Grains Report 05/07/2025

DJ CBOT Delivery Intentions: Totals – May 7
Source: CME Group
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
ROUGH RICE May May 08, 2025 4 Apr 30, 2025
CORN May May 08, 2025 13 Apr 29, 2025
SOYBEAN May May 08, 2025 2 Apr 29, 2025
WHEAT May May 08, 2025 209 May 01, 2025

WHEAT
General Comments: The Two Chicago markets closed higher yesterday in Chicago, but a little lower in Minneapolis as forecasts for showers in western growing areas continue to be heard. Crops in the Great Plains are reported to be in good condition. Rain is moderate 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. Support is at 528, 523, and 496 July, with resistance at 540, 548, and 561 July. Trends in Kansas City are mixed. Support is at 525, 518, and 512 July, with resistance at 547, 557, and 563 July. Trends in Minneapolis are mixed. Support is at 601, 590, and 584
July, and resistance is at 617, 621, and 627 July.

RICE:
General Comments: Rice closed higher yesterday in recovery trading. 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. Condition has been rated as good so far by private sources.
Overnight News:
Chart Analysis: Trends are down. Support is at 1268, 1255, and 1225 July and resistance is at 1302, 1323, and 1337 July.

CORN AND OATS
General Comments: Corn closed a little lower yesterday as the market reacted to better planting weather in the Midwest. Warmer and drier weather is in the forecast. President Trump keeps talking about cutting deals on the tariffs, but nothing has been announced yet. Demand for Corn in domestic and world markets remains strong with sales of well above 1.0 million tons in the latest reporting week. It has become warmer in much of the Midwest and planting progress is expected to be much improved this week. Oats were higher, and the trends are mixed in this market.
Overnight News:
Chart Analysis: Trends in Corn are down. Support is at 451, 444, and 438 July, and resistance is at 462, 470, and 480 July. Trends in Oats are mixed. Support is at 336, 332, and 326 July, and resistance is at 350, 353, and 362 July.

SOYBEANS
General Comments: Soybeans and the products were lower yesterday on reports that Brazil prices were now competitive with those from the US in world markets. 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 lower as the weather is forecast to be much better for planting after this week. Warmer temperatures are expected this weekend.
Overnight News
Analysis: Trends in Soybeans are mixed to down. Support is at 1037, 1021, and 1009 July, and resistance is at 1050, 1062, and 1067 July. Trends in Soybean Meal are mixed to down. Support is at 290.00, 287.00, and 284.00 July, and resistance is at 300.00, 302.00, and 306.00 July. Trends in Soybean Oil are mixed to down. Support is at 4650, 4620, and 4430 July, with resistance at 4880, 5010, and 5110 July.

PALM OIL AND CANOLA
General Comments: Palm Oil futures were lower today on speculative selling tied to ideas of increasing production. There is talk of reduced supplies in the market. Chart trends are mixed. Canola was mixed yesterday, with July lower but the other months a little higher. 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. Support is at 680.00, 662.00, and 649.00 July, with resistance at 714.00, 720.00, and 726.00 July. Trends in Palm Oil are down. Support is at 3720, 3660, and 3600 July, with resistance at 3840, 3970, and 4030 July.

Midwest Weather Forecast Mostly dry conditions. Temperatures should average near to above normal.

DJ Malaysian PM Cash Market Prices for Palm Oil – May 7
The following are prices for Malaysian palm oil in the cash market at 1000 GMT Wednesday, 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 947.50 -17.50 Unquoted – –
Jun 945.00 -17.50 Unquoted – –
Jul/Aug/Sep 945.00 -12.50 Unquoted – –
Oct/Nov/Dec 947.50 -12.50 Unquoted – –
Jan/Feb/Mar 957.50 -12.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
May 952.50 -17.50 Unquoted – –
Jun 950.00 -17.50 Unquoted – –
Jul/Aug/Sep 950.00 -12.50 Unquoted – –
Oct/Nov/Dec 952.50 -12.50 Unquoted – –
Jan/Feb/Mar 962.50 -12.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
May 922.50 -27.50 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
May 907.50 -07.50 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
May 3,820.00 -80.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
May 448.00 -08.00 Unquoted – –
($1=MYR4.2395)

