Grains Report 08/04/2025

DJ CBOT Delivery Intentions: Totals – Aug 4
Source: CME Group
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
SOYBEAN MEAL August Aug 05, 2025 492 Aug 01, 2025
SOYBEAN OIL August Aug 05, 2025 218 Jul 29, 2025
SOYBEAN August Aug 05, 2025 5 Jul 24, 2025

WHEAT
General Comments: Wheat was lower last week, with Chicago the weaker market. 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. The weekly export sales report showed sales within trade expectations.
Overnight News:
Chart Analysis: Trends in Chicago are mixed to down. Support is at 515, 508 and 496 September, with resistance at 568, 572, and 582 September. Trends in Kansas City are mixed to down. Support is at 516, 504, and 498 September, with resistance at 550, 565, and 578 September. Trends in Minneapolis are not available.

COT — Supplemental Report – Option and Futures Combined Positions as of July 29, 2025
: Reportable Positions : Nonreportable
:—————————————————————————————- : Positions
: Non-Commercial : Commercial : Index Traders : Total
: Long : Short :Spreading: Long : Short : Long : Short : Long : Short : Long : Short
——————————————————————————————————————-
WHEAT-SRW – CHICAGO BOARD OF TRADE
CFTC Code #001602 Open Interest is 496,782
: Positions :
: 70,375 154,013 140,786 112,629 88,703 135,033 74,580 458,823 458,082: 37,959 38,700
: Changes from: July 22, 2025 (Change in open interest: 4,618) :
: -6,169 8,960 -11,227 12,186 2,051 4,880 4,836 -330 4,620: 4,948 -2
: Percent of Open Interest Represented by Each Category of Trader :
: 14.2 31.0 28.3 22.7 17.9 27.2 15.0 92.4 92.2: 7.6 7.8
: Total Traders: 392 Number of Traders in Each Category :
: 82 120 124 104 96 47 30 312 303:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of July 29, 2025
: Reportable Positions : Nonreportable
:—————————————————————————————- : Positions
: Non-Commercial : Commercial : Index Traders : Total
: Long : Short :Spreading: Long : Short : Long : Short : Long : Short : Long : Short
——————————————————————————————————————-
WHEAT-HRW – CHICAGO BOARD OF TRADE
CFTC Code #001612 Open Interest is 303,887
: Positions :
: 35,957 78,165 72,544 81,907 97,258 91,007 32,813 281,415 280,780: 22,472 23,107
: Changes from: July 22, 2025 (Change in open interest: 4,201) :
: -3,429 358 -465 5,292 2,174 1,724 1,070 3,122 3,138: 1,078 1,063
: Percent of Open Interest Represented by Each Category of Trader :
: 11.8 25.7 23.9 27.0 32.0 29.9 10.8 92.6 92.4: 7.4 7.6
: Total Traders: 275 Number of Traders in Each Category :
: 60 62 67 82 80 37 19 211 202:
——————————————————————————————————————-

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of July 29, 2025
: Reportable Positions :
:————————————————————————————————————- :
: Producer/Merchant : : : :
: Processor/User : Swap Dealers : Managed Money : Other Reportables :
: Long : Short : Long : Short :Spreading: Long : Short :Spreading: Long : Short :Spreading :
—————————————————————————————————————-
WHEAT-HRSpring – MIAX FUTURES EXCHANGE (CONTRACTS OF 5,000 BUSHELS) :
CFTC Code #001626 Open Interest is 64,780 :
: Positions :
: 37,988 22,940 3,044 842 698 6,510 24,231 3,742 2,184 2,637 1,487 :
: Changes from: July 22, 2025 :
: 4,883 -1,079 373 -257 -113 -740 5,693 -1,528 -399 791 -583 :
: Percent of Open Interest Represented by Each Category of Trader :
: 58.6 35.4 4.7 1.3 1.1 10.0 37.4 5.8 3.4 4.1 2.3 :
: Number of Traders in Each Category Total Traders: 113 :
: 54 39 6 . 4 8 23 12 4 7 5 :
—————————————————————————————————————-

