Grains Report 06/18/2025

WHEAT
General Comments: All three Wheat markets closed higher and above the previous day’s highs as growing and harvesting conditions at home and abroad have improved. There are still reports that the weather has reduced production potential in Ukraine and Russia and reports of recent dry weather in some parts of the EU and China was a concern, but there has been rains in these areas recently. 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 had been dry. Conditions in the US are now generally good.
Overnight News:
Chart Analysis: Trends in Chicago are mixed Support is at 520, 514 and 508 July, with resistance at 557, 561, and 569 July. Trends in Kansas City are mixed. Support is at 514, 508, and 502 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 yesterday in recovery trading. Chart trends are mixed on the daily charts. 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 but too much rain has been reported in southern areas.

Overnight News:
Chart Analysis: Trends are mixed. Support is at 1315, 1282, and 1261 July and resistance is at 1380, 1402, and 1410 July.

CORN AND OATS
General Comments: Corn was mostly higher yesterday. But July was lower as forecasts turn3d hot and dry for at least a few days in the Midwest. Warmer and drier weather is in the forecast through this weekend. Warm weather returns in the forecasts for next week. A severe drought is seen in central Nebraska and moderate drought extends east in a corridor into the Chicago area. The rest of the Midwest has seen adequate or greater precipitation. Demand for Corn in world markets remains strong. Oats were lower.
Overnight News:
Chart Analysis: Trends in Corn are mixed. Support is at 428, 425, and 422 July, and resistance is at 456, 465, and 470 July. Trends in Oats are mixed. Support is at 370, 367, and 364 July, and resistance is at 390, 396, and 402 July.

SOYBEANS
General Comments: Soybeans and Soybean Meal were higher yesterday, but Soybean Oil was lower as profit taking took hold after a couple of days of sharp gains. Forecasts for good growing conditions in the Midwest and as cheaper prices reported from Brazil are still being heard, but the Midwest has turned hot for the next few days or longer. 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.
Overnight News:
Analysis: Trends in Soybeans are mixed. Support is at 1046, 1043, and 1033 July, and resistance is at 1079, 1082, and 1105 July. Trends in Soybean Meal are down. Support is at 281.00, 278.00, and 275.00 July, and resistance is at 290.00, 295.00, and 300.00 July. Trends in Soybean Oil are up. Support is at 5260, 5220, and 5060 July, with resistance at 5580, 5700, and 5820 July.

PALM OIL AND CANOLA
General Comments: Palm Oil futures were higher today on stronger prices in competing oils. 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 again along with the price action in Chicago. Trends are up on the daily charts and are turning up 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 up. Support is at 680.00, 662.00, and 649.00 July, with resistance at 749.00, 753.00, and 759.00 July. Trends in Palm Oil are up. Support is at 4030, 3980, and 3960 September, with resistance at 4120, 4210, and 4310 September.

Midwest Weather Forecast Isolated to scattered showers. Temperatures should average above normal.

DJ Malaysian PM Cash Market Prices for Palm Oil – June 18
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 1005.00 +07.50 Unquoted – –
Jul 1005.00 +07.50 Unquoted – –
Aug 1002.50 — Unquoted – –
Sep 1000.00 — Unquoted – –
Oct/Nov/Dec 1005.00 +07.50 Unquoted – –
Jan/Feb/Mar 1012.50 +07.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Jun 1010.00 +07.50 Unquoted – –
Jul 1010.00 +07.50 Unquoted – –
Aug 1007.50 — Unquoted – –
Sep 1005.00 — Unquoted – –
Oct/Nov/Dec 1010.50 +07.50 Unquoted – –
Jan/Feb/Mar 1017.50 +07.00 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Jun 987.50 -07.50 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Jun 887.50 -02.50 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jun 4,100.00 +20.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jun 374.00 +07.00 Unquoted – –
($1=MYR4.2485)

