Grains Report 07/31/2025

DJ U.S. Export Sales: Weekly Sales Totals-Jul 31
For the week ended Jul 24, 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 592.1 38.0 9544.5 8295.5 6317.5 47.4
hrw 202.6 38.0 3657.8 2029.7 2289.0 38.0
srw 46.5 0.0 1500.0 1297.6 978.3 9.4
hrs 42.5 0.0 2594.5 2826.4 1769.7 0.0
white 284.8 0.0 1642.9 2010.3 1195.4 0.0
durum 15.6 0.0 149.2 131.4 85.0 0.0
corn 340.9 1891.9 70450.8 55210.6 8789.7 8614.3
soybeans 349.2 429.5 51100.3 45391.2 3827.1 3034.4
soymeal 77.1 132.0 15387.7 13633.5 2979.1 1789.2
soyoil 2.5 0.6 1081.4 209.0 51.7 15.8
upland cotton 39.1 71.7 11806.7 11859.5 797.9 2177.7
pima cotton 0.1 5.0 466.4 351.9 40.3 54.4
sorghum 0.0 0.0 1733.5 5793.1 105.6 0.3
barley -6.7 0.0 54.7 19.3 43.0 0.0
rice -0.9 22.9 2997.4 3500.9 193.8 274.3

DJ CBOT Delivery Intentions: Totals – Jul 31
Source: CME Group
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
SOYBEAN MEAL August Aug 01, 2025 1,026 Jul 29, 2025
SOYBEAN OIL August Aug 01, 2025 84 Jun 11, 2025
SOYBEAN August Aug 01, 2025 349 Jul 24, 2025

WHEAT
General Comments: Wheat was mixed yesterday, with Chicago lower on follow through selling but KC a little higher on commercial buying. Ideas of solid harvest progress and good yields are still around and are forcing the selling. Harvest conditions for Winter Wheat appear to be good in the US and Spring Wheat development is currently good. Rains have been good in the northern Great Plains but Canada has been a little too dry for best yield potential and the northern Plains had hot and dry areas earlier in the year. 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: Nigeria bought 100,000 tons of HRW.
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 lower. 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 1228, 1218, and 1206 September and resistance is at 1276, 1285, and 1298 September.

CORN AND OATS
General Comments: Corn was higher yesterday on hat appeared to be commercial buying despite additional forecasts for improving weather for the Midwest. Temperatures should stay warm to hot for one more day, but then cooler temperatures should return. Rain is expected with the cooler temperatures. Most of the Midwest has seen adequate or greater precipitation and production ideas are high. Yield estimates near or above 186 bushels per acre are frequently heard. Demand for Corn in world markets remains strong. Oats were lower.
Overnight News:
Chart Analysis: Trends in Corn are mixed. Support is at 387, 384, and 381 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 the products were lower yesterday as good growing conditions continue in the Midwest. Temperatures should turn cooler today and for atz least the next week and there should be some showers around as well. 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 970, 958, and 946 August, and resistance is at 1020, 1037, and 1047 August. Trends in Soybean Meal are mixed. Support is at 259.00, 256.00, and 253.00 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 5840, 5960, and 6080 August.

PALM OIL AND CANOLA
General Comments: Palm Oil futures were lower today along with the price action in Chicago. 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 a little lower. 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 31
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 1032.50 -10.00 Unquoted – –
Sep 1035.00 -10.50 Unquoted – –
Oct/Nov/Dec 1040.00 -10.00 Unquoted – –
Jan/Feb/Mar 1050.00 -05.00 Unquoted – –
Apr/May/Jun 1040.00 -05.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Aug 1037.50 -10.00 Unquoted – –
Sep 1040.00 -10.00 Unquoted – –
Oct/Nov/Dec 1045.00 -10.00 Unquoted – –
Jan/Feb/Mar 1055.00 -05.00 Unquoted – –
Apr/May/Jun 1045.00 -05.00 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Aug 1005.00 -07.50 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Aug 925.00 -10.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Aug 4,200.00 -30.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Aug 445.00 -03.00 Unquoted – –
($1=MYR4.263)

