Grains Report 06/09/2025

WHEAT
General Comments: All three Wheat markets closed higher despite forecasts for improved growing conditions at home and abroad. 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.

COT — Supplemental Report – Option and Futures Combined Positions as of June 03, 2025
: Reportable Positions : Nonreportable
:—————————————————————————————- : Positions
: Non-Commercial : Commercial : Index Traders : Total
: Long : Short :Spreading: Long : Short : Long : Short : Long : Short : Long : Short
——————————————————————————————————————-
WHEAT-SRW – CHICAGO BOARD OF TRADE
CFTC Code #001602 Open Interest is 534,260
: Positions :
: 59,988 151,094 178,568 119,571 67,385 135,410 99,723 493,538 496,770: 40,723 37,490
: Changes from: May 27, 2025 (Change in open interest: -536) :
: 247 -2,813 3,690 628 522 -5,357 -3,927 -792 -2,528: 256 1,992
: Percent of Open Interest Represented by Each Category of Trader :
: 11.2 28.3 33.4 22.4 12.6 25.3 18.7 92.4 93.0: 7.6 7.0
: Total Traders: 384 Number of Traders in Each Category :
: 97 104 123 105 91 47 31 312 296:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of June 03, 2025
: Reportable Positions : Nonreportable
:—————————————————————————————- : Positions
: Non-Commercial : Commercial : Index Traders : Total
: Long : Short :Spreading: Long : Short : Long : Short : Long : Short : Long : Short
——————————————————————————————————————-
WHEAT-HRW – CHICAGO BOARD OF TRADE
CFTC Code #001612 Open Interest is 318,790
: Positions :
: 26,485 98,036 81,090 91,649 77,686 95,229 39,437 294,454 296,249: 24,336 22,541
: Changes from: May 27, 2025 (Change in open interest: 4,418) :
: 922 -1,188 -183 2,578 5,201 5 -1,470 3,323 2,360: 1,095 2,058
: Percent of Open Interest Represented by Each Category of Trader :
: 8.3 30.8 25.4 28.7 24.4 29.9 12.4 92.4 92.9: 7.6 7.1
: Total Traders: 255 Number of Traders in Each Category :
: 47 67 61 86 69 37 22 204 186:
——————————————————————————————————————-

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of June 3, 2025
: Reportable Positions :
:————————————————————————————————————- :
: Producer/Merchant : : : :
: Processor/User : Swap Dealers : Managed Money : Other Reportables :
: Long : Short : Long : Short :Spreading: Long : Short :Spreading: Long : Short :Spreading :
—————————————————————————————————————-
WHEAT-HRSpring – MIAX FUTURES EXCHANGE (CONTRACTS OF 5,000 BUSHELS) :
CFTC Code #001626 Open Interest is 81,663 :
: Positions :
: 39,266 27,726 3,629 1,444 909 11,497 31,574 5,517 4,793 339 4,839 :
: Changes from: May 27, 2025 :
: -4,592 6,091 -128 258 50 22 -10,419 609 1,521 -696 388 :
: Percent of Open Interest Represented by Each Category of Trader :
: 48.1 34.0 4.4 1.8 1.1 14.1 38.7 6.8 5.9 0.4 5.9 :
: Number of Traders in Each Category Total Traders: 120 :
: 53 39 7 . 8 16 22 13 9 5 12 :
—————————————————————————————————————-

