Grains Report 05/21/2025

DJ Analysts’ Estimates for May 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) Friday.
Average Range
of estimates of estimates

On-feed May 1 98.5 98.3 – 98.8
Placed in Apr 97.1 95.4 – 98.0
Marketed in Apr 96.8 96.0 – 97.4
Analyst On-Feed Placements Marketed
May 1 in Apr in Apr
Allegiant Commodity Group 98.3 95.4 96.5
Allendale Inc. 98.6 97.4 96.0
HedgersEdge 98.5 97.5 97.1
Livestock Mktg Info Ctr 98.6 98.0 96.7
Midwest Market Solutions 98.8 97.7 97.4
NFC Markets 98.4 96.6 97.0
Texas A&M Extension 98.5 96.6 96.4
US Commodities 98.4 97.0 97.0

WHEAT
General Comments: Winter Wheat markets closed higher again yesterday on speculative buying tied to reports that cold weather had created frosts in Ukraine and Russia. Winter crops in the Great Plains are reported to be in good condition, but Spring Wheat crops in the northern Great Plains and into Canada have been dry and cold. Some rain was seen in the northern Great Plains last week. Temperatures should be much cooler in most growing areas this week. Chart trends are mixed. 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 around. It is hot and dry in important parts of the EU and China. Overall demand for world Wheat has been weak.
Overnight News:
Chart Analysis: Trends in Chicago are mixed to up Support is at 520, 506, and 5q00 July, with resistance at 548, 561, and 569 July. Trends in Kansas City are mixed to up. Support is at 514, 500, and 494 July, with resistance at 547, 557, and 563 July. Trends in Minneapolis are up. Support is at 590, 582, and 572 July, and resistance is at 606, 617, and 621 July.

RICE:
General Comments: Rice closed slightly higher as speculator selling returned to the market. The trends are still turning up in this market. 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 most growing areas now. Condition has been rated as good so far by private sources and USDA.
Overnight News:
Chart Analysis: Trends are mixed. Support is at 1259, 1225, and 1212 July and resistance is at 1310, 1324, and 1337 July.

CORN AND OATS
General Comments: Corn was higher yesterday as the market reacted to reports of increased short speculators better planting weather in the Midwest. Cooler and drier weather is in the forecast for the coming week after a arm week last week. The somewhat bullish USDA report released on Monday has had little effect on the price action so far this week. Demand for Corn in domestic and world markets remains strong with sales and shipments of above 1.6 million tons in the latest reporting week. It has been warmer and drier in much of the Midwest and planting progress is expected to be much improved this week. Thew weather this week features cool temperatures and periods of rain. Oats were lower, and the trends are about steady in this market.
Overnight News:
Chart Analysis: Trends in Corn are mixed to down. Support is at 432, 426, and 420 July, and resistance is at 452, 459, and 463 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 a little higher in consolidation trading. The market could be at a higher level and could turn lower as Brazil basis levels have been under pressure the last few weeks and prices in world markets for Brazil Soybeans are now less than those from the US. Export demand is in its seasonal doldrums. Export demand remains less for US Soybeans as China has been taking almost all the export from South America. Cooler temperatures and drier conditions are expected this week after a warm and wet late week last week.
Overnight News:
Analysis: Trends in Soybeans are mixed. Support is at 1046, 1037, and 1027 July, and resistance is at 1082, 1088, and 1105 July. Trends in Soybean Meal are mixed. 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. Support is at 4770, 4730, and 4610 July, with resistance at 5020, 5110, and 5260 July.

PALM OIL AND CANOLA
General Comments: Palm Oil futures were a little lower yesterday on ideas that current increased production levels mean higher inventories in MPOB monzthly data. Ideas of increasing production and reduced demand are still around. Chart trends are down. Canola was higher. Trends are turning up on the daily charts and on the 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 699.00, 686.00, and 680.00 July, with resistance at 735.00, 738.00, and 744.00 July. Trends in Palm Oil are mixed to up. Support is at 3770, 3710, and 3650 August, with resistance at 3990, 4040, and 4130 August.

Midwest Weather Forecast Scattered showers Temperatures should average below normal.

