Grains Report 05/22/2025

DJ U.S. Export Sales: Weekly Sales Totals-May 22
For the week ended May 15, 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 -13.4 882.2 21465.3 18934.0 1596.4 4180.5
hrw -19.8 349.8 5512.9 3601.0 596.9 1485.7
srw -5.5 105.4 3149.0 4345.3 167.9 813.0
hrs 5.6 239.0 6695.6 6458.3 409.3 1165.8
white 6.0 178.5 5755.9 3999.0 397.3 673.1
durum 0.4 9.5 351.9 530.5 25.0 43.0
corn 1190.8 218.4 63279.1 49277.3 16674.9 2971.8
soybeans 307.9 15.0 48310.7 42881.6 4162.7 1023.4
soymeal 359.6 23.1 13109.4 11799.2 3512.9 207.7
soyoil 13.7 0.0 1017.9 131.1 111.3 13.4
upland cotton 141.4 7.4 11296.9 12004.7 2573.9 1283.9
pima cotton 9.7 0.0 448.7 318.3 107.3 6.3
sorghum 32.8 0.0 1497.2 5161.3 162.2 0.0
barley 0.0 0.1 34.3 11.8 10.3 24.9
rice 26.6 0.0 2852.4 3090.0 423.7 10.1

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: All Wheat markets closed higher again yesterday on speculative buying tied to reports that cold weather had created frosts in Ukraine and Russia and on reports of dry weather in China. 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 up Support is at 539, 529 and 506 July, with resistance at 561, 569, and 571 July. Trends in Kansas City are mixed to up. Support is at 514, 500, and 494 July, with resistance at 548, 557, and 563 July. Trends in Minneapolis are up. Support is at 597, 590, and 582 July, and resistance is at 611, 617, and 621 July.

RICE:
General Comments: Rice closed sharply higher on what appeared to be speculator short covering. 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 to up. Support is at 1282, 1261, and 1228 July and resistance is at 1324, 1337, and 1346 July.

CORN AND OATS
General Comments: Corn was higher yesterday on what is called short covering as planting weather in the Midwest has turned cold and wet. Cooler and wetter weather is in the forecast for the coming week after a arm week last 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. Support is at 451, 443, and 437 July, and resistance is at 463, 470, and 480 July. Trends in Oats are mixed. Support is at 348, 341, and 336 July, and resistance is at 362, 367, and 373 July.

SOYBEANS
General Comments: Soybeans and the products were higher on what was called speculative short covering. 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 1057, 1046, and 1037 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 5030, 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 monthly 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 22
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
Jun 965.00 -07.50 Unquoted – –
Jul/Aug/Sep 960.00 -10.00 Unquoted – –
Oct/Nov/Dec 960.00 -10.00 Unquoted – –
Jan/Feb/Mar 970.00 -10.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Jun 970.00 -07.50 Unquoted – –
Jul/Aug/Sep 965.00 -10.00 Unquoted – –
Oct/Nov/Dec 965.00 -10.00 Unquoted – –
Jan/Feb/Mar 975.00 -10.00 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Jun 925.00 -12.50 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Jun 872.50 -05.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jun 3,890.00 -30.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jun 435.00 00.00 Unquoted – –
($1=MYR4.2715)

DJ China Dalian Grain Futures Closing Prices, Volume – May 22
Soybean No. 1
Turnover: 195,304 lots, or 8.20 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-25 4,225 4,234 4,188 4,194 4,206 4,204 -2 123,019 156,467
Sep-25 4,229 4,236 4,192 4,198 4,212 4,208 -4 57,630 111,391
Nov-25 4,138 4,143 4,104 4,111 4,118 4,120 2 8,863 48,239
Jan-26 4,139 4,140 4,101 4,105 4,115 4,117 2 3,403 8,861
Mar-26 4,135 4,138 4,101 4,105 4,110 4,116 6 2,360 6,134
May-26 4,218 4,218 4,121 4,140 4,112 4,142 30 29 37
Corn
Turnover: 478,662 lots, or 1.11 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-25 2,324 2,330 2,321 2,329 2,317 2,325 8 360,156 1,322,541
Sep-25 2,347 2,353 2,344 2,351 2,342 2,347 5 84,496 457,356
Nov-25 2,281 2,282 2,275 2,278 2,276 2,278 2 15,293 200,449
Jan-26 2,254 2,254 2,245 2,246 2,245 2,247 2 8,842 58,800
Mar-26 2,245 2,247 2,240 2,240 2,239 2,242 3 9,513 27,838
May-26 2,265 2,265 2,259 2,260 2,258 2,260 2 362 934
Soymeal
Turnover: 1,789,797 lots, or 52.30 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-25 2,767 2,790 2,763 2,776 2,743 2,773 30 130,773 494,805
Aug-25 2,916 2,931 2,907 2,923 2,893 2,918 25 17,306 202,132
Sep-25 2,936 2,946 2,920 2,939 2,908 2,932 24 1,299,829 2,490,628
Nov-25 2,965 2,981 2,956 2,974 2,938 2,967 29 93,921 353,911
Dec-25 3,013 3,022 3,000 3,012 2,991 3,010 19 7,169 87,339
Jan-26 3,000 3,005 2,982 2,992 2,973 2,992 19 166,081 669,316
Mar-26 2,855 2,869 2,845 2,859 2,835 2,858 23 28,956 113,170
May-26 2,720 2,727 2,705 2,716 2,708 2,715 7 45,762 101,226
Palm Oil
Turnover: 661,502 lots, or 53.16 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jun-25 8,334 8,386 8,252 8,262 8,346 8,310 -36 5,976 2,700
Jul-25 8,230 8,248 8,136 8,144 8,244 8,176 -68 4,463 11,805
Aug-25 8,150 8,168 8,060 8,062 8,172 8,098 -74 230 906
Sep-25 8,098 8,098 7,984 7,994 8,104 8,032 -72 621,114 381,976
Oct-25 8,060 8,060 7,970 7,970 8,074 8,002 -72 67 1,123
Nov-25 8,070 8,070 7,956 7,962 8,082 7,994 -88 143 902
Dec-25 8,076 8,078 7,962 7,970 8,092 7,986 -106 50 427
Jan-26 8,092 8,102 7,972 7,982 8,106 8,026 -80 29,338 90,493
Feb-26 7,996 8,044 7,996 8,044 8,084 8,002 -82 9 874
Mar-26 8,006 8,038 7,982 8,008 8,074 8,000 -74 38 184
Apr-26 8,000 8,010 7,960 7,960 8,040 7,986 -54 29 63
May-26 8,036 8,038 7,950 7,950 8,042 7,982 -60 45 54
Soybean Oil
Turnover: 377,311 lots, or 29.27 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-25 7,822 7,822 7,732 7,774 7,822 7,776 -46 8,035 29,469
Aug-25 7,806 7,806 7,720 7,752 7,804 7,754 -50 1,222 8,253
Sep-25 7,810 7,816 7,722 7,760 7,812 7,760 -52 332,622 587,480
Nov-25 7,840 7,840 7,748 7,776 7,850 7,762 -88 2,076 3,272
Dec-25 7,864 7,868 7,780 7,806 7,878 7,800 -78 69 1,347
Jan-26 7,782 7,802 7,696 7,734 7,790 7,738 -52 32,492 135,678
Mar-26 7,714 7,714 7,628 7,652 7,716 7,662 -54 136 947
May-26 7,660 7,660 7,568 7,586 7,658 7,592 -66 659 1,527
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