwest Market Solutions 99.2 106.7 99.3
NFC Markets 98.5 106.2 101.2
Texas A&M Extension 97.9 102.0 100.8
US Commodities 97.5 99.0 101.0

DJ U.S. Export Sales: Weekly Sales Totals-Apr 17
For the week ended Apr 10, in thousand metric tons, except cotton in
thousand running bales. Net changes in commitments are gross sales,
less cancellations, buy-backs and other downward adjustments. Total
commitments are total export shipments plus total sales.
The marketing year for wheat and barley began Jun 1, cotton and
and rice Aug 1, corn, soybeans and sorghum Sep 1, and soymeal and
soyoil Oct 1. Source: USDA
wk’s net chg total
in commitments commitments undlvd sales
this yr next yr this yr last yr this yr next yr
wheat 76.5 273.9 21423.5 18734.8 3829.2 1449.2
hrw 103.2 46.5 5448.4 3625.6 1222.6 414.3
srw -16.9 96.1 3131.3 4256.4 387.5 312.0
hrs -9.7 98.7 6731.1 6397.0 1081.8 515.0
white -0.6 32.5 5756.0 3952.2 1066.2 184.4
durum 0.5 0.0 356.6 503.6 71.0 23.5
corn 1561.9 10.0 56581.2 44677.8 18176.2 1981.8
soybeans 554.8 181.8 46779.1 41282.7 4512.2 458.5
soymeal 146.2 8.8 11858.1 10706.8 3666.9 131.2
soyoil 10.3 2.2 955.4 88.0 242.0 11.8
upland cotton 202.0 65.9 10755.2 11117.2 3665.9 1133.9
pima cotton 2.4 0.0 387.9 282.2 96.4 1.7
sorghum 11.5 0.0 1355.7 5039.1 119.4 0.0
barley 0.0 0.0 39.9 11.8 17.4 22.8
rice 15.0 0.0 2676.0 2926.3 515.2 10.1

WHEAT
General Comments: All three markets closed lower again yesterday as the weather for growing crops improved with more reports of showers in western growing areas. Rain has become much less in the southern Midwest and Mid South but flooding reports continue. The White House made a pause in the implementation of the reciprocal tariffs for 90 days but is still imposing blanket tariffs on most of the world and the old Mexican and Canadian tariffs. The tariffs will cost producers more for inputs and should damage upside price potential if the reciprocal tariffs start again. Chart trends are up in Winter Wheat markets and in Minneapolis. Dry outlooks for the Great Plains and Black Sea regions are still the main feature. Overall demand has been weak.
Overnight News:
Chart Analysis: Trends in Chicago are mixed to up. Support is at 535, 521, and 518 May, with resistance at 557, 563, and 568 May. Trends in Kansas City are mixed. Support is at 546, 542, and 536 May, with resistance at 561, 577, and 583 May. Trends in Minneapolis are mixed to up. Support is at 599, 593, and 578 May, and resistance is at 626, 635, and 646 May.

RICE:
General Comments: Rice closed lower yesterday but futures are still holding to a sideways to up trend. 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. Rice is getting planted in southern growing areas now and is trying to get started farther to the north.
Overnight News:
Chart Analysis: Trends are mixed. Support is at 1337, 1323, and 1315 May and resistance is at 1383, 1387, and 1409 May.

CORN AND OATS
General Comments: Corn closed higher yesterday on hopes for a strong weekly export sales report that was released this morning. The market also reacted to better planting weather in the Midwest and the latest in the tariff wars. Demand for Corn in domestic and world markets remains strong. It is dry in growing areas in western US, but most of the Midwest has had precipitation lately and eastern and southern areas are too wet. It has become warmer in a lot of the Midwest and planting progress is expected to be much improved this week. Oats were mixed and the trends are up in this market.
Overnight News:
Chart Analysis: Trends in Corn are mixed to up. Support is at 477, 470, and 461 May, and resistance is at 492, 500, and 512 May. Trends in Oats are mixed. Support is at 322, 317, and 312 May, and resistance is at 353, 362, and 367 May.

SOYBEANS
General Comments: Soybeans and the products closed a little higher yesterday as the market reacted to news or better demand due to high Brazil FOB premiums. There was news last week that the reciprocal tariffs have been put on pause for 90 days. The world wide tariff of 10% remains intact as do tariffs on Mexico and Canada. The reports of demand have remained solid for US Soybeans as China has been taking almost all the export from South America. Deferred months were higher as the weather remains too wet to the east and south and too dry to the west. Warmer temperatures are expected this week.
Overnight News
Analysis: Trends in Soybeans are up Support is at 1028, 1011, and 991 May, and resistance is at 1051, 1055, and 1067 May. Trends in Soybean Meal are up. Support is at 292.00, 289.00, and 280.00 May, and resistance is at 304.00, 307.00, and 310.00 May. Trends in Soybean Oil are mixed to up. Support is at 4580, 4440, and 4390 May, with resistance at 4850, 4920, and 5040 May.

PALM OIL AND CANOLA
General Comments: Palm Oil futures were a little lower today on economic headwinds and continued concerns about the world economy stemming from the Trump tariffs. There is talk of reduced supplies in the market due to extreme weather that caused fields to flood among other things, but supplies are expected to increase soon. Demand ideas are weaker. Chart trends are mixed. Canola was higher yesterday and trends are still up on the daily charts. Canadian goods were exempted from the new round of tariffs but still must deal with the tariffs previously imposed by the US. Canada will not be exempted by the 90 day pause.
Overnight News:
Chart Analysis: Trends in Canola are up. Support is at 645.00, 638.00, and 624.00 May, with resistance at 682.00, 690.00, and 696.00 May. Trends in Palm Oil are mixed to down. Support is at 4070, 2910, and 3790 June, with resistance at 4230, 4280, and 4340 June.