DJ Malaysian PM Cash Market Prices for Palm Oil – May 21
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
Jun 972.50 -02.50 Unquoted – –
Jul/Aug/Sep 970.00 -02.50 Unquoted – –
Oct/Nov/Dec 970.00 -02.50 Unquoted – –
Jan/Feb/Mar 980.00 -02.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Jun 977.50 -02.50 Unquoted – –
Jul/Aug/Sep 975.00 -02.50 Unquoted – –
Oct/Nov/Dec 975.00 -02.50 Unquoted – –
Jan/Feb/Mar 985.00 -02.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Jun 937.50 -07.50 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Jun 877.50 -02.50 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jun 3,920.00 -40.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jun 435.00 -02.00 Unquoted – –
($1=MYR4.269)

DJ China Dalian Grain Futures Closing Prices, Volume – May 21
Soybean No. 1
Turnover: 283,464 lots, or 1.19 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-25 4,191 4,228 4,183 4,225 4,181 4,206 25 173,025 159,508
Sep-25 4,191 4,232 4,187 4,229 4,187 4,212 25 78,800 113,271
Nov-25 4,107 4,137 4,096 4,136 4,097 4,118 21 17,289 46,678
Jan-26 4,096 4,135 4,089 4,135 4,091 4,115 24 7,938 8,253
Mar-26 4,094 4,135 4,086 4,134 4,087 4,110 23 6,393 5,967
May-26 4,102 4,135 4,098 4,130 4,083 4,112 29 19 23
Corn
Turnover: 878,147 lots, or 20.35 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-25 2,315 2,328 2,307 2,324 2,322 2,317 -5 648,940 1,324,480
Sep-25 2,336 2,351 2,332 2,347 2,343 2,342 -1 163,178 441,501
Nov-25 2,276 2,283 2,269 2,281 2,278 2,276 -2 33,000 198,913
Jan-26 2,245 2,251 2,240 2,249 2,245 2,245 0 14,482 57,626
Mar-26 2,238 2,246 2,233 2,245 2,238 2,239 1 17,703 27,325
May-26 2,257 2,263 2,253 2,261 2,261 2,258 -3 844 714
Soymeal
Turnover: 1,795,104 lots, or 52.07 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-25 2,725 2,771 2,717 2,767 2,714 2,743 29 111,796 497,688
Aug-25 2,878 2,922 2,871 2,917 2,865 2,893 28 15,572 201,752
Sep-25 2,896 2,937 2,885 2,934 2,879 2,908 29 1,288,539 2,524,801
Nov-25 2,921 2,972 2,919 2,967 2,913 2,938 25 54,507 344,412
Dec-25 2,978 3,018 2,970 3,014 2,960 2,991 31 8,765 87,932
Jan-26 2,960 3,002 2,953 2,998 2,945 2,973 28 234,529 662,070
Mar-26 2,830 2,861 2,823 2,860 2,829 2,835 6 26,585 108,132
May-26 2,748 2,760 2,699 2,719 2,702 2,708 6 54,811 82,847
Palm Oil
Turnover: 657,693 lots, or 53.35 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jun-25 8,336 8,398 8,302 8,334 8,354 8,346 -8 17,478 6,269
Jul-25 8,256 8,290 8,194 8,234 8,236 8,244 8 3,801 11,895
Aug-25 8,184 8,206 8,140 8,168 8,154 8,172 18 237 969
Sep-25 8,098 8,148 8,056 8,104 8,076 8,104 28 607,313 398,191
Oct-25 8,086 8,104 8,036 8,082 8,054 8,074 20 43 1,116
Nov-25 8,088 8,114 8,050 8,072 8,056 8,082 26 153 904
Dec-25 8,102 8,124 8,058 8,094 8,068 8,092 24 30 445
Jan-26 8,098 8,146 8,056 8,110 8,078 8,106 28 28,568 91,063
Feb-26 8,118 8,118 8,050 8,054 8,098 8,084 -14 4 873
Mar-26 8,118 8,118 8,042 8,072 8,074 8,074 0 24 182
Apr-26 8,100 8,100 8,026 8,036 8,078 8,040 -38 10 63
May-26 8,032 8,072 8,016 8,060 8,030 8,042 12 32 35
Soybean Oil
Turnover: 279,555 lots, or 21.84 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-25 7,828 7,842 7,796 7,816 7,802 7,822 20 5,695 30,392
Aug-25 7,808 7,824 7,776 7,806 7,780 7,804 24 789 8,353
Sep-25 7,820 7,836 7,786 7,814 7,796 7,812 16 246,019 596,378
Nov-25 7,814 7,856 7,812 7,844 7,822 7,850 28 1,081 3,245
Dec-25 7,854 7,880 7,846 7,860 7,850 7,878 28 1,012 1,349
Jan-26 7,792 7,816 7,766 7,798 7,782 7,790 8 24,117 131,732
Mar-26 7,736 7,744 7,656 7,714 7,742 7,716 -26 306 959
May-26 7,672 7,680 7,638 7,660 7,680 7,658 -22 536 1,045
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