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Jack Scoville

Jack Scoville is an often quoted market analyst in the grain and soft commodities sectors. You will find his commentary throughout the Reuters, Wall Street Journal, Dow Jones, Bloomberg, and Barron's publications. Contact Mr. Scoville at (312) 264-4322

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Grains Report 09/24/2025

By On September 24, 2025 - 9:45 AM · In Market Commentaries, Morning Grains & Softs Report
WHEAT
General Comments:   Wheat closed higher in recovery trading and reports of higher prices in Russia.  Russian sources told wire services that producers there are set to reduce offers and production due to low prices and problems with the government.  It remains too dry in Winter Wheat areas and too wet in Spring Wheat areas of Russia, but crop size ideas are expected to increase due to reports of big yields in Spring Wheat growing areas.  A French government report showed plenty of production but lower quality.  Rains have been good in the northern Great Plains and Canada, but western areas have been a little too dry for best yield potential and the northern Plains had hot and dry areas earlier in the year.  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 505, 499 and 493 December, with resistance at 532, 535, and 543 December.  Trends in Kansas City are mixed.  Support is at 496, 490, and 484 December, with resistance at 520, 523, and 529 December. Trends in Minneapolis are not available.
RICE:
General Comments   Rice was a little higher in quiet trading yesterday and the market remained in a trading range.  The harvest is wrapping up in Texas and southern Louisiana.  Harvest is active in Mississippi and Arkansas.  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.  Louisiana reports 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.
Overnight News:
Chart Analysis: Trends are mixed.  Support is at 1124, 1112, and 1100 November and resistance is at 1168, 1181, and 1201 November.
CORN AND OATS
General Comments: Corn was higher yesterday but trends are still turning down as the crop is maturing and the harvest is starting to expand.  There are 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 there are forecasts for scattered showers.  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 moderate to strong.  Oats were lower.
Overnight News:  Mexico bought 312,956 tons of US Corn.
Chart Analysis:  Trends in Corn are mixed to down.  Support is at 417, 414, and 411 December, and resistance is at 431, 434, and 442 December.  Trends in Oats are down.  Support is at 307, 301, and 295 December, and resistance is at 316, 320, and 324 December.
SOYBEANS
General Comments: Soybeans and Soybean oil were both higher while Soybean Meal was lower yesterday.  There are still no indications that China was changing its trade policies and on forecasts for a little rain to be seen in the Midwest this weekend.  Cool and dry weather has been seen recently in the Midwest.  The dry weather could hurt pod fill and bean size, but rains were reported over the weekend and more are forecast for this week that would help maintain size and moisture.  Argentina has removed taxes on Soybeans exports and China immediately bought up to 15 cargoes.  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 due to the Trump tariff regime.
Overnight News:  Guatemala bought 101,400 tons of US Soybean Meal.
Analysis:  Trends in Soybeans are down.  Support is at 1002, 995, and 981 November, and resistance is at 1024, 1029, and  1036 November.  Trends in Soybean Meal are mixed to down.  Support is at 274.00, 270.00, and 266.00 October, and resistance is at 285.00, 289.00, and 293.00 October.  Trends in Soybean Oil are down.  Support is at 4840, 4740, and 4680 October, with resistance at 5070, 5110, and 5170 October.
PALM OIL AND CANOLA
General Comments:   Palm Oil futures were higher today with the price action in Chicago and ideas of weaker production and strong export demand.  Canola was higher with Chicago Soybeans during the day session.  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 mixed on the daily charts and on the weekly charts.
Overnight News:
Chart Analysis: Trends in Canola are down.  Support is at 602.00, 596.00, and 590.00 November, with resistance at 630.00, 640.00, and 653.00 November.  Trends in Palm Oil are mixed to down.  Support is at 4320, 4200, and 4130 December, with resistance at 4430, 4480, and 4530 December.
DJ Malaysian PM Cash Market Prices for Palm Oil – Sep 24
  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
Oct          1075.00    +02.50      Unquoted   –        –
Nov          1082.50    +05.00      Unquoted   –        –
Dec          1085.00    +05.00      Unquoted   –        –
Jan/Feb/Mar  1087.50    +07.50      Unquoted   –        –
Apr/May/Jun  1070.00    +07.50      Unquoted   –        –
RBD palm olein, FOB, Malaysian ports
              Offer      Change      Bid        Change   Traded
Oct           1080.00    +02.50      Unquoted   –        –
Nov           1087.50    +05.00      Unquoted   –        –
Dec           1090.00    +05.00      Unquoted   –        –
Jan/Feb/Mar   1092.50    +07.50      Unquoted   –        –
Apr/May/Jun   1075.00    +07.50      Unquoted   –        –
RBD palm stearin, FOB, Malaysian ports
              Offer      Change      Bid        Change   Traded
Oct           1060.00     00.00      Unquoted   –        –
Palm Fatty Acid Distillate, FOB Malaysian ports
              Offer      Change      Bid        Change   Traded
Oct           1030.00    +05.00      Unquoted   –        –
Crude palm oil, Delivered Basis, South Malaysia
