Grains Report 08/21/2025

DJ Analysts’ Estimates for August 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 Aug 1 98.1 97.4 – 98.4
Placed in July 91.1 87.0 – 94.0
Marketed in July 94.1 94.0 – 94.7
Analyst On-Feed Placements Marketed
Aug 1 in July in July
Allegiant Commodity Group 98.2 92.2 94.1
Allendale Inc. 98.2 92.4 94.2
HedgersEdge 97.8 89.6 94.4
Livestock Mktg Info Ctr 98.3 92.2 94.0
Midwest Market Solutions 98.1 89.9 94.7
NFC Markets 97.4 87.0 94.1
Texas A&M Extension 97.8 90.0 94.0
US Commodities 98.4 94.0 94.0

Crop tour finds strong corn, soy potential along with diseases in Illinois, western Iowa – Reuters News
20 Aug 2025 11:45:36 PM
Open in LSEG Workspace
• Illinois soybean pod count highest since at least 2003
• Western Iowa sees above-average corn, soy prospects
• Timely rains boost crops but also spread diseases
• Full Iowa crop figures to be released Thursday, Pro Farmer estimates Friday
Recasts; adds Illinois data, quotes and byline
SPENCER, Iowa, Aug 20 (Reuters) – Corn yield potential and soybean prospects are significantly above average across Illinois and western Iowa, though plant diseases could threaten final yields, scouts on an annual crop tour of the Midwest said on Wednesday.
The four-day Pro Farmer crop tour, which started on Monday and covered seven major corn and soybean states, found strong production potential so far. Grain market participants have been monitoring the tour’s findings to gauge the size of the 2025 harvest in the United States, the world’s largest corn exporter and No. 2 soybean supplier.
The tour, which does not project soybean yields, estimated the number of soybean pods in a 3-by-3-foot square in Illinois, the top soy-producing state, at an average of 1,479.22, above last year’s tour average of 1,419.11 pods and the highest in tour records, which date back to 2003.
The tour projected the Illinois corn yield at 199.57 bushels per acre (bpa), down from 204.14 bpa in 2024, but the second-highest on tour records.
In Iowa’s western third, the tour’s corn yield forecasts and soybean pod counts were well above the three-year averages. It will release full statewide figures for Iowa on Thursday.
Timely rains benefited crops in western Iowa but also promoted the growth of fungal diseases such as southern rust in corn and sudden death syndrome in soybeans, which tend to lower crop yields.
“I think we’ve lost 10% of the yield due to disease,” Roger Cerven, an Iowa farmer who is on the tour, said of sudden death syndrome in soybeans.
For corn, southern rust was so widespread in some Iowa fields that scouts emerged with sleeves covered in dusty orange-colored residue from rust spores on corn leaves.
The extent of any impact of diseases on yields won’t be fully known until crops are closer to harvest, scouts said, but some effects may emerge sooner.
“The crop, I think, is going to look a whole lot different in 10 days or two weeks than what it does right now,” said Chip Flory, one of the tour’s leaders.
Roughly 100 crop scouts are on the tour, which wraps up in Rochester, Minnesota, on Thursday. The editors of Pro Farmer, a newsletter, will release their own estimate of U.S. corn and soybean production on Friday.

DJ U.S. Export Sales: Weekly Sales Totals-Aug 21
For the week ended Aug 14, 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 519.8 -38.0 11524.9 9338.5 6928.8 9.4
hrw 422.1 -38.0 4837.8 2222.9 2821.1 0.0
srw 33.2 0.0 1671.5 1582.6 895.7 9.4
hrs 82.2 0.0 2859.1 3104.2 1698.4 0.0
white -17.8 0.0 1987.1 2274.1 1443.2 0.0
durum 0.1 0.0 169.5 154.6 70.5 0.0
corn -27.1 2860.0 70505.5 55935.6 5053.7 16685.3
soybeans -5.7 1142.6 51057.9 45809.6 2171.1 5855.1
soymeal 45.7 176.2 15597.4 13829.5 2281.6 2324.4
soyoil 2.6 0.0 1091.7 231.1 33.5 15.9
upland cotton 105.4 0.0 3232.8 4305.6 2966.9 217.1
pima cotton 1.0 0.0 94.1 83.6 77.6 0.0
sorghum 0.1 63.0 1796.2 5858.1 114.5 97.3
barley -3.1 0.0 46.4 20.1 29.8 0.0
rice 26.9 0.0 533.2 665.8 460.3 0.0

