Grains Report 09/26/2025

WHEAT
General Comments: Wheat closed higher yesterday after a solid weekly export sales report. Traders continue to monitor world wheat prices and think the US needs cheaper prices to compete. 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 lower in quiet trading yesterday. 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 in response to a strong week of export sales reported by USDA. Trends are mixed 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 a little higher.
Overnight News:
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 301, 295, and 289 December, and resistance is at 316, 320, and 324 December.

SOYBEANS
General Comments: Soybeans closed higher and Soybean Meal was a little lower. Soybean Oil was higher. The weekly export sales report was not strong. 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. 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:
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 266.00, 263.00, and 260.00 October, and resistance is at 272.00, 277.00, and 279.00 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 a little higher with Chicago Soybean Oil. 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 4390, 4320, and 4200 December, with resistance at 4480, 4530, and 4580 December.

DJ Malaysian PM Cash Market Prices for Palm Oil – Sep 26
The following are prices for Malaysian palm oil in the cash market at 1000 GMT Friday, 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.
Offer Change Bid Change Traded
Oct 1070.00 -10.00 Unquoted – –
Nov 1080.00 -07.50 Unquoted – –
Dec 1087.50 -07.50 Unquoted – –
Jan/Feb/Mar 1090.00 -07.50 Unquoted – –
Apr/May/Jun 1072.50 -07.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Oct 1075.00 -10.00 Unquoted – –
Nov 1085.00 -07.50 Unquoted – –
Dec 1092.50 -07.50 Unquoted – –
Jan/Feb/Mar 1095.00 -07.50 Unquoted – –
Apr/May/Jun 1077.50 -07.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Oct 1055.00 -10.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Oct 1025.00 -10.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Oct 4,360.00 -40.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Oct 474.00 -07.00 Unquoted – –
($1=MYR4.2195)

DJ China Dalian Grain Futures Closing Prices, Volume – Sep 26
Soybean No. 1
Turnover: 180,767 lots, or 7.11 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Nov-25 3,931 3,954 3,928 3,935 3,930 3,940 10 123,642 174,807
Jan-26 3,910 3,933 3,901 3,904 3,912 3,918 6 46,398 120,666
Mar-26 3,917 3,932 3,901 3,905 3,912 3,922 10 5,430 33,719
May-26 3,949 3,963 3,930 3,935 3,944 3,951 7 2,752 8,853
Jul-26 3,949 3,959 3,925 3,932 3,943 3,945 2 2,391 8,805
Sep-26 3,949 3,962 3,932 3,935 3,951 3,948 -3 154 959
Corn
Turnover: 933,351 lots, or 20.23 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Nov-25 2,159 2,193 2,158 2,178 2,166 2,176 10 626,987 692,516
Jan-26 2,134 2,143 2,127 2,139 2,136 2,137 1 217,005 537,810
Mar-26 2,143 2,151 2,138 2,151 2,144 2,146 2 52,087 254,381
May-26 2,197 2,210 2,193 2,205 2,199 2,203 4 20,953 101,941
Jul-26 2,208 2,219 2,207 2,217 2,211 2,213 2 15,799 48,607
Sep-26 2,224 2,234 2,222 2,230 2,227 2,228 1 520 1,994
Soymeal
Turnover: 1,366,258 lots, or 39.91 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Nov-25 2,942 2,946 2,898 2,905 2,934 2,916 -18 86,345 454,900
Dec-25 2,979 2,984 2,940 2,945 2,973 2,960 -13 7,199 139,079
Jan-26 2,972 2,973 2,930 2,937 2,961 2,949 -12 1,050,116 1,986,148
Mar-26 2,936 2,938 2,910 2,912 2,929 2,921 -8 41,334 363,450
May-26 2,768 2,768 2,746 2,751 2,759 2,755 -4 165,340 1,033,165
Jul-26 2,753 2,756 2,737 2,739 2,749 2,744 -5 7,275 133,632
Aug-26 2,870 2,873 2,853 2,856 2,864 2,860 -4 2,591 29,167
Sep-26 2,877 2,877 2,855 2,858 2,870 2,863 -7 6,058 43,565
Palm Oil
Turnover: 630,481 lots, or 58.36 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Oct-25 9,060 9,168 9,060 9,062 9,072 9,126 54 163 260
Nov-25 9,156 9,256 9,156 9,174 9,162 9,208 46 6,401 15,729
Dec-25 9,212 9,278 9,194 9,204 9,186 9,232 46 1,530 2,239
Jan-26 9,242 9,318 9,226 9,236 9,214 9,266 52 590,776 363,269
Feb-26 9,212 9,284 9,212 9,260 9,184 9,218 34 289 1,248
Mar-26 9,142 9,262 9,142 9,190 9,142 9,160 18 324 846
Apr-26 9,152 9,176 9,138 9,150 9,092 9,154 62 12 92
May-26 9,066 9,120 9,040 9,052 9,030 9,076 46 30,739 91,697
Jun-26 8,936 9,006 8,936 8,958 8,928 8,978 50 19 116
Jul-26 8,858 8,898 8,858 8,858 8,834 8,876 42 16 168
Aug-26 8,770 8,794 8,770 8,794 8,750 8,776 26 14 58
Sep-26 8,654 8,710 8,654 8,660 8,646 8,686 40 198 588
Soybean Oil
Turnover: 324,482 lots, or 26.49 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Nov-25 8,200 8,226 8,166 8,170 8,188 8,202 14 5,576 12,465
Dec-25 8,266 8,274 8,214 8,218 8,238 8,248 10 1,022 7,443
Jan-26 8,208 8,222 8,156 8,162 8,180 8,192 12 278,742 535,857
Mar-26 8,148 8,150 8,132 8,132 8,112 8,140 28 31 1,664
May-26 7,940 7,968 7,920 7,926 7,924 7,946 22 38,764 225,600
Jul-26 7,910 7,924 7,886 7,886 7,878 7,908 30 66 603
Aug-26 7,888 7,908 7,880 7,880 7,880 7,896 16 6 72
Sep-26 7,868 7,894 7,854 7,858 7,852 7,876 24 275 866
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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