Grains Report 06/06/2025

WHEAT
General Comments: Chicago Winter Wheat markets closed a little higher despite forecasts for improved growing conditions at home and abroad. Minneapolis was lower as growing conditions are more suspect in the Northern Plains and Canadian Prairies but are expected to improve a lot over the next week or so. There are still reports that the weather has reduced production potential 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 higher again yesterday and closed near recent highs on the daily charts. Chart trends are turning up 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 has 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 mixed to 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 follow through buying and ideas of strong demand and less improvement in crop conditions than was anticipated by the trade. July lost to December on the spreads and is now trading under December after trading 35 higher just a few months ago. Forecasts for improved growing conditions in the Midwest through this weekend were a reason to sell. Warmer and drier weather is in the forecast for this week, although temperature will turn back to below normal for the next few days. 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 lower.
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 and Soybean Meal were higher yesterday in recovery trading, but Soybean Oil closed mixed as forecasts for good growing conditions in the Midwest and as cheaper prices reported from Brazil are still being heard. 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. Support is at 1028, 1021, and 1009 July, and resistance is at 1059, 1073, and 1082 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 lower today. 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. Canola was higher. Trends are mixed zto 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 Mostly dry conditions. Temperatures should average near normal.

DJ Malaysian PM Cash Market Prices for Palm Oil – June 6
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 972.50 +05.00 Unquoted – –
Jul 972.50 +05.00 Unquoted – –
Aug/Sep 967.50 +05.00 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 +05.00 Unquoted – –
Jul 977.50 +05.00 Unquoted – –
Aug/Sep 972.50 +05.00 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 947.50 +02.50 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Jun 872.50 -02.50 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jun 3,960.00 +10.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jun 386.00 -02.00 Unquoted – –
($1=MYR4.2285)

DJ China Dalian Grain Futures Closing Prices, Volume – Jun 06
Soybean No. 1
Turnover: 209,690 lots, or 8.63 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-25 4,136 4,163 4,125 4,149 4,129 4,142 13 117,343 87,863
Sep-25 4,098 4,116 4,083 4,102 4,087 4,098 11 72,639 135,775
Nov-25 4,021 4,040 4,010 4,027 4,011 4,025 14 11,143 51,791
Jan-26 4,015 4,034 4,005 4,023 4,008 4,020 12 3,406 10,823
Mar-26 4,008 4,030 4,002 4,019 4,004 4,018 14 5,086 14,417
May-26 4,040 4,060 4,038 4,045 4,039 4,048 9 73 189
Corn
Turnover: 481,719 lots, or 11.26 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-25 2,334 2,342 2,330 2,340 2,332 2,336 4 305,894 964,005
Sep-25 2,361 2,367 2,357 2,365 2,359 2,362 3 132,088 560,055
Nov-25 2,292 2,299 2,287 2,297 2,289 2,293 4 24,253 247,562
Jan-26 2,247 2,255 2,243 2,253 2,244 2,250 6 7,711 68,722
Mar-26 2,235 2,243 2,232 2,242 2,233 2,238 5 10,315 49,642
May-26 2,263 2,270 2,256 2,269 2,253 2,262 9 1,458 4,634
Soymeal
Turnover: 2,388,478 lots, or 71.12 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-25 2,770 2,820 2,766 2,818 2,773 2,800 27 150,052 308,282
Aug-25 2,938 2,999 2,936 2,993 2,937 2,977 40 23,993 200,695
Sep-25 2,956 3,016 2,952 3,010 2,954 2,991 37 1,739,214 2,274,340
Nov-25 2,990 3,052 2,990 3,045 2,992 3,030 38 120,772 495,480
Dec-25 3,020 3,070 3,015 3,066 3,017 3,044 27 11,448 99,962
Jan-26 3,003 3,053 2,997 3,048 3,000 3,030 30 256,055 742,222
Mar-26 2,847 2,887 2,845 2,884 2,849 2,868 19 27,666 179,315
May-26 2,696 2,721 2,695 2,721 2,696 2,710 14 59,278 225,059
Palm Oil
Turnover: 663,386 lots, or 53.89 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jun-25 8,600 8,600 8,600 8,600 8,500 8,600 100 5 200
Jul-25 8,278 8,328 8,234 8,268 8,262 8,272 10 4,784 10,037
Aug-25 8,198 8,250 8,154 8,178 8,182 8,198 16 1,641 2,319
Sep-25 8,116 8,178 8,074 8,110 8,106 8,124 18 626,813 419,221
Oct-25 8,050 8,128 8,036 8,056 8,062 8,072 10 59 968
Nov-25 8,038 8,112 8,028 8,056 8,036 8,068 32 54 864
Dec-25 8,074 8,114 8,032 8,050 8,054 8,080 26 55 493
Jan-26 8,102 8,128 8,038 8,072 8,062 8,076 14 29,611 104,450
Feb-26 8,060 8,088 8,040 8,040 8,036 8,064 28 16 919
Mar-26 8,046 8,082 8,022 8,026 8,018 8,036 18 24 243
Apr-26 8,016 8,016 7,984 8,008 7,996 8,006 10 6 71
May-26 7,980 8,010 7,948 7,966 7,970 7,974 4 318 783
Soybean Oil
Turnover: 430,849 lots, or 33.23 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-25 7,758 7,836 7,742 7,830 7,736 7,800 64 10,731 31,763
Aug-25 7,696 7,778 7,682 7,772 7,676 7,742 66 1,953 8,740
Sep-25 7,690 7,748 7,666 7,738 7,668 7,714 46 379,290 572,787
Nov-25 7,694 7,752 7,678 7,736 7,686 7,708 22 297 3,369
Dec-25 7,726 7,772 7,704 7,764 7,704 7,736 32 52 1,685
Jan-26 7,668 7,696 7,626 7,684 7,630 7,664 34 37,112 164,394
Mar-26 7,542 7,590 7,532 7,590 7,536 7,572 36 51 950
May-26 7,406 7,438 7,382 7,438 7,396 7,418 22 1,363 7,227
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