Grains Report 07/03/2025

DJ CBOT Delivery Intentions: Totals – Jul 3
Source: CME Group
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
SOYBEAN MEAL July Jul 07, 2025 512 Jul 02, 2025
SOYBEAN OIL July Jul 07, 2025 18 Jun 25, 2025
CORN July Jul 07, 2025 73 Jun 20, 2025
KC HRW WHEAT July Jul 07, 2025 32 Jul 01, 2025

DJ U.S. May Grain Exports-Jul 3
In kilograms (top) and in bushels (bottom), except flour in cwt and malt
in pounds. /1 denotes includes commercial and donated. Source: U.S. Department
of Commerce.
(*)NOTE: Year ago figures reflect data reported at that time.
Data includes Exports and Re-Exports.
——- In Kilograms ——-
May 25 Apr 25 Mar 25 May 24
Barley 528,000 1,149,054 1,560,132 1,705,110
Corn /1 7,288,239,000 7,786,899,000 7,340,856,000 5,967,193,000
Sorghum 155,639,000 90,086,000 112,031,000 459,758,000
Oats 3,316,834 2,092,755 1,255,660 1,907,498
Rye 340,000 85,758 0 1,381,980
Wheat /1 2,161,608,644 2,198,810,928 1,799,436,950 1,590,663,327
wheat flour /1 16,680,881 18,100,092 22,326,270 19,197,733
Malt 26,285,132 21,757,645 24,218,716 34,741,166
——- In Bushels, CWT or Pounds ——-
May 25 Apr 25 Mar 25 May 24
Barley 24,251 52,775 71,656 78,314
Corn /1 286,922,351 306,553,526 288,993,769 234,915,601
Sorghum 6,127,174 3,546,493 4,410,420 18,099,687
Oats 228,509 144,178 86,507 131,415
Rye 13,385 3,376 0 54,406
Wheat /1 79,424,706 80,791,642 66,117,311 58,446,272
wheat flour /1 367,751 399,039 492,210 423,238
Malt 57,948,807 47,967,405 53,393,138 76,591,174
1/Includes commercial and donated.

DJ U.S. May Oilseed, Meal, Oils/Fats Exports-Jul 3
In kilograms (top). Oils in pounds, soybeans in bushels, meal and hulls in
short tons (bottom). Source: U.S. Department of Commerce.
(*)NOTE: Year ago figures reflect data reported at that time.
Data includes Exports and Re-Exports.
——- In Kilograms ——-
May 25 Apr 25 Mar 25 May 24
soybeans 1,595,293,771 2,179,781,360 3,499,042,763 1,410,162,156
soyoil 142,408,747 159,091,111 155,958,914 42,708,982
crude 119,899,210 134,313,908 133,959,824 28,517,997
refined 96,866 188,686 19,543 144,664
other/1 22,038,010 24,489,764 21,750,832 13,901,817
hydrogenated 374,661 98,753 228,715 144,504
cottonseed oil 1,222,099 1,440,658 2,237,267 1,151,252
crude 149,759 4,228 102,978 47,375
refined 629,221 1,241,720 1,084,592 600,816
other/1 443,119 194,710 1,049,697 86,568
hydrogenated 416,493
sunseeds 0 190,538 74,392 37,657
sunseed oil 1,615,493 2,718,224 2,969,007 2,215,802
rapeseed 15,434,642 23,855,339 6,578,749 6,088,908
rapeseed oil 8,626,570 7,853,341 6,506,525 2,857,580
crude 6,655,031 3,157,027 1,833,263 444,399
refined 1,971,539 4,696,314 4,673,262 2,413,181
linseed meal 0 0 24,042 264,016
cottonseed meal 3,562,516 1,729,831 7,930,584 6,504,802
soymeal 1,132,107,837 1,079,078,467 1,303,584,069 685,478,731
soymeal/flour 206,141,471 249,622,772 282,111,846 299,254,998
soymeal hulls 22,826,000 17,065,000 7,788,000 25,739,000
lard 1,185,419 622,720 898,519 4,723,544
edible tallow 5,930,572 6,680,820 5,390,239 3,825,384
inedible tallow 3,976,446 2,965,970 2,624,670 13,931,479
ch white grease 0 12,055 40,084 68,876
——- In Bushels, Pounds or Short Tons ——-
May 25 Apr 25 Mar 25 May 24
soybeans 58,616,410 80,092,432 128,566,493 51,814,058
soyoil 313,957,599 350,735,922 343,830,609 94,157,204
crude 264,332,556 296,111,531 295,330,909 62,871,432
refined 213,553 415,981 43,085 318,930
other/1 48,585,504 53,990,697 47,952,384 30,648,265
hydrogenated 825,986 217,713 504,230 318,577
cottonseed oil 2,694,268 3,176,108 4,932,330 2,538,077
crude 330,162 9,321 227,028 104,444
refined 1,387,195 2,737,524 2,391,116 1,324,573
other/1 976,910 429,262 2,314,186 190,850
hydrogenated 0 0 0 918,210
sunseeds 0 420,064 164,006 83,019
sunseed oil 3,561,553 5,992,659 6,545,541 4,885,008
rapeseed 34,027,567 52,592,029 14,503,661 13,423,747
rapeseed oil 19,018,335 17,313,656 14,344,435 6,299,887
crude 14,671,834 6,960,054 4,041,654 979,732
refined 4,346,500 10,353,602 10,302,781 5,320,154
linseed meal 0 0 27 291
cottonseed meal 3,927 1,907 8,742 7,170
soymeal 1,247,922 1,189,468 1,436,941 755,603
soymeal flour/me 227,230 275,159 310,972 329,869
soymeal hulls 25,161 18,811 8,585 28,372
lard 2,613,402 1,372,863 1,980,896 10,413,634
edible tallow 13,074,675 14,728,689 11,883,445 8,433,530
inedible tallow 8,766,564 6,538,846 5,786,408 30,713,659
ch white grease 0 26,577 88,370 151,846

