Grains Report 04/24/2025

DJ U.S. Export Sales: Weekly Sales Totals-Apr 24
For the week ended Apr 17, 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 -145.0 371.7 21278.4 18816.9 3204.6 1820.9
hrw -50.2 148.2 5398.2 3653.1 1050.2 562.5
srw 2.5 45.8 3133.7 4296.8 352.3 357.7
hrs -47.1 90.2 6684.0 6397.9 920.3 605.2
white -45.1 82.6 5711.0 3965.4 835.7 266.9
durum -5.2 5.0 351.4 503.6 46.0 28.5
corn 1152.9 0.0 57734.1 45976.2 17548.8 1981.8
soybeans 277.0 -0.1 47056.0 41493.5 4293.8 458.4
soymeal 170.9 5.3 12029.0 11014.2 3469.8 136.4
soyoil 12.4 0.0 967.8 104.2 208.9 11.8
upland cotton 104.0 38.0 10859.1 11294.3 3477.7 1171.9
pima cotton 5.8 0.0 393.7 294.6 87.9 1.7
sorghum 21.4 0.0 1377.1 5077.1 106.9 0.0
barley 0.1 0.0 40.1 11.8 17.4 22.8
rice 49.0 0.0 2725.0 2963.0 483.2 10.1

WHEAT
General Comments: All three markets closed lower again yesterday as the weather for growing crops improved with more reports of and forecasts for showers in western growing areas. Rain has become much less in the southern Midwest and Mid South but flooding reports continue. Chart trends are mixed in Winter Wheat markets and in Minneapolis. Traders keep takking about a tight market as a reason to support prices, but enough Wheat has always been available to the market. 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 down. Support is at 521, 518, and 512 May, with resistance at 537, 548, and 556 May. Trends in Kansas City are mixed to down. Support is at 536, 530, and 524 May, with resistance at 548, 556, and 5s69 May. Trends in Minneapolis are mixed to down. Support is at 578, 573, and 567 May, and resistance is at 597, 604, and 613 May.

RICE:
General Comments: Rice closed a little lower yesterday on follow through selling. 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 planted in southern growing areas now and is about half done farther to the north.
Overnight News:
Chart Analysis: Trends are mixed to down. Support is at 1301, 1296, and 1284 May and resistance is at 1338, 1359, and 1383 May.

CORN AND OATS
General Comments: Corn closed lower yesterday even as demand for US Corn mains strong. The market also reacted to better planting weather in the Midwest and the latest in the economic wars and as Trump moved to support the Fed chairman and reduce tariffs, especially on China. Demand for Corn in domestic and world markets remains strong with inspections above 1.5 million tons and sales of above 1.7 million tons in the latest reporting week. 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 much of the Midwest and planting progress is expected to be much improved this week. Oats were mixed to lower and the trends are mixed in this market.
Overnight News:
Chart Analysis: Trends in Corn are mixed to up. Support is at 470, 461, and 454 May, and resistance is at 481, 302, and 500 May. Trends in Oats are mixed. Support is at 349, 339, and 335 May, and resistance is at 362, 367, and 371 May.

SOYBEANS
General Comments: Soybeans were higher and the products closed a little lower yesterday as the market reacted to news of better demand due to high Brazil FOB premiums as well as the news from the president that the US could greatly reduce tariffs on China. 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 through this weekend.
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 289.00, 286.00, and 280.00 May, and resistance is at 295.00, 299.00, and 302.00 May. Trends in Soybean Oil are mixed to up. Support is at 4740, 4580, and 4440 May, with resistance at 4850, 4920, and 5040 May.

PALM OIL AND CANOLA
General Comments: Palm Oil futures were lower. 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 a little higher yesterday and traded at new highs for the move. Trends are still mixed to 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 655.00, 645.00, and 638.00 May, with resistance at 682.00, 690.00, and 696.00 May. Trends in Palm Oil are mixed. Support is at 4010, 3910, and 3790 June, with resistance at 4130, 4230, and 4280 June.

Midwest Weather Forecast Isolated showers or dry conditions. Temperatures should average near to below normal.

