Grains Report 05/23/2025

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: Wheat markets closed mixed yesterday, with Chicago and Minneapolis a little lower and Kansas City higher. There are still reports that cold weather had created frosts in Ukraine and Russia and 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. The export sales report showed strong demand for new crop Wheat. 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 lower and gave back part of the rally seen on Wednesday. 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 mixed yesterday, with old crop months higher on another week of strong export sales and new crop months slightly lower on ideas of good weather conditions for the Corn Belt. 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 about unchanged, 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 470, 480, and 487 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 Soybean Meal were higher on what was called speculative short covering, but Soybean Oil was lower on concerns about the biofuels mandate promoted by President Trump that could cut back greatly on biofuels consumption. The market 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 1051, 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 higher yesterday on Chicago price action. Ideas that current increased production levels mean higher inventories in MPOB monthly data are still around. Ideas of increasing production and reduced demand are also heard. The Ringgit was stronger to help limit gains. Chart trends are down. Canola was slightly lower. 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 to isolated showers Temperatures should average below normal.

DJ Malaysian PM Cash Market Prices for Palm Oil – May 23
The following are prices for Malaysian palm oil in the cash market at 1000 GMT Friday, 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 960.00 -05.00 Unquoted – –
Jul/Aug/Sep 957.50 -02.50 Unquoted – –
Oct/Nov/Dec 960.00 00.00 Unquoted – –
Jan/Feb/Mar 967.50 -02.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Jun 965.00 -05.00 Unquoted – –
Jul/Aug/Sep 962.50 -02.50 Unquoted – –
Oct/Nov/Dec 965.00 00.00 Unquoted – –
Jan/Feb/Mar 972.50 -02.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Jun 925.00 00.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Jun 870.00 -02.50 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jun 3,880.00 -10.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jun 434.00 -01.00 Unquoted – –
($1=MYR4.2295)

DJ China Dalian Grain Futures Closing Prices, Volume – May 23
Soybean No. 1
Turnover: 242,277 lots, or 10.14 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-25 4,201 4,218 4,171 4,172 4,204 4,195 -9 149,699 153,944
Sep-25 4,203 4,220 4,171 4,172 4,208 4,196 -12 72,886 108,721
Nov-25 4,099 4,125 4,071 4,073 4,120 4,095 -25 12,600 48,873
Jan-26 4,105 4,120 4,068 4,071 4,117 4,090 -27 4,225 9,525
Mar-26 4,102 4,117 4,066 4,068 4,116 4,089 -27 2,834 6,435
May-26 4,132 4,137 4,100 4,102 4,142 4,116 -26 33 53
Corn
Turnover: 531,850 lots, or 12.38 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-25 2,328 2,334 2,322 2,327 2,325 2,327 2 384,538 1,308,920
Sep-25 2,349 2,358 2,347 2,351 2,347 2,352 5 104,722 471,276
Nov-25 2,281 2,287 2,275 2,281 2,278 2,281 3 19,586 204,393
Jan-26 2,247 2,251 2,238 2,243 2,247 2,245 -2 10,590 61,794
Mar-26 2,243 2,246 2,237 2,241 2,242 2,242 0 11,960 29,436
May-26 2,259 2,264 2,256 2,260 2,260 2,261 1 454 1,093
Soymeal
Turnover: 1,553,113 lots, or 45.70 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-25 2,779 2,800 2,776 2,785 2,773 2,786 13 76,253 484,495
Aug-25 2,921 2,950 2,921 2,937 2,918 2,936 18 13,386 201,872
Sep-25 2,944 2,966 2,939 2,952 2,932 2,950 18 1,187,445 2,422,679
Nov-25 2,977 3,000 2,975 2,988 2,967 2,985 18 51,917 359,467
Dec-25 3,014 3,031 3,008 3,021 3,010 3,018 8 6,243 86,908
Jan-26 2,996 3,012 2,989 3,003 2,992 3,001 9 154,620 666,655
Mar-26 2,863 2,875 2,854 2,873 2,858 2,864 6 31,459 118,735
May-26 2,717 2,720 2,710 2,718 2,715 2,714 -1 31,790 116,058
Palm Oil
Turnover: 566,919 lots, or 45.55 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jun-25 8,290 8,358 8,266 8,292 8,310 8,302 -8 1,431 2,092
Jul-25 8,172 8,248 8,142 8,180 8,176 8,192 16 3,682 11,760
Aug-25 8,080 8,162 8,078 8,090 8,098 8,110 12 252 905
Sep-25 7,996 8,092 7,986 8,006 8,032 8,032 0 534,842 384,288
Oct-25 7,970 8,038 7,968 7,984 8,002 7,988 -14 45 1,104
Nov-25 7,984 8,046 7,972 7,978 7,994 7,998 4 59 890
Dec-25 7,992 8,050 7,982 7,996 7,986 7,992 6 30 418
Jan-26 8,000 8,074 7,978 7,998 8,026 8,018 -8 26,451 90,497
Feb-26 8,002 8,002 7,996 7,996 8,002 8,000 -2 28 897
Mar-26 8,000 8,050 7,980 7,990 8,000 8,002 2 55 216
Apr-26 8,040 8,040 8,040 8,040 7,986 8,040 54 1 63
May-26 7,942 8,026 7,942 7,954 7,982 7,978 -4 43 73
Soybean Oil
Turnover: 347,649 lots, or 27.07 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-25 7,786 7,840 7,776 7,790 7,776 7,802 26 4,325 29,501
Aug-25 7,766 7,834 7,764 7,782 7,754 7,790 36 1,117 7,799
Sep-25 7,770 7,832 7,758 7,774 7,760 7,788 28 309,077 577,946
Nov-25 7,802 7,854 7,788 7,800 7,762 7,812 50 447 3,280
Dec-25 7,818 7,874 7,816 7,828 7,800 7,844 44 50 1,355
Jan-26 7,758 7,792 7,730 7,738 7,738 7,752 14 32,040 139,314
Mar-26 7,676 7,704 7,656 7,656 7,662 7,676 14 90 954
May-26 7,604 7,632 7,568 7,570 7,592 7,594 2 503 1,839
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.

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