DJ U.S. May Grain Imports-Jul 3
In kilograms, from the U.S. Commerce Department, converted to
pounds by Dow Jones.
—-May 2025—- —Apr 2025—-
kilograms pounds kilograms pounds
durum wheat 21,672 47,787 7,308 16,114
spring wheat 495,358 1,092,264 898,539 1,981,278
winter wheat 0 0 0 0
wheat/meslin 0 0 0 0
TOTAL WHEAT 517,030 1,140,051 905,847 1,997,393
barley 12,363,231 27,260,924 1,275,141 2,811,686
oats 423,913 934,728 642,074 1,415,773
corn 36,360,688 80,175,317 72,920,444 160,789,579
other corn 1,914,338 4,221,115 2,069,902 4,564,134
TOTAL CORN 38,275,026 84,396,432 74,990,346 165,353,713

DJ U.S. May Soymeal, Vegetable Oils/Oilseed Imports-Jul 3
In kilograms from the U.S. Commerce Department, converted to pounds
by Dow Jones.
—-May 2025—- —Apr 2025—-
kilograms pounds kilograms pounds
coconut oil 44,568,701 98,273,986 30,494,121 67,239,537
palm kernel oil 30,617,934 67,512,544 22,857,074 50,399,848
palm oil 144,335,999 318,260,878 96,158,821 212,030,200
soybean 49,896,525 110,021,838 66,931,705 147,584,410
soymeal 0 0 0 0
soyoil 14,852,966 32,750,790 12,045,007 26,559,240
rapeseed oil
edible 215,164,725 474,438,219 166,507,875 367,149,864
rapeseed oil,
inedible 74,884 165,119 0 0

