Grains Report 09/04/2025

DJ CBOT Delivery Intentions: Totals – Sep 4
Source: CME Group
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
SOYBEAN MEAL September Sep 05, 2025 13 Aug 25, 2025
SOYBEAN OIL September Sep 05, 2025 82 Sep 02, 2025
ROUGH RICE September Sep 05, 2025 360 Sep 02, 2025
SOYBEAN September Sep 05, 2025 126 Sep 02, 2025
WHEAT September Sep 05, 2025 8 Aug 27, 2025

DJ U.S. July Grain Exports-Sep 4
In kilograms (top) and in bushels (bottom), except flour in cwt and malt
in pounds. /1 denotes includes commercial and donated. Source: U.S. Department
of Commerce.
(*)NOTE: Year ago figures reflect data reported at that time.
Data includes Exports and Re-Exports.
——- In Kilograms ——-
Jul 25 Jun 25 May 25 Jul 24
Barley 1,820,000 495,000 528,000 2,320,000
Corn /1 6,224,451,000 6,746,985,000 7,288,239,000 5,259,807,000
Sorghum 125,432,000 183,489,000 155,639,000 410,112,000
Oats 2,821,522 3,673,529 3,316,834 1,551,339
Rye 527,801 1,243,087 340,000 463,869
Wheat /1 2,305,623,556 1,719,735,822 2,161,608,644 1,959,541,223
wheat flour /1 20,428,825 21,846,451 16,680,881 18,518,229
Malt 32,743,397 31,960,083 26,285,132 31,998,234
——- In Bushels, CWT or Pounds ——-
Jul 25 Jun 25 May 25 Jul 24
Barley 83,591 22,735 24,251 106,556
Corn /1 245,043,297 265,614,341 286,922,351 207,067,330
Sorghum 4,937,989 7,223,569 6,127,174 16,145,231
Oats 194,385 253,083 228,509 106,878
Rye 20,778 48,938 13,385 18,262
Wheat /1 84,716,294 63,188,826 79,424,706 72,000,076
wheat flour /1 450,379 481,632 367,751 408,257
Malt 72,186,846 70,459,934 57,948,807 70,544,043
1/Includes commercial and donated.

DJ U.S. July Oilseed, Meal, Oils/Fats Exports-Sep 4
In kilograms (top). Oils in pounds, soybeans in bushels, meal and hulls in
short tons (bottom). Source: U.S. Department of Commerce.
(*)NOTE: Year ago figures reflect data reported at that time.
Data includes Exports and Re-Exports.
——- In Kilograms ——-
Jul 25 Jun 25 May 25 Jul 24
soybeans 1,751,923,882 1,500,661,887 1,595,293,771 1,495,833,198
soyoil 28,651,357 42,540,748 142,408,747 44,168,425
crude 6,975,381 17,446,181 119,899,210 29,070,304
refined 4,989,326 5,457,877 96,866 81,245
other/1 16,562,293 19,512,749 22,038,010 14,839,818
hydrogenated 124,357 123,941 374,661 177,058
cottonseed oil 2,692,049 2,023,522 1,222,099 554,627
crude 1,515,999 670,722 149,759 0
refined 467,903 834,722 629,221 404,795
other/1 708,147 518,078 443,119 149,212
hydrogenated 620
sunseeds 102,632 173,488 0 18,638
sunseed oil 3,043,944 2,062,699 1,615,493 3,646,828
rapeseed 22,954,532 15,343,265 15,434,642 12,817,565
rapeseed oil 7,874,853 4,084,346 8,626,570 3,340,477
crude 3,691,919 330,174 6,655,031 184,657
refined 4,182,934 3,754,172 1,971,539 3,155,820
linseed meal 22,000 0 0 205,619
cottonseed meal 2,320,615 2,570,636 3,562,516 2,971,072
soymeal 1,010,212,761 1,000,493,541 1,132,107,837 768,430,709
soymeal/flour 356,582,845 316,340,319 206,141,471 236,813,134
soymeal hulls 25,482,000 7,511,000 22,826,000 12,355,000
lard 761,598 436,105 1,185,419 680,875
edible tallow 5,165,531 5,402,292 5,930,572 4,369,464
inedible tallow 3,551,163 1,513,205 3,976,446 14,029,641
ch white grease 21,560 0 0 65,148
——- In Bushels, Pounds or Short Tons ——-
Jul 25 Jun 25 May 25 Jul 24
soybeans 64,371,523 55,139,319 58,616,410 54,961,897
soyoil 63,165,441 93,786,311 313,957,599 97,374,726
crude 15,378,085 38,462,252 264,332,556 64,089,061
refined 10,999,583 12,032,561 213,553 179,115
other/1 36,513,612 43,018,255 48,585,504 32,716,204
hydrogenated 274,160 273,243 825,986 390,346
cottonseed oil 5,934,953 4,461,103 2,694,268 1,222,743
crude 3,342,206 1,478,689 330,162 0
refined 1,031,550 1,840,247 1,387,195 892,420
other/1 1,561,197 1,142,167 976,910 328,956
hydrogenated 0 0 0 1,367
sunseeds 226,265 382,476 0 41,090
sunseed oil 6,710,749 4,547,474 3,561,553 8,039,881
rapeseed 50,606,089 33,826,115 34,027,567 28,257,899
rapeseed oil 17,361,082 9,004,443 19,018,335 7,364,492
crude 8,139,290 727,909 14,671,834 407,099
refined 9,221,793 8,276,534 4,346,500 6,957,393
linseed meal 24 0 0 227
cottonseed meal 2,558 2,834 3,927 3,275
soymeal 1,113,558 1,102,844 1,247,922 847,041
soymeal flour/me 393,061 348,702 227,230 261,039
soymeal hulls 28,089 8,279 25,161 13,619
lard 1,679,036 961,447 2,613,402 1,501,073
edible tallow 11,388,048 11,910,017 13,074,675 9,633,021
inedible tallow 7,828,976 3,336,047 8,766,564 30,930,069
ch white grease 47,532 0 0 143,627