RICE:
General Comments Rice was a little lower again last week on what is reported to be fund and large speculator selling. Chart trends are still 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. There is more concern about the crops in Arkansas where it has turned very hot. 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 1206, 1194, and 1182 September and resistance is at 1240, 1248, and 1276 September.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of July 29, 2025
: Reportable Positions :
:————————————————————————————————————- :
: Producer/Merchant : : : :
: Processor/User : Swap Dealers : Managed Money : Other Reportables :
: Long : Short : Long : Short :Spreading: Long : Short :Spreading: Long : Short :Spreading :
—————————————————————————————————————-
ROUGH RICE – CHICAGO BOARD OF TRADE (CONTRACTS OF 200,000 POUNDS) :
CFTC Code #039601 Open Interest is 13,439 :
: Positions :
: 6,468 1,661 164 155 0 335 6,475 35 1,922 1,246 1,839 :
: Changes from: July 22, 2025 :
: 426 -113 10 -4 0 37 575 -257 -161 -143 312 :
: Percent of Open Interest Represented by Each Category of Trader :
: 48.1 12.4 1.2 1.2 0.0 2.5 48.2 0.3 14.3 9.3 13.7 :
: Number of Traders in Each Category Total Traders: 81 :
: 21 12 . . 0 . 21 . 17 11 9 :
—————————————————————————————————————-

CORN AND OATS
General Comments: Corn was lower last week on what appeared to be commercial buying based on another week of strong export sales and speculative selling on widespread record crop production predictions based on additional forecasts for improving weather for the Midwest. Cooler temperatures should return for the next few days, then a slow warming trend could develop. 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. The weekly export sales report showed that sales were at the high end of trade expectations. Oats were lower but held recent lows on the weekly charts.
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.

COT — Supplemental Report – Option and Futures Combined Positions as of July 29, 2025
: Reportable Positions : Nonreportable
:—————————————————————————————- : Positions
: Non-Commercial : Commercial : Index Traders : Total
: Long : Short :Spreading: Long : Short : Long : Short : Long : Short : Long : Short
——————————————————————————————————————-
CORN – CHICAGO BOARD OF TRADE
CFTC Code #002602 Open Interest is 2,007,616
: Positions :
: 113,864 383,343 637,243 624,198 581,103 450,612 175,709 1,825,917 1,777,398: 181,699 230,218
: Changes from: July 22, 2025 (Change in open interest: 38,950) :
: 7,779 13,288 6,798 20,679 13,089 267 442 35,522 33,617: 3,427 5,333
: Percent of Open Interest Represented by Each Category of Trader :
: 5.7 19.1 31.7 31.1 28.9 22.4 8.8 90.9 88.5: 9.1 11.5
: Total Traders: 782 Number of Traders in Each Category :
: 109 170 201 354 333 51 28 651 621:
——————————————————————————————————————-

SOYBEANS
General Comments: Soybeans and the products were lower again yesterday as good growing conditions continue in the Midwest. Temperatures should turn cooler early this week and then turn a little warmer. 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. The weekly export sales report showed sales within expectations of the trade.
Overnight News:
Analysis: Trends in Soybeans are down. Support is at 966, 956, and 944 September, and resistance is at 985, 995, and 1004 September. Trends in Soybean Meal are mixed. Support is at 263.00, 260.00, and 257.00 September, and resistance is at 274.00, 276.00, and 281.00 September. Trends in Soybean Oil are mixed. Support is at 5380, 5290, and 5160 September, with resistance at 5590, 5660, and 5760 September.

COT — Supplemental Report – Option and Futures Combined Positions as of July 29, 2025
: Reportable Positions : Nonreportable
:—————————————————————————————- : Positions
: Non-Commercial : Commercial : Index Traders : Total
: Long : Short :Spreading: Long : Short : Long : Short : Long : Short : Long : Short
——————————————————————————————————————-
SOYBEANS – CHICAGO BOARD OF TRADE
CFTC Code #005602 Open Interest is 1,069,384
: Positions :
: 70,297 162,664 294,762 431,945 490,885 219,724 49,113 1,016,729 997,424: 52,655 71,960
: Changes from: July 22, 2025 (Change in open interest: -75,216) :
: -4,316 20,915 -49,326 -22,324 -43,241 -301 -4,212 -76,267 -75,865: 1,051 649
: Percent of Open Interest Represented by Each Category of Trader :
: 6.6 15.2 27.6 40.4 45.9 20.5 4.6 95.1 93.3: 4.9 6.7
: Total Traders: 566 Number of Traders in Each Category :
: 114 151 168 212 199 47 25 479 448:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of July 29, 2025
: Reportable Positions : Nonreportable
:—————————————————————————————- : Positions
: Non-Commercial : Commercial : Index Traders : Total
: Long : Short :Spreading: Long : Short : Long : Short : Long : Short : Long : Short
——————————————————————————————————————-
SOYBEAN OIL – CHICAGO BOARD OF TRADE
CFTC Code #007601 Open Interest is 708,172
: Positions :
: 89,864 64,997 197,726 209,613 381,463 165,231 34,733 662,434 678,918: 45,738 29,254
: Changes from: July 22, 2025 (Change in open interest: -8,391) :
: 7,122 -2,391 -7,414 -12,052 162 -114 52 -12,458 -9,591: 4,066 1,200
: Percent of Open Interest Represented by Each Category of Trader :
: 12.7 9.2 27.9 29.6 53.9 23.3 4.9 93.5 95.9: 6.5 4.1
: Total Traders: 350 Number of Traders in Each Category :
: 93 72 110 100 107 43 23 299 259:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of July 29, 2025
: Reportable Positions : Nonreportable
:—————————————————————————————- : Positions
: Non-Commercial : Commercial : Index Traders : Total
: Long : Short :Spreading: Long : Short : Long : Short : Long : Short : Long : Short
——————————————————————————————————————-
SOYBEAN MEAL – CHICAGO BOARD OF TRADE
CFTC Code #026603 Open Interest is 740,724
: Positions :
: 70,594 190,440 184,826 297,368 285,610 127,174 41,637 679,963 702,513: 60,761 38,211
: Changes from: July 22, 2025 (Change in open interest: -20,738) :
: -5,338 5,494 -16,069 550 -10,934 2,294 166 -18,563 -21,344: -2,175 605
: Percent of Open Interest Represented by Each Category of Trader :
: 9.5 25.7 25.0 40.1 38.6 17.2 5.6 91.8 94.8: 8.2 5.2
: Total Traders: 370 Number of Traders in Each Category :
: 77 100 99 131 113 38 21 308 279:
——————————————————————————————————————-