Midwest Weather Forecast Scattered to isolated showers. Temperatures should average near normal.

DJ Malaysian PM Cash Market Prices for Palm Oil – April 17
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
Apr 1032.50 -02.50 Unquoted – –
May 1022.50 -02.50 Unquoted – –
Jun 992.50 -02.50 Unquoted – –
Jul/Aug/Sep 960.00 -02.50 Unquoted – –
Oct/Nov/Dec 960.00 00.00 Unquoted – –
Jan/Feb/Mar 970.00 +02.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Apr 1037.50 -02.50 Unquoted – –
May 1027.50 -02.50 Unquoted – –
Jun 997.50 -02.50 Unquoted – –
Jul/Aug/Sep 965.00 -02.50 Unquoted – –
Oct/Nov/Dec 965.00 00.00 Unquoted – –
Jan/Feb/Mar 975.00 +02.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Apr 1005.00 00.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Apr 985.00 +10.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Apr 4,300.00 00.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Apr 482.00 +11.00 Unquoted – –
($1=MYR4.4053)

DJ China Dalian Grain Futures Closing Prices, Volume – Apr 17
Soybean No. 1
Turnover: 268,612 lots, or 1.12 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-25 4,172 4,180 4,135 4,167 4,167 4,157 -10 120,003 81,074
Jul-25 4,196 4,205 4,165 4,198 4,191 4,186 -5 80,931 129,117
Sep-25 4,200 4,222 4,181 4,215 4,205 4,203 -2 61,123 89,348
Nov-25 4,161 4,172 4,133 4,161 4,155 4,153 -2 4,366 33,408
Jan-26 4,150 4,159 4,125 4,152 4,143 4,144 1 1,293 4,589
Mar-26 4,143 4,156 4,123 4,151 4,141 4,141 0 896 2,469
Corn
Turnover: 716,648 lots, or 16.42 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-25 2,258 2,265 2,255 2,260 2,263 2,259 -4 210,430 504,247
Jul-25 2,306 2,310 2,297 2,303 2,307 2,303 -4 414,571 1,207,309
Sep-25 2,332 2,339 2,329 2,333 2,337 2,333 -4 56,039 294,265
Nov-25 2,276 2,281 2,272 2,276 2,279 2,276 -3 21,193 182,856
Jan-26 2,271 2,275 2,266 2,270 2,271 2,270 -1 9,146 40,929
Mar-26 2,272 2,272 2,264 2,266 2,273 2,268 -5 5,269 15,229
Soymeal
Turnover: 2,066,909 lots, or 61.87 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-25 2,856 2,860 2,836 2,850 2,877 2,851 -26 309,806 478,340
Jul-25 2,871 2,873 2,853 2,861 2,886 2,864 -22 93,991 476,677
Aug-25 3,008 3,023 3,000 3,010 3,028 3,011 -17 31,448 176,158
Sep-25 3,027 3,036 3,012 3,020 3,043 3,024 -19 1,385,850 2,427,840
Nov-25 3,057 3,063 3,041 3,049 3,063 3,051 -12 45,545 273,878
Dec-25 3,061 3,079 3,060 3,065 3,078 3,068 -10 8,222 82,601
Jan-26 3,060 3,062 3,042 3,044 3,064 3,053 -11 179,448 483,210
Mar-26 2,905 2,924 2,902 2,910 2,919 2,914 -5 12,599 83,640
Palm Oil
Turnover: 727,589 lots, or 59.95 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-25 8,666 8,728 8,628 8,720 8,674 8,684 10 127,523 101,886
Jun-25 8,394 8,476 8,378 8,464 8,406 8,426 20 3,771 7,861
Jul-25 8,274 8,362 8,256 8,352 8,272 8,314 42 2,299 7,060
Aug-25 8,162 8,262 8,162 8,262 8,174 8,226 52 65 817
Sep-25 8,102 8,208 8,082 8,204 8,106 8,142 36 575,212 350,406
Oct-25 8,052 8,174 8,052 8,172 8,060 8,138 78 17 1,053
Nov-25 8,058 8,160 8,058 8,156 8,066 8,104 38 10 638
Dec-25 8,052 8,162 8,044 8,162 8,046 8,108 62 32 205
Jan-26 8,038 8,160 8,022 8,150 8,036 8,100 64 18,597 54,533
Feb-26 8,024 8,148 8,024 8,148 7,998 8,090 92 19 802
Mar-26 8,018 8,132 8,018 8,132 8,028 8,066 38 42 87
Apr-26 8,032 8,098 8,032 8,098 8,034 8,064 30 2 2
Soybean Oil
Turnover: 469,911 lots, or 36.23 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-25 7,694 7,778 7,692 7,768 7,714 7,736 22 70,058 110,513
Jul-25 7,634 7,718 7,630 7,708 7,646 7,668 22 3,412 14,505
Aug-25 7,686 7,758 7,684 7,742 7,698 7,718 20 1,027 6,031
Sep-25 7,678 7,756 7,668 7,748 7,684 7,708 24 361,832 566,595
Nov-25 7,700 7,778 7,696 7,774 7,728 7,734 6 72 1,912
Dec-25 7,722 7,774 7,720 7,768 7,694 7,746 52 36 223
Jan-26 7,658 7,708 7,636 7,692 7,638 7,670 32 33,235 75,800
Mar-26 7,602 7,650 7,586 7,636 7,608 7,614 6 239 728
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