DJ U.S. Export Sales: Weekly Sales Totals-Jul 3
For the week ended Jun 26, in thousand metric tons, except cotton in
thousand running bales. Net changes in commitments are gross sales,
less cancellations, buy-backs and other downward adjustments. Total
commitments are total export shipments plus total sales.
The marketing year for wheat and barley began Jun 1, cotton and
and rice Aug 1, corn, soybeans and sorghum Sep 1, and soymeal and
soyoil Oct 1. Source: USDA
wk’s net chg total
in commitments commitments undlvd sales
this yr next yr this yr last yr this yr next yr
wheat 586.0 0.0 7178.0 6899.3 5888.9 0.0
hrw 175.7 0.0 2716.6 1695.1 2134.4 0.0
srw 78.8 0.0 1239.8 1100.6 1124.5 0.0
hrs 238.4 0.0 2082.0 2388.1 1673.2 0.0
white 89.1 0.0 1044.1 1588.5 864.7 0.0
durum 4.0 0.0 95.7 126.9 92.2 0.0
corn 532.7 940.2 68107.2 53735.2 11883.1 4534.1
soybeans 462.4 239.0 49936.2 44671.9 4074.8 1588.2
soymeal 306.2 397.4 14563.6 13069.3 3420.7 1020.4
soyoil 11.8 0.0 1067.7 188.6 59.9 13.3
upland cotton 23.7 106.6 11719.7 12938.2 1524.0 1818.9
pima cotton -0.2 6.3 454.8 344.3 67.9 26.0
sorghum 71.1 0.0 1669.8 5455.4 135.7 0.3
barley 1.1 0.0 57.3 19.4 52.5 0.0
rice 17.0 0.0 3072.9 3421.3 370.2 49.3

WHEAT
General Comments: All three Wheat markets closed higher again yesterday 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 on Monday 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 to up Support is at 535, 521 and 508 September, with resistance at 568, 572, and 582 September. Trends in Kansas City are mixed. Support is at 523, 516, and 504 September, with resistance at 550, 565, and 578 September. Trends in Minneapolis are mixed to up. Support is at 613, 603, and 592 September, and resistance is at 638, 646, and 655 September.

RICE:
General Comments: Rice was slightly lower yesterday on follow through selling from the higher than expected planted area estimate from USDA and in part due to poor demand ideas for US Rice. USDA on Monday 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.
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 higher yesterday along with the rallies in Wheat and the soy complex.. USDA on Monday 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: Unknown destinations bought 150,000 tons of US Corn.
Chart Analysis: Trends in Corn are mixed to up. Support is at 400, 396, and 393 September, and resistance is at 419, 425, and 432 September. Trends in Oats are mixed to up. Support is at 360, 349, and 339 September, and resistance is at 388, 394, and 400 September.

SOYBEANS
General Comments: Soybeans and Soybean Oil were sharply 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. Soybean Meal was also higher. There was talk that the president will make a major announcement on Friday, and rumors say that it will be a new deal with China. 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: Unknown destinations bought 195,000 tons of US Soybean Meal and 226,000 tons of US Soybeans.
Analysis: Trends in Soybeans are mixed to up. Support is at 1017, 1005, and 983 August, and resistance is at 1055, 1068, and 1072 August. Trends in Soybean Meal are mixed. 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 5600, 5720, and 5840 August.

PALM OIL AND CANOLA
General Comments: Palm Oil futures were higher again 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 up. Support is at 683.00, 679.00, and 665.00 November, with resistance at 740.00, 752.00, and 764.00 November. Trends in Palm Oil are mixed. Support is at 3960, 3870, and 3810 September, with resistance at 4120, 4210, and 4270 September.

Midwest Weather Forecast: Mostly dry. Temperatures should average above normal.

DJ Malaysian PM Cash Market Prices for Palm Oil – July 3
The following are prices for Malaysian palm oil in the cash market at 1000 GMT Thursday, 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 1005.00 +05.00 Unquoted – –
Aug/Sep 1005.00 +02.50 Unquoted – –
Oct/Nov/Dec 1010.00 +02.50 Unquoted – –
Jan/Feb/Mar 1020.00 +02.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Jul 1010.00 +05.00 Unquoted – –
Aug/Sep 1010.00 +02.50 Unquoted – –
Oct/Nov/Dec 1015.00 +02.50 Unquoted – –
Jan/Feb/Mar 1025.00 +02.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Jul 975.00 -05.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Jul 897.50 -02.50 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jul 4,080.00 +30.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jul 395.00 +02.00 Unquoted – –
($1=MYR4.221)