PALM OIL AND CANOLA
General Comments: Palm Oil futures were higher last week but the rally appears to be limited for now. 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 crop development in the Prairies with warm and dry weather still around.
Overnight News:
Chart Analysis: Trends in Canola are mixed. 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.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of July 29, 2025
: Reportable Positions :
:————————————————————————————————————- :
: Producer/Merchant : : : :
: Processor/User : Swap Dealers : Managed Money : Other Reportables :
: Long : Short : Long : Short :Spreading: Long : Short :Spreading: Long : Short :Spreading :
—————————————————————————————————————-
USD Malaysian Crude Palm Oil C – CHICAGO MERCANTILE EXCHANGE (CONTRACTS OF 25 METRIC TONS) :
CFTC Code #037021 Open Interest is 17,652 :
: Positions :
: 12,768 8,421 78 4,809 760 2,754 0 180 1,072 3,432 40 :
: Changes from: July 22, 2025 :
: 784 -43 0 497 0 130 0 0 0 440 0 :
: Percent of Open Interest Represented by Each Category of Trader :
: 72.3 47.7 0.4 27.2 4.3 15.6 0.0 1.0 6.1 19.4 0.2 :
: Number of Traders in Each Category Total Traders: 31 :
: 8 8 . 6 . . 0 . . 7 . :
—————————————————————————————————————-

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of July 29, 2025
: Reportable Positions :
:————————————————————————————————————- :
: Producer/Merchant : : : :
: Processor/User : Swap Dealers : Managed Money : Other Reportables :
: Long : Short : Long : Short :Spreading: Long : Short :Spreading: Long : Short :Spreading :
—————————————————————————————————————-
CANOLA – ICE FUTURES U.S. (20 Metric Tonnes) :
CFTC Code #135731 Open Interest is 234,853 :
: Positions :
: 63,811 146,886 6,035 15,069 1,232 110,285 13,647 23,592 12,542 15,971 15,068 :
: Changes from: July 22, 2025 :
: -2,148 6,808 -1,297 202 41 5,110 -3,960 -2,226 727 -747 -867 :
: Percent of Open Interest Represented by Each Category of Trader :
: 27.2 62.5 2.6 6.4 0.5 47.0 5.8 10.0 5.3 6.8 6.4 :
: Number of Traders in Each Category Total Traders: 350 :
: 47 96 7 4 5 73 21 23 48 87 48 :
—————————————————————————————————————-

DJ Malaysian PM Cash Market Prices for Palm Oil – Aug 4
The following are prices for Malaysian palm oil in the cash market at 1000 GMT Monday, 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 1030.00 00.00 Unquoted – –
Sep 1032.50 -02.50 Unquoted – –
Oct/Nov/Dec 1035.00 -02.50 Unquoted – –
Jan/Feb/Mar 1045.00 -02.50 Unquoted – –
Apr/May/Jun 1035.00 -02.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Aug 1035.00 00.00 Unquoted – –
Sep 1037.50 -02.50 Unquoted – –
Oct/Nov/Dec 1040.00 -02.50 Unquoted – –
Jan/Feb/Mar 1050.00 -02.50 Unquoted – –
Apr/May/Jun 1040.00 -02.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Aug 1005.00 -02.50 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Aug 925.00 00.00 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 446.00 00.00 Unquoted – –
($1=MYR4.2355)

