Grains Report 06/11/2025

DJ USDA Report: Recap for U.S. Agriculture Supply, Demand
The following table of analysts’ estimates is provided as a service to The Wall Street Journal subscribers in conjunction with the U.S. Department of Agriculture’s monthly supply-and-demand report scheduled for release at noon ET on Thursday.
U.S. 2025 Production (million bushels, bushels per acre)
Average Range USDA May USDA 2024
Corn Production 15,795 15,525-15,820 15,820 14,867
Corn Yield 180.9 179.0-181.0 181.0 179.3
Soybean Production 4,338 4,300-4,340 4,340 4,366
Soybean Yield 52.5 52.0-52.5 52.5 50.7
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U.S. Stockpiles (millions)
2024-25
Average Range USDA May
Corn 1,386 1,315-1,450 1,415
Soybeans 352 340-382 350
Wheat 840 816-866 841
2025-26
Average Range USDA May
Corn 1,792 1,655-2,135 1,800
Soybeans 302 285-394 295
Wheat 916 868-948 923
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World Stockpiles (million metric tons)
2024-25
Average Range USDA May
Corn 288.1 285.0-295.0 287.3
Soybeans 123.1 122.0-124.2 123.2
Wheat 265.2 264.3-266.0 265.2
2025-26
Average Range USDA May
Corn 278.9 275.0-285.0 277.8
Soybeans 124.6 123.4-126.0 124.3
Wheat 265.1 254.9-270.0 265.7
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2025-26 WHEAT PRODUCTION
Average Range USDA May USDA 2024-25
All Wheat 1,923 1,891-1,949 1,921 1,971
Winter Wheat 1,386 1,347-1,410 1,382 1,349
Hard Red Winter 789 768-800 784 770
Soft Red Winter 347 340-355 345 342
White Winter 252 247-256 253 236
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2024-25
Brazil Corn, Soybean Production (million metric tons)
Average Range USDA May
Corn 131.5 129.0-135.0 130.0
Soybeans 169.2 168.3-171.0 169.0
Argentina Corn, Soybean Production (million metric tons)
Average Range USDA May
Corn 49.9 49.0-51.0 50.0
Soybeans 49.0 48.0-50.0 49.0

WHEAT
General Comments: All three Wheat markets closed lower yesterday on 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 is in the forecast for the northern Great Plains this week and wetter and warmer conditions are now forecast for the southern Plains as well. 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 557, 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 a little lower yesterday in correction trading after moving higher last week. 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 1371, 1402, and 1410 July.

CORN AND OATS
General Comments: Corn was higher yesterday on ideas of strong demand and despite forecasts for good weather. July gained on December on the spreads and is still 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 lower.
Overnight News:
Chart Analysis: Trends in Corn are mixed. Support is at 431, 428, and 425 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.

SOYBEANS
General Comments: Soybeans and Soybean Oil were higher yesterday, but Soybean Meal was lower. 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 1062, 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. 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 lower. 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.

Midwest Weather Forecast Scattered showers. Temperatures should average above normal.

DJ Malaysian PM Cash Market Prices for Palm Oil – June 11
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 960.00 -02.50 Unquoted – –
Jul 957.50 -05.00 Unquoted – –
Aug/Sep 945.00 -07.50 Unquoted – –
Oct/Nov/Dec 955.00 -05.00 Unquoted – –
Jan/Feb/Mar 965.00 -05.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Jun 965.00 -02.50 Unquoted – –
Jul 962.50 -05.00 Unquoted – –
Aug/Sep 950.00 -07.50 Unquoted – –
Oct/Nov/Dec 960.00 -05.00 Unquoted – –
Jan/Feb/Mar 970.00 -05.00 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Jun 920.00 -05.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Jun 855.00 -05.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jun 3,890.00 -50.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jun 361.00 -05.00 Unquoted – –
($1=MYR4.2355)

