Grains Report 08/22/2025

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 huge Minnesota, Iowa crops, but diseases lurk – Reuters News
21 Aug 2025 11:27:38 PM
Open in LSEG Workspace
• Corn yields in Iowa, Minnesota highest in tour history
• Warm, wet weather aids crop growth but also fosters diseases
• Southern rust observed in corn, yield impact uncertain
Recasts; adds Minnesota data, quotes, byline, bullets
ROCHESTER, Minnesota, Aug 21 (Reuters) – Prospects for corn and soybean crops in Iowa and Minnesota are the strongest in at least 22 years, scouts on Pro Farmer’s annual tour of top grain-producing states said on Thursday, but diseases already lurking in fields could limit yields at harvest.
The four-day Pro Farmer crop tour, which concluded in Rochester, Minnesota, on Thursday, found above-average production potential in each of the seven Midwestern states it covered. Several states boasted the highest projected corn yields and soybean pod counts in tour records dating to 2003.
About 100 participants spent the week scouting more than 1,500 corn and soybean fields in Ohio, Indiana, Illinois, South Dakota, Nebraska, Iowa and Minnesota.
Grain traders 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 projected the corn yield in Iowa, the biggest U.S. corn grower, at 198.43 bushels per acre (bpa), above the 2024 tour average of 192.79 bpa, and Minnesota’s corn yield at 202.86 bpa, a sharp jump from 164.90 in 2024.
The yield estimates for both states were the highest in the tour’s 22-year data set.
“The Minnesota (corn) crop was way better than last year. It’s a good, solid crop, with plenty of moisture,” said Sherman Newlin, an analyst with Risk Management Commodities who was on the tour.
The four-day tour, which does not project soybean yields, estimated the number of soybean pods in a 3-by-3-foot (91cm x 91cm) square in Iowa at an average of 1,384.38 pods, while Minnesota’s average count was 1,247.86 pods. Both were the highest in tour data.
“The story of the tour is the massive pod counts we are seeing,” said Ted Seifried, chief strategist for Zaner Ag Hedge and a scout on the tour.
However, the same warm and wet weather that helped promote crop growth this summer has also fostered the spread of yield-robbing diseases in the two states, particularly Iowa.
“Sudden death syndrome and white mold could be limiting factors for reaching today’s scouted potential” in soybeans, said Tim Gregerson, a Nebraska farmer on the tour.
Scouts noted southern rust, a fungal disease, in Iowa and Minnesota corn, although it was too soon to know its impact on yields.
“The crop still needs another four to five weeks to finish (growing),” Gregerson said.

WHEAT
General Comments: Wheat was mixed to a little 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 lower yesterday on follow through selling as the harvest is active in /Texas and Louisiana. Chart trends are down on the charts and selling has been significant in the last couple of daysd. 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 1640, 1152, and 1140 September and resistance is at 1281, 1298, and 1319 September.

CORN AND OATS
General Comments: Corn was higher on ideas that the Pro Farmer tour did not back up USDA yield projections, especially east of the Mississippi River. 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: Spain bought 140,452 tons of US Corn. Costa Rica bought 119,769 tons of uS Corn.
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 321, 315, and 309 September, and resistance is at 333, 338, and 344 September.

SOYBEANS
General Comments: Soybeans and the products were higher. The buying appeared despite reports of strong yield potential from the Pro Farmer tour with both tour groups finding strong yield potential in the east and the west. The weekly export sales report was strong for new crop Soybeans sales but once again China did not appear as a buyer. 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 higher 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 higher along with the price action in Chicago. 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. 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 22
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.
Offer Change Bid Change Traded
Sep 1105.00 +15.00 Unquoted – –
Oct/Nov/Dec 1107.50 +12.50 Unquoted – –
Jan/Feb/Mar 1110.00 +12.50 Unquoted – –
Apr/May/Jun 1085.00 +07.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Sep 1110.00 +15.00 Unquoted – –
Oct/Nov/Dec 1112.50 +12.50 Unquoted – –
Jan/Feb/Mar 1115.00 +12.50 Unquoted – –
Apr/May/Jun 1090.00 +07.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Sep 1082.50 +07.50 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Sep 1012.50 +15.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Sep 4,470.00 +50.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Sep 465.00 +06.00 Unquoted – –
($1=MYR4.2255)