DJ China Dalian Grain Futures Closing Prices, Volume – Aug 04
Soybean No. 1
Turnover: 190,393 lots, or 7.84 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-25 4,122 4,146 4,104 4,117 4,126 4,126 0 111,267 110,426
Nov-25 4,107 4,120 4,090 4,101 4,110 4,105 -5 56,377 124,500
Jan-26 4,098 4,114 4,086 4,095 4,098 4,098 0 18,322 39,839
Mar-26 4,091 4,105 4,078 4,084 4,090 4,089 -1 3,223 24,057
May-26 4,130 4,142 4,119 4,123 4,129 4,130 1 740 2,347
Jul-26 4,125 4,136 4,112 4,113 4,126 4,122 -4 464 3,623
Corn
Turnover: 641,840 lots, or 14.55 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-25 2,298 2,301 2,280 2,284 2,296 2,288 -8 418,945 746,964
Nov-25 2,231 2,234 2,222 2,227 2,233 2,227 -6 144,735 529,034
Jan-26 2,211 2,220 2,210 2,212 2,213 2,213 0 51,675 231,689
Mar-26 2,213 2,218 2,210 2,216 2,213 2,214 1 17,755 96,231
May-26 2,258 2,264 2,254 2,263 2,258 2,259 1 6,668 35,143
Jul-26 2,274 2,280 2,271 2,279 2,276 2,275 -1 2,062 10,410
Soymeal
Turnover: 1,700,948 lots, or 51.17 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Aug-25 3,000 3,018 2,999 3,018 2,998 3,001 3 136 1,522
Sep-25 3,006 3,036 3,004 3,024 3,004 3,021 17 907,287 1,358,588
Nov-25 3,042 3,074 3,041 3,060 3,043 3,060 17 124,323 625,445
Dec-25 3,069 3,097 3,068 3,089 3,068 3,084 16 12,977 130,674
Jan-26 3,033 3,062 3,032 3,055 3,035 3,050 15 470,772 1,463,460
Mar-26 2,919 2,939 2,919 2,928 2,918 2,929 11 51,285 412,190
May-26 2,735 2,749 2,733 2,746 2,734 2,742 8 120,403 723,143
Jul-26 2,718 2,728 2,717 2,726 2,717 2,723 6 13,765 95,063
Palm Oil
Turnover: 821,591 lots, or 72.43 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Aug-25 – – – 8,808 8,808 8,808 0 0 850
Sep-25 8,918 8,926 8,746 8,838 8,894 8,814 -80 611,600 350,396
Oct-25 8,910 8,926 8,756 8,842 8,900 8,818 -82 6,843 6,810
Nov-25 8,910 8,920 8,760 8,836 8,902 8,814 -88 1,873 3,099
Dec-25 8,924 8,928 8,756 8,836 8,898 8,812 -86 361 568
Jan-26 8,946 8,946 8,756 8,832 8,914 8,830 -84 187,926 207,992
Feb-26 8,890 8,890 8,734 8,798 8,886 8,804 -82 41 952
Mar-26 8,844 8,844 8,690 8,780 8,836 8,766 -70 70 267
Apr-26 8,798 8,798 8,682 8,712 8,804 8,720 -84 19 74
May-26 8,770 8,770 8,566 8,638 8,732 8,648 -84 12,833 24,160
Jun-26 8,558 8,588 8,532 8,588 8,664 8,548 -116 10 33
Jul-26 8,470 8,520 8,454 8,512 8,594 8,484 -110 15 55
Soybean Oil
Turnover: 537,074 lots, or 4.41 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Aug-25 8,210 8,500 8,210 8,240 8,240 8,284 44 54 1,216
Sep-25 8,274 8,296 8,210 8,250 8,228 8,246 18 310,265 474,605
Nov-25 8,266 8,290 8,202 8,250 8,220 8,240 20 3,930 12,298
Dec-25 8,284 8,296 8,220 8,260 8,230 8,258 28 884 1,779
Jan-26 8,230 8,256 8,154 8,214 8,186 8,204 18 205,137 468,687
Mar-26 8,120 8,136 8,064 8,114 8,078 8,104 26 131 1,536
May-26 7,850 7,884 7,804 7,848 7,834 7,842 8 16,649 61,572
Jul-26 7,800 7,820 7,788 7,820 7,802 7,792 -10 24 143
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