Grains Report 05/05/2025

DJ CBOT Delivery Intentions: Totals – May 5
Source: CME Group
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
SOYBEAN MEAL May May 06, 2025 1 Apr 29, 2025
ROUGH RICE May May 06, 2025 46 Apr 30, 2025
CORN May May 06, 2025 28 Apr 28, 2025
KC HRW WHEAT May May 06, 2025 5 May 01, 2025
SOYBEAN May May 06, 2025 3 Apr 25, 2025
WHEAT May May 06, 2025 4 Apr 29, 2025

WHEAT
General Comments: The markets closed mixed last week, with Chicago and Kansas City a little lower and Minneapolis higher. There are still reports of and forecasts for showers in the southern half of western growing areas, buzt northern areas are reported to be dry. Crops in the Great Plains are reported to be in good condition although there are concerns about too much rain falling in northern Texas and Oklahoma. Rain has become much less in the southern Midwest and Mid South. Chart trends are mixed in Chicago Winter Wheat markets and are up 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. China said that the US had reached out to them to start trade talks and that such talks were possible if conditions were met, including a reduction in tariffs. The news was considered a positive development on Friday. .
Overnight News:
Chart Analysis: Trends in Chicago are mixed. Support is at 537, 523, and 516 July, with resistance at 550, 561, and 571 July. Trends in Kansas City are mixed. Support is at 525, 520, and 514 July, with resistance at 543, 548, and 567 July. Trends in Minneapolis are up. Support is at 601, 590, and 584 July, and resistance is at 614, 627, and 631 July.

COT — Supplemental Report – Option and Futures Combined Positions as of April 29, 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 511,487
: Positions :
: 60,191 176,778 160,335 124,650 56,377 123,318 84,999 468,494 478,489: 42,993 32,998
: Changes from: April 22, 2025 (Change in open interest: -36,411) :
: -492 24,505 -34,944 4,562 -17,669 -8,951 -7,422 -39,825 -35,530: 3,414 -882
: Percent of Open Interest Represented by Each Category of Trader :
: 11.8 34.6 31.3 24.4 11.0 24.1 16.6 91.6 93.5: 8.4 6.5
: Total Traders: 394 Number of Traders in Each Category :
: 109 106 115 104 87 46 29 312 289:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of April 29, 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 281,242
: Positions :
: 28,753 96,966 61,916 76,871 63,983 91,011 37,653 258,551 260,518: 22,691 20,724
: Changes from: April 22, 2025 (Change in open interest: -4,194) :
: 1,898 10,565 -5,213 -1,762 -7,046 608 -3,106 -4,469 -4,799: 275 605
: Percent of Open Interest Represented by Each Category of Trader :
: 10.2 34.5 22.0 27.3 22.8 32.4 13.4 91.9 92.6: 8.1 7.4
: Total Traders: 249 Number of Traders in Each Category :
: 52 65 60 77 64 35 18 195 178:
——————————————————————————————————————-

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of April 29, 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 76,866 :
: Positions :
: 40,402 22,686 3,578 1,422 657 10,589 29,703 4,141 3,919 5,076 3,559 :
: Changes from: April 22, 2025 :
: 1,620 -3,831 -441 -302 -204 21 2,553 -807 395 1,169 -271 :
: Percent of Open Interest Represented by Each Category of Trader :
: 52.6 29.5 4.7 1.8 0.9 13.8 38.6 5.4 5.1 6.6 4.6 :
: Number of Traders in Each Category Total Traders: 119 :
: 50 34 6 . 5 12 26 13 7 9 12 :
—————————————————————————————————————-

