Grains Report 09/08/2025

DJ CBOT Delivery Intentions: Totals – Sep 8
Source: CME Group
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
SOYBEAN MEAL September Sep 09, 2025 88 Aug 28, 2025
SOYBEAN OIL September Sep 09, 2025 6 Sep 03, 2025
ROUGH RICE September Sep 09, 2025 16 Sep 03, 2025
KC HRW WHEAT September Sep 09, 2025 14 Aug 29, 2025
OATS September Sep 09, 2025 1 Sep 02, 2025
SOYBEAN September Sep 09, 2025 76 Sep 05, 2025

WHEAT
General Comments: Wheat was lower last week as the market found additional selling in response to word of lower prices being paid in Russia and the EU. A French government report showed plenty of production but lower quality. 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. Russian Black Sea prices have been dropping as late yields have improved. Southern hemisphere crops appear to be good and Australia estimates that production this year will be high.
Overnight News:
Chart Analysis: Trends in Chicago are mixed. Support is at 517, 511 and 505 December, with resistance at 527, 535, and 543 December. Trends in Kansas City are mixed to down. Support is at 502, 496, and 490 December, with resistance at 520, 523, and 529 December. Trends in Minneapolis are not available.

COT — Supplemental Report – Option and Futures Combined Positions as of September 02, 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 470,707
: Positions :
: 75,646 168,518 127,742 110,751 77,511 120,793 62,565 434,931 436,336: 35,775 34,371
: Changes from: August 26, 2025 (Change in open interest: -22,695) :
: -2,313 -4,477 -11,230 -7,538 -5,233 -853 -916 -21,934 -21,855: -761 -841
: Percent of Open Interest Represented by Each Category of Trader :
: 16.1 35.8 27.1 23.5 16.5 25.7 13.3 92.4 92.7: 7.6 7.3
: Total Traders: 385 Number of Traders in Each Category :
: 104 106 110 91 89 43 30 296 282:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of September 02, 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 295,883
: Positions :
: 39,835 91,081 68,271 73,082 84,885 93,808 31,283 274,995 275,519: 20,888 20,364
: Changes from: August 26, 2025 (Change in open interest: 7,039) :
: 638 6,933 1,811 1,522 -3,908 3,983 2,687 7,953 7,523: -913 -483
: Percent of Open Interest Represented by Each Category of Trader :
: 13.5 30.8 23.1 24.7 28.7 31.7 10.6 92.9 93.1: 7.1 6.9
: Total Traders: 264 Number of Traders in Each Category :
: 49 71 66 72 74 37 17 196 193:
——————————————————————————————————————-

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of September 2, 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 65,460 :
: Positions :
: 39,919 17,561 3,246 2,515 323 6,883 31,377 2,374 3,599 1,364 1,474 :
: Changes from: August 26, 2025 :
: 2,067 -1,706 -602 89 74 -235 1,464 -104 38 223 107 :
: Percent of Open Interest Represented by Each Category of Trader :
: 61.0 26.8 5.0 3.8 0.5 10.5 47.9 3.6 5.5 2.1 2.3 :
: Number of Traders in Each Category Total Traders: 116 :
: 51 37 6 . . 8 23 9 8 6 6 :
—————————————————————————————————————-

RICE:
General Comments Rice was a little lower last week but held the recent lows on the weekly charts as the harvest is active in Texas and southern Louisiana. Crop condition ratings were mostly good last week. Chart trends are mixed 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. 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. Harvest is active near the Gulf Coast and has started in Mississippi and Arkansas.
Overnight News:
Chart Analysis: Trends are mixed. Support is at 1182, 1172, and 1160 November and resistance is at 1201, 1229, and 1240 November.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of September 2, 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 12,632 :
: Positions :
: 6,318 1,985 189 145 0 267 6,405 1 1,906 845 1,294 :
: Changes from: August 26, 2025 :
: -264 -15 0 -2 0 -51 229 -1 163 -131 166 :
: Percent of Open Interest Represented by Each Category of Trader :
: 50.0 15.7 1.5 1.1 0.0 2.1 50.7 0.0 15.1 6.7 10.2 :
: Number of Traders in Each Category Total Traders: 66 :
: 18 17 . . 0 . 20 . 10 4 6 :
—————————————————————————————————————-