RICE:
General Comments: Rice was higher last week and at new weekly highs for the mover. Chart trends are up on the daily charts. There is still a lot of speculative buying seen in the market that is thought to be mostly short covering, but commercial buying has been very strong as well. 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.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of June 3, 2025
: Reportable Positions :
:————————————————————————————————————- :
: Producer/Merchant : : : :
: Processor/User : Swap Dealers : Managed Money : Other Reportables :
: Long : Short : Long : Short :Spreading: Long : Short :Spreading: Long : Short :Spreading :
—————————————————————————————————————-
ROUGH RICE – CHICAGO BOARD OF TRADE (CONTRACTS OF 200,000 POUNDS) :
CFTC Code #039601 Open Interest is 11,426 :
: Positions :
: 6,030 2,108 0 121 0 488 5,469 203 1,511 447 1,193 :
: Changes from: May 27, 2025 :
: 205 268 0 -18 0 -26 -452 41 -65 -51 -39 :
: Percent of Open Interest Represented by Each Category of Trader :
: 52.8 18.4 0.0 1.1 0.0 4.3 47.9 1.8 13.2 3.9 10.4 :
: Number of Traders in Each Category Total Traders: 76 :
: 22 16 0 . 0 . 21 . 12 9 8 :
—————————————————————————————————————-

CORN AND OATS
General Comments: Corn was a little lower last week despite 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 temperatures were a little below normal over the weekend. 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 the eastern and southern parts. Demand for Corn in world markets remains strong. Oats were a little 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 375, 371, and 367 July, and resistance is at 390, 396, and 402 July.

COT — Supplemental Report – Option and Futures Combined Positions as of June 03, 2025
: Reportable Positions : Nonreportable
:—————————————————————————————- : Positions
: Non-Commercial : Commercial : Index Traders : Total
: Long : Short :Spreading: Long : Short : Long : Short : Long : Short : Long : Short
——————————————————————————————————————-
CORN – CHICAGO BOARD OF TRADE
CFTC Code #002602 Open Interest is 2,125,844
: Positions :
: 93,221 362,646 651,046 702,962 743,440 487,463 160,465 1,934,691 1,917,597: 191,153 208,248
: Changes from: May 27, 2025 (Change in open interest: 10,031) :
: -7,909 45,358 -11,341 18,588 -32,148 7,383 6,876 6,720 8,745: 3,310 1,286
: Percent of Open Interest Represented by Each Category of Trader :
: 4.4 17.1 30.6 33.1 35.0 22.9 7.5 91.0 90.2: 9.0 9.8
: Total Traders: 809 Number of Traders in Each Category :
: 130 142 208 386 389 50 31 695 662:
——————————————————————————————————————-

SOYBEANS
General Comments: Soybeans were higher and Soybean Meal was lower last week. 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 1060, 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.

COT — Supplemental Report – Option and Futures Combined Positions as of June 03, 2025
: Reportable Positions : Nonreportable
:—————————————————————————————- : Positions
: Non-Commercial : Commercial : Index Traders : Total
: Long : Short :Spreading: Long : Short : Long : Short : Long : Short : Long : Short
——————————————————————————————————————-
SOYBEANS – CHICAGO BOARD OF TRADE
CFTC Code #005602 Open Interest is 1,073,527
: Positions :
: 90,354 120,446 328,626 381,559 493,479 216,987 59,771 1,017,526 1,002,322: 56,000 71,205
: Changes from: May 27, 2025 (Change in open interest: 21,220) :
: -12,263 15,520 11,236 23,929 -13,606 1,532 5,158 24,434 18,309: -3,214 2,912
: Percent of Open Interest Represented by Each Category of Trader :
: 8.4 11.2 30.6 35.5 46.0 20.2 5.6 94.8 93.4: 5.2 6.6
: Total Traders: 560 Number of Traders in Each Category :
: 134 123 188 193 205 49 27 480 454:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of June 03, 2025
: Reportable Positions : Nonreportable
:—————————————————————————————- : Positions
: Non-Commercial : Commercial : Index Traders : Total
: Long : Short :Spreading: Long : Short : Long : Short : Long : Short : Long : Short
——————————————————————————————————————-
SOYBEAN OIL – CHICAGO BOARD OF TRADE
CFTC Code #007601 Open Interest is 662,589
: Positions :
: 74,480 89,384 174,196 215,054 327,743 165,103 43,983 628,833 635,306: 33,756 27,283
: Changes from: May 27, 2025 (Change in open interest: -11,263) :
: -11,522 5,459 -14,779 18,442 -10,686 -2,045 7,648 -9,904 -12,359: -1,359 1,095
: Percent of Open Interest Represented by Each Category of Trader :
: 11.2 13.5 26.3 32.5 49.5 24.9 6.6 94.9 95.9: 5.1 4.1
: Total Traders: 354 Number of Traders in Each Category :
: 82 83 113 107 110 44 21 295 275:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of June 03, 2025
: Reportable Positions : Nonreportable
:—————————————————————————————- : Positions
: Non-Commercial : Commercial : Index Traders : Total
: Long : Short :Spreading: Long : Short : Long : Short : Long : Short : Long : Short
——————————————————————————————————————-
SOYBEAN MEAL – CHICAGO BOARD OF TRADE
CFTC Code #026603 Open Interest is 668,904
: Positions :
: 66,273 156,156 168,075 247,048 261,813 125,218 48,672 606,614 634,716: 62,291 34,189
: Changes from: May 27, 2025 (Change in open interest: 11,469) :
: -2,793 3,998 1,350 6,652 3,636 4,313 2,286 9,521 11,270: 1,948 199
: Percent of Open Interest Represented by Each Category of Trader :
: 9.9 23.3 25.1 36.9 39.1 18.7 7.3 90.7 94.9: 9.3 5.1
: Total Traders: 357 Number of Traders in Each Category :
: 70 95 96 125 114 36 22 288 279:
——————————————————————————————————————-

