Grains Report 05/29/2025

WHEAT
General Comments: Wheat markets closed mostly higher in recovery trading but forecasts for improved growing conditions at home and abroad are still around. There are still reports that cold weather had created frosts in Ukraine and Russia and reports of dry weather in the EU and China, but these are forecast to change in the short term. 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 and wetter and warmer conditions are now forecast. Chart trends are turning down. Overall demand for world Wheat has been weak.
Overnight News:
Chart Analysis: Trends in Chicago are mixed to down Support is at 520, 506 and 500 July, with resistance at 545, 556, and 561 July. Trends in Kansas City are mixed to down. Support is at 514, 500, and 494 July, with resistance at 548, 557, and 563 July. Trends in Minneapolis are mixed. Support is at 596, 590, and 582 July, and resistance is at 611, 617, and 621 July.

RICE:
General Comments: Rice closed higher one more day and chart trends are up on the weekly charts. The trends are up on the daily charts. 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 up. Support is at 1319, 1282, and 1261 July and resistance is at 1350, 1369, and 1402 July.

CORN AND OATS
General Comments: Corn was lower yesterday, with forecasts for improved growing conditions in the Midwest next week the main reason for ther selling. Warmer and drier weather is in the forecast for this week after a cold week last week. Demand for Corn in world markets remains strong with sales and shipments of above 1.1 million tons in the latest reporting week. Oats were higher.
Overnight News: Unknown destinations bought 191,096 tons of US Corn and Mexico bought 104,000 tons of US Corn.
Chart Analysis: Trends in Corn are mixed. Support is at 450, 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 373, 378, and 384 July.

SOYBEANS
General Comments: Soybeans were lower yesterday on forecasts for good growing conditions in the Midwest next week. The market could remain under pressure 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. Warmer temperatures and drier conditions are expected next week after a cold and wet week this week.
Overnight News:
Analysis: Trends in Soybeans are mixed. Support is at 1046, 1037, and 1028 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 higher yesterday along with Soybean Oil and on the increased demand noted by private export surveyors. 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 higher. Trends are up on the daily charts and on the weekly charts. The weather has generally been good for planting and crop development in the Prairies.
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 29
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 977.50 +02.50 Unquoted – –
Jul 980.00 +02.50 Unquoted – –
Aug/Sep 975.00 +05.00 Unquoted – –
Oct/Nov/Dec 980.00 +05.00 Unquoted – –
Jan/Feb/Mar 987.50 +02.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Jun 982.50 +02.50 Unquoted – –
Jul 985.00 +02.50 Unquoted – –
Aug/Sep 980.00 +05.00 Unquoted – –
Oct/Nov/Dec 985.00 +05.00 Unquoted – –
Jan/Feb/Mar 992.50 +02.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Jun 955.00 +10.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Jun 885.00 -02.50 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jun 3,960.00 +40.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jun 424.00 -02.00 Unquoted – –
($1=MYR4.241)

DJ China Dalian Grain Futures Closing Prices, Volume – May 29
Soybean No. 1
Turnover: 182,585 lots, or 7.49 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-25 4,129 4,132 4,093 4,120 4,131 4,111 -20 100,409 144,356
Sep-25 4,120 4,132 4,092 4,117 4,133 4,109 -24 62,910 116,645
Nov-25 4,024 4,028 3,990 4,016 4,032 4,010 -22 12,413 52,107
Jan-26 4,021 4,024 3,988 4,014 4,028 4,007 -21 3,807 10,926
Mar-26 4,016 4,019 3,988 4,012 4,028 4,006 -22 3,020 7,507
May-26 4,050 4,069 4,039 4,069 4,066 4,053 -13 26 90
Corn
Turnover: 608,266 lots, or 14.16 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-25 2,323 2,336 2,320 2,332 2,322 2,328 6 431,887 1,171,400
Sep-25 2,346 2,356 2,344 2,352 2,346 2,350 4 129,201 522,261
Nov-25 2,283 2,290 2,278 2,286 2,280 2,284 4 26,502 215,962
Jan-26 2,246 2,250 2,241 2,247 2,243 2,245 2 8,370 66,074
Mar-26 2,239 2,242 2,234 2,241 2,237 2,238 1 11,335 31,941
May-26 2,258 2,262 2,255 2,262 2,256 2,258 2 971 2,476
Soymeal
Turnover: 1,670,886 lots, or 4.92 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-25 2,793 2,802 2,769 2,797 2,800 2,789 -11 92,599 458,618
Aug-25 2,938 2,953 2,919 2,946 2,949 2,939 -10 20,985 195,917
Sep-25 2,956 2,967 2,932 2,962 2,963 2,953 -10 1,247,001 2,249,248
Nov-25 2,994 3,005 2,971 2,999 3,001 2,992 -9 57,459 408,520
Dec-25 3,031 3,036 3,004 3,024 3,035 3,023 -12 6,261 87,453
Jan-26 3,012 3,019 2,985 3,004 3,019 3,003 -16 165,171 695,154
Mar-26 2,864 2,869 2,850 2,860 2,865 2,857 -8 37,192 151,939
May-26 2,710 2,710 2,700 2,705 2,711 2,704 -7 44,218 177,757
Palm Oil
Turnover: 763,076 lots, or 62.07 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jun-25 8,348 8,668 8,348 8,516 8,316 8,398 82 803 221
Jul-25 8,214 8,324 8,194 8,320 8,216 8,278 62 7,365 12,436
Aug-25 8,156 8,250 8,136 8,248 8,136 8,200 64 298 1,026
Sep-25 8,092 8,198 8,062 8,190 8,072 8,132 60 721,694 475,283
Oct-25 8,032 8,152 8,032 8,148 8,044 8,122 78 44 1,080
Nov-25 8,048 8,140 8,026 8,140 8,036 8,088 52 54 895
Dec-25 8,060 8,154 8,036 8,152 8,042 8,108 66 37 427
Jan-26 8,088 8,174 8,038 8,160 8,054 8,116 62 32,520 98,876
Feb-26 8,060 8,154 8,060 8,152 8,038 8,130 92 36 924
Mar-26 8,048 8,116 8,014 8,100 8,016 8,082 66 82 261
Apr-26 8,038 8,090 8,020 8,090 8,030 8,070 40 15 70
May-26 7,988 8,082 7,982 8,082 7,988 8,034 46 128 216
Soybean Oil
Turnover: 494,228 lots, or 38.07 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-25 7,744 7,786 7,702 7,754 7,772 7,748 -24 6,872 34,062
Aug-25 7,734 7,754 7,676 7,728 7,754 7,722 -32 1,895 8,180
Sep-25 7,720 7,750 7,656 7,724 7,734 7,704 -30 438,716 591,439
Nov-25 7,742 7,766 7,680 7,746 7,764 7,730 -34 468 3,516
Dec-25 7,768 7,790 7,720 7,772 7,808 7,744 -64 64 1,654
Jan-26 7,702 7,722 7,638 7,694 7,712 7,678 -34 44,246 155,982
Mar-26 7,590 7,602 7,550 7,590 7,608 7,580 -28 88 926
May-26 7,496 7,506 7,460 7,478 7,520 7,476 -44 1,879 4,483
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