CORN AND OATS
General Comments: Corn was higher last week on ideas that USDA will cut back on production estimates later this week in the next round of monthly reports. Ideas are still that supplies will be more than ample for the demand, but the current weather and reports of disease has hurt yield potential. Ethanol demand was down 6% from last month at 456 million bushels and there are concerns about feed demand moving forward as feeder cattle imports from Mexico have been banned due to reports of screw worm disease in the cattle. There are also ideas that US production might not be super strong due to disease such as rust to offset the demand losses. Temperatures should average near to 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 and are now testing recent lows.
Overnight News:
Chart Analysis: Trends in Corn are mixed to up. Support is at 414, 410, and 404 December, and resistance is at 425, 430, and 434 December. Trends in Oats are mixed. Support is at 319, 313, and 307 December, and resistance is at 329, 338, and 344 December.

COT — Supplemental Report – Option and Futures Combined Positions as of September 02, 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 1,895,198
: Positions :
: 147,532 364,528 516,643 626,763 673,720 441,423 134,240 1,732,362 1,689,131: 162,837 206,068
: Changes from: August 26, 2025 (Change in open interest: 46,947) :
: 7,118 -8,369 32,861 1,792 22,411 14,735 2,102 56,506 49,004: -9,559 -2,057
: Percent of Open Interest Represented by Each Category of Trader :
: 7.8 19.2 27.3 33.1 35.5 23.3 7.1 91.4 89.1: 8.6 10.9
: Total Traders: 819 Number of Traders in Each Category :
: 112 171 182 364 371 51 25 647 649:
——————————————————————————————————————-

SOYBEANS
General Comments: Soybeans and the products were lower last week and continued to find some selling on ideas of strong yield potential despite the current cool and dry weather seen in the Midwest. The dry weather could hurt pod fill and bean size. Soybean Oil was lower on strong crush data released recently by USDA. A drop in condition ratings shown by USDA a week ago was given as a reason to buy and traders now anticipate that USDA will cut back on yield estimates in its next round of monthly reports later this week. 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 to down. Support is at 1027, 1020, and 1012 November, and resistance is at 1044, 1055, and 1063 November. Trends in Soybean Meal are mixed to 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 5080, 5040, and 4940 October, with resistance at 5230, 5340, and 5390 October.

COT — Supplemental Report – Option and Futures Combined Positions as of September 02, 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 1,074,829
: Positions :
: 72,112 124,922 293,848 428,989 533,774 223,978 48,769 1,018,927 1,001,314: 55,903 73,516
: Changes from: August 26, 2025 (Change in open interest: 18,192) :
: -3,733 7,195 2,006 16,189 6,380 3,394 4,432 17,855 20,013: 337 -1,821
: Percent of Open Interest Represented by Each Category of Trader :
: 6.7 11.6 27.3 39.9 49.7 20.8 4.5 94.8 93.2: 5.2 6.8
: Total Traders: 634 Number of Traders in Each Category :
: 132 147 194 229 256 49 21 521 525:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of September 02, 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 674,605
: Positions :
: 68,186 86,192 206,318 207,768 322,012 156,680 33,119 638,952 647,642: 35,653 26,964
: Changes from: August 26, 2025 (Change in open interest: -1,879) :
: -6,301 846 3,066 1,011 -6,872 302 1,353 -1,922 -1,608: 43 -271
: Percent of Open Interest Represented by Each Category of Trader :
: 10.1 12.8 30.6 30.8 47.7 23.2 4.9 94.7 96.0: 5.3 4.0
: Total Traders: 352 Number of Traders in Each Category :
: 102 70 109 99 107 45 23 290 270:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of September 02, 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 669,416
: Positions :
: 68,723 145,671 159,676 268,545 288,234 120,591 39,575 617,534 633,156: 51,882 36,260
: Changes from: August 26, 2025 (Change in open interest: -7,861) :
: -8,631 23,250 -311 2,250 -32,914 239 1,715 -6,453 -8,261: -1,408 400
: Percent of Open Interest Represented by Each Category of Trader :
: 10.3 21.8 23.9 40.1 43.1 18.0 5.9 92.2 94.6: 7.8 5.4
: Total Traders: 370 Number of Traders in Each Category :
: 74 94 106 134 114 40 21 308 285:
——————————————————————————————————————-

