Grains Report 09/02/2025

DJ CBOT Delivery Intentions: Totals – Sep 2
Source: CME Group
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
SOYBEAN MEAL September Sep 03, 2025 12 Jul 31, 2025
SOYBEAN OIL September Sep 03, 2025 403 Aug 29, 2025
ROUGH RICE September Sep 03, 2025 64 Aug 28, 2025
KC HRW WHEAT September Sep 03, 2025 262 Aug 29, 2025
OATS September Sep 03, 2025 172 Aug 28, 2025
SOYBEAN September Sep 03, 2025 3 Aug 21, 2025
]
WHEAT
General Comments: Wheat was mixed last week, with Chicago a little higher and KC a little lower as the weekly export sale report was moderately strong but found some selling in response to word of lower prices being paid in Russia. The Spring Wheat harvest is active and the Winter Wheat harvest is done. 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. 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. Reports from Russia indicate that later weather has improved and that somewhat higher yields than were forecast earlier are now possible. Southern hemisphere crops appear to be good.
Overnight News:
Chart Analysis: Trends in Chicago are mixed. Support is at 520, 517 and 511 December, with resistance at 535, 543, and 553 December. Trends in Kansas City are mixed to down. Support is at 507, 501, and 495 December, with resistance at 523, 529, and 535 December. Trends in Minneapolis are not available.

COT — Supplemental Report – Option and Futures Combined Positions as of August 26, 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 493,402
: Positions :
: 77,959 172,995 138,971 118,290 82,744 121,646 63,481 456,866 458,191: 36,537 35,212
: Changes from: August 19, 2025 (Change in open interest: -65,346) :
: 3,789 -8,606 -30,129 -24,277 -13,303 -9,952 -10,822 -60,569 -62,860: -4,777 -2,486
: Percent of Open Interest Represented by Each Category of Trader :
: 15.8 35.1 28.2 24.0 16.8 24.7 12.9 92.6 92.9: 7.4 7.1
: Total Traders: 391 Number of Traders in Each Category :
: 95 113 120 94 93 44 34 305 299:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of August 26, 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 288,844
: Positions :
: 39,197 84,148 66,460 71,560 88,792 89,825 28,596 267,043 267,996: 21,801 20,848
: Changes from: August 19, 2025 (Change in open interest: -24,143) :
: 3,601 -111 -10,285 -14,787 -9,880 -2,712 -3,264 -24,183 -23,540: 40 -603
: Percent of Open Interest Represented by Each Category of Trader :
: 13.6 29.1 23.0 24.8 30.7 31.1 9.9 92.5 92.8: 7.5 7.2
: Total Traders: 263 Number of Traders in Each Category :
: 52 68 67 72 74 37 19 199 195:
——————————————————————————————————————-

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of August 26, 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 65,180 :
: Positions :
: 37,852 19,267 3,848 2,426 249 7,118 29,913 2,478 3,561 1,141 1,367 :
: Changes from: August 19, 2025 :
: -5,758 -5,082 -558 956 -339 119 -705 -81 1,004 394 -1,474 :
: Percent of Open Interest Represented by Each Category of Trader :
: 58.1 29.6 5.9 3.7 0.4 10.9 45.9 3.8 5.5 1.8 2.1 :
: Number of Traders in Each Category Total Traders: 113 :
: 51 40 5 . . 8 23 10 8 6 5 :
—————————————————————————————————————-

RICE:
General Comments Rice was slightly higher last week on reports of bad weather in Arkansas and northern Louisiana but as the harvest is active in Texas and southern Louisiana. Chart trends are still mostly 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. Texas reports average to below average field and milling yields. 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. Crop condition slipped slightly in the USDA reports released a week ago.
Overnight News:
Chart Analysis: Trends are mixed to down. Support is at 1193, 1172, and 1160 November and resistance is at 1228, 1240, and 1263 November.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of August 26, 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 12,490 :
: Positions :
: 6,582 2,000 189 147 0 318 6,176 2 1,744 976 1,128 :
: Changes from: August 19, 2025 :
: -366 -265 -25 1 0 -111 31 -3 396 414 -939 :
: Percent of Open Interest Represented by Each Category of Trader :
: 52.7 16.0 1.5 1.2 0.0 2.5 49.4 0.0 14.0 7.8 9.0 :
: Number of Traders in Each Category Total Traders: 70 :
: 19 15 . . 0 . 20 . 11 6 4 :
—————————————————————————————————————-

CORN AND OATS
General Comments: Corn was higher last week on what appeared to be speculative short covering even though ideas are still heard that supplies will be more than ample for the demand. There was commercial selling on widespread record crop production predictions based on additional forecasts for improving weather for the Midwest. Temperatures should average below 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 higher.
Overnight News:
Chart Analysis: Trends in Corn are mixed to up. Support is at 410, 404, and 401 December, and resistance is at 423, 430, and 434 December. Trends in Oats are mixed to up. Support is at 330, 325, and 319 December, and resistance is at 338, 344, and 351 December.

