Grains Report 07/23/2025

DJ Analysts’ Estimates for July Cattle-On-Feed Report
The following estimates, as compiled by the Wall Street Journal for the nation’s feedyards with a capacity of 1,000 or more head, are in percentages of the year-earlier figure. High and low projections were dropped in the calculation of averages. The U.S. Department of Agriculture report is scheduled for release at 3 p.m. ET (1900 GMT) Friday.
Average Range
of estimates of estimates
On-feed July 1 99.1 98.8 – 99.4
Placed in June 98.0 96.0 – 99.1
Marketed in June 96.2 95.9 – 96.9
Analyst On-Feed Placements Marketed
July 1 in June in June
Allegiant Commodity Group 99.3 98.9 95.9
Allendale Inc. 99.1 99.1 96.9
HedgersEdge 99.1 98.1 96.2
Livestock Mktg Info Ctr 99.0 96.8 96.2
Midwest Market Solutions 99.4 98.4 96.7
NFC Markets 99.1 97.5 96.0
Texas A&M Extension 98.8 96.0 96.0
US Commodities 99.1 98.2 96.0

WHEAT
General Comments: Wheat was higher yesterday on short covering. Ideas of solid harvest progress and good yields are still around. Harvest conditions for Winter Wheat appear to be good in the US and Spring Wheat development is good. Rains have been good in the northern Greasy Plains but Canada has been a little too dry for best yield potential. Canada could still produce an average crop. Russia is still being watched for dry weather that has so far hurt yields and Ukraine is watched for the same reason and because of the war that could destroy some fields. Southern hemisphere crops appear to be good.
Overnight News:
Chart Analysis: Trends in Chicago are mixed to up Support is at 521 508 and 496 September, with resistance at 568, 572, and 582 September. Trends in Kansas City are mixed. Support is at 516, 504, and 498 September, with resistance at 550, 565, and 578 September. Trends in Minneapolis are not available.

RICE:
General Comments Rice was a little higher yesterday in continued light volume trading. Chart trends are still mostly down on the daily charts. The cash market has been slow with mostly quiet with low bids from buyers in domestic markets and average or less export demand. New crop harvesting has started in Louisiana with reports of good but not great yields and quality. Milling quality of the old crop Rice remains below industry standards and it takes more Rough Rice to create the grain for sale to stores and exporters. Rice is heading 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 1218, 1206, and 1194 September and resistance is at 1253, 1276, and 1285 September.

CORN AND OATS
General Comments: Corn was a little lower yesterday on the changing weather for the Midwest. The weather remained cooler last week. Temperatures turned warmer this weekend with hot weather possible through much of this week, but then cooler temperatures should return although it will still be warm. Most of the Midwest has seen adequate or greater precipitation and production ideas are high. Yield estimate of 186 bushels per acre are frequently heard Demand for Corn in world markets remains strong. Oats were lower yesterday
Overnight News:
Chart Analysis: Trends in Corn are mixed to up. Support is at 390, 387, and 384 September, and resistance is at 414, 418, and 426 September. Trends in Oats are mixed to down. Support is at 349, 339, and 335 September, and resistance is at 383, 388, and 394 September.

SOYBEANS
General Comments: Soybeans and Soybean Meal were mostly lower yesterday as good growing conditions continue in the Midwest. Soybean Oil was lower. Hot and dry weather is expected for part of this week, but then temperatures should turn cooler but still remain slightly above normal. There should be some showers around as well once the temperatures turn cooler. Prices are now reported to be higher in Brazil, but China and other buyers are still buying there for political reasons. 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 1002, 993, and 983 August, and resistance is at 1020, 1037, and 1047 August. Trends in Soybean Meal are mixed. Support is at 265.00, 262.00, and 259.00 August, and resistance is at 276.00, 282.00, and 287.00 August. Trends in Soybean Oil are mixed to up. Support is at 5150, 5080, and 4920 August, with resistance at 5720, 5840, and 5960 August.

PALM OIL AND CANOLA
General Comments: Palm Oil futures were higher on improving demand ideas. There was talk that India will soon be buying a lot with festivals coming soon. Ideas that current increased production levels mean higher inventories in MPOB monthly data are still around. Canola was lower yesterday. Trends are mixed to up on the daily charts and 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 to up. Support is at 674.00, 665.00, and 660.00 November, with resistance at 713.00, 717.00, and 738.00 November. Trends in Palm Oil are up. Support is at 4130, 4080, and 4020 October, with resistance at 4350, 4410, and 4470 October.