RICE:
General Comments: Rice closed lower last week on speculative trading and as the US Dollar firmed on hopes for resolutions to the tariff wars. China said that the US had reached out to them to start trade talks and that such talks were possible if conditions were met, including a reduction in tariffs. The news was considered a positive development on Friday. 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. Support is at 1273, 1225, and 1191 July and resistance is at 1338, 1359, and 1369 July.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of April 29, 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 12,806 :
: Positions :
: 6,542 2,170 0 147 0 280 5,814 165 1,617 869 1,378 :
: Changes from: April 22, 2025 :
: -743 -1,625 0 11 0 21 597 164 -100 249 -149 :
: Percent of Open Interest Represented by Each Category of Trader :
: 51.1 16.9 0.0 1.1 0.0 2.2 45.4 1.3 12.6 6.8 10.8 :
: Number of Traders in Each Category Total Traders: 72 :
: 17 13 0 . 0 . 21 . 18 7 7 :
—————————————————————————————————————-

CORN AND OATS
General Comments: Corn closed lower last week and near the lows of the week as the market reacted once again to better planting weather in the Midwest and as demand prospects remained strong in the weekly export sales reports. President Trump keeps talking about cutting deals on the tariffs, but nothing has been announced yet. China said that the US had reached out to them to start trade talks and that such talks were possible if conditions were met, including a reduction in tariffs. The news was considered a positive development on Friday. Demand for Corn in domestic and world markets remains strong with sales near 1.25 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 drying out after being 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 lower, and the trends are down in this market.
Overnight News:
Chart Analysis: Trends in Corn are down. Support is at 469, 461, and 455 July, and resistance is at 480, 483, and 487 July. Trends in Oats are mixed. Support is at 332, 326, and 320 July, and resistance is at 345, 356, and 362 July.

COT — Supplemental Report – Option and Futures Combined Positions as of April 29, 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 1,999,426
: Positions :
: 184,514 237,871 545,634 582,777 868,833 518,059 136,654 1,830,983 1,788,992: 168,443 210,434
: Changes from: April 22, 2025 (Change in open interest: -317,871) :
: 9,160 19,701 -161,538 -127,960 -148,894 -28,394 -10,955 -308,733 -301,686: -9,138 -16,185
: Percent of Open Interest Represented by Each Category of Trader :
: 9.2 11.9 27.3 29.1 43.5 25.9 6.8 91.6 89.5: 8.4 10.5
: Total Traders: 793 Number of Traders in Each Category :
: 129 136 176 353 405 52 27 636 649:
——————————————————————————————————————-

SOYBEANS
General Comments: Soybeans and Soybean Meal were a little higher last week, and Soybean Oil closed a little lower. The reports of demand have remained solid for US Soybeans as China has been taking almost all the export from South America but also appeared as a buyer of US Soybeans in the most recent week. China said that the US had reached out to them to start trade talks and that such talks were possible if conditions were met, including a reduction in tariffs. The news was considered a positive development on Friday. Deferred months were lower as the weather is forecast to be much better for planting after this week. Warmer temperatures are expected this weekend and warm and dry weather is in the forecast for next week.
Overnight News
Analysis: Trends in Soybeans are mixed. Support is at 1037, 1028, and 1009 July, and resistance is at 1067, 1070, and 1082 July. Trends in Soybean Meal are mixed. Support is at 294.00, 290.00, and 287.00 July, and resistance is at 302.00, 306.00, and 308.00 July. Trends in Soybean Oil are mixed. Support is at 4840, 4780, and 4650, with resistance at 5010, 5090, and 5150 July.