WHEAT
General Comments: Wheat was higher on hopes for solid export sales from USDA and as the harvest of Winter Wheat is drawing to a close. The Winter Wheat harvest is almost over now and the Spring Wheat harvest is active. 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:
Chart Analysis: Trends in Chicago are mixed. Support is at 495, 490 and 484 September, with resistance at 526, 532, and 541 September. Trends in Kansas City are mixed to down. Support is at 496, 492, and 486 September, with resistance at 549, 552, and 559 September. Trends in Minneapolis are not available.

RICE:
General Comments Rice was sharply lower yesterday in late session selling as the harvest is active in /Texas and Louisiana. Chart trends are down on the 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 down. Support is at 1200, 1188, and 1176 September and resistance is at 1281, 1298, and 1319 September.

CORN AND OATS
General Comments: Corn was a little higher. There still appeared to be speculative selling on widespread record crop production predictions based on additional forecasts for improving weather for the Midwest, but there was more short covering from speculators and commercial buying. Temperatures should average near normal this week and it should be mostly dry. Most of the Midwest has seen adequate or greater precipitation and production ideas are high. Demand for Corn in world markets remains strong. Oats were lower.
Overnight News:
Chart Analysis: Trends in Corn are mixed. Support is at 363, 360, and 357 September, and resistance is at 389, 396, and 404 September. Trends in Oats are mixed. 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 lower yesterday and Soybean Oil was a little higher. Good growing conditions continue in the Midwest with cool and mostly dry weather in the forecast. Prices are still 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 1004, 995, and 983 September, and resistance is at 1029, 1037, and 1050 September. Trends in Soybean Meal are mixed to up. Support is at 277.00, 271.00, and 267.00 September, and resistance is at 297.00, 301.00, and 307.00 September. Trends in Soybean Oil are mixed to down. Support is at 5030, 4940, and 4840 September, with resistance at 5250, 5390, and 5490 September.

PALM OIL AND CANOLA
General Comments: Palm Oil futures were lower today in sympathy with the price action in Chicago Soybean Oil. Demand for export has been strong to start the month. Futures were also higher today as the increase in ending stocks was not as much as anticipated. 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 higher as China had imposed a punishing tariff on Canola imports from Canada in retaliation for Canadian tariff imposed on Chinese goods. Trends are mixed 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 to down. Support is at 635.00, 623.00, and 602.00 November, with resistance at 669.00, 683.00, and 696.00 November. Trends in Palm Oil are mixed to up. Support is at 4410, 4340, and 4300 November, with resistance at 4530, 4590, and 4650 November.

DJ Malaysian PM Cash Market Prices for Palm Oil – Aug 21
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.
Offer Change Bid Change Traded
Sep 1090.00 -07.50 Unquoted – –
Oct/Nov/Dec 1095.00 -07.50 Unquoted – –
Jan/Feb/Mar 1097.50 -05.00 Unquoted – –
Apr/May/Jun 1077.50 -05.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Sep 1095.00 -07.50 Unquoted – –
Oct/Nov/Dec 1100.00 -07.50 Unquoted – –
Jan/Feb/Mar 1102.50 -05.00 Unquoted – –
Apr/May/Jun 1082.50 -05.00 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Sep 1075.00 -07.50 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Sep 997.50 -07.50 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Sep 4,420.00 -40.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Sep 459.00 -01.00 Unquoted – –
($1=MYR4.2225)