PALM OIL AND CANOLA
General Comments: Palm Oil futures were a little higher last week and higher today. 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 as exporters remain worried abouts access to the Chinese market. The Canadian government is moving now to support farmers in the face of the Chinese demand loss and also in the face of the Trump tariffs. 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 602.00, 596.00, and 590.00 November, with resistance at 652.00, 661.00, and 669.00 November. Trends in Palm Oil are mixed to up. Support is at 4340, 4300, and 4240 November, with resistance at 4530, 4590, and 4650 November.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of September 2, 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 18,691 :
: Positions :
: 12,291 8,210 1,116 3,396 1,160 3,145 0 435 524 5,450 20 :
: Changes from: August 26, 2025 :
: -1,294 -1,096 -26 -1,049 400 -711 0 435 -84 60 -20 :
: Percent of Open Interest Represented by Each Category of Trader :
: 65.8 43.9 6.0 18.2 6.2 16.8 0.0 2.3 2.8 29.2 0.1 :
: Number of Traders in Each Category Total Traders: 35 :
: 9 7 . 5 . . 0 . . 10 . :
—————————————————————————————————————-

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of September 2, 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 244,068 :
: Positions :
: 115,992 119,668 3,638 12,869 978 53,197 33,037 33,153 16,615 21,711 19,016 :
: Changes from: August 26, 2025 :
: 3,836 -4,963 650 -473 -45 -4,953 4,091 3,565 692 1,444 1,527 :
: Percent of Open Interest Represented by Each Category of Trader :
: 47.5 49.0 1.5 5.3 0.4 21.8 13.5 13.6 6.8 8.9 7.8 :
: Number of Traders in Each Category Total Traders: 368 :
: 51 110 . 6 5 51 45 26 42 96 54 :
—————————————————————————————————————-

DJ Malaysian PM Cash Market Prices for Palm Oil – Sep 8
The following are prices for Malaysian palm oil in the cash market at 1000 GMT Monday, 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 1092.50 +07.50 Unquoted – –
Oct 1097.50 — Unquoted – –
Nov 1107.50 — Unquoted – –
Jan/Feb/Mar 1112.50 +12.50 Unquoted – –
Apr/May/Jun 1092.50 +10.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Sep 1097.50 +07.50 Unquoted – –
Oct 1102.50 — Unquoted – –
Nov 1112.50 — Unquoted – –
Jan/Feb/Mar 1117.50 +12.50 Unquoted – –
Apr/May/Jun 1097.50 +10.00 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Sep 1072.50 +02.50 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Sep 1020.00 +05.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Sep 4,430.00 +30.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Sep 474.00 +01.00 Unquoted – –
($1=MYR4.2155)

