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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 10/17/2025

By On October 17, 2025 - 9:37 AM · In Market Commentaries, Morning Grains & Softs Report

WHEAT

General Comments:   Wheat closed lower yesterday on reports of weaker prices paid in Russia and Argentina.  No USDA reports were released due to the government shutdown.  Russian crop areas remain too dry in Winter Wheat areas and too wet in Spring Wheat areas, 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.  It has been warm in the Great Plains so far this Fall.  Southern hemisphere crops appear to be good.
Overnight News:
Chart Analysis: Trends in Chicago are mixed to down.  Support is at 492, 490 and 484 December, with resistance at 507, 513, and 518 December.  Trends in Kansas City are mixed.  Support is at 477, 472, and 466 December, with resistance at 496, 501, and 507 December. Trends in Minneapolis are not available.
RICE:
General Comments   Rice was higher on speculative buying yesterday.  Trends are still turning down in the market.  The harvest is wrapping up in Texas and southern Louisiana.  Harvest is now wrapping up in Mississippi and Arkansas.  Yields and quality are mixed, but quality appears better than a year ago.  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.
Overnight News:
Chart Analysis: Trends are mixed.  Support is at 1052, 1040, and 1028 November and resistance is at 1098, 1126, and 1145 November.
CORN AND OATS
General Comments: Corn was higher again yesterday on speculative buying.  Most USDA reports are cancelled as the government is still closed.  The harvest is expanding.  There are ideas that US production might not be super strong due to disease such as rust to offset the demand losses.  Yield reports are showing at or above APH yields in western areas, with very good crops reported in Minnesota.  Yields have been reported at or less than APH in areas east of the Mississippi River.  Temperatures should average near to above normal this week and there are forecasts for mostly dry conditions.  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 mixed.
Overnight News:
Chart Analysis:  Trends in Corn are mixed.  Support is at 408, 405, and 402 December, and resistance is at 424, 428, and 431 December.  Trends in Oats are down.  Support is at 283, 277, and 271 December, and resistance is at 300, 308, and 311 December.
SOYBEANS
General Comments: Soybeans and the products were higher as the trade war between the US and China continued.  Traders are looking forward to positive results from the meeting between Trump and Xi near the end of the month.  China has shown no interest in buying US ag products and Trump has now threatened to regulate cooking oil imports from China in a new escalation in the war.  Forecasts call for mostly dry conditions to be seen in the Midwest this and next week.  Temperatures will average near or above normal.  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 mixed to down.  Support is at 994, 981, and 970 November, and resistance is at 1021, 1030, and  1036 November.  Trends in Soybean Meal are mixed.  Support is at 271.00, 268.00, and 265.00 December, and resistance is at 282.00, 286.00, and 290.00 December.  Trends in Soybean Oil are mixed.  Support is at 4920, 4890, and 4770 December, with resistance at 5180, 5220, and 5390 December.
PALM OIL AND CANOLA
General Comments:   Palm Oil futures were higher today on news that Indonesia was considering increasing a tax on exports of Crude Palm Oil and overall bullish sentiment.   Canola was a little lower as tzhe US Dollar was weaker.  Trends are mixed on the daily charts and on the weekly charts.
Overnight News:
Chart Analysis: Trends in Canola are mixed.  Support is at 596.00, 590.00, and 584.00 November, with resistance at 625.00, 630.00, and 640.00 November.  Trends in Palm Oil are mixed to up.  Support is at 4450, 4390, and 4340 December, with resistance at 4580, 4620, and 4680 December.
DJ Malaysian PM Cash Market Prices for Palm Oil – Oct 17
–      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.
Refined, bleached and deodorized palm oil, FOB, Malaysian ports
             Offer      Change      Bid        Change   Traded
Oct          1082.50    -05.00      Unquoted   –        –
Nov          1085.00    -07.50      Unquoted   –        –
Dec          1097.50    -02.50      Unquoted   –        –
Jan/Feb/Mar  1110.00     00.00      Unquoted   –        –
Apr/May/Jun  1100.00     00.00      Unquoted   –        –
RBD palm olein, FOB, Malaysian ports
              Offer      Change      Bid        Change   Traded
Oct           1087.50    -05.00      Unquoted   –        –
Nov           1090.00    -07.50      Unquoted   –        –
Dec           1102.50    -02.50      Unquoted   –        –
Jan/Feb/Mar   1115.00     00.00      Unquoted   –        –
Apr/May/Jun   1105.00     00.00      Unquoted   –        –
RBD palm stearin, FOB, Malaysian ports
              Offer      Change      Bid        Change   Traded
Oct           1065.00    +05.00      Unquoted       –
Palm Fatty Acid Distillate, FOB Malaysian ports
              Offer      Change      Bid        Change   Traded
Oct           1035.00     00.00      Unquoted   –        –
Crude palm oil, Delivered Basis, South Malaysia
               Offer      Change      Bid        Change   Traded
Oct            4,440.00   +10.00      Unquoted   –        –
Palm kernel oil, Delivered Basis, South Malaysia
               Offer      Change      Bid        Change   Traded
Oct            471.00     +02.00      Unquoted   –        –
($1=MYR4.224)
DJ China Dalian Grain Futures Closing Prices, Volume – Oct 17
Soybean No. 1
Turnover: 184,535 lots, or 7.44 billion yuan
            Open      High       Low     Close     Prev.    Settle       Ch.       Vol      Open
                                                  Settle                                Interest
