Grains Report 07/01/2025

DJ USDA Report: Summary for U.S. Quarterly Grain Stocks
The following are key numbers from the USDA’s Quarterly Grain, Soybean Stockpiles and how the government’s estimates compared with analysts’ forecasts in a Wall Street Journal survey.
U.S. Stockpiles on June 1, 2025 (million bushels)
Monday’s USDA USDA
Estimate Average Range June 1 2024 Mar 2025
Corn 4,644 4,648 4,459- 4,955 4,997 8,147
Soybeans 1,008 971 936- 1,020 970 1,911
Wheat 851 835 805- 852 696 1,237

DJ USDA Report: Summary for June Acreage
The following are key numbers from the USDA’s U.S. Grain, Soybean Planted
Acreage report and how the government’s estimates compared with analysts’
forecasts in a Wall Street 95.203Journal survey.
U.S. Grain, Soybean Planting (million acres)
Monday’s USDA USDA
Estimate Average Range March 2024
Corn 95.203 95.242 93.8-96.0 95.326 90.594
Soybeans 83.380 83.648 83.0-85.0 83.495 87.050
All Wheat 45.478 45.410 45.0-46.0 45.350 46.079
Winter Wheat 33.325 33.270 33.0-33.4 33.315 33.390
Spring Wheat 10.045 10.050 9.8-10.2 10.020 10.625
Durum Wheat 2.108 2.027 2.0-2.1 2.015 2.064

DJ USDA Grain Inspections for Export in Metric Tons – Jun 30
WA_GR101
Washington, DC Mon Jun 30, 2025 USDA Market News
COUNTRY OF DESTINATION IS REPORTED AS KNOWN AT THE TIME OF EXPORTATION.
INFORMATION CONTAINED IN THIS REPORT REFLECTS EXPORTED GRAIN INSPECTED AND WEIGHED
THROUGH THE AUTHORITY UNDER THE U.S. GRAIN STANDARDS ACT. NO ADDITIONAL ANALYSIS,
COMPILATIONS OR DATA IS AVAILABLE
GRAINS INSPECTED AND/OR WEIGHED FOR EXPORT
REPORTED IN WEEK ENDING JUN 26, 2025
— METRIC TONS —
————————————————————————-
CURRENT PREVIOUS
———– WEEK ENDING ———- MARKET YEAR MARKET YEAR
GRAIN 06/26/2025 06/19/2025 06/27/2024 TO DATE TO DATE
BARLEY 0 24 899 122 2,918
CORN 1,369,961 1,504,057 831,219 54,944,067 42,499,204
FLAXSEED 0 0 0 24 120
MIXED 0 0 0 122 572
OATS 0 499 0 1,297 100
RYE 0 0 0 0 0
SORGHUM 11,000 150,684 55,289 1,995,412 5,199,743
SOYBEANS 224,787 201,853 319,828 45,851,787 41,554,272
SUNFLOWER 0 0 192 0 7,229
WHEAT 434,539 254,882 335,651 1,279,507 1,389,179
Total 2,040,287 2,111,999 1,543,078 104,072,338 90,653,337
————————————————————————-
CROP MARKETING YEARS BEGIN JUNE 1 FOR WHEAT, RYE, OATS, BARLEY AND
FLAXSEED; SEPTEMBER 1 FOR CORN, SORGHUM, SOYBEANS AND SUNFLOWER SEEDS.
INCLUDES WATERWAY SHIPMENTS TO CANADA

DJ CBOT Delivery Intentions: Totals – Jul 1
Source: CME Group
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
SOYBEAN MEAL July Jul 02, 2025 642 Jun 30, 2025
SOYBEAN OIL July Jul 02, 2025 7 Jun 24, 2025
ROUGH RICE July Jul 02, 2025 43 Jun 30, 2025
HARD RED SPRING WHEAT FUT July Jul 02, 2025 1 Jun 30, 2025
KC HRW WHEAT July Jul 02, 2025 310 Jun 30, 2025
SOYBEAN July Jul 02, 2025 503 Jun 18, 2025
WHEAT July Jul 02, 2025 193 Jun 23, 2025

