Grains Report 06/04/2025

WHEAT
General Comments: Chicago Winter Wheat markets closed lower after trading higher early in the session yesterday on +forecasts for improved growing conditions at home and abroad. Minneapolis was higher as growing conditions are more suspect in the Northern Plains and Canadian Prairies. There are still reports that cold weather had created frosts in Ukraine and Russia and reports of dry weather in some parts of the EU and China. Russia is forecasting a large reduction in Wheat production for the coming year. 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. Some rain was seen in the northern Great Plains last week and wetter and warmer conditions are now forecast. It is too wet in the Delta and Southeast. Overall demand for world Wheat has been weak.
Overnight News:
Chart Analysis: Trends in Chicago are mixed Support is at 527, 520 and 514 July, with resistance at 556, 561, and 569 July. Trends in Kansas City are mixed. Support is at 523, 514, and 508 July, with resistance at 557, 563, and 574 July. Trends in Minneapolis are up. Support is at 608, 596, and 590 July, and resistance is at 640, 645, and 659 July.

RICE:
General Comments: Rice was lower yesterday, and chart trends are mixed on the daily charts. There is still a lot of speculative buying seen in the market. The cash market has been slow with mostly quiet domestic markets and average export demand. 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 emerged 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 1315, 1282, and 1261 July and resistance is at 1369, 1402, and 1410 July.

CORN AND OATS
General Comments: Corn was higher yesterday on word of strong demand and less improvement in crop conditions than was anticipated by the trade. Forecasts for improved growing conditions in the Midwest this week were a reason to sell. Warmer and drier weather is in the forecast for this week. A severe drought is seen in central Nebraska and moderate drought extends east in a corridor into the Chicago area. Most of the Midwest has seen adequate or greater precipitation and it is still too wet in eastern and southern parts. Demand for Corn in world markets remains strong. Oats were higher.
Overnight News:
Chart Analysis: Trends in Corn are mixed. Support is at 434, 431, and 428 July, and resistance is at 456, 465, and 470 July. Trends in Oats are mixed. Support is at 380, 371, and 367 July, and resistance is at 390, 396, and 402 July.

SOYBEANS
General Comments: Soybeans were higher yesterday in recovery trading as forecasts for good growing conditions in the Midwest and as cheaper prices reported from Brazil are still being heard. Soybean Oil was lower as it is now doubtful that the biofuels allocations will be released soon and waivers to small producers could mean reduced demand for ethanol or biofuels in the US.. 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 this week after a cold and wet week last week. A severe drought is seen in central Nebraska and moderate drought extends east in a corridor into the Chicago area. Most of the Midwest has seen adequate or greater precipitation and it is still too wet in southern and eastern areas.
Overnight News:
Analysis: Trends in Soybeans are mixed to down. Support is at 1028, 1021, and 1009 July, and resistance is at 1047, 1059, and 1073 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 to down. Support is at 4580, 4530, and 4430 July, with resistance at 4800, 4900, and 5030 July.

PALM OIL AND CANOLA
General Comments: Palm Oil futures were higher today on reports of good demand from the private surveyors and on strength in Chicago. 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 after making new lows for the move. Trends are down on the daily charts and mixed on the weekly charts. The weather has generally been dry for planting and crop development in the Prairies with warm and dry weather around lately.
Overnight News:
Chart Analysis: Trends in Canola are mixed to down. Support is at 680.00, 662.00, and 649.00 July, with resistance at 717.00, 735.00, and 741.00 July. Trends in Palm Oil are mixed to up. Support is at 3850, 3770, and 3710 August, with resistance at 3990, 4040, and 4130 August.

Midwest Weather Forecast Showers and storms. Temperatures should average near normal.

DJ Malaysian PM Cash Market Prices for Palm Oil – June 4
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 975.00 -10.00 Unquoted – –
Jul 975.00 -10.00 Unquoted – –
Aug/Sep 975.00 +02.50 Unquoted – –
Oct/Nov/Dec 977.50 +02.50 Unquoted – –
Jan/Feb/Mar 990.00 +07.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Jun 980.00 -10.00 Unquoted – –
Jul 980.00 -10.00 Unquoted – –
Aug/Sep 980.00 +02.50 Unquoted – –
Oct/Nov/Dec 982.50 +02.50 Unquoted – –
Jan/Feb/Mar 995.00 +07.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Jun 950.00 -05.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Jun 882.50 00.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jun 4,000.00 +20.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jun 402.00 -12.00 Unquoted – –
($1=MYR4.245)