Nov-25     4,012     4,028     3,970     4,009     4,000     4,012        12    43,233    51,283
Jan-26     4,026     4,045     4,021     4,028     4,020     4,034        14   125,719   212,025
Mar-26     4,016     4,044     4,016     4,030     4,022     4,034        12     9,998    41,339
May-26     4,056     4,079     4,056     4,061     4,053     4,066        13     2,082    12,123
Jul-26     4,055     4,068     4,048     4,055     4,049     4,060        11     3,314    13,680
Sep-26     4,060     4,070     4,055     4,060     4,053     4,063        10       189     1,097
Corn
Turnover: 956,980 lots, or 20.46 billion yuan
            Open      High       Low     Close     Prev.    Settle       Ch.       Vol      Open
                                                  Settle                                Interest
Nov-25     2,111     2,124     2,106     2,108     2,106     2,114         8   239,159   297,332
Jan-26     2,135     2,139     2,116     2,117     2,131     2,128        -3   536,706   769,696
Mar-26     2,164     2,169     2,145     2,145     2,161     2,158        -3    87,111   357,016
May-26     2,238     2,238     2,221     2,222     2,227     2,231         4    64,612   180,594
Jul-26     2,248     2,250     2,236     2,237     2,240     2,243         3    27,971    70,053
Sep-26     2,262     2,265     2,252     2,254     2,255     2,259         4     1,421     2,969
Soymeal
Turnover: 1,594,172 lots, or 45.51 billion yuan
            Open      High       Low     Close     Prev.    Settle       Ch.         Vol        Open
                                                  Settle                                    Interest
Nov-25     2,881     2,890     2,839     2,847     2,893     2,857       -36      93,513     168,490
Dec-25     2,921     2,927     2,878     2,881     2,931     2,900       -31      12,771     162,462
Jan-26     2,910     2,914     2,863     2,868     2,915     2,882       -33   1,113,825   2,044,648
Mar-26     2,895     2,900     2,855     2,858     2,896     2,872       -24      91,868     473,121
May-26     2,741     2,752     2,712     2,713     2,741     2,730       -11     239,144   1,050,555
Jul-26     2,724     2,733     2,700     2,701     2,725     2,715       -10      26,100     182,071
Aug-26     2,848     2,854     2,825     2,827     2,848     2,837       -11       4,066      39,660
Sep-26     2,857     2,860     2,831     2,833     2,854     2,840       -14      12,885      75,799
Palm Oil
Turnover: 553,960 lots, or 51.68 billion yuan
            Open      High       Low     Close     Prev.    Settle       Ch.       Vol      Open
                                                  Settle                                Interest
Oct-25         –         –         –     9,120     9,120     9,120         0         0       100
Nov-25     9,218     9,306     9,206     9,234     9,236     9,254        18     5,845     7,139
Dec-25     9,278     9,340     9,238     9,256     9,278     9,282         4     2,910     8,478
Jan-26     9,328     9,392     9,288     9,308     9,326     9,334         8   484,295   337,826
Feb-26     9,338     9,392     9,314     9,314     9,328     9,336         8       149     1,373
Mar-26     9,338     9,400     9,312     9,322     9,336     9,352        16       259       937
Apr-26     9,330     9,382     9,318     9,324     9,322     9,330         8        27       358
May-26     9,260     9,344     9,252     9,264     9,256     9,294        38    59,443   125,125
Jun-26     9,226     9,238     9,196     9,208     9,168     9,208        40        19       134
Jul-26     9,104     9,152     9,094     9,108     9,078     9,126        48        19       186
Aug-26     9,058     9,058     9,018     9,026     9,000     9,034        34        22        56
Sep-26     8,962     9,084     8,940     8,946     8,952     8,974        22       972     2,532
Soybean Oil
Turnover: 370,213 lots, or 30.54 billion yuan
            Open      High       Low     Close     Prev.    Settle       Ch.       Vol      Open
                                                  Settle                                Interest
Nov-25     8,260     8,300     8,230     8,238     8,248     8,272        24     5,882    11,088
Dec-25     8,306     8,352     8,282     8,284     8,294     8,316        22     1,366     8,634
Jan-26     8,276     8,320     8,248     8,256     8,252     8,286        34   295,513   499,960
Mar-26     8,232     8,260     8,194     8,194     8,214     8,230        16       181     1,464
May-26     8,064     8,114     8,028     8,042     8,054     8,078        24    65,350   251,999
Jul-26     8,018     8,048     7,980     7,992     8,004     8,018        14       133       654
Aug-26     8,006     8,028     7,976     7,990     8,010     8,008        -2        23        82
Sep-26     7,984     8,012     7,940     7,946     7,966     7,986        20     1,765     4,547
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.
DJ Malaysian PM Cash Market Prices for Palm Oil – March 28
  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.
Refined, bleached and deodorized palm oil, FOB, Malaysian ports
             Offer      Change      Bid        Change   Traded
Apr          1135.00    +15.00      Unquoted   –        –
Apr/May/Jun  1092.50    +20.00      Unquoted   –        –
Jul/Aug/Sep  1012.50    +17.50      Unquoted   –        –
Oct/Nov/Dec  1002.50    +15.00      Unquoted   –        –
Jan/Feb/Mar  1007.50    +12.50      Unquoted   –        –
RBD palm olein, FOB, Malaysian ports
              Offer      Change      Bid        Change   Traded
Apr           1140.00    +15.00      Unquoted   –        –
Apr/May/Jun   1097.50    +20.00      Unquoted   –        –
Jul/Aug/Sep   1017.50    +17.50      Unquoted   –        –
Oct/Nov/Dec   1007.50    +15.00      Unquoted   –        –
Jan/Feb/Mar   1012.50    +12.50      Unquoted   –        –
RBD palm stearin, FOB, Malaysian ports
              Offer      Change      Bid        