This Week Last Week Last Year Average
Cotton Planted 95 92 97 98
Cotton Squaring 40 26 41 37
Cotton Setting Bolls 9 5 11 9
Corn Silking 8 4 10 6
Soybeans Emerged 94 90 94 95
Soybeans Blooming 17 8 18 18
Soybeans Setting Pods 3 3 2
Sorghum Planted 92 84 95 94
Sorghum Headed 18 14 19 20
Peanuts Pegging 41 26 42 39
Oats Headed 74 60 72 72
Sunflowers Planted 97 91 96 96
Rice Headed 19 13 17 14
Winter Wheat Harvested 37 19 52 42
Spring Wheat Emerged 96 93 100 100
Spring Wheat Headed 38 17 35 37
Barley Emerged 96 94 99 99
Barley Headed 35 17 34 37

Very Poor Poor Fair Good Excellent
Cotton This Week 6 12 32 44 7
Cotton Last Week 6 14 33 41 6
Cotton Last Year 8 9 33 44 6

Corn This Week 1 4 22 58 15
Corn Last Week 2 4 24 56 14
Corn Last Year 3 8 24 52 15

Soybeans This Week 2 5 27 55 11
Soybeans Last Week 2 5 27 56 10
Soybeans Last Year 2 8 25 55 12

Rice This Week 0 2 18 56 24
Rice Last Week 0 2 20 57 21
Rice Last Year 1 2 15 67 15

Sorghum Zthis Week 2 5 29 53 11
Sorghum Last Week 2 4 33 51 10
Sorghum Last Year 3 5 23 56 8

Peanuts This Week 0 3 25 62 ten
Peanuts Last Week 1 4 23 64 8
Peanuts Last Year 2 9 35 49 4

Winter Wheat This Week 6 14 32 41 7
Winter Wheat Last Week 6 13 32 43 6
Winter Wheat Last Year 5 10 34 41 10

Oats This Week 6 9 24 54 7
Oats Last Week 7 9 27 49 8
Oats Last Year 6 5 22 57 10

Spring Wheat This Week 1 13 33 48 5
Spring Wheat Last Week 3 12 31 49 5
Spring Wheat Last Year 1 3 24 61 11

Barley This Week 1 11 45 41 2
Barley Last Week 1 14 43 40 2
Barley Last Year 1 4 31 60 4

Pastures and Ranges This Week 12 17 28 31 12
Pastures and Ranges Last Week 12 17 28 33 12
Pastures and Ranges Last Year 9 14 29 39 9

WHEAT
General Comments: All three Wheat markets closed higher after a lower opening as growing and harvesting conditions were very good. Strong yields are reported for crops in HRW and SRW areas. USDA said that planted area was 47.478 million acres and that tzhe quarterly stocks were 851 million bushels. Both were a lizttle above the average trade estimate. It is hot and dry to the south, but the north saw rains last week to support Spring Wheat development. There are still reports that the weather has reduced production potential in Ukraine and Russia. 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, and Spring Wheat crops in the northern Great Plains and into Canada are generally in good condition.
Overnight News:
Chart Analysis: Trends in Chicago are down Support is at 521, 508 and 496 September, with resistance at 568, 572, and 582 September. Trends in Kansas City are down. Support is at 516, 504, and 492 September, with resistance at 550, 565, and 578 September. Trends in Minneapolis are mixed to down. Support is at 609, 603, and 592 September, and resistance is at 646, 655, and 665 September.

RICE:
General Comments: Rice was lower yesterday in part due to the higher than expected planted area estimate from USDA and in part due to poor demand ideas for US Rice. USDA estimated Rice planted area at 2.647 million acres and Long Grain at 2.010 million acres. 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 down 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. India is moving to use Rice in its production of Ethanol. This could keep some Rice from India off the export market and help support prices.
Overnight News:
Chart Analysis: Trends are down. Support is at 1319, 1307, and 1290 September and resistance is at 1369, 1389, and 1392 September.