DJ China Dalian Grain Futures Closing Prices, Volume – Sep 08
Soybean No. 1
Turnover: 109,928 lots, or 4.37 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-25 – – – 4,067 4,056 4,067 11 8 95
Nov-25 3,971 3,987 3,961 3,977 3,975 3,973 -2 80,262 197,560
Jan-26 3,978 3,987 3,961 3,976 3,974 3,973 -1 23,441 107,426
Mar-26 3,978 3,989 3,963 3,976 3,975 3,974 -1 3,127 29,395
May-26 4,021 4,034 4,009 4,020 4,020 4,019 -1 1,183 6,419
Jul-26 4,024 4,037 4,013 4,023 4,023 4,023 0 1,907 5,637
Corn
Turnover: 649,559 lots, or 14.44 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-25 2,297 2,297 2,256 2,256 2,297 2,285 -12 35 18,132
Nov-25 2,227 2,233 2,219 2,231 2,219 2,226 7 472,105 909,776
Jan-26 2,208 2,209 2,197 2,205 2,200 2,203 3 127,541 414,382
Mar-26 2,211 2,217 2,207 2,214 2,210 2,212 2 22,122 152,041
May-26 2,265 2,271 2,261 2,268 2,260 2,266 6 14,371 78,598
Jul-26 2,273 2,278 2,270 2,274 2,271 2,274 3 13,385 22,230
Soymeal
Turnover: 1,387,535 lots, or 42.02 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-25 3,040 3,040 3,022 3,022 3,028 3,031 3 887 3,058
Nov-25 3,048 3,069 3,036 3,049 3,028 3,051 23 79,948 532,817
Dec-25 3,082 3,105 3,076 3,092 3,067 3,091 24 8,239 137,713
Jan-26 3,070 3,095 3,064 3,081 3,058 3,079 21 1,001,708 1,990,833
Mar-26 2,997 3,020 2,994 3,005 2,992 3,007 15 55,138 361,805
May-26 2,809 2,820 2,802 2,809 2,806 2,811 5 215,315 968,519
Jul-26 2,792 2,800 2,785 2,787 2,791 2,792 1 23,736 133,265
Aug-26 2,917 2,928 2,913 2,914 2,917 2,918 1 2,564 25,895
Palm Oil
Turnover: 650,608 lots, or 61.34 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-25 9,320 9,320 9,320 9,320 9,354 9,320 -34 87 1,138
Oct-25 9,464 9,470 9,376 9,448 9,420 9,422 2 9,235 7,788
Nov-25 9,472 9,472 9,362 9,438 9,428 9,414 -14 2,827 10,656
Dec-25 9,492 9,496 9,374 9,456 9,462 9,434 -28 815 1,144
Jan-26 9,510 9,514 9,380 9,466 9,456 9,438 -18 605,851 443,215
Feb-26 9,482 9,482 9,366 9,380 9,414 9,400 -14 28 1,199
Mar-26 9,428 9,428 9,332 9,392 9,380 9,386 6 76 611
Apr-26 9,326 9,326 9,268 9,278 9,324 9,284 -40 14 78
May-26 9,278 9,280 9,168 9,254 9,228 9,218 -10 31,638 76,144
Jun-26 9,160 9,160 9,082 9,122 9,148 9,122 -26 18 75
Jul-26 9,066 9,066 8,984 9,004 9,032 9,038 6 13 148
Aug-26 8,978 8,978 8,936 8,940 8,944 8,956 12 6 45
Soybean Oil
Turnover: 346,630 lots, or 29.01 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-25 – – – 8,420 8,420 8,420 0 242 2,746
Nov-25 8,474 8,476 8,406 8,444 8,424 8,432 8 5,772 17,819
Dec-25 8,486 8,492 8,432 8,458 8,446 8,454 8 837 5,998
Jan-26 8,450 8,454 8,376 8,416 8,400 8,408 8 293,801 629,190
Mar-26 8,360 8,362 8,310 8,340 8,326 8,326 0 104 1,733
May-26 8,122 8,140 8,084 8,124 8,092 8,110 18 45,809 215,466
Jul-26 8,088 8,088 8,042 8,070 8,052 8,062 10 61 356
Aug-26 8,052 8,054 8,052 8,054 8,056 8,052 -4 4 32
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