DJ U.S. July Grain Imports-Sep 4
In kilograms, from the U.S. Commerce Department, converted to
pounds by Dow Jones.
—-Jul 2025—- —-Jun 2025—-
kilograms pounds kilograms pounds
durum wheat 0 0 642,096 1,415,822
spring wheat 11,617,500 25,616,588 772,018 1,702,300
winter wheat 0 0 0 0
wheat/meslin 0 0 0 0
TOTAL WHEAT 11,617,500 25,616,588 1,414,114 3,118,121
barley 9,356,771 20,631,680 848,732 1,871,454
oats 461,434 1,017,462 351,025 774,010
corn 37,323,536 82,298,397 30,106,381 66,384,570
other corn 1,988,159 4,383,891 1,533,072 3,380,424
TOTAL CORN 39,311,695 86,682,287 31,639,453 69,764,994

DJ U.S. Jul Soymeal, Vegetable Oils/Oilseed Imports-Sep 4
In kilograms from the U.S. Commerce Department, converted to pounds
by Dow Jones.
—-Jul 2025—- —-Jun 2025—-
kilograms pounds kilograms pounds
coconut oil 30,274,207 66,754,626 24,524,519 54,076,564
palm kernel oil 50,482,790 111,314,552 47,642,202 105,051,055
palm oil 137,191,306 302,506,830 88,069,664 194,193,609
soybean 93,996,829 207,263,008 27,340,123 60,284,971
soymeal 0 0 0 0
soyoil 12,882,451 28,405,804 12,509,667 27,583,816
rapeseed oil
edible 172,443,167 380,237,183 208,649,109 460,071,285
rapeseed oil,
inedible 69,724 153,741 108,137 238,442

WHEAT
General Comments: Wheat was lower as the market 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.

RICE:
General Comments Rice was lower 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 1229, 1240, and 1263 November.

CORN AND OATS
General Comments: Corn was higher yesterday 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 are also ideas that US production might not be super strong due to disease such as rust. 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 lower.
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. Support is at 325, 319, and 313 December, and resistance is at 338, 344, and 351 December.

SOYBEANS
General Comments: Soybeans and Soybean Meal 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. Soybean Oil was higher. 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: Philippines bought 185,000 tons of US Soybean Meal.
Analysis: Trends in Soybeans are mixed. Support is at 1031, 1027, and 1020 November, and resistance is at 1055, 1063, and 1074 November. Trends in Soybean Meal are down. Support is at 274.00, 270.00, and 266.00 October, and resistance is at 283.00, 288.00, and 290.00 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.

PALM OIL AND CANOLA
General Comments: Palm Oil futures were lower on ideas of weaker demand moving forward. 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 with Soybean Oil despite 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.