CORN AND OATS
General Comments: Corn was mixed yesterday, with weakness coming in new crop months due to the planted area estimate from USDA. It estimated planted area at 95.203 million acres, a high amount although less than the average trade expectation. The stocks were 4.464 billion bushels, slightly less than trade expectations. Less heat and some showers were reported in the Midwest last week. Rier conditions are expected next week. More moderate temperatures are expected in northern areas next week. A severe drought is seen in central Nebraska and moderate drought extends east in a corridor into the Chicago area, but the drought area is shrinking. The rest of the Midwest has seen adequate or greater precipitation. Demand for Corn in world markets remains strong but has turned weaker in the last few weeks. Oats were higher on follow through buying seen in response to the StatsCan stocks and planted area reports last week and a weaker US Dollar.
Overnight News:
Chart Analysis: Trends in Corn are down. Support is at 402, 399, and 396 September, and resistance is at 419, 425, and 432 September. Trends in Oats are mixed to up. Support is at 349, 339, and 335 September, and resistance is at 376, 382, and 388 September.

SOYBEANS
General Comments: Soybeans and Soybean Meal were mixed yesterday, with lower priced offers from Brazil in the world market important to the US price action. Soybean Oil was a little higher as the Trump administration is moving to curtail the use of Chinese used cooking oil and Brazilian tallow in the green fuel mixes for biofuels. USDA said that the quarterly stocks were 1.008 billion bushels an that planted area was 83.380 million acres. The stocks were higher than expected and were bearish. Planting were roughly in line with trade expectations. 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. That could change later this year as the US and China have apparently come to a trade deal.
Overnight News:
Analysis: Trends in Soybeans are down. Support is at 1023, 1005, and 983 August, and resistance is at 1047, 1055, and 1072 August. Trends in Soybean Meal are down. Support is at 271.00, 268.00, and 265.00 August, and resistance is at 287.00, 291.00, and 294.00 August. Trends in Soybean Oil are mixed. Support is at 5080, 4920, and 4710 August, with resistance at 5440, 5600, and 5720 August.

PALM OIL AND CANOLA
General Comments: Palm Oil futures were lower again today on currency considerations. Ideas that current increased production levels mean higher inventories in MPOB monthly data are still around. Canola was higher in recovery trading. Trends are down on the daily charts and are turning down 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. Support is at 683.00, 679.00, and 665.00 November, with resistance at 719.00, 740.00, and 752.00 November. Trends in Palm Oil are mixed. 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 Malaysian PM Cash Market Prices for Palm Oil – July 1
The following are prices for Malaysian palm oil in the cash market at 1000 GMT Tuesday, 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
Jul 975.00 -07.50 Unquoted – –
Aug/Sep 980.00 -02.50 Unquoted – –
Oct/Nov/Dec 990.00 -02.50 Unquoted – –
Jan/Feb/Mar 1000.00 -02.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Jul 980.00 -07.50 Unquoted – –
Aug/Sep 985.00 -02.50 Unquoted – –
Oct/Nov/Dec 995.00 -02.50 Unquoted – –
Jan/Feb/Mar 1005.00 -02.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Jul 965.00 00.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Jul 885.00 00.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jul 3,980.00 -20.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jul 382.00 -02.00 Unquoted – –
($1=MYR4.1965)