DJ China Dalian Grain Futures Closing Prices, Volume – Jun 11
Soybean No. 1
Turnover: 232,964 lots, or 9.72 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-25 4,195 4,208 4,166 4,168 4,181 4,188 7 80,094 41,837
Sep-25 4,166 4,186 4,162 4,163 4,151 4,174 23 137,313 170,658
Nov-25 4,080 4,099 4,073 4,085 4,065 4,087 22 9,873 58,517
Jan-26 4,064 4,082 4,060 4,069 4,041 4,073 32 3,714 12,373
Mar-26 4,057 4,068 4,049 4,057 4,040 4,061 21 1,895 16,336
May-26 4,065 4,081 4,065 4,073 4,050 4,072 22 75 363
Corn
Turnover: 976,366 lots, or 2.32 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-25 2,382 2,387 2,369 2,374 2,372 2,378 6 500,017 823,945
Sep-25 2,405 2,413 2,394 2,396 2,398 2,403 5 371,612 662,465
Nov-25 2,321 2,327 2,306 2,313 2,321 2,318 -3 54,845 262,549
Jan-26 2,288 2,290 2,265 2,269 2,283 2,277 -6 32,477 84,474
Mar-26 2,279 2,282 2,258 2,262 2,273 2,269 -4 15,177 58,262
May-26 2,304 2,306 2,296 2,298 2,297 2,300 3 2,238 6,352
Soymeal
Turnover: 1,845,522 lots, or 55.80 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-25 2,868 2,876 2,853 2,871 2,843 2,864 21 109,099 249,937
Aug-25 3,010 3,037 3,008 3,030 3,002 3,019 17 19,123 199,649
Sep-25 3,031 3,055 3,026 3,047 3,019 3,040 21 1,264,945 2,355,468
Nov-25 3,071 3,093 3,064 3,086 3,056 3,079 23 89,847 557,407
Dec-25 3,083 3,095 3,079 3,090 3,074 3,086 12 7,626 101,290
Jan-26 3,068 3,072 3,059 3,064 3,056 3,064 8 266,919 785,826
Mar-26 2,892 2,898 2,886 2,890 2,888 2,892 4 33,629 184,842
May-26 2,731 2,738 2,729 2,733 2,728 2,733 5 54,334 267,010
Palm Oil
Turnover: 857,163 lots, or 68.82 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jun-25 – – – 8,600 8,600 8,600 0 0 200
Jul-25 8,244 8,274 8,138 8,144 8,304 8,192 -112 8,700 9,778
Aug-25 8,168 8,186 8,058 8,062 8,230 8,114 -116 2,043 3,978
Sep-25 8,092 8,112 7,958 7,970 8,160 8,028 -132 795,882 444,610
Oct-25 8,056 8,056 7,916 7,932 8,126 7,982 -144 213 1,016
Nov-25 8,048 8,056 7,922 7,932 8,100 7,980 -120 107 877
Dec-25 8,048 8,052 7,938 7,944 8,106 7,990 -116 162 520
Jan-26 8,066 8,070 7,940 7,954 8,108 7,998 -110 49,577 110,446
Feb-26 8,048 8,048 7,946 7,950 8,080 7,992 -88 40 913
Mar-26 8,040 8,040 7,930 7,940 8,076 7,976 -100 39 229
Apr-26 8,006 8,006 7,922 7,922 8,040 7,970 -70 28 77
May-26 7,984 7,986 7,882 7,898 8,020 7,926 -94 372 1,128
Soybean Oil
Turnover: 360,278 lots, or 27.81 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-25 7,882 7,894 7,810 7,824 7,886 7,846 -40 11,464 31,000
Aug-25 7,830 7,832 7,736 7,746 7,824 7,786 -38 648 8,824
Sep-25 7,746 7,772 7,682 7,694 7,766 7,722 -44 303,002 556,540
Nov-25 7,752 7,770 7,692 7,700 7,764 7,714 -50 236 3,340
Dec-25 7,776 7,790 7,716 7,726 7,788 7,760 -28 67 1,694
Jan-26 7,688 7,716 7,640 7,644 7,706 7,672 -34 43,372 172,323
Mar-26 7,608 7,608 7,550 7,550 7,600 7,574 -26 40 961
May-26 7,432 7,440 7,388 7,390 7,432 7,410 -22 1,449 8,129
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