DJ China Dalian Grain Futures Closing Prices, Volume – Jun 18
Soybean No. 1
Turnover: 173,087 lots, or 7.34 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-25 4,238 4,259 4,229 4,239 4,225 4,243 18 28,016 30,936
Sep-25 4,248 4,279 4,242 4,258 4,236 4,261 25 118,031 221,410
Nov-25 4,153 4,177 4,147 4,172 4,140 4,166 26 18,477 69,153
Jan-26 4,130 4,161 4,123 4,159 4,117 4,145 28 5,481 13,342
Mar-26 4,112 4,143 4,110 4,142 4,106 4,130 24 2,962 18,623
May-26 4,138 4,168 4,138 4,168 4,125 4,157 32 120 519
Corn
Turnover: 926,463 lots, or 22.05 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-25 2,362 2,379 2,359 2,363 2,359 2,367 8 361,246 493,230
Sep-25 2,396 2,415 2,393 2,397 2,393 2,403 10 472,636 837,782
Nov-25 2,326 2,338 2,319 2,320 2,317 2,328 11 46,341 298,581
Jan-26 2,285 2,298 2,283 2,284 2,278 2,290 12 24,632 93,064
Mar-26 2,277 2,294 2,275 2,279 2,269 2,284 15 19,569 67,796
May-26 2,316 2,330 2,314 2,325 2,309 2,324 15 2,039 9,479
Soymeal
Turnover: 1,653,284 lots, or 50.57 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-25 2,906 2,911 2,891 2,893 2,893 2,901 8 96,584 184,980
Aug-25 3,061 3,065 3,043 3,047 3,045 3,056 11 14,046 195,694
Sep-25 3,075 3,081 3,058 3,062 3,061 3,071 10 1,065,536 2,313,021
Nov-25 3,116 3,118 3,095 3,099 3,101 3,109 8 122,929 572,435
Dec-25 3,122 3,132 3,114 3,119 3,104 3,124 20 10,310 108,264
Jan-26 3,098 3,111 3,091 3,095 3,084 3,100 16 279,173 905,205
Mar-26 2,916 2,929 2,914 2,919 2,908 2,921 13 20,243 193,660
May-26 2,760 2,770 2,757 2,761 2,750 2,763 13 44,463 296,854
Palm Oil
Turnover: 716,978 lots, or 60.96 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-25 8,574 8,646 8,568 8,604 8,574 8,608 34 20,904 9,697
Aug-25 8,534 8,600 8,516 8,572 8,522 8,558 36 3,081 7,374
Sep-25 8,478 8,540 8,454 8,518 8,456 8,500 44 655,571 512,360
Oct-25 8,438 8,504 8,434 8,476 8,410 8,470 60 61 951
Nov-25 8,412 8,484 8,406 8,456 8,388 8,446 58 73 886
Dec-25 8,422 8,494 8,406 8,464 8,398 8,450 52 93 531
Jan-26 8,426 8,498 8,412 8,476 8,404 8,458 54 36,717 104,054
Feb-26 – – – 8,380 8,380 8,380 0 4 915
Mar-26 8,358 8,418 8,358 8,398 8,338 8,394 56 35 295
Apr-26 8,356 8,364 8,356 8,364 8,302 8,362 60 3 87
May-26 8,298 8,372 8,290 8,350 8,280 8,336 56 435 2,358
Jun-26 8,292 8,292 8,292 8,292 8,266 8,292 26 1 2
Soybean Oil
Turnover: 502,885 lots, or 40.39 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-25 8,094 8,192 8,082 8,184 8,076 8,138 62 17,354 26,138
Aug-25 8,024 8,128 8,024 8,126 8,002 8,080 78 1,314 9,499
Sep-25 7,994 8,086 7,980 8,084 7,968 8,036 68 427,311 585,384
Nov-25 8,004 8,066 7,988 8,064 7,974 8,028 54 862 3,474
Dec-25 8,000 8,070 7,988 8,070 7,980 8,038 58 134 1,716
Jan-26 7,934 8,014 7,922 8,014 7,908 7,968 60 53,736 190,596
Mar-26 7,752 7,790 7,752 7,780 7,734 7,776 42 62 925
May-26 7,606 7,680 7,606 7,680 7,596 7,646 50 2,112 9,369
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