DJ China Dalian Grain Futures Closing Prices, Volume – Jul 01
Soybean No. 1
Turnover: 138,153 lots, or 5.69 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-25 4,250 4,250 4,200 4,200 4,209 4,204 -5 116 2,243
Sep-25 4,136 4,147 4,116 4,127 4,147 4,129 -18 113,203 190,845
Nov-25 4,078 4,084 4,055 4,064 4,080 4,069 -11 16,131 68,706
Jan-26 4,057 4,066 4,036 4,049 4,062 4,051 -11 5,438 16,597
Mar-26 4,044 4,054 4,023 4,041 4,050 4,039 -11 3,102 21,907
May-26 4,067 4,087 4,059 4,072 4,084 4,075 -9 163 769
Corn
Turnover: 529,416 lots, or 12.54 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-25 2,353 2,362 2,352 2,359 2,359 2,358 -1 23,860 33,221
Sep-25 2,379 2,389 2,374 2,383 2,376 2,381 5 426,304 942,750
Nov-25 2,316 2,324 2,312 2,323 2,319 2,319 0 52,457 334,466
Jan-26 2,274 2,281 2,273 2,280 2,272 2,277 5 13,931 115,285
Mar-26 2,273 2,278 2,270 2,275 2,268 2,273 5 10,342 66,670
May-26 2,305 2,307 2,301 2,304 2,298 2,303 5 2,522 18,817
Soymeal
Turnover: 1,347,733 lots, or 39.80 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-25 2,844 2,847 2,822 2,822 2,843 2,832 -11 1,161 2,984
Aug-25 2,951 2,955 2,933 2,943 2,943 2,944 1 58,079 156,612
Sep-25 2,968 2,971 2,948 2,961 2,958 2,961 3 896,669 2,148,616
Nov-25 3,004 3,009 2,987 2,998 2,997 3,000 3 71,379 585,892
Dec-25 3,025 3,029 3,011 3,020 3,020 3,022 2 19,132 106,678
Jan-26 3,004 3,010 2,992 3,003 2,995 3,002 7 186,700 1,056,011
Mar-26 2,860 2,867 2,853 2,860 2,851 2,861 10 44,074 258,947
May-26 2,715 2,718 2,710 2,710 2,711 2,713 2 70,539 446,961
Palm Oil
Turnover: 528,826 lots, or 43.98 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-25 8,310 8,394 8,272 8,394 8,398 8,328 -70 193 500
Aug-25 8,392 8,410 8,334 8,394 8,368 8,372 4 3,746 5,619
Sep-25 8,340 8,352 8,278 8,336 8,312 8,314 2 479,503 428,231
Oct-25 8,340 8,352 8,270 8,340 8,308 8,310 2 1,523 1,976
Nov-25 8,338 8,348 8,272 8,342 8,318 8,302 -16 126 910
Dec-25 8,342 8,362 8,288 8,346 8,320 8,310 -10 102 581
Jan-26 8,350 8,382 8,296 8,360 8,326 8,334 8 42,437 134,662
Feb-26 8,292 8,346 8,292 8,346 8,294 8,316 22 5 922
Mar-26 8,310 8,310 8,250 8,308 8,274 8,274 0 39 261
Apr-26 8,252 8,258 8,212 8,258 8,208 8,234 26 15 69
May-26 8,226 8,270 8,182 8,256 8,212 8,220 8 1,135 3,958
Jun-26 8,172 8,172 8,172 8,172 8,184 8,210 26 2 20
Soybean Oil
Turnover: 314,788 lots, or 25.06 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-25 8,022 8,044 8,022 8,044 8,068 8,038 -30 126 2,851
Aug-25 8,038 8,038 7,978 7,990 8,026 8,002 -24 1,433 10,320
Sep-25 7,996 8,000 7,948 7,972 7,974 7,968 -6 255,064 550,375
Nov-25 8,000 8,000 7,954 7,980 7,980 7,974 -6 622 4,141
Dec-25 8,018 8,018 7,986 8,004 8,000 7,998 -2 33 1,704
Jan-26 7,950 7,952 7,906 7,930 7,930 7,926 -4 55,223 224,407
Mar-26 7,808 7,820 7,784 7,818 7,796 7,804 8 55 1,080
May-26 7,620 7,626 7,590 7,616 7,598 7,608 10 2,232 18,843
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