DJ China Dalian Grain Futures Closing Prices, Volume – Jul 03
Soybean No. 1
Turnover: 113,098 lots, or 4.68 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-25 4,191 4,249 4,190 4,216 4,200 4,205 5 82 1,503
Sep-25 4,153 4,162 4,139 4,141 4,137 4,148 11 91,677 182,572
Nov-25 4,082 4,088 4,071 4,071 4,070 4,077 7 14,562 69,410
Jan-26 4,063 4,068 4,053 4,053 4,049 4,059 10 4,310 17,703
Mar-26 4,052 4,057 4,041 4,041 4,039 4,049 10 2,355 22,516
May-26 4,083 4,089 4,079 4,079 4,073 4,085 12 112 761
Corn
Turnover: 492,390 lots, or 1.16 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-25 2,347 2,349 2,338 2,338 2,356 2,347 -9 254 6,980
Sep-25 2,363 2,369 2,356 2,363 2,369 2,364 -5 404,176 930,681
Nov-25 2,305 2,312 2,301 2,306 2,309 2,307 -2 52,548 344,690
Jan-26 2,264 2,269 2,259 2,264 2,267 2,264 -3 21,731 115,185
Mar-26 2,257 2,264 2,253 2,257 2,263 2,260 -3 10,590 69,629
May-26 2,289 2,300 2,285 2,293 2,294 2,294 0 3,091 18,715
Soymeal
Turnover: 1,659,877 lots, or 49.06 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-25 2,797 2,814 2,781 2,800 2,824 2,799 -25 32 2,446
Aug-25 2,933 2,957 2,924 2,940 2,929 2,941 12 41,729 142,485
Sep-25 2,952 2,976 2,943 2,958 2,947 2,960 13 1,025,841 2,133,898
Nov-25 2,989 3,015 2,982 2,997 2,985 3,000 15 113,786 598,176
Dec-25 3,014 3,040 3,008 3,026 3,009 3,027 18 9,645 108,587
Jan-26 2,990 3,021 2,987 3,008 2,990 3,008 18 332,791 1,062,964
Mar-26 2,854 2,867 2,841 2,860 2,849 2,855 6 42,962 302,389
May-26 2,704 2,720 2,696 2,715 2,698 2,711 13 93,091 484,236
Palm Oil
Turnover: 536,032 lots, or 45.45 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-25 – – – 8,452 8,452 8,452 0 0 500
Aug-25 8,506 8,558 8,492 8,512 8,428 8,516 88 3,542 4,966
Sep-25 8,470 8,522 8,446 8,478 8,376 8,478 102 481,589 463,964
Oct-25 8,470 8,574 8,456 8,482 8,384 8,486 102 1,402 3,089
Nov-25 8,448 8,520 8,448 8,476 8,374 8,482 108 139 927
Dec-25 8,450 8,516 8,450 8,472 8,394 8,484 90 105 581
Jan-26 8,466 8,518 8,454 8,478 8,402 8,482 80 48,177 133,949
Feb-26 8,440 8,492 8,436 8,442 8,374 8,458 84 14 922
Mar-26 8,414 8,432 8,396 8,432 8,328 8,416 88 37 265
Apr-26 8,374 8,388 8,374 8,388 8,298 8,372 74 7 72
May-26 8,332 8,360 8,314 8,334 8,272 8,336 64 1,011 4,707
Jun-26 8,308 8,328 8,300 8,314 8,262 8,312 50 9 25
Soybean Oil
Turnover: 426,818 lots, or 34.18 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-25 8,008 8,100 8,008 8,008 8,038 8,038 0 42 1,861
Aug-25 8,036 8,058 7,990 7,994 7,994 8,028 34 1,642 10,368
Sep-25 8,046 8,058 7,990 7,994 7,982 8,020 38 325,320 553,962
Nov-25 8,040 8,062 8,012 8,012 7,980 8,030 50 1,498 4,891
Dec-25 8,060 8,080 8,036 8,036 8,010 8,066 56 139 1,647
Jan-26 7,988 8,018 7,970 7,974 7,932 7,988 56 92,995 249,106
Mar-26 7,850 7,888 7,848 7,854 7,800 7,856 56 99 1,074
May-26 7,636 7,674 7,626 7,634 7,586 7,648 62 5,083 23,577
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