PALM OIL AND CANOLA
General Comments: Palm Oil futures were a little higher last week after trading in a narrow range all week. 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 a little higher last week after a rebound from lower prices on Friday. Trends are mixed to up 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.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of June 3, 2025
: Reportable Positions :
:————————————————————————————————————- :
: Producer/Merchant : : : :
: Processor/User : Swap Dealers : Managed Money : Other Reportables :
: Long : Short : Long : Short :Spreading: Long : Short :Spreading: Long : Short :Spreading :
—————————————————————————————————————-
USD Malaysian Crude Palm Oil C – CHICAGO MERCANTILE EXCHANGE (CONTRACTS OF 25 METRIC TONS) :
CFTC Code #037021 Open Interest is 16,304 :
: Positions :
: 12,798 5,047 196 6,532 310 160 741 0 1,430 2,264 1,390 :
: Changes from: May 27, 2025 :
: -52 -2,798 -126 78 -140 -99 741 -621 -122 1,540 -850 :
: Percent of Open Interest Represented by Each Category of Trader :
: 78.5 31.0 1.2 40.1 1.9 1.0 4.5 0.0 8.8 13.9 8.5 :
: Number of Traders in Each Category Total Traders: 27 :
: 7 7 . 5 . . . 0 . 6 . :
—————————————————————————————————————-

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of June 3, 2025
: Reportable Positions :
:————————————————————————————————————- :
: Producer/Merchant : : : :
: Processor/User : Swap Dealers : Managed Money : Other Reportables :
: Long : Short : Long : Short :Spreading: Long : Short :Spreading: Long : Short :Spreading :
—————————————————————————————————————-
CANOLA – ICE FUTURES U.S. (20 Metric Tonnes) :
CFTC Code #135731 Open Interest is 271,405 :
: Positions :
: 81,080 177,330 10,423 14,079 2,088 122,316 20,246 20,984 12,732 14,448 20,012 :
: Changes from: May 27, 2025 :
: -1,432 -4,267 972 38 -130 -5,675 -762 2,499 -575 -1,847 -2,344 :
: Percent of Open Interest Represented by Each Category of Trader :
: 29.9 65.3 3.8 5.2 0.8 45.1 7.5 7.7 4.7 5.3 7.4 :
: Number of Traders in Each Category Total Traders: 335 :
: 45 61 5 4 5 79 17 28 61 88 52 :
—————————————————————————————————————-

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