Grains Report 08/08/2025

DJ Food Prices Rose in July, Driven by Meat and Vegetable Oils
By Giulia Petroni
World food prices rose last month, driven by meat and vegetable oils despite declines in cereal, dairy and sugar prices, the Food and Agriculture Organization of the United Nations said.
The FAO’s food price index, which tracks global prices for a basket of staple foods, averaged 130.1 points in July, a 1.6% increase from June and 7.6% higher than a year earlier. The index remains 18.8% below its peak reached in March 2022 after Russia’s invasion of Ukraine.
Meat prices rose 1.2% to a record high, supported by strong U.S. and Chinese import demand for bovine and ovine meats. Poultry prices also saw a slight recovery after top exporter Brazil declared itself free of the bird flu virus, while pig prices fell due to ample supplies and weaker demand in the European Union.
Vegetable-oil prices surged 7.1% from the previous month on palm, soy and sunflower oils, reaching a three-year high. In contrast, rapeseed oil prices declined as new crop supplies arrived in Europe.
Cereal prices fell 0.8% from June, as declining wheat and sorghum prices outweighed increases in maize and barley. Dairy prices edged 0.1% lower on abundant supplies and subdued import demand for butter and milk powders, particularly from Asia. Cheese prices, however, continued to rise, driven by strong demand in Asia and tighter export availability in the EU.
Sugar prices extended their decline for a fifth consecutive month, falling 0.2%. Expectations of a recovery in global production–notably in Brazil, India, and Thailand–weighed on prices, although signs of a rebound in import demand tempered the decline.

DJ CBOT Delivery Intentions: Totals – Aug 8
Source: CME Group
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
SOYBEAN MEAL August Aug 11, 2025 124 Aug 07, 2025
SOYBEAN OIL August Aug 11, 2025 20 Jul 29, 2025

WHEAT
General Comments: Wheat was slightly higher yesterday in response to the strng weekly export sales report. There was talk tht Russia had a lot of bugs in its Wheat and that made the wheat more difficult to sell.. 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 496, 490 and 484 September, with resistance at 526, 532, and 541 September. Trends in Kansas City are mixed to down. Support is at 503, 498, and 492 September, with resistance at 549, 552, and 559 September. Trends in Minneapolis are not available.

RICE:
General Comments Rice was higher yesterday. The weekly export sales report showed just average demand. Chart trends are mixed on the daily charts. The cash market has been slow 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 mixed. Support is at 1243, 1237, and 1215 September and resistance is at 1275, 1285, and 1298 September.

CORN AND OATS
General Comments: Corn was higher yesterday in response to a very strong weekly export sales report. USDA said that over 3.1 million tons of Corn was sold in the most recent weekly period. There still appeared to be speculative selling on widespread record crop production predictions based on additional forecasts for improving weather for the Midwest. A slow warming trend could develop through this weekend and it should be mostly dry. 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, but the surveys of analysts conducted by the wire services pointed to yields near 183 bushels per acre. Demand for Corn in world markets remains strong. Oats were lower but held recent lows on the weekly charts.
Overnight News: Unknown destinations bought 125,000 tons of US Corn.
Chart Analysis: Trends in Corn are down. Support is at 375, 372, and 369 September, and resistance is at 388, 396, and 403 September. Trends in Oats are mixed to down. Support is at 326, 321, and 315 September, and resistance is at 357, 362, and 370 September.

SOYBEANS
General Comments: Soybeans and Soybean Meal were higher yesterday and Soybean Oil was a little lower as good growing conditions continue in the Midwest. The weekly export sales report showed good sales of about 1.0 million tons when old crop and new crop sales are combined. Temperatures should turn a little warmer through the weekend. 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. Trade estimates for the USDA crop reports next week are often at 55 bu/acre or a little higher, but analysts polled by the newswires estimated yields closer to 53 bu/acre.
Overnight News:
Analysis: Trends in Soybeans are down. Support is at 956, 944, and 932 September, and resistance is at 985, 995, and 1004 September. Trends in Soybean Meal are mixed. Support is at 267.00, 263.00, and 260.00 September, and resistance is at 281.00, 285.00, and 291.00 September. Trends in Soybean Oil are mixed. Support is at 5290, 5160, and 5030 September, with resistance at 5590, 5660, and 5760 September.

