Grains Report 06/27/2025

DJ USDA Report: Recap for Quarterly Grain, Soybean Stockpiles & U.S. Planted Acreage
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 June 1 Quarterly Grain, Soybean Stockpiles and U.S. Grain, Soybean Planted Acreage reports scheduled for release at noon ET on Monday.
U.S. Stockpiles on June 1, 2025 (million bushels)
USDA USDA
Average Range June 1 2024 March 2025
Corn 4,648 4,459-4,955 4,997 8,151
Soybeans 971 936-1,020 970 1,910
Wheat 835 805-852 696 1,237
***
U.S. Grain, Soybean Planted Acreage USDA USDA
(million acres) Average Range March 2024
Corn 95.242 93.8-96.0 95.326 90.954
Soybeans 83.648 83.0-85.0 83.495 87.050
All Wheat 45.410 45.0-46.0 45.350 46.079
Winter Wheat 33.270 33.0-33.4 33.315 33.390
Spring Wheat 10.050 9.8-10.2 10.020 10.625
Durum Wheat 2.027 2.0-2.1 2.015 2.064

DJ Canadian 2025/26 Acreage Summary – Jun 27
WINNIPEG–The following table is a recap of Statistics
Canada’s June acreage report. Pre-report expectations are
provided for comparison purposes. Figures are in million
acres.
CROP PROJECTIONS 2025/26 2025/26 2024/25
June March
Barley 6.100 – 7.300 6.136 6.280 6.405
Canola 20.700 – 22.000 21.457 21.646 22.011
Lentils 3.700 – 4.600 4.380 4.175 4.210
Oats 2.500 – 3.300 2.996 2.978 2.900
Peas 2.850 – 3.500 3.504 3.517 3.213
All Wheat* 26.300 – 28.100 26.925 27.475 26.648
Durum 5.800 – 6.800 6.532 6.367 6.364
*All wheat includes spring wheat, durum wheat, and winter wheat
remaining after winterkill
1 acre = 0.4047 hectares

WHEAT
General Comments: All three Wheat markets closed lower again yesterday as growing and harvesting conditions were very good. Strong yields are reported for crops in HRW and SRW areas. It is hot and dry to the south, but the north saw big rains over the weekend to support Spring Wheat development. 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 down Support is at 506, 494 and 472 July, with resistance at 581, 591, and 605 July. Trends in Kansas City are down. Support is at 500, 488, and 476 July, with resistance at 551, 575, and 582 July. Trends in Minneapolis are down. Support is at 596, 584, and 572 July, and resistance is at 636, 648, and 659 July.

RICE:
General Comments: Rice was lower again yesterday in part due to the cease fire between Israel and Iran and in part due to poor demand ideas for US Rice. Weaker Asian prices are a drag on US futures, but the US trade depends much more on South American competition that has actually been offering less. 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 down. Support is at 1282, 1261, and 1225 July and resistance is at 1380, 1402, and 1410 July.

CORN AND OATS
General Comments: Corn was a little lower yesterday, with less heat and some showers in the Midwest. Warmer weather was in the forecast into this week after a hot and dry weekend. Warm weather continues 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 down. Support is at 407, 404, and 400 July, and resistance is at 431, 436, and 446 July. Trends in Oats are mixed to down. Support is at 355, 352, and 349 July, and resistance is at 370, 376, and 385 July.

SOYBEANS
General Comments: Soybeans and Soybean Meal were a little lower yesterday, but Soybean Oil was higher as forecasts remained moderate in the Midwest. Forecasts for good growing conditions in the Midwest and as cheaper prices reported from Brazil are still being heard, and the Midwest will turn warm and wet after hot conditions were reported over the weekend. 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. Soybean Oil was the upside leader on the news of increased biofuels requirements coming soon to the US petroleum industry.
Overnight News: Mexico bought 119,746 tons of US Soybeans.
Analysis: Trends in Soybeans are down. Support is at 1009, 985, and 973 July, and resistance is at 1038, 1056, and 1064 July. Trends in Soybean Meal are down. Support is at 269.00, 266.00, and 263.00 July, and resistance is at 284.00, 287.00, and 290.00 July. Trends in Soybean Oil are mixed to down. Support is at 5060, 4900, and 4760 July, with resistance at 5300, 5430, and 5580 July.

PALM OIL AND CANOLA
General Comments: Palm Oil futures were higher yesterday on ideas of improved export demand and weakening production potential. The market was closed today for a holiday. Ideas that current increased production levels mean higher inventories in MPOB monthly data are still around. Canola was higher in recovery trading. 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 754.00, 759.00, and 765.00 July. Trends in Palm Oil are up. Support is at 3960, 3870, and 3810 September, with resistance at 4030, 4120, and 4210 September.

