Grains Report 07/24/2025

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

DJ U.S. Export Sales: Weekly Sales Totals-Jul 24
For the week ended Jul 17, 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 712.2 0.0 8952.5 8008.9 6022.2 9.4
hrw 208.1 0.0 3455.2 2007.2 2181.5 0.0
srw 68.9 0.0 1453.5 1194.2 996.9 9.4
hrs 237.8 0.0 2552.0 2741.6 1800.9 0.0
white 192.3 0.0 1358.1 1934.6 963.3 0.0
durum 5.1 0.0 133.5 131.4 79.5 0.0
corn 643.1 733.9 70109.9 55042.7 9937.5 6722.4
soybeans 160.9 238.8 50808.6 45139.1 3977.6 2604.9
soymeal 182.6 91.9 15310.6 13589.9 3213.0 1657.2
soyoil -0.6 2.0 1078.9 208.5 58.3 15.3
upland cotton -32.7 132.6 11767.6 12945.3 989.7 2106.0
pima cotton 5.5 17.4 466.2 351.9 48.8 49.4
sorghum 33.4 0.0 1733.5 5629.8 139.6 0.3
barley 3.0 0.0 61.3 19.3 51.3 0.0
rice -104.8 128.8 2998.3 3546.2 225.7 251.5

WHEAT
General Comments: Wheat was lower yesterday in correction trading after the rally failed early in the day. 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 to above 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. Russian Black Sea prices have been firming as producers are not making sales and are looking for higher prices to offset yield losses. 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 higher yesterday in response to the news of a trade deal with Japan that is reported to include better access to that market for Rice. 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 and harvest has started near the Gulf Coast.
Overnight News:
Chart Analysis: Trends are down. Support is at 1242, 1228, and 1218 September and resistance is at 1276, 1285, and 1298 September.

CORN AND OATS
General Comments: Corn was a little lower yesterday in choppy trading on the forecasts for improving weather for the Midwest. Temperatures turned warmer this weekend with hot weather possible for the next couple of days, but then cooler temperatures should return although it will still be warm. Rain is expected with the cooler temperatures. 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: Unknown destinations bought 294196 tons of US Corn.
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 were lower and Soybean Oil were higher yesterday as good growing conditions continue in the Midwest. Soybean Meal was lower. Hot and dry weather is expected for the next couple of days, 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. 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 277.00, 282.00, and 287.00 August. Trends in Soybean Oil are mixed to up. Support is at 5500, 5390, and 5310 August, with resistance at 5720, 5840, and 5960 August.

PALM OIL AND CANOLA
General Comments: Palm Oil futures were higher on outside markets and 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 higher 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 24
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
Aug 1055.00 +07.50 Unquoted – –
Sep 1057.50 +05.00 Unquoted – –
Oct/Nov/Dec 1065.00 +10.00 Unquoted – –
Jan/Feb/Mar 1067.50 +10.00 Unquoted – –
Apr/May/Jun 1052.50 +07.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Aug 1060.00 +07.50 Unquoted – –
Sep 1062.50 +05.00 Unquoted – –
Oct/Nov/Dec 1070.00 +10.00 Unquoted – –
Jan/Feb/Mar 1072.50 +10.00 Unquoted – –
Apr/May/Jun 1057.50 +07.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Aug 1032.50 +07.50 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Aug 947.50 +02.50 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Aug 4,280.00 +10.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Taded
Aug 450.00 +04.00 Unquoted – –
($1=MYR4.2135)

