Grains Report 09/10/2025

DJ CBOT Delivery Intentions: Totals – Sep 10
Source: CME Group
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
SOYBEAN MEAL September Sep 11, 2025 8 Aug 29, 2025
SOYBEAN OIL September Sep 11, 2025 87 Sep 05, 2025
RICE September Sep 11, 2025 50 Sep 04, 2025
KC HRW WHEAT September Sep 11, 2025 6 Aug 29, 2025
OATS September Sep 11, 2025 4 Sep 09, 2025
SOYBEAN September Sep 11, 2025 15 Sep 09, 2025

WHEAT
General Comments: Wheat was higher yesterday with HRW futures leading the way up. Sovecon in Russia raised production estimates to 86.1 million tons, from 85.4 million in its previous estimate, due to increased Spring wheat production found in the Volga valley region. It remains too dry in Winter Wheat areas and too wet in Spring Wheat areas of Russia. 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. Support is at 502, 496, and 490 December, with resistance at 520, 523, and 529 December. Trends in Minneapolis are not available.

RICE:
General Comments Rice was higher yesterday in light volume trading. The harvest is active in Texas and southern Louisiana. Crop condition ratings were mostly good last week. 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. 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 winding down near the Gulf Coast and is increasing in Mississippi and Arkansas.
Overnight News:
Chart Analysis: Trends are down. Support is at 1154, 1148, and 1136 November and resistance is at 1201, 1229, and 1240 November.

CORN AND OATS
General Comments: Corn was lower yesterday in consolidation trading and despite 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. This comes as some private forecasters such ad FC Stone, Allendale, and S&P have kept yield estimates extremely high. 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 western Midwest has seen adequate or greater precipitation and production ideas are high. Areas east of the Mississippi River have been very dry for the last month or more. 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.

SOYBEANS
General Comments: Soybeans and Soybean Oil were lower yesterday, but Soybean Meal was higher. Cool and dry weather has been seen recently in the Midwest. The dry weather could hurt pod fill and bean size. A drop in condition ratings by USDA was expected and 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 1020, 1012, and 1002 November, and resistance is at 1037, 1044, and 1055 November. Trends in Soybean Meal are mixed to down. Support is at 274.00, 270.00, and 266.00 October, and resistance is at 288.00, 290.00, and 293.00 October. Trends in Soybean Oil are mixed to down. Support is at 4940, 4840, and 4740 October, with resistance at 5180, 5240, and 5340 October.

PALM OIL AND CANOLA
General Comments: Palm Oil futures were lower on ideas of weakening export demnd. 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 lower. Concerns remain about demand potential. 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 610.00, 602.00, and 596.00 November, with resistance at 636.00, 653.00, and 661.00 November. Trends in Palm Oil are mixed to up. Support is at 4380, 4340, and 4300 November, with resistance at 4530, 4590, and 4650 November.

DJ Malaysia’s August Palm Oil Exports 1.32M Tons; Down 0.3%, MPOB Says
Malaysia’s palm oil exports were down 0.3% on month at 1.32 million metric tons in August, the Malaysian Palm Oil Board said.
The following are details of the August crop data and revised numbers for July, issued by MPOB:
August July Change
On Month
Crude Palm Oil Output 1,855,008 1,812,417 Up 2.35%
Palm Oil Exports 1,324,672 1,328,547 Dn 0.29%
Palm Kernel Oil Exports 110,656 90,028 Up 22.91%
Palm Oil Imports 49,036 61,039 Dn 19.66%
Closing Stocks 2,202,534 2,114,085 Up 4.18%
Crude Palm Oil 1,076,717 1,021,087 Up 5.45%
Processed Palm Oil 1,125,817 1,092,998 Up 3%

DJ Malaysian PM Cash Market Prices for Palm Oil – Sep 10
The following are prices for Malaysian palm oil in the cash market at 1000 GMT Wednesday, 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 1082.50 -07.50 Unquoted – –
Oct 1085.00 -12.50 Unquoted – –
Nov/Dec 1095.00 -12.50 Unquoted – –
Jan/Feb/Mar 1097.50 -12.50 Unquoted – –
Apr/May/Jun 1080.00 -10.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Sep 1087.50 -07.50 Unquoted – –
Oct 1090.00 -12.50 Unquoted – –
Nov/Dec 1100.00 -12.50 Unquoted – –
Jan/Feb/Mar 1102.50 -12.50 Unquoted – –
Apr/May/Jun 1085.00 -12.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Sep 1060.00 -15.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Sep 1017.50 -12.50 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Sep 4,390.00 -10.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Sep 475.00 -02.00 Unquoted – –
($1=MYR4.2175)