COT — Supplemental Report – Option and Futures Combined Positions as of August 26, 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 1,848,252
: Positions :
: 140,414 372,897 483,782 624,971 651,309 426,689 132,139 1,675,856 1,640,126: 172,396 208,125
: Changes from: August 19, 2025 (Change in open interest: -240,042) :
: -6,025 -17,103 -157,891 -56,714 -20,528 -9,837 -35,685 -230,467 -231,208: -9,574 -8,834
: Percent of Open Interest Represented by Each Category of Trader :
: 7.6 20.2 26.2 33.8 35.2 23.1 7.1 90.7 88.7: 9.3 11.3
: Total Traders: 810 Number of Traders in Each Category :
: 108 173 187 382 368 51 27 668 648:
——————————————————————————————————————-

SOYBEANS
General Comments: Soybeans and the products were lower and continued to find some selling on ideas of strong yield potential from the current cool and dry weather seen in the Midwest. The export sales report was strong and above trade estimates. China has not bought US Soybeans yet and traders are worried that demand for the new crop will be a lot less this year. 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 1040, 1031, and 1027 November, and resistance is at 1063, 1074, and 1086 November. Trends in Soybean Meal are down. Support is at 280.00, 278.00, and 274.00 October, and resistance is at 288.00, 290.00, and 293.00 October. Trends in Soybean Oil are mixed to down. Support is at 5110, 5090, and 5040 October, with resistance at 5340, 5390, and 5440 October.

COT — Supplemental Report – Option and Futures Combined Positions as of August 26, 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 1,056,637
: Positions :
: 75,845 117,727 291,843 412,800 527,394 220,584 44,337 1,001,072 981,301: 55,566 75,337
: Changes from: August 19, 2025 (Change in open interest: -70,091) :
: 12,711 656 -51,569 -27,922 -9,323 -3,162 -11,330 -69,941 -71,565: -149 1,475
: Percent of Open Interest Represented by Each Category of Trader :
: 7.2 11.1 27.6 39.1 49.9 20.9 4.2 94.7 92.9: 5.3 7.1
: Total Traders: 629 Number of Traders in Each Category :
: 125 155 186 224 255 51 24 513 519:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of August 26, 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 676,484
: Positions :
: 74,486 85,347 203,252 206,757 328,884 156,378 31,766 640,874 649,250: 35,611 27,235
: Changes from: August 19, 2025 (Change in open interest: -17,413) :
: -3,842 -4,922 -4,959 -4,633 -4,734 -1,433 -1,712 -14,866 -16,327: -2,547 -1,086
: Percent of Open Interest Represented by Each Category of Trader :
: 11.0 12.6 30.0 30.6 48.6 23.1 4.7 94.7 96.0: 5.3 4.0
: Total Traders: 361 Number of Traders in Each Category :
: 94 79 110 100 108 46 25 297 275:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of August 26, 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 677,277
: Positions :
: 77,354 122,421 159,987 266,295 321,148 120,352 37,861 623,987 641,417: 53,290 35,861
: Changes from: August 19, 2025 (Change in open interest: -78,076) :
: 4,099 -17,816 -54,666 -20,368 -2,069 -4,457 -3,760 -75,392 -78,310: -2,684 235
: Percent of Open Interest Represented by Each Category of Trader :
: 11.4 18.1 23.6 39.3 47.4 17.8 5.6 92.1 94.7: 7.9 5.3
: Total Traders: 361 Number of Traders in Each Category :
: 77 82 99 134 123 39 21 303 281:
——————————————————————————————————————-

PALM OIL AND CANOLA
General Comments: Palm Oil futures were lower last week. Futures were higher today on ideas that August exports were strong. 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 lower and made new lows for the move as exporters remain worried abouts access to the Chinese market. Trends are down 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 622.00, 602.00, and 596.00 November, with resistance at 652.00, 661.00, and 669.00 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.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of August 26, 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 19,991 :
: Positions :
: 13,585 9,306 1,142 4,445 760 3,856 0 0 608 5,390 40 :
: Changes from: August 19, 2025 :
: 2,162 1,762 0 200 0 380 0 -60 0 560 20 :
: Percent of Open Interest Represented by Each Category of Trader :
: 68.0 46.6 5.7 22.2 3.8 19.3 0.0 0.0 3.0 27.0 0.2 :
: Number of Traders in Each Category Total Traders: 34 :
: 8 7 . 6 . . 0 0 . 10 . :
—————————————————————————————————————-

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of August 26, 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 238,633 :
: Positions :
: 112,156 124,631 2,988 13,342 1,022 58,150 28,946 29,588 15,923 20,266 17,489 :
: Changes from: August 19, 2025 :
: 5,070 -2,687 -2,829 844 -21 -5,501 871 60 558 -1,715 481 :
: Percent of Open Interest Represented by Each Category of Trader :
: 47.0 52.2 1.3 5.6 0.4 24.4 12.1 12.4 6.7 8.5 7.3 :
: Number of Traders in Each Category Total Traders: 368 :
: 49 111 . 5 5 53 36 27 43 95 54 :
—————————————————————————————————————-