PALM OIL AND CANOLA
General Comments: Palm Oil futures were lower yesterday 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 higher in part along with Chicago. 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 663.00, 660.00, and 654.00 November, with resistance at 695.00, 706.00, and 713.00 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 – Aug 8
The following are prices for Malaysian palm oil in the cash market at 1000 GMT Friday, 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 +05.00 Unquoted – –
Sep 1050.00 +05.00 Unquoted – –
Oct/Nov/Dec 1052.50 +07.50 Unquoted – –
Jan/Feb/Mar 1060.00 +05.00 Unquoted – –
Apr/May/Jun 1047.50 +05.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Aug 1052.50 +05.00 Unquoted – –
Sep 1055.00 +05.00 Unquoted – –
Oct/Nov/Dec 1057.50 +07.50 Unquoted – –
Jan/Feb/Mar 1065.00 +05.00 Unquoted – –
Apr/May/Jun 1052.50 +05.00 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Aug 1025.00 00.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Aug 935.00 00.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Aug 4,250.00 +20.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Aug 450.00 00.00 Unquoted

DJ China Dalian Grain Futures Closing Prices, Volume – Aug 08
Soybean No. 1
Turnover: 165,123 lots, or 6.77 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-25 4,131 4,139 4,095 4,109 4,128 4,115 -13 57,176 84,750
Nov-25 4,100 4,116 4,073 4,090 4,099 4,093 -6 75,911 136,187
Jan-26 4,100 4,112 4,076 4,089 4,100 4,093 -7 26,942 49,661
Mar-26 4,092 4,103 4,070 4,080 4,090 4,085 -5 2,698 24,964
May-26 4,130 4,139 4,109 4,117 4,128 4,123 -5 960 2,520
Jul-26 4,128 4,134 4,106 4,112 4,124 4,120 -4 1,436 3,860
Corn
Turnover: 612,883 lots, or 1.37 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-25 2,263 2,268 2,245 2,255 2,266 2,257 -9 338,463 659,407
Nov-25 2,214 2,214 2,196 2,199 2,214 2,203 -11 167,935 592,103
Jan-26 2,196 2,196 2,179 2,184 2,194 2,185 -9 75,993 290,446
Mar-26 2,201 2,203 2,191 2,195 2,200 2,196 -4 18,775 113,156
May-26 2,250 2,251 2,240 2,248 2,248 2,246 -2 9,103 43,425
Jul-26 2,266 2,268 2,257 2,266 2,265 2,263 -2 2,614 12,751
Soymeal
Turnover: 1,468,020 lots, or 44.51 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Aug-25 3,030 3,030 3,030 3,030 3,004 3,030 26 29 751
Sep-25 3,034 3,051 3,031 3,045 3,020 3,040 20 553,208 1,060,946
Nov-25 3,073 3,088 3,067 3,081 3,058 3,076 18 86,751 651,771
Dec-25 3,106 3,122 3,101 3,119 3,090 3,111 21 12,486 137,926
Jan-26 3,086 3,100 3,078 3,094 3,068 3,088 20 609,803 1,650,480
Mar-26 2,950 2,972 2,949 2,970 2,943 2,957 14 59,841 413,368
May-26 2,763 2,776 2,758 2,773 2,754 2,765 11 129,011 771,793
Jul-26 2,743 2,752 2,736 2,749 2,737 2,745 8 16,891 99,237
Palm Oil
Turnover: 706,614 lots, or 63.70 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 8,964 9,058 8,956 8,980 8,988 9,012 24 442,221 305,714
Oct-25 8,956 9,042 8,956 8,986 8,982 9,004 22 5,831 6,474
Nov-25 8,966 9,044 8,966 8,988 8,984 9,008 24 2,009 5,396
Dec-25 8,962 9,050 8,962 8,988 8,990 9,016 26 213 571
Jan-26 8,970 9,068 8,968 9,000 8,994 9,026 32 248,626 259,458
Feb-26 8,978 9,014 8,966 8,968 8,968 8,990 22 60 973
Mar-26 8,940 8,960 8,936 8,960 8,920 8,946 26 36 263
Apr-26 8,868 8,902 8,862 8,862 8,858 8,882 24 4 68
May-26 8,776 8,850 8,776 8,794 8,782 8,814 32 7,586 29,830
Jun-26 8,762 8,770 8,738 8,764 8,694 8,754 60 13 42
Jul-26 8,686 8,686 8,624 8,642 8,620 8,656 36 15 59
Soybean Oil
Turnover: 592,815 lots, or 49.68 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Aug-25 – – – 8,586 8,514 8,586 72 0 602
Sep-25 8,392 8,442 8,384 8,400 8,426 8,408 -18 204,484 364,269
Nov-25 8,402 8,444 8,384 8,408 8,430 8,410 -20 3,465 13,966
Dec-25 8,422 8,448 8,396 8,412 8,430 8,420 -10 748 3,277
Jan-26 8,400 8,430 8,366 8,388 8,404 8,396 -8 353,641 642,331
Mar-26 8,256 8,300 8,254 8,270 8,278 8,270 -8 253 1,743
May-26 7,970 8,008 7,950 7,968 7,970 7,976 6 30,166 98,761
Jul-26 7,938 7,978 7,930 7,950 7,948 7,948 0 58 216
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.

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