Midwest Weather Forecast: Showers and storms. Temperatures should average above normal.

DJ China Dalian Grain Futures Closing Prices, Volume – Jun 27
Soybean No. 1
Turnover: 114,230 lots, or 4.72 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-25 4,190 4,204 4,187 4,192 4,188 4,196 8 2,034 4,836
Sep-25 4,154 4,159 4,133 4,140 4,152 4,144 -8 86,735 199,235
Nov-25 4,088 4,093 4,065 4,074 4,085 4,075 -10 17,919 69,729
Jan-26 4,072 4,078 4,049 4,057 4,069 4,059 -10 5,449 15,440
Mar-26 4,056 4,065 4,036 4,045 4,056 4,046 -10 1,974 20,783
May-26 4,086 4,087 4,068 4,076 4,088 4,078 -10 119 685
Corn
Turnover: 512,344 lots, or 1.21 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-25 2,355 2,367 2,351 2,364 2,355 2,356 1 53,941 131,939
Sep-25 2,379 2,385 2,373 2,384 2,379 2,378 -1 379,522 973,770
Nov-25 2,316 2,325 2,315 2,323 2,318 2,319 1 51,573 324,734
Jan-26 2,274 2,276 2,270 2,273 2,273 2,272 -1 14,930 115,082
Mar-26 2,264 2,271 2,263 2,270 2,266 2,266 0 10,165 67,338
May-26 2,295 2,301 2,295 2,300 2,298 2,298 0 2,213 17,882
Soymeal
Turnover: 1,482,492 lots, or 43.39 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-25 2,804 2,830 2,792 2,830 2,804 2,809 5 13,267 36,995
Aug-25 2,925 2,934 2,913 2,931 2,936 2,923 -13 26,707 183,657
Sep-25 2,940 2,949 2,926 2,946 2,951 2,938 -13 987,064 2,221,758
Nov-25 2,973 2,986 2,965 2,983 2,985 2,975 -10 69,424 593,385
Dec-25 3,011 3,015 2,997 3,010 3,022 3,005 -17 9,401 112,595
Jan-26 2,987 2,990 2,974 2,987 2,997 2,982 -15 237,919 1,019,120
Mar-26 2,846 2,853 2,837 2,846 2,847 2,843 -4 28,440 222,403
May-26 2,710 2,715 2,700 2,707 2,706 2,706 0 110,270 421,409
Palm Oil
Turnover: 477,408 lots, or 39.95 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-25 8,454 8,494 8,390 8,418 8,426 8,424 -2 396 957
Aug-25 8,400 8,444 8,386 8,420 8,388 8,410 22 2,792 6,962
Sep-25 8,382 8,402 8,334 8,376 8,348 8,366 18 442,785 450,508
Oct-25 8,374 8,394 8,338 8,370 8,338 8,364 26 141 1,211
Nov-25 8,352 8,386 8,336 8,354 8,336 8,358 22 67 934
Dec-25 8,360 8,382 8,340 8,356 8,340 8,360 20 85 589
Jan-26 8,380 8,400 8,340 8,386 8,356 8,370 14 30,247 128,793
Feb-26 8,352 8,352 8,330 8,330 8,322 8,350 28 23 924
Mar-26 8,314 8,318 8,300 8,302 8,300 8,312 12 17 286
Apr-26 8,280 8,284 8,262 8,262 8,226 8,276 50 8 72
May-26 8,246 8,272 8,222 8,260 8,240 8,250 10 830 3,501
Jun-26 8,226 8,282 8,226 8,234 8,196 8,258 62 17 22
Soybean Oil
Turnover: 326,836 lots, or 26.12 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-25 8,164 8,164 8,080 8,112 8,104 8,114 10 2,388 13,168
Aug-25 8,080 8,086 8,050 8,066 8,044 8,064 20 1,199 10,408
Sep-25 8,012 8,024 7,984 8,002 7,982 8,002 20 270,622 564,645
Nov-25 8,016 8,020 7,988 7,998 7,986 8,004 18 224 4,109
Dec-25 8,024 8,034 8,000 8,018 8,012 8,018 6 56 1,719
Jan-26 7,962 7,962 7,922 7,958 7,930 7,944 14 47,836 209,387
Mar-26 7,792 7,806 7,774 7,798 7,778 7,786 8 41 1,030
May-26 7,602 7,612 7,574 7,610 7,594 7,592 -2 4,470 18,597
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