DJ China Dalian Grain Futures Closing Prices, Volume – Sep 10
Soybean No. 1
Turnover: 206,277 lots, or 8.12 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-25 4,040 4,040 4,040 4,040 4,067 4,040 -27 60 93
Nov-25 3,968 3,972 3,910 3,911 3,971 3,935 -36 146,244 209,105
Jan-26 3,971 3,971 3,916 3,917 3,970 3,936 -34 49,941 111,974
Mar-26 3,970 3,972 3,920 3,922 3,971 3,938 -33 6,001 30,851
May-26 4,012 4,016 3,962 3,964 4,016 3,983 -33 1,581 6,847
Jul-26 4,017 4,018 3,965 3,967 4,018 3,985 -33 2,450 5,781
Corn
Turnover: 773,359 lots, or 16.97 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-25 – – – 2,285 2,285 2,285 0 0 11,679
Nov-25 2,216 2,216 2,192 2,197 2,215 2,199 -16 513,873 860,426
Jan-26 2,190 2,190 2,167 2,170 2,191 2,174 -17 199,387 422,160
Mar-26 2,203 2,204 2,181 2,186 2,204 2,188 -16 34,327 169,118
May-26 2,254 2,255 2,237 2,240 2,258 2,241 -17 12,296 80,379
Jul-26 2,262 2,262 2,250 2,255 2,266 2,254 -12 13,476 24,522
Soymeal
Turnover: 1,065,482 lots, or 3.22 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-25 – – – 3,031 3,031 3,031 0 0 2,988
Nov-25 3,041 3,044 3,022 3,029 3,042 3,031 -11 61,348 545,574
Dec-25 3,090 3,092 3,072 3,080 3,090 3,080 -10 7,184 140,668
Jan-26 3,079 3,079 3,055 3,066 3,076 3,064 -12 805,619 2,014,690
Mar-26 2,998 3,002 2,983 2,991 2,999 2,991 -8 31,366 356,025
May-26 2,800 2,806 2,793 2,798 2,802 2,799 -3 144,118 986,077
Jul-26 2,781 2,783 2,772 2,777 2,781 2,778 -3 13,250 139,433
Aug-26 2,907 2,911 2,902 2,906 2,909 2,907 -2 2,597 26,613
Palm Oil
Turnover: 918,431 lots, or 85.71 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-25 9,446 9,446 9,446 9,446 9,478 9,446 -32 54 1,054
Oct-25 9,420 9,424 9,228 9,228 9,436 9,320 -116 12,879 8,216
Nov-25 9,420 9,424 9,216 9,216 9,434 9,314 -120 4,602 11,264
Dec-25 9,446 9,446 9,234 9,234 9,458 9,326 -132 1,275 1,189
Jan-26 9,470 9,472 9,244 9,244 9,470 9,340 -130 859,709 444,900
Feb-26 9,386 9,386 9,214 9,214 9,410 9,284 -126 67 1,228
Mar-26 9,394 9,394 9,204 9,208 9,394 9,290 -104 126 670
Apr-26 9,280 9,290 9,138 9,138 9,326 9,200 -126 15 77
May-26 9,256 9,256 9,038 9,040 9,246 9,126 -120 39,656 76,082
Jun-26 9,100 9,104 8,970 8,970 9,156 9,030 -126 21 72
Jul-26 9,006 9,006 8,888 8,888 9,052 8,942 -110 21 152
Aug-26 8,922 8,922 8,898 8,898 8,966 8,910 -56 6 45
Soybean Oil
Turnover: 512,750 lots, or 4.25 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-25 8,650 8,650 8,222 8,262 8,286 8,414 128 31 1,328
Nov-25 8,420 8,430 8,280 8,280 8,448 8,344 -104 8,503 17,770
Dec-25 8,442 8,452 8,302 8,302 8,466 8,374 -92 1,279 6,045
Jan-26 8,388 8,408 8,250 8,256 8,418 8,322 -96 448,885 611,919
Mar-26 8,324 8,328 8,184 8,184 8,336 8,236 -100 171 1,639
May-26 8,108 8,108 7,962 7,964 8,122 8,028 -94 53,559 219,663
Jul-26 8,052 8,052 7,936 7,936 8,080 7,982 -98 295 514
Aug-26 8,042 8,042 7,954 7,954 8,086 7,998 -88 27 49
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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