DJ China Dalian Grain Futures Closing Prices, Volume – Jul 31
Soybean No. 1
Turnover: 162,947 lots, or .67 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-25 4,146 4,160 4,119 4,131 4,152 4,137 -15 102,711 122,210
Nov-25 4,143 4,143 4,108 4,118 4,138 4,124 -14 39,504 120,352
Jan-26 4,126 4,131 4,095 4,106 4,125 4,112 -13 15,463 34,013
Mar-26 4,115 4,120 4,086 4,096 4,116 4,103 -13 4,469 23,402
May-26 4,150 4,157 4,123 4,133 4,149 4,139 -10 624 2,153
Jul-26 4,151 4,155 4,125 4,135 4,149 4,143 -6 176 3,657
Corn
Turnover: 732,880 lots, or 16.71 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-25 2,312 2,320 2,287 2,288 2,310 2,304 -6 501,397 769,791
Nov-25 2,240 2,244 2,226 2,230 2,242 2,234 -8 153,749 496,444
Jan-26 2,220 2,220 2,205 2,209 2,218 2,212 -6 57,617 222,018
Mar-26 2,217 2,219 2,207 2,210 2,217 2,213 -4 10,811 95,762
May-26 2,262 2,265 2,255 2,256 2,264 2,260 -4 6,455 32,820
Jul-26 2,279 2,281 2,272 2,274 2,279 2,277 -2 2,851 9,927
Soymeal
Turnover: 1,907,695 lots, or 57.12 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Aug-25 3,010 3,016 2,974 2,981 2,991 2,996 5 2,408 1,791
Sep-25 3,007 3,021 2,986 3,000 3,001 3,006 5 1,060,322 1,415,275
Nov-25 3,045 3,057 3,024 3,036 3,038 3,044 6 128,622 626,081
Dec-25 3,077 3,085 3,057 3,067 3,068 3,073 5 17,110 129,153
Jan-26 3,045 3,057 3,027 3,036 3,041 3,041 0 488,521 1,390,632
Mar-26 2,918 2,925 2,903 2,913 2,917 2,914 -3 60,466 403,348
May-26 2,743 2,747 2,730 2,735 2,743 2,737 -6 135,408 709,734
Jul-26 2,727 2,730 2,713 2,718 2,727 2,719 -8 14,838 92,652
Palm Oil
Turnover: 615,418 lots, or 54.87 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Aug-25 8,894 8,894 8,762 8,762 8,878 8,808 -70 152 850
Sep-25 8,962 8,962 8,866 8,900 8,972 8,912 -60 479,022 394,483
Oct-25 8,962 8,964 8,876 8,904 8,982 8,920 -62 4,272 7,761
Nov-25 8,962 8,962 8,884 8,914 8,986 8,920 -66 595 2,387
Dec-25 8,958 8,966 8,882 8,914 8,988 8,914 -74 211 672
Jan-26 8,960 8,980 8,884 8,918 8,992 8,930 -62 122,916 188,537
Feb-26 8,938 8,938 8,866 8,894 8,952 8,908 -44 32 933
Mar-26 8,872 8,898 8,826 8,846 8,898 8,866 -32 41 267
Apr-26 8,818 8,818 8,790 8,800 8,848 8,828 -20 9 68
May-26 8,764 8,794 8,714 8,736 8,796 8,750 -46 8,151 22,046
Jun-26 8,686 8,720 8,668 8,668 8,706 8,702 -4 9 41
Jul-26 8,648 8,648 8,610 8,624 8,654 8,636 -18 8 44
Soybean Oil
Turnover: 463,698 lots, or 37.94 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Aug-25 8,266 8,388 8,214 8,238 8,266 8,240 -26 115 1,246
Sep-25 8,220 8,250 8,172 8,192 8,244 8,206 -38 288,782 477,190
Nov-25 8,216 8,252 8,176 8,194 8,242 8,202 -40 3,307 11,612
Dec-25 8,214 8,256 8,188 8,200 8,248 8,204 -44 76 1,782
Jan-26 8,178 8,210 8,132 8,158 8,202 8,164 -38 159,397 442,338
Mar-26 8,054 8,078 8,032 8,044 8,070 8,052 -18 75 1,370
May-26 7,812 7,848 7,786 7,808 7,838 7,812 -26 11,903 54,636
Jul-26 7,778 7,802 7,766 7,770 7,802 7,782 -20 43 140
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