DJ China Dalian Grain Futures Closing Prices, Volume – Jul 24
Soybean No. 1
Turnover: 178,803 lots, or 7.47 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-25 4,214 4,230 4,184 4,224 4,229 4,206 -23 124,496 177,614
Nov-25 4,136 4,149 4,112 4,135 4,142 4,128 -14 30,379 78,185
Jan-26 4,124 4,133 4,094 4,120 4,127 4,112 -15 17,474 27,598
Mar-26 4,113 4,120 4,081 4,106 4,116 4,098 -18 3,950 21,702
May-26 4,151 4,154 4,114 4,143 4,150 4,132 -18 470 1,242
Jul-26 4,147 4,151 4,115 4,141 4,148 4,133 -15 2,034 3,147
Corn
Turnover: 581,851 lots, or 13.39 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-25 2,320 2,326 2,313 2,318 2,311 2,318 7 406,973 895,053
Nov-25 2,274 2,276 2,262 2,264 2,271 2,268 -3 104,499 418,217
Jan-26 2,249 2,249 2,235 2,238 2,244 2,242 -2 44,478 171,699
Mar-26 2,248 2,249 2,238 2,240 2,244 2,244 0 14,766 85,185
May-26 2,290 2,292 2,279 2,280 2,285 2,285 0 6,777 30,179
Jul-26 2,300 2,301 2,292 2,292 2,294 2,297 3 4,358 8,980
Soymeal
Turnover: 3,300,825 lots, or 99.82 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Aug-25 3,080 3,095 2,990 3,009 3,073 3,017 -56 19,554 31,352
Sep-25 3,091 3,106 3,003 3,025 3,096 3,041 -55 1,842,107 1,668,155
Nov-25 3,132 3,143 3,041 3,063 3,133 3,079 -54 194,982 630,432
Dec-25 3,152 3,164 3,073 3,092 3,150 3,106 -44 23,309 126,370
Jan-26 3,117 3,131 3,042 3,059 3,116 3,072 -44 828,625 1,220,139
Mar-26 2,955 2,965 2,909 2,920 2,954 2,927 -27 130,514 408,084
May-26 2,769 2,776 2,742 2,753 2,767 2,753 -14 245,372 603,827
Jul-26 2,753 2,756 2,724 2,733 2,752 2,735 -17 16,362 68,644
Palm Oil
Turnover: 754,146 lots, or 68.00 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Aug-25 8,970 9,014 8,886 9,014 8,898 8,970 72 146 1,256
Sep-25 9,020 9,106 8,938 9,104 8,984 9,022 38 627,783 516,327
Oct-25 8,984 9,084 8,946 9,084 8,984 9,026 42 5,512 8,680
Nov-25 8,988 9,060 8,922 9,050 8,956 8,998 42 651 2,295
Dec-25 8,998 9,062 8,942 9,030 8,966 9,012 46 131 932
Jan-26 8,988 9,074 8,920 9,060 8,960 8,998 38 113,440 177,449
Feb-26 8,946 9,014 8,930 8,990 8,886 8,974 88 10 955
Mar-26 8,888 8,966 8,856 8,900 8,800 8,890 90 9 264
Apr-26 – – – 8,702 8,702 8,702 0 0 78
May-26 8,652 8,752 8,638 8,736 8,640 8,690 50 6,436 14,387
Jun-26 8,574 8,656 8,562 8,656 8,552 8,610 58 12 55
Jul-26 8,600 8,654 8,584 8,646 8,536 8,616 80 16 16
Soybean Oil
Turnover: 551,056 lots, or 44.60 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Aug-25 8,092 8,224 8,052 8,218 8,062 8,114 52 739 1,573
Sep-25 8,094 8,174 8,050 8,166 8,072 8,112 40 400,160 522,027
Nov-25 8,088 8,166 8,056 8,160 8,080 8,102 22 1,987 9,797
Dec-25 8,108 8,170 8,066 8,170 8,086 8,118 32 66 1,839
Jan-26 8,040 8,122 8,000 8,114 8,022 8,060 38 138,070 369,775
Mar-26 7,928 7,984 7,894 7,978 7,894 7,934 40 72 1,236
May-26 7,688 7,768 7,676 7,736 7,668 7,716 48 9,867 43,462
Jul-26 7,686 7,734 7,680 7,726 7,664 7,700 36 95 135
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