Grains Report 07/02/2025

DJ CBOT Delivery Intentions: Totals – Jul 2
Source: CME Group
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
SOYBEAN MEAL July Jul 03, 2025 927 Jul 01, 2025
SOYBEAN OIL July Jul 03, 2025 424 Jun 25, 2025
CORN July Jul 03, 2025 78 May 05, 2025
KC HRW WHEAT July Jul 03, 2025 129 Jul 01, 2025
WHEAT July Jul 03, 2025 1 Jun 26, 2025

WHEAT
General Comments: All three Wheat markets closed higher after finding support as growing and harvesting conditions were very good. Minneapolis especially moved to new lows for the move before fining much buying interest. Strong yields are reported for crops in HRW and SRW areas. USDA said that planted area was 47.478 million acres and that the quarterly stocks were 851 million bushels. Both were a little 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 mixed Support is at 535, 521 and 508 September, with resistance at 556, 568, and 572 September. Trends in Kansas City are mixed to down. Support is at 523, 516, and 504 September, with resistance at 550, 565, and 578 September. Trends in Minneapolis are mixed. Support is at 613, 603, and 592 September, and resistance is at 638, 646, and 655 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 and the ratings by USDA are above last year. 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 1290, 1278, and 1266 September and resistance is at 1328, 1369, and 1392 September.

CORN AND OATS
General Comments: Corn was a little higher yesterday. USDA 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. Variable heat and some showers are expected in the Midwest this 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 mixed to down. Support is at 400, 396, and 393 September, and resistance is at 414, 419, and 425 September. Trends in Oats are mixed to up. Support is at 360, 349, and 339 September, and resistance is at 376, 382, and 388 September.

SOYBEANS
General Comments: Soybeans and Soybean Oil were higher yesterday, with Soybean Oil rallying on ideas that foreign oils will not get tax cuts for import to the US and us in biofuels. Lower priced offers from Brazil in the world market are still important to the US price action. Soybean Meal was a little lower 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.
Overnight News:
Analysis: Trends in Soybeans are mixed to down. Support is at 1017, 1005, and 983 August, and resistance is at 1044, 1047, and 1055 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 5150, 5080, and 4920 August, with resistance at 5440, 5600, and 5720 August.

PALM OIL AND CANOLA
General Comments: Palm Oil futures were higher today on reports of stronger demand from India. Ideas that current increased production levels mean higher inventories in MPOB monthly data are still around. Canola was higher again in recovery trading. Trends are mixed 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: Mostly dry. Temperatures should average above normal.

DJ Malaysian PM Cash Market Prices for Palm Oil – July 2
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, Malaysia ports
Offer Change Bid Change Traded
Jul 1000.00 +25.00 Unquoted – –
Aug/Sep 1002.50 +22.50 Unquoted – –
Oct/Nov/Dec 1007.50 +17.50 Unquoted – –
Jan/Feb/Mar 1017.50 +17.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Jul 1005.00 +25.00 Unquoted – –
Aug/Sep 1007.50 +22.50 Unquoted – –
Oct/Nov/Dec 1012.50 +17.50 Unquoted – –
Jan/Feb/Mar 1022.50 +17.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Jul 980.00 +15.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Jul 900.00 +15.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jul 4,050.00 +70.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jul 393.00 +11.00 Unquoted – –
($1=MYR4.227)

DJ China Dalian Grain Futures Closing Prices, Volume – Jul 02
Soybean No. 1
Turnover: 134,742 lots, or 5.56 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-25 4,200 4,200 4,200 4,200 4,204 4,200 -4 204 1,567
Sep-25 4,125 4,157 4,121 4,151 4,129 4,137 8 111,563 181,732
Nov-25 4,061 4,083 4,059 4,082 4,069 4,070 1 13,446 69,232
Jan-26 4,047 4,063 4,041 4,060 4,051 4,049 -2 6,354 17,416
Mar-26 4,039 4,052 4,032 4,050 4,039 4,039 0 3,093 22,197
May-26 4,071 4,087 4,066 4,083 4,075 4,073 -2 82 747
Corn
Turnover: 885,688 lots, or 20.85 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-25 2,358 2,361 2,339 2,345 2,358 2,356 -2 16,642 10,121
Sep-25 2,383 2,388 2,360 2,363 2,381 2,369 -12 694,616 929,730
Nov-25 2,328 2,328 2,299 2,304 2,319 2,309 -10 110,414 337,801
Jan-26 2,279 2,282 2,260 2,262 2,277 2,267 -10 41,919 113,910
Mar-26 2,274 2,276 2,255 2,256 2,273 2,263 -10 17,275 68,343
May-26 2,303 2,305 2,287 2,288 2,303 2,294 -9 4,822 19,201
Soymeal
Turnover: 1,595,431 lots, or 46.81 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-25 2,820 2,855 2,810 2,811 2,832 2,824 -8 343 2,464
Aug-25 2,939 2,942 2,918 2,925 2,944 2,929 -15 39,528 151,586
Sep-25 2,951 2,960 2,935 2,944 2,961 2,947 -14 998,822 2,169,357
Nov-25 2,995 2,998 2,973 2,982 3,000 2,985 -15 75,940 590,391
Dec-25 3,015 3,020 3,001 3,007 3,022 3,009 -13 10,804 106,939
Jan-26 2,997 3,003 2,977 2,987 3,002 2,990 -12 287,953 1,073,308
Mar-26 2,856 2,863 2,840 2,848 2,861 2,849 -12 52,789 287,045
May-26 2,707 2,711 2,690 2,700 2,713 2,698 -15 129,252 490,943
Palm Oil
Turnover: 637,094 lots, or 5.34 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-25 8,452 8,452 8,452 8,452 8,328 8,452 124 7 500
Aug-25 8,394 8,502 8,364 8,482 8,372 8,428 56 3,782 5,166
Sep-25 8,338 8,454 8,310 8,440 8,314 8,376 62 576,422 452,137
Oct-25 8,338 8,464 8,312 8,446 8,310 8,384 74 1,691 2,657
Nov-25 8,334 8,448 8,316 8,442 8,302 8,374 72 111 895
Dec-25 8,334 8,452 8,322 8,438 8,310 8,394 84 45 564
Jan-26 8,344 8,470 8,328 8,450 8,334 8,402 68 53,312 135,545
Feb-26 8,330 8,416 8,322 8,412 8,316 8,374 58 10 919
Mar-26 8,296 8,400 8,288 8,400 8,274 8,328 54 24 262
Apr-26 8,254 8,360 8,254 8,360 8,234 8,298 64 13 70
May-26 8,252 8,330 8,222 8,314 8,220 8,272 52 1,671 4,383
Jun-26 8,216 8,300 8,216 8,300 8,210 8,262 52 6 23
Soybean Oil
Turnover: 449,745 lots, or 35.83 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-25 – – – 8,038 8,038 8,038 0 69 2,705
Aug-25 8,000 8,036 7,944 8,022 8,002 7,994 -8 1,645 10,260
Sep-25 8,004 8,034 7,930 8,018 7,968 7,982 14 363,901 560,808
Nov-25 7,980 8,036 7,936 8,028 7,974 7,980 6 1,190 4,427
Dec-25 8,010 8,056 7,968 8,056 7,998 8,010 12 101 1,694
Jan-26 7,926 7,988 7,886 7,974 7,926 7,932 6 73,761 232,478
Mar-26 7,802 7,848 7,760 7,848 7,804 7,800 -4 58 1,084
May-26 7,610 7,636 7,536 7,624 7,608 7,586 -22 9,020 22,830
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.

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