DJ Malaysian PM Cash Market Prices for Palm Oil – July 23
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
Aug 1047.50 +12.50 Unquoted – –
Sep 1052.50 +12.50 Unquoted – –
Oct/Nov/Dec 1055.00 +12.50 Unquoted – –
Jan/Feb/Mar 1057.50 +12.50 Unquoted – –
Apr/May/Jun 1045.00 +10.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Aug 1052.50 +12.50 Unquoted – –
Sep 1057.50 +12.50 Unquoted – –
Oct/Nov/Dec 1060.00 +12.50 Unquoted – –
Jan/Feb/Mar 1062.50 +12.50 Unquoted – –
Apr/May/Jun 1050.00 +10.00 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Aug 1025.00 +15.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Aug 945.00 +12.50 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Aug 4,270.00 +50.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Aug 446.00 +01.00 Unquoted – –
($1=MYR4.2255)

DJ China Dalian Grain Futures Closing Prices, Volume – Jul 23
Soybean No. 1
Turnover: 182,347 lots, or 7.67 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-25 4,213 4,255 4,203 4,217 4,213 4,229 16 139,127 181,127
Nov-25 4,139 4,160 4,126 4,136 4,132 4,142 10 22,723 73,900
Jan-26 4,125 4,145 4,111 4,121 4,122 4,127 5 13,160 27,494
Mar-26 4,118 4,130 4,101 4,110 4,110 4,116 6 3,372 21,678
May-26 4,152 4,166 4,137 4,144 4,144 4,150 6 380 1,179
Jul-26 4,154 4,165 4,133 4,145 4,142 4,148 6 3,585 3,178
Corn
Turnover: 911,274 lots, or 20.96 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-25 2,316 2,324 2,299 2,321 2,325 2,311 -14 696,340 923,031
Nov-25 2,278 2,279 2,264 2,274 2,280 2,271 -9 123,644 405,337
Jan-26 2,246 2,249 2,239 2,247 2,250 2,244 -6 61,248 166,382
Mar-26 2,248 2,250 2,238 2,247 2,250 2,244 -6 17,943 84,098
May-26 2,291 2,293 2,280 2,291 2,290 2,285 -5 6,908 28,924
Jul-26 2,297 2,301 2,290 2,301 2,300 2,294 -6 5,191 8,312
Soymeal
Turnover: 1,950,222 lots, or 59.97 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Aug-25 3,063 3,109 3,063 3,084 3,062 3,073 11 14,421 43,181
Sep-25 3,080 3,121 3,077 3,095 3,076 3,096 20 1,166,151 1,838,499
Nov-25 3,096 3,155 3,096 3,133 3,111 3,133 22 126,795 623,289
Dec-25 3,130 3,170 3,130 3,152 3,126 3,150 24 15,371 127,860
Jan-26 3,100 3,136 3,098 3,116 3,098 3,116 18 413,570 1,236,007
Mar-26 2,942 2,970 2,941 2,954 2,939 2,954 15 78,164 396,128
May-26 2,758 2,778 2,757 2,769 2,756 2,767 11 122,927 580,380
Jul-26 2,744 2,762 2,742 2,751 2,742 2,752 10 12,823 58,074
Palm Oil
Turnover: 902,066 lots, or 81.00 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Aug-25 8,872 9,000 8,850 8,934 8,882 8,898 16 354 1,268
Sep-25 8,908 9,088 8,908 8,994 8,928 8,984 56 758,574 496,579
Oct-25 8,914 9,072 8,902 8,996 8,920 8,984 64 5,890 8,146
Nov-25 8,896 9,044 8,884 8,968 8,900 8,956 56 1,173 2,202
Dec-25 8,908 9,046 8,890 8,970 8,886 8,966 80 260 833
Jan-26 8,900 9,056 8,880 8,974 8,888 8,960 72 128,750 176,836
Feb-26 8,852 8,950 8,848 8,946 8,852 8,886 34 28 953
Mar-26 8,766 8,900 8,758 8,842 8,756 8,800 44 58 260
Apr-26 8,704 8,758 8,688 8,738 8,700 8,702 2 40 78
May-26 8,586 8,698 8,586 8,654 8,586 8,640 54 6,923 13,260
Jun-26 8,526 8,592 8,526 8,574 8,530 8,552 22 10 58
Jul-26 8,500 8,552 8,500 8,552 8,512 8,536 24 6 11
Soybean Oil
Turnover: 477,923 lots, or 38.48 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Aug-25 8,054 8,108 8,028 8,076 8,052 8,062 10 848 1,777
Sep-25 8,066 8,108 8,042 8,074 8,072 8,072 0 334,309 500,647
Nov-25 8,084 8,114 8,054 8,080 8,084 8,080 -4 3,067 9,459
Dec-25 8,086 8,120 8,066 8,084 8,084 8,086 2 68 1,828
Jan-26 8,022 8,062 7,992 8,030 8,022 8,022 0 129,532 355,627
Mar-26 7,888 7,916 7,866 7,908 7,902 7,894 -8 80 1,214
May-26 7,674 7,708 7,638 7,688 7,674 7,668 -6 9,974 42,160
Jul-26 7,654 7,692 7,636 7,678 7,670 7,664 -6 45 127
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