DJ China Dalian Grain Futures Closing Prices, Volume – Jun 04
Soybean No. 1
Turnover: 173,433 lots, or .71 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-25 4,128 4,137 4,103 4,123 4,130 4,117 -13 100,927 119,715
Sep-25 4,121 4,124 4,082 4,101 4,123 4,099 -24 56,198 117,848
Nov-25 4,043 4,045 4,005 4,019 4,039 4,022 -17 9,059 48,968
Jan-26 4,039 4,041 3,999 4,014 4,034 4,016 -18 3,172 10,466
Mar-26 4,035 4,036 3,997 4,011 4,032 4,011 -21 4,012 10,345
May-26 4,063 4,066 4,037 4,044 4,078 4,048 -30 65 143
Corn
Turnover: 584,988 lots, or 1.36 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-25 2,326 2,337 2,319 2,333 2,326 2,327 1 427,404 1,017,104
Sep-25 2,354 2,359 2,345 2,356 2,352 2,351 -1 116,174 553,240
Nov-25 2,284 2,290 2,279 2,284 2,283 2,283 0 21,577 237,971
Jan-26 2,240 2,246 2,237 2,241 2,243 2,241 -2 7,693 69,031
Mar-26 2,235 2,237 2,229 2,232 2,235 2,232 -3 11,627 41,993
May-26 2,256 2,259 2,252 2,254 2,254 2,254 0 513 3,692
Soymeal
Turnover: 1,303,971 lots, or 38.15 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-25 2,774 2,779 2,752 2,765 2,775 2,767 -8 109,477 371,202
Aug-25 2,926 2,934 2,911 2,924 2,926 2,921 -5 15,011 196,362
Sep-25 2,938 2,948 2,925 2,939 2,939 2,938 -1 928,744 2,224,255
Nov-25 2,978 2,987 2,964 2,978 2,978 2,977 -1 59,867 466,331
Dec-25 3,004 3,014 2,995 3,003 3,006 3,003 -3 5,760 91,659
Jan-26 2,985 2,996 2,976 2,984 2,986 2,986 0 149,351 724,410
Mar-26 2,845 2,849 2,838 2,843 2,843 2,843 0 12,068 170,388
May-26 2,697 2,702 2,692 2,695 2,694 2,696 2 23,693 210,606
Palm Oil
Turnover: 691,536 lots, or 56.40 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jun-25 – – – 8,630 8,630 8,630 0 0 200
Jul-25 8,340 8,354 8,256 8,294 8,324 8,292 -32 4,713 10,663
Aug-25 8,268 8,274 8,180 8,212 8,248 8,224 -24 937 1,733
Sep-25 8,190 8,210 8,102 8,130 8,190 8,156 -34 656,196 432,781
Oct-25 8,128 8,150 8,058 8,084 8,120 8,124 4 78 946
Nov-25 8,132 8,132 8,038 8,066 8,102 8,090 -12 228 864
Dec-25 8,130 8,132 8,054 8,078 8,108 8,096 -12 150 486
Jan-26 8,152 8,158 8,064 8,086 8,132 8,106 -26 29,001 100,583
Feb-26 8,100 8,100 8,050 8,076 8,090 8,074 -16 15 925
Mar-26 8,084 8,102 8,030 8,060 8,078 8,064 -14 51 252
Apr-26 8,018 8,036 7,998 8,036 8,028 8,014 -14 6 71
May-26 7,988 8,000 7,948 7,976 7,998 7,974 -24 161 603
Soybean Oil
Turnover: 395,627 lots, or 3.04 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-25 7,756 7,772 7,726 7,754 7,730 7,748 18 4,366 33,286
Aug-25 7,708 7,734 7,666 7,696 7,682 7,692 10 458 8,762
Sep-25 7,706 7,722 7,658 7,688 7,678 7,690 12 356,149 579,312
Nov-25 7,706 7,728 7,670 7,694 7,704 7,696 -8 122 3,309
Dec-25 7,742 7,760 7,706 7,724 7,728 7,724 -4 37 1,670
Jan-26 7,666 7,680 7,626 7,646 7,646 7,648 2 33,397 161,696
Mar-26 7,560 7,646 7,534 7,542 7,556 7,558 2 42 954
May-26 7,446 7,446 7,390 7,402 7,418 7,402 -16 1,056 6,058
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