DJ China Dalian Grain Futures Closing Prices, Volume – Aug 22
Soybean No. 1
Turnover: 152,211 lots, or .61 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-25 4,111 4,120 4,099 4,107 4,134 4,106 -28 3,954 7,137
Nov-25 3,991 4,006 3,977 3,985 4,013 3,989 -24 99,492 206,133
Jan-26 4,000 4,007 3,982 3,991 4,012 3,993 -19 36,398 91,257
Mar-26 4,006 4,013 3,990 3,998 4,012 4,000 -12 8,028 30,576
May-26 4,046 4,053 4,033 4,041 4,057 4,042 -15 2,020 5,012
Jul-26 4,039 4,047 4,032 4,044 4,055 4,041 -14 2,319 4,557
Corn
Turnover: 961,680 lots, or 20.83 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-25 2,210 2,216 2,178 2,214 2,220 2,197 -23 119,784 140,653
Nov-25 2,164 2,175 2,147 2,175 2,168 2,157 -11 635,755 955,265
Jan-26 2,168 2,175 2,150 2,172 2,165 2,159 -6 147,377 392,339
Mar-26 2,183 2,191 2,169 2,190 2,186 2,177 -9 30,781 136,678
May-26 2,242 2,242 2,225 2,240 2,242 2,233 -9 21,553 68,271
Jul-26 2,259 2,260 2,245 2,258 2,261 2,251 -10 6,430 16,035
Soymeal
Turnover: 1,921,487 lots, or 58.53 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-25 3,079 3,079 3,033 3,041 3,088 3,050 -38 110,869 182,385
Nov-25 3,081 3,094 3,048 3,055 3,107 3,067 -40 128,296 559,890
Dec-25 3,124 3,130 3,093 3,100 3,146 3,106 -40 17,867 141,203
Jan-26 3,116 3,116 3,079 3,088 3,128 3,094 -34 1,278,955 2,000,115
Mar-26 3,034 3,038 3,011 3,016 3,039 3,024 -15 59,596 372,995
May-26 2,843 2,858 2,823 2,830 2,848 2,841 -7 293,459 908,287
Jul-26 2,828 2,844 2,815 2,819 2,826 2,828 2 19,277 116,336
Aug-26 2,946 2,967 2,940 2,941 2,952 2,951 -1 13,168 24,775
Palm Oil
Turnover: 844,118 lots, or 80.47 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-25 9,436 9,534 9,400 9,510 9,482 9,472 -10 48,758 55,391
Oct-25 9,478 9,592 9,460 9,580 9,540 9,538 -2 10,732 9,593
Nov-25 9,484 9,588 9,454 9,576 9,538 9,530 -8 3,866 8,619
Dec-25 9,490 9,594 9,462 9,576 9,532 9,544 12 563 840
Jan-26 9,500 9,608 9,462 9,592 9,554 9,546 -8 753,974 519,477
Feb-26 9,440 9,536 9,434 9,526 9,508 9,502 -6 67 1,067
Mar-26 9,378 9,492 9,350 9,478 9,430 9,440 10 149 333
Apr-26 9,306 9,402 9,304 9,402 9,326 9,344 18 36 78
May-26 9,214 9,306 9,166 9,294 9,242 9,250 8 25,930 58,880
Jun-26 9,088 9,146 9,074 9,126 9,098 9,104 6 19 68
Jul-26 8,950 9,030 8,938 9,006 8,988 8,982 -6 19 116
Aug-26 8,888 8,948 8,824 8,914 8,986 8,884 -102 5 11
Soybean Oil
Turnover: 474,096 lots, or 39.87 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-25 8,426 8,546 8,414 8,492 8,440 8,470 30 34,081 71,474
Nov-25 8,424 8,518 8,416 8,484 8,434 8,470 36 5,790 14,266
Dec-25 8,438 8,530 8,438 8,508 8,458 8,488 30 1,136 5,462
Jan-26 8,394 8,488 8,386 8,458 8,404 8,440 36 377,345 692,686
Mar-26 8,336 8,422 8,332 8,376 8,356 8,378 22 166 1,698
May-26 8,102 8,202 8,096 8,142 8,112 8,150 38 55,468 179,949
Jul-26 8,054 8,120 8,050 8,080 8,058 8,084 26 95 317
Aug-26 8,096 8,132 8,096 8,110 8,112 8,118 6 15 22
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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