DJ China Dalian Grain Futures Closing Prices, Volume – May 07
Soybean No. 1
Turnover: 333,995 lots, or 14.12 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-25 4,201 4,205 4,199 4,199 4,136 4,202 66 314 2,961
Jul-25 4,213 4,249 4,205 4,236 4,175 4,228 53 224,725 169,668
Sep-25 4,215 4,260 4,213 4,246 4,186 4,239 53 89,866 108,251
Nov-25 4,151 4,196 4,141 4,187 4,115 4,174 59 10,985 39,334
Jan-26 4,141 4,177 4,133 4,171 4,113 4,164 51 3,937 5,951
Mar-26 4,151 4,179 4,135 4,166 4,119 4,164 45 4,168 3,076
Corn
Turnover: 1,070,260 lots, or 25.40 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-25 2,339 2,345 2,328 2,332 2,320 2,341 21 4,027 26,574
Jul-25 2,362 2,387 2,362 2,369 2,363 2,376 13 817,931 1,508,274
Sep-25 2,382 2,398 2,378 2,379 2,378 2,389 11 163,043 387,970
Nov-25 2,323 2,335 2,316 2,318 2,320 2,327 7 41,019 193,564
Jan-26 2,289 2,305 2,281 2,283 2,286 2,294 8 29,298 61,948
Mar-26 2,283 2,294 2,277 2,278 2,285 2,284 -1 14,942 22,091
Soymeal
Turnover: 1,721,638 lots, or 50.07 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-25 2,758 2,768 2,748 2,760 2,752 2,759 7 3,019 20,870
Jul-25 2,770 2,781 2,756 2,772 2,770 2,770 0 159,430 569,134
Aug-25 2,895 2,915 2,892 2,907 2,908 2,903 -5 23,368 182,488
Sep-25 2,920 2,929 2,905 2,920 2,921 2,917 -4 1,299,306 2,538,728
Nov-25 2,946 2,959 2,936 2,952 2,950 2,947 -3 48,962 298,785
Dec-25 2,980 2,993 2,970 2,978 2,985 2,980 -5 10,068 81,610
Jan-26 2,968 2,978 2,953 2,961 2,968 2,964 -4 160,145 545,114
Mar-26 2,855 2,867 2,847 2,853 2,855 2,855 0 17,340 93,473
Palm Oil
Turnover: 801,925 lots, or 63.59 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-25 8,300 8,310 8,204 8,204 8,392 8,216 -176 128 340
Jun-25 8,250 8,272 8,124 8,134 8,280 8,202 -78 8,789 7,106
Jul-25 8,114 8,116 8,000 8,010 8,140 8,048 -92 7,223 11,737
Aug-25 8,002 8,026 7,948 7,962 8,052 7,970 -82 351 1,045
Sep-25 7,946 7,974 7,884 7,914 7,984 7,924 -60 748,717 426,121
Oct-25 7,928 7,974 7,904 7,914 7,998 7,926 -72 726 1,637
Nov-25 7,936 7,968 7,898 7,922 7,992 7,928 -64 164 783
Dec-25 7,918 7,954 7,888 7,916 7,968 7,910 -58 300 256
Jan-26 7,914 7,962 7,870 7,908 7,962 7,912 -50 35,400 79,726
Feb-26 7,924 7,962 7,878 7,912 7,962 7,924 -38 71 824
Mar-26 7,930 7,954 7,878 7,906 7,960 7,912 -48 51 119
Apr-26 7,938 7,938 7,900 7,918 7,964 7,918 -46 5 50
Soybean Oil
Turnover: 409,186 lots, or 31.78 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-25 8,140 8,140 7,620 7,900 7,884 7,928 44 34 1,198
Jul-25 7,740 7,832 7,740 7,804 7,748 7,788 40 13,819 27,053
Aug-25 7,732 7,820 7,732 7,788 7,758 7,782 24 1,139 6,465
Sep-25 7,728 7,814 7,726 7,786 7,752 7,770 18 356,383 602,826
Nov-25 7,758 7,828 7,758 7,800 7,776 7,784 8 249 1,987
Dec-25 7,734 7,810 7,734 7,798 7,760 7,782 22 208 221
Jan-26 7,676 7,770 7,676 7,746 7,692 7,720 28 36,659 105,915
Mar-26 7,674 7,698 7,644 7,676 7,656 7,664 8 695 967
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