               Offer      Change      Bid        Change   Traded
Oct            4,370.00   +30.00      Unquoted   –        –
Palm kernel oil, Delivered Basis, South Malaysia
               Offer      Change      Bid        Change   Traded
Oct            479.00      00.00      Unquoted   –        –
($1=MYR4.208)
DJ China Dalian Grain Futures Closing Prices, Volume – Sep 24
Soybean No. 1
Turnover: 177,325 lots, or .69 billion yuan
            Open      High       Low     Close     Prev.    Settle       Ch.       Vol      Open
                                                  Settle                                Interest
Nov-25     3,883     3,913     3,870     3,907     3,876     3,890        14   113,327   201,723
Jan-26     3,871     3,899     3,860     3,893     3,870     3,879         9    47,487   116,008
Mar-26     3,875     3,901     3,866     3,894     3,872     3,886        14     9,851    33,675
May-26     3,925     3,942     3,909     3,928     3,911     3,929        18     2,807     8,172
Jul-26     3,924     3,947     3,913     3,927     3,917     3,931        14     3,509     8,308
Sep-26     3,925     3,954     3,925     3,934     3,927     3,942        15       344       950
Corn
Turnover: 579,589 lots, or 12.49 billion yuan
            Open      High       Low     Close     Prev.    Settle       Ch.       Vol      Open
                                                  Settle                                Interest
Nov-25     2,163     2,165     2,151     2,164     2,151     2,158         7   378,434   746,974
Jan-26     2,137     2,140     2,130     2,136     2,134     2,134         0   138,201   501,226
Mar-26     2,147     2,152     2,140     2,146     2,146     2,146         0    32,744   229,858
May-26     2,204     2,207     2,196     2,202     2,207     2,201        -6    16,362    96,977
Jul-26     2,220     2,221     2,209     2,215     2,220     2,214        -6    12,943    44,897
Sep-26     2,234     2,236     2,226     2,229     2,235     2,231        -4       905     1,669
Soymeal
Turnover: 1,713,985 lots, or 49.51 billion yuan
            Open      High       Low     Close     Prev.    Settle       Ch.         Vol        Open
                                                  Settle                                    Interest
Nov-25     2,894     2,915     2,877     2,904     2,922     2,895       -27      98,722     496,830
Dec-25     2,938     2,955     2,922     2,945     2,968     2,937       -31      14,863     138,103
Jan-26     2,926     2,940     2,908     2,930     2,954     2,922       -32   1,226,653   2,035,083
Mar-26     2,893     2,915     2,886     2,905     2,906     2,897        -9      64,869     350,770
May-26     2,729     2,759     2,728     2,749     2,739     2,743         4     279,242   1,033,183
Jul-26     2,724     2,749     2,724     2,740     2,736     2,737         1      14,277     131,968
Aug-26     2,836     2,858     2,835     2,850     2,843     2,848         5       3,998      28,640
Sep-26     2,842     2,862     2,840     2,856     2,847     2,851         4      11,361      38,927
Palm Oil
Turnover: 651,807 lots, or 59.08 billion yuan
            Open      High       Low     Close     Prev.    Settle       Ch.       Vol      Open
                                                  Settle                                Interest
Oct-25     8,942     8,996     8,848     8,972     8,948     8,904       -44       321       442
Nov-25     9,050     9,094     8,984     9,084     9,052     9,044        -8     7,920    16,405
Dec-25     9,058     9,108     8,990     9,098     9,072     9,052       -20     1,628     1,938
Jan-26     9,088     9,142     9,014     9,126     9,086     9,078        -8   591,824   376,778
Feb-26     9,020     9,122     9,014     9,118     9,078     9,062       -16        50     1,501
Mar-26     9,008     9,094     8,986     9,088     9,008     9,018        10       355     1,021
Apr-26     8,976     8,996     8,956     8,988     8,938     8,982        44        13        97
May-26     8,870     8,964     8,828     8,944     8,866     8,902        36    49,463    90,167
Jun-26     8,774     8,858     8,750     8,834     8,762     8,798        36        11       118
Jul-26     8,702     8,766     8,686     8,738     8,648     8,718        70        10       167
Aug-26     8,614     8,624     8,614     8,624     8,574     8,618        44         2        54
Sep-26     8,500     8,610     8,500     8,588     8,520     8,546        26       210       586
Soybean Oil
Turnover: 374,656 lots, or 30.20 billion yuan
            Open      High       Low     Close     Prev.    Settle       Ch.       Vol      Open
                                                  Settle                                Interest
Nov-25     8,110     8,132     8,072     8,118     8,128     8,100       -28     8,437    13,583
Dec-25     8,154     8,178     8,122     8,162     8,178     8,154       -24     1,163     7,118
Jan-26     8,100     8,120     8,064     8,100     8,136     8,096       -40   310,807   549,420
Mar-26     8,058     8,062     8,018     8,050     8,096     8,050       -46        45     1,680
May-26     7,862     7,876     7,820     7,852     7,860     7,852        -8    53,791   228,233
Jul-26     7,816     7,840     7,790     7,810     7,868     7,816       -52        99       684
Aug-26     7,818     7,832     7,802     7,824     7,852     7,816       -36        17        73
Sep-26     7,790     7,800     7,756     7,780     7,804     7,782       -22       297       863
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        
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