DJ Malaysian PM Cash Market Prices for Palm Oil – Sep 2
The following are prices for Malaysian palm oil in the cash market at 1000 GMT Tuesday, 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
Sep 1090.00 +12.50 Unquoted – –
Oct/Nov/Dec 1092.50 +12.50 Unquoted – –
Jan/Feb/Mar 1105.00 +15.00 Unquoted – –
Apr/May/Jun 1087.50 +15.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Sep 1095.00 +12.50 Unquoted – –
Oct/Nov/Dec 1097.50 +12.50 Unquoted – –
Jan/Feb/Mar 1110.00 +15.00 Unquoted – –
Apr/May/Jun 1092.50 +15.00 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Sep 1065.00 +15.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Sep 1015.00 +17.50 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Sep 4,420.00 +50.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Sep 470.00 +06.00 Unquoted – –
($1=MYR4.231)

DJ China Dalian Grain Futures Closing Prices, Volume – Sep 02
Soybean No. 1
Turnover: 124,071 lots, or 4.93 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-25 4,127 4,151 4,100 4,109 4,092 4,122 30 170 353
Nov-25 3,965 3,984 3,952 3,970 3,961 3,969 8 92,849 207,229
Jan-26 3,960 3,981 3,952 3,963 3,962 3,966 4 24,160 105,943
Mar-26 3,961 3,981 3,954 3,966 3,961 3,967 6 3,929 29,926
May-26 4,008 4,026 3,998 4,012 4,005 4,013 8 1,288 6,351
Jul-26 4,010 4,030 4,003 4,013 4,008 4,018 10 1,675 5,353
Corn
Turnover: 862,034 lots, or 19.01 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-25 2,264 2,280 2,264 2,265 2,240 2,265 25 407 18,268
Nov-25 2,196 2,216 2,193 2,200 2,190 2,206 16 615,673 948,162
Jan-26 2,183 2,199 2,180 2,183 2,180 2,190 10 183,465 404,941
Mar-26 2,200 2,215 2,196 2,198 2,197 2,207 10 31,642 140,093
May-26 2,250 2,262 2,248 2,249 2,247 2,256 9 19,538 70,028
Jul-26 2,263 2,272 2,258 2,259 2,259 2,267 8 11,309 17,010
Soymeal
Turnover: 985,510 lots, or 29.77 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-25 3,002 3,020 3,002 3,006 3,013 3,013 0 110 9,901
Nov-25 3,018 3,042 3,015 3,022 3,033 3,028 -5 61,295 533,124
Dec-25 3,061 3,077 3,055 3,061 3,070 3,066 -4 7,755 134,468
Jan-26 3,054 3,069 3,046 3,050 3,060 3,056 -4 757,362 2,048,115
Mar-26 2,985 2,996 2,981 2,983 2,988 2,987 -1 27,366 354,882
May-26 2,815 2,824 2,809 2,810 2,819 2,815 -4 123,802 965,694
Jul-26 2,802 2,809 2,797 2,800 2,807 2,802 -5 5,726 121,652
Aug-26 2,928 2,936 2,922 2,929 2,933 2,928 -5 2,094 25,055
Palm Oil
Turnover: 804,543 lots, or 75.87 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-25 9,450 9,450 9,346 9,380 9,314 9,408 94 274 1,883
Oct-25 9,352 9,468 9,338 9,396 9,292 9,420 128 13,908 7,860
Nov-25 9,320 9,456 9,320 9,376 9,286 9,402 116 6,072 9,428
Dec-25 9,374 9,484 9,372 9,402 9,306 9,424 118 1,091 1,265
Jan-26 9,388 9,508 9,378 9,422 9,326 9,442 116 745,699 449,555
Feb-26 9,340 9,464 9,340 9,372 9,290 9,378 88 99 1,116
Mar-26 9,286 9,410 9,286 9,308 9,240 9,332 92 134 449
Apr-26 9,282 9,318 9,242 9,260 9,164 9,284 120 20 76
May-26 9,130 9,242 9,130 9,176 9,086 9,186 100 37,131 71,020
Jun-26 9,078 9,122 9,048 9,082 8,992 9,092 100 68 73
Jul-26 8,978 9,034 8,950 8,956 8,874 8,980 106 31 149
Aug-26 8,938 8,974 8,888 8,914 8,812 8,920 108 16 32
Soybean Oil
Turnover: 331,762 lots, or 27.66 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-25 8,400 8,422 8,400 8,422 8,400 8,410 10 406 3,467
Nov-25 8,384 8,428 8,348 8,376 8,358 8,384 26 6,164 15,595
Dec-25 8,408 8,452 8,378 8,404 8,380 8,410 30 947 5,795
Jan-26 8,360 8,404 8,324 8,356 8,330 8,364 34 291,256 627,965
Mar-26 8,304 8,340 8,272 8,290 8,262 8,314 52 26 1,678
May-26 8,052 8,116 8,042 8,068 8,040 8,076 36 32,839 199,239
Jul-26 8,030 8,072 8,012 8,036 8,006 8,044 38 111 394
Aug-26 8,022 8,068 8,020 8,020 7,994 8,042 48 13 34
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