DJ Malaysian PM Cash Market Prices for Palm Oil – April 24
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
May 1005.00 -05.00 Unquoted – –
Jun 995.00 +05.00 Unquoted – –
Jul/Aug/Sep 975.00 +02.50 Unquoted – –
Oct/Nov/Dec 975.00 00.00 Unquoted – –
Jan/Feb/Mar 982.50 00.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
May 1010.00 -05.00 Unquoted – –
Jun 1000.00 +05.00 Unquoted – –
Jul/Aug/Sep 980.00 +02.50 Unquoted – –
Oct/Nov/Dec 980.00 00.00 Unquoted – –
Jan/Feb/Mar 987.50 00.00 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
May 985.00 +07.50 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
May 950.00 00.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
May 4,200.00 00.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
May 477.00 -01.00 Unquoted – –
($1=MYR4.3763)

DJ China Dalian Grain Futures Closing Prices, Volume – Apr 24
Soybean No. 1
Turnover: 536,500 lots, or 23.03 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-25 4,205 4,299 4,202 4,261 4,217 4,256 39 20,859 23,255
Jul-25 4,239 4,335 4,234 4,298 4,248 4,291 43 349,929 187,303
Sep-25 4,258 4,346 4,258 4,308 4,273 4,307 34 149,326 108,695
Nov-25 4,193 4,270 4,192 4,239 4,203 4,238 35 8,560 36,168
Jan-26 4,188 4,257 4,184 4,231 4,191 4,228 37 4,032 5,071
Mar-26 4,189 4,252 4,185 4,230 4,190 4,223 33 3,794 2,789
Corn
Turnover: 898,853 lots, or 20.87 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-25 2,277 2,293 2,272 2,291 2,276 2,283 7 123,271 287,659
Jul-25 2,320 2,340 2,317 2,338 2,322 2,328 6 626,037 1,359,385
Sep-25 2,345 2,356 2,339 2,356 2,344 2,347 3 90,610 324,404
Nov-25 2,291 2,294 2,285 2,292 2,292 2,289 -3 36,668 200,008
Jan-26 2,284 2,290 2,280 2,284 2,287 2,284 -3 14,678 51,508
Mar-26 2,285 2,294 2,283 2,287 2,286 2,288 2 7,589 19,334
Soymeal
Turnover: 2,813,396 lots, or 85.65 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-25 2,991 3,097 2,974 3,049 2,973 3,043 70 411,894 273,326
Jul-25 2,898 2,935 2,893 2,911 2,904 2,914 10 212,342 515,233
Aug-25 3,030 3,062 3,022 3,047 3,032 3,045 13 25,921 182,377
Sep-25 3,042 3,075 3,034 3,059 3,044 3,055 11 1,919,721 2,417,063
Nov-25 3,086 3,101 3,062 3,084 3,071 3,085 14 48,906 259,385
Dec-25 3,077 3,104 3,071 3,093 3,081 3,090 9 12,584 84,423
Jan-26 3,060 3,085 3,051 3,077 3,062 3,071 9 167,378 516,815
Mar-26 2,921 2,932 2,911 2,930 2,919 2,923 4 14,650 86,433
Palm Oil
Turnover: 747,260 lots, or 61.47 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-25 8,548 8,588 8,532 8,586 8,560 8,562 2 26,371 20,736
Jun-25 8,402 8,448 8,382 8,434 8,380 8,418 38 4,588 8,677
Jul-25 8,330 8,370 8,306 8,362 8,292 8,342 50 3,422 9,485
Aug-25 8,258 8,300 8,248 8,292 8,218 8,276 58 99 813
Sep-25 8,190 8,242 8,180 8,230 8,150 8,212 62 689,531 392,318
Oct-25 8,174 8,180 8,158 8,172 8,122 8,176 54 20 1,065
Nov-25 8,144 8,190 8,142 8,184 8,118 8,162 44 23 646
Dec-25 8,142 8,186 8,132 8,170 8,108 8,162 54 24 198
Jan-26 8,136 8,190 8,126 8,176 8,090 8,160 70 23,153 71,313
Feb-26 8,130 8,154 8,128 8,154 8,072 8,140 68 10 813
Mar-26 8,122 8,160 8,118 8,142 8,060 8,138 78 17 90
Apr-26 8,136 8,140 8,136 8,140 8,084 8,138 54 2 10
Soybean Oil
Turnover: 398,675 lots, or 31.24 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-25 7,888 7,920 7,856 7,892 7,846 7,884 38 33,854 33,417
Jul-25 7,804 7,856 7,788 7,822 7,772 7,818 46 6,677 18,223
Aug-25 7,842 7,894 7,832 7,872 7,814 7,862 48 690 5,831
Sep-25 7,822 7,876 7,806 7,846 7,800 7,834 34 339,642 599,005
Nov-25 7,828 7,878 7,824 7,860 7,818 7,844 26 81 1,868
Dec-25 7,854 7,868 7,814 7,846 7,824 7,842 18 23 224
Jan-26 7,760 7,798 7,730 7,772 7,740 7,760 20 17,596 94,110
Mar-26 7,704 7,740 7,684 7,728 7,688 7,712 24 112 696
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