Grains Report 04/28/2025

WHEAT
General Comments: All three markets closed lower last week on weekly export sales cancellations and as the weather for growing crops improved with more reports of and forecasts for showers in western growing areas. Crops in the Great Plains are reported to be in good condition. Rain has become much less in the southern Midwest and Mid South. Chart trends are mixed in Winter Wheat markets and in Minneapolis. Traders keep talking about a tight market as a reason to support prices, but enough Wheat has always been available to the market and demand for US Wheat in export markets has been poor. Dry outlooks for the Black Sea regions are still a main feature. Overall demand for world Wheat 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 down. Support is at 530, 524, and 518 May, with resistance at 548, 556, and 569 May. Trends in Minneapolis are mixed to down. Support is at 578, 573, and 567 May, and resistance is at 601, 604, and 613 May.

COT — Supplemental Report – Option and Futures Combined Positions as of April 22, 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 547,898
: Positions :
: 60,683 152,272 195,279 120,088 74,046 132,269 92,421 508,319 514,019: 39,579 33,879
: Changes from: April 15, 2025 (Change in open interest: -10,986) :
: 3,201 1,772 -9,841 2,112 -1,053 -5,481 -3 -10,010 -9,125: -976 -1,861
: Percent of Open Interest Represented by Each Category of Trader :
: 11.1 27.8 35.6 21.9 13.5 24.1 16.9 92.8 93.8: 7.2 6.2
: Total Traders: 402 Number of Traders in Each Category :
: 119 99 125 105 94 46 30 330 297:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of April 22, 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 285,436
: Positions :
: 26,856 86,401 67,129 78,633 71,028 90,402 40,759 263,020 265,317: 22,417 20,119
: Changes from: April 15, 2025 (Change in open interest: -8,178) :
: -1,930 1,845 -2,675 1,106 -1,971 -1,269 659 -4,767 -2,143: -3,411 -6,035
: Percent of Open Interest Represented by Each Category of Trader :
: 9.4 30.3 23.5 27.5 24.9 31.7 14.3 92.1 93.0: 7.9 7.0
: Total Traders: 251 Number of Traders in Each Category :
: 51 61 66 84 68 37 20 207 184:
——————————————————————————————————————-

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of April 22, 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 79,440 :
: Positions :
: 38,782 26,517 4,019 1,724 861 10,568 27,150 4,948 3,524 3,907 3,831 :
: Changes from: April 15, 2025 :
: -3,498 -2,067 -246 -99 58 -17 -4,590 -1 -11 3,196 859 :
: Percent of Open Interest Represented by Each Category of Trader :
: 48.8 33.4 5.1 2.2 1.1 13.3 34.2 6.2 4.4 4.9 4.8 :
: Number of Traders in Each Category Total Traders: 110 :
: 49 37 5 . 4 12 24 12 4 9 9 :
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RICE:
General Comments: Rice closed lower last week on speculative selling. The cash market has been slow with mostly quiet domestic markets and average export demand. 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 1275, 1260, and 1248 May and resistance is at 1323, 1338, and 1359 May.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of April 22, 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 13,365 :
: Positions :
: 7,285 3,796 0 136 0 259 5,217 1 1,717 620 1,528 :
: Changes from: April 15, 2025 :
: -207 136 0 1 0 0 -345 -31 -79 22 175 :
: Percent of Open Interest Represented by Each Category of Trader :
: 54.5 28.4 0.0 1.0 0.0 1.9 39.0 0.0 12.8 4.6 11.4 :
: Number of Traders in Each Category Total Traders: 68 :
: 22 14 0 . 0 . 20 . 14 8 7 :
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CORN AND OATS
General Comments: Corn closed a little lower last week, and the weekly export sales report was strong once again 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 tried to bring down the temperature on the tariffs and the Fed. Demand for Corn in domestic and world markets remains strong with sales of above 1.0 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, but rain remains in the forecast. Oats were higher, 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, 492, and 500 May. Trends in Oats are mixed to up. Support is at 349, 339, and 335 May, and resistance is at 367, 371, and 380 May.

COT — Supplemental Report – Option and Futures Combined Positions as of April 22, 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 2,317,296
: Positions :
: 175,355 218,170 707,172 710,737 1,017,727 546,453 147,609 2,139,716 2,090,678: 177,580 226,618
: Changes from: April 15, 2025 (Change in open interest: -9,305) :
: 10,468 36,396 -25,547 -4,577 -34,563 16,252 12,173 -3,404 -11,541: -5,901 2,236
: Percent of Open Interest Represented by Each Category of Trader :
: 7.6 9.4 30.5 30.7 43.9 23.6 6.4 92.3 90.2: 7.7 9.8
: Total Traders: 819 Number of Traders in Each Category :
: 130 143 201 378 421 52 27 681 682:
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SOYBEANS
General Comments: Soybeans and Soybean Oil were higher last week, and Soybean Meal closed lower 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 potentially 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 this weekend.
Overnight News
Analysis: Trends in Soybeans are up Support is at 1028, 1011, and 991 May, and resistance is at 1058, 1067, and 1073 May. Trends in Soybean Meal are up. Support is at 286.00, 280.00, and 277.00 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 5070, 5100, and 5150 May.

COT — Supplemental Report – Option and Futures Combined Positions as of April 22, 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 1,069,567
: Positions :
: 108,789 102,963 329,440 379,202 498,900 200,776 63,392 1,018,207 994,694: 51,360 74,873
: Changes from: April 15, 2025 (Change in open interest: 6,208) :
: 10,556 12,672 -2,321 4,693 4,767 -3,435 -6,278 9,493 8,841: -3,286 -2,633
: Percent of Open Interest Represented by Each Category of Trader :
: 10.2 9.6 30.8 35.5 46.6 18.8 5.9 95.2 93.0: 4.8 7.0
: Total Traders: 581 Number of Traders in Each Category :
: 125 139 192 206 226 47 25 483 489:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of April 22, 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 633,127
: Positions :
: 64,097 69,846 166,809 208,351 347,429 159,874 21,974 599,132 606,059: 33,995 27,069
: Changes from: April 15, 2025 (Change in open interest: -4,314) :
: 6,274 3,692 -3,656 -10,292 -3,952 2,860 -1,139 -4,814 -5,056: 500 742
: Percent of Open Interest Represented by Each Category of Trader :
: 10.1 11.0 26.3 32.9 54.9 25.3 3.5 94.6 95.7: 5.4 4.3
: Total Traders: 332 Number of Traders in Each Category :
: 79 73 102 103 106 44 20 282 251:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of April 22, 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 675,571
: Positions :
: 52,529 124,759 192,930 256,529 284,455 119,069 40,983 621,056 643,128: 54,515 32,443
: Changes from: April 15, 2025 (Change in open interest: 976) :
: -1,029 6,748 7,675 -830 -9,632 -3,859 -1,971 1,956 2,819: -980 -1,842
: Percent of Open Interest Represented by Each Category of Trader :
: 7.8 18.5 28.6 38.0 42.1 17.6 6.1 91.9 95.2: 8.1 4.8
: Total Traders: 347 Number of Traders in Each Category :
: 61 89 100 125 116 37 19 286 272:
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PALM OIL AND CANOLA
General Comments: Palm Oil futures were higher last week as demand ideas improved. Futures were lower today on speculative selling. There is talk of reduced supplies in the market. Chart trends are mixed. Canola was higher last week and traded at new highs for the move. Trends are still up on the daily charts and weekly charts. 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 up. Support is at 680.00, 674.00, and 655.00 May, with resistance at 696.00, 702.00, and 708.00 May. Trends in Palm Oil are mixed. Support is at 4010, 3910, and 3790 June, with resistance at 4130, 4230, and 4280 June.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of April 22, 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 16,256 :
: Positions :
: 11,198 9,148 390 2,652 804 580 0 300 1,254 1,632 1,680 :
: Changes from: April 15, 2025 :
: 1,244 1,604 0 150 -20 160 0 0 -20 -350 1,300 :
: Percent of Open Interest Represented by Each Category of Trader :
: 68.9 56.3 2.4 16.3 4.9 3.6 0.0 1.8 7.7 10.0 10.3 :
: Number of Traders in Each Category Total Traders: 23 :
: 7 8 . 4 . . 0 . . . . :
—————————————————————————————————————-

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of April 22, 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 221,223 :
: Positions :
: 94,098 141,596 7,200 8,764 3,490 83,894 34,595 10,529 10,922 10,338 9,321 :
: Changes from: April 15, 2025 :
: -7,996 20,462 36 -833 701 28,400 -4,403 -3,676 -2,617 1,996 -3 :
: Percent of Open Interest Represented by Each Category of Trader :
: 42.5 64.0 3.3 4.0 1.6 37.9 15.6 4.8 4.9 4.7 4.2 :
: Number of Traders in Each Category Total Traders: 297 :
: 54 66 5 4 6 63 24 19 49 62 41 :
—————————————————————————————————————-

Midwest Weather Forecast Mostly dry conditions today but big rains possible tonight. Temperatures should average above normal.

DJ Malaysian PM Cash Market Prices for Palm Oil – April 28
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.
Refined, bleached and deodorized palm oil, FOB, Malaysian ports
Offer Change Bid Change Traded
May 990.00 -12.50 Unquoted – –
Jun 980.00 -12.50 Unquoted – –
Jul/Aug/Sep 960.00 -17.50 Unquoted – –
Oct/Nov/Dec 962.50 -15.00 Unquoted – –
Jan/Feb/Mar 970.00 -15.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
May 995.00 -12.50 Unquoted – –
Jun 985.00 -12.50 Unquoted – –
Jul/Aug/Sep 965.00 -17.50 Unquoted – –
Oct/Nov/Dec 967.50 -15.00 Unquoted – –
Jan/Feb/Mar 975.00 -15.00 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
May 965.00 -20.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
May 930.00 -15.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
May 4,150.00 -50.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
May 476.00 00.00 Unquoted – –
($1=MYR4.3617)

Questions? Ask Jack Scoville today at 312-264-4322