DJ China Dalian Grain Futures Closing Prices, Volume – Aug 21
Soybean No. 1
Turnover: 130,287 lots, or 5.23 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-25 4,128 4,153 4,112 4,112 4,130 4,134 4 3,622 8,479
Nov-25 4,034 4,034 3,996 3,999 4,022 4,013 -9 84,983 197,030
Jan-26 4,028 4,030 3,997 3,999 4,020 4,012 -8 32,347 88,137
Mar-26 4,027 4,028 3,998 4,001 4,019 4,012 -7 5,866 29,807
May-26 4,071 4,073 4,043 4,046 4,063 4,057 -6 1,293 4,628
Jul-26 4,067 4,071 4,042 4,044 4,064 4,055 -9 2,176 4,268
Corn
Turnover: 463,779 lots, or 10.11 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-25 2,227 2,230 2,207 2,208 2,229 2,220 -9 89,676 183,845
Nov-25 2,168 2,175 2,163 2,166 2,166 2,168 2 284,355 949,895
Jan-26 2,169 2,171 2,161 2,165 2,162 2,165 3 69,772 385,153
Mar-26 2,191 2,192 2,183 2,185 2,183 2,186 3 12,075 135,909
May-26 2,246 2,247 2,240 2,241 2,239 2,242 3 5,784 61,734
Jul-26 2,260 2,265 2,260 2,262 2,258 2,261 3 2,117 15,172
Soymeal
Turnover: 2,253,736 lots, or 69.35 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-25 3,124 3,124 3,061 3,070 3,099 3,088 -11 179,936 227,148
Nov-25 3,140 3,146 3,081 3,089 3,125 3,107 -18 179,921 561,787
Dec-25 3,171 3,179 3,119 3,126 3,160 3,146 -14 20,016 140,016
Jan-26 3,158 3,163 3,105 3,113 3,146 3,128 -18 1,452,869 2,059,062
Mar-26 3,052 3,060 3,028 3,031 3,038 3,039 1 65,249 374,187
May-26 2,856 2,865 2,836 2,841 2,841 2,848 7 327,575 899,366
Jul-26 2,830 2,839 2,817 2,821 2,815 2,826 11 19,712 113,499
Aug-26 2,958 2,964 2,942 2,944 2,938 2,952 14 8,458 22,609
Palm Oil
Turnover: 822,487 lots, or 78.48 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-25 9,466 9,572 9,420 9,436 9,464 9,482 18 58,090 72,258
Oct-25 9,522 9,622 9,472 9,484 9,510 9,540 30 11,025 9,141
Nov-25 9,508 9,618 9,466 9,478 9,504 9,538 34 4,262 8,431
Dec-25 9,532 9,622 9,476 9,492 9,510 9,532 22 621 860
Jan-26 9,548 9,636 9,480 9,500 9,518 9,554 36 727,262 513,963
Feb-26 9,490 9,574 9,432 9,444 9,492 9,508 16 85 1,064
Mar-26 9,416 9,498 9,360 9,368 9,428 9,430 2 90 312
Apr-26 9,336 9,336 9,292 9,292 9,370 9,326 -44 8 73
May-26 9,260 9,320 9,184 9,204 9,230 9,242 12 21,020 56,643
Jun-26 9,102 9,126 9,082 9,092 9,090 9,098 8 13 67
Jul-26 9,024 9,024 8,954 8,958 8,962 8,988 26 10 116
Aug-26 8,986 8,986 8,986 8,986 8,998 8,986 -12 1 8
Soybean Oil
Turnover: 476,028 lots, or 39.89 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-25 8,472 8,472 8,388 8,422 8,446 8,440 -6 48,524 86,598
Nov-25 8,456 8,476 8,392 8,422 8,444 8,434 -10 5,885 13,992
Dec-25 8,462 8,494 8,418 8,446 8,454 8,458 4 1,684 5,397
Jan-26 8,400 8,440 8,362 8,394 8,408 8,404 -4 371,030 689,873
Mar-26 8,362 8,390 8,304 8,332 8,362 8,356 -6 1,008 1,772
May-26 8,132 8,156 8,070 8,100 8,114 8,112 -2 47,816 173,345
Jul-26 8,050 8,090 8,030 8,046 8,078 8,058 -20 69 319
Aug-26 8,146 8,146 8,096 8,100 8,122 8,112 -10 12 16
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