DJ Malaysian PM Cash Market Prices for Palm Oil – Sep 4
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.
Refined, bleached and deodorized palm oil, FOB, Malaysian ports
Offer Change Bid Change Traded
Sep 1085.00 00.00 Unquoted – –
Oct/Nov/Dec 1090.00 00.00 Unquoted – –
Jan/Feb/Mar 1100.00 00.00 Unquoted – –
Apr/May/Jun 1082.50 +02.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Sep 1090.00 00.00 Unquoted – –
Oct/Nov/Dec 1095.00 00.00 Unquoted – –
Jan/Feb/Mar 1105.00 00.00 Unquoted – –
Apr/May/Jun 1087.00 +02.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Sep 1070.00 +07.50 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Sep 1015.00 +02.50 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Sep 4,400.00 00.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Sep 473.00 +03.00 Unquoted – –
($1=MYR4.2255)

DJ China Dalian Grain Futures Closing Prices, Volume – Sep 04
Soybean No. 1
Turnover: 130,543 lots, or 5.18 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-25 4,056 4,056 4,056 4,056 4,087 4,056 -31 132 227
Nov-25 3,951 3,982 3,951 3,965 3,964 3,966 2 101,673 199,022
Jan-26 3,955 3,979 3,954 3,966 3,961 3,966 5 23,380 107,345
Mar-26 3,960 3,979 3,956 3,965 3,963 3,968 5 2,955 29,660
May-26 4,007 4,025 4,002 4,009 4,009 4,012 3 942 6,447
Jul-26 4,008 4,028 4,006 4,014 4,012 4,016 4 1,461 5,494
Corn
Turnover: 583,515 lots, or 12.84 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-25 2,303 2,351 2,273 2,304 2,257 2,315 58 634 16,926
Nov-25 2,192 2,212 2,192 2,210 2,197 2,200 3 425,374 918,655
Jan-26 2,181 2,195 2,179 2,194 2,183 2,187 4 111,407 404,352
Mar-26 2,194 2,207 2,192 2,207 2,197 2,200 3 21,010 142,601
May-26 2,244 2,255 2,243 2,255 2,246 2,249 3 8,483 72,241
Jul-26 2,259 2,266 2,254 2,265 2,257 2,261 4 16,607 18,845
Soymeal
Turnover: 1,280,594 lots, or 38.73 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-25 3,020 3,020 2,997 2,997 3,015 3,004 -11 8 8,709
Nov-25 3,029 3,045 3,013 3,016 3,027 3,032 5 77,166 538,924
Dec-25 3,069 3,087 3,056 3,059 3,071 3,075 4 11,552 136,451
Jan-26 3,058 3,076 3,046 3,048 3,057 3,063 6 956,943 2,043,281
Mar-26 2,998 3,014 2,988 2,989 2,991 3,002 11 53,953 371,938
May-26 2,817 2,827 2,806 2,808 2,816 2,817 1 167,801 955,236
Jul-26 2,807 2,812 2,794 2,796 2,804 2,803 -1 10,756 123,728
Aug-26 2,930 2,938 2,920 2,923 2,931 2,929 -2 2,415 25,275
Palm Oil
Turnover: 763,025 lots, or 71.47 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-25 9,316 9,400 9,308 9,368 9,396 9,352 -44 13 1,226
Oct-25 9,352 9,424 9,304 9,366 9,394 9,358 -36 9,835 7,534
Nov-25 9,332 9,414 9,294 9,360 9,382 9,340 -42 3,561 9,909
Dec-25 9,342 9,434 9,306 9,378 9,398 9,354 -44 752 1,238
Jan-26 9,360 9,450 9,312 9,390 9,410 9,376 -34 715,948 445,523
Feb-26 9,332 9,412 9,278 9,406 9,360 9,354 -6 97 1,199
Mar-26 9,308 9,360 9,242 9,328 9,314 9,298 -16 130 566
Apr-26 9,194 9,288 9,194 9,270 9,234 9,224 -10 17 76
May-26 9,138 9,220 9,092 9,174 9,176 9,156 -20 32,628 72,282
Jun-26 9,026 9,122 9,012 9,100 9,068 9,066 -2 17 75
Jul-26 8,952 9,022 8,926 8,970 8,976 8,968 -8 19 152
Aug-26 8,906 8,950 8,906 8,946 8,912 8,930 18 8 42
Soybean Oil
Turnover: 331,603 lots, or 27.61 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-25 8,410 8,410 8,410 8,410 8,456 8,410 -46 102 3,091
Nov-25 8,382 8,410 8,330 8,382 8,390 8,370 -20 6,971 16,695
Dec-25 8,402 8,434 8,362 8,404 8,416 8,398 -18 917 5,919
Jan-26 8,366 8,384 8,312 8,356 8,368 8,348 -20 294,552 619,115
Mar-26 8,296 8,322 8,286 8,302 8,328 8,298 -30 46 1,689
May-26 8,066 8,094 8,026 8,066 8,082 8,060 -22 28,904 203,603
Jul-26 8,020 8,050 7,998 8,020 8,048 8,022 -26 101 374
Aug-26 8,024 8,042 7,998 8,042 8,058 8,012 -46 10 33
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