COT — Supplemental Report – Option and Futures Combined Positions as of April 29, 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 950,100
: Positions :
: 102,795 97,027 286,035 316,352 445,471 195,067 52,037 900,249 880,571: 49,852 69,529
: Changes from: April 22, 2025 (Change in open interest: -119,467) :
: -5,994 -5,935 -43,406 -62,849 -53,428 -5,709 -11,354 -117,958 -114,123: -1,509 -5,344
: Percent of Open Interest Represented by Each Category of Trader :
: 10.8 10.2 30.1 33.3 46.9 20.5 5.5 94.8 92.7: 5.2 7.3
: Total Traders: 549 Number of Traders in Each Category :
: 123 124 167 186 215 47 21 442 448:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of April 29, 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 612,387
: Positions :
: 83,554 79,649 145,091 183,817 339,150 161,762 21,229 574,224 585,119: 38,163 27,268
: Changes from: April 22, 2025 (Change in open interest: -20,740) :
: 19,457 9,802 -21,718 -24,534 -8,279 1,888 -745 -24,908 -20,940: 4,167 199
: Percent of Open Interest Represented by Each Category of Trader :
: 13.6 13.0 23.7 30.0 55.4 26.4 3.5 93.8 95.5: 6.2 4.5
: Total Traders: 339 Number of Traders in Each Category :
: 78 78 103 102 109 44 18 283 255:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of April 29, 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 607,415
: Positions :
: 53,867 146,500 144,301 239,077 246,087 118,661 41,210 555,906 578,098: 51,509 29,317
: Changes from: April 22, 2025 (Change in open interest: -68,156) :
: 1,338 21,741 -48,629 -17,451 -38,368 -408 226 -65,150 -65,030: -3,006 -3,126
: Percent of Open Interest Represented by Each Category of Trader :
: 8.9 24.1 23.8 39.4 40.5 19.5 6.8 91.5 95.2: 8.5 4.8
: Total Traders: 348 Number of Traders in Each Category :
: 65 95 87 123 106 37 20 275 262:
——————————————————————————————————————-

PALM OIL AND CANOLA
General Comments: Palm Oil futures were lower last week on demand concerns. There is talk of reduced supplies in the market. Chart trends are mixed. Canola was higher last week and closed 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. The weather has generally been good for planting in the Prairies but it is too dry in some areas.
Overnight News:
Chart Analysis: Trends in Canola are mixed to up. Support is at 696.00, 680.00, and 676.00 July, with resistance at 712.00, 718.00, and 724.00 July. Trends in Palm Oil are mixed to down. Support is at 3830, 3740, and 3620 July, with resistance at 3970, 4030, and 4150 July.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of April 29, 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 17,766 :
: Positions :
: 11,695 9,861 570 3,225 800 899 0 260 1,672 1,740 1,830 :
: Changes from: April 22, 2025 :
: 497 713 180 573 -4 319 0 -40 418 108 150 :
: Percent of Open Interest Represented by Each Category of Trader :
: 65.8 55.5 3.2 18.2 4.5 5.1 0.0 1.5 9.4 9.8 10.3 :
: Number of Traders in Each Category Total Traders: 23 :
: 6 8 . 4 . . 0 . 4 . . :
—————————————————————————————————————-

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of April 29, 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 230,655 :
: Positions :
: 87,359 155,676 6,909 8,685 2,134 93,815 27,536 13,908 14,560 10,507 10,438 :
: Changes from: April 22, 2025 :
: -6,739 14,080 -291 -79 -1,356 9,921 -7,059 3,378 3,638 170 1,118 :
: Percent of Open Interest Represented by Each Category of Trader :
: 37.9 67.5 3.0 3.8 0.9 40.7 11.9 6.0 6.3 4.6 4.5 :
: Number of Traders in Each Category Total Traders: 295 :
: 41 57 7 . 6 72 19 25 53 64 35 :
—————————————————————————————————————-

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

DJ Malaysian PM Cash Market Prices for Palm Oil – May 5
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 982.50 +02.50 Unquoted – –
Jun 970.00 -02.50 Unquoted – –
Jul/Aug/Sep 962.50 +02.50 Unquoted – –
Oct/Nov/Dec 967.50 +05.00 Unquoted – –
Jan/Feb/Mar 977.50 +07.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
May 987.50 +02.50 Unquoted – –
Jun 975.00 -02.50 Unquoted – –
Jul/Aug/Sep 967.50 +02.50 Unquoted – –
Oct/Nov/Dec 972.50 +05.00 Unquoted – –
Jan/Feb/Mar 982.50 +07.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
May 962.50 +02.50 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
May 927.50 -02.50 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
May 3,920.00 -100.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
May 455.00 -15.00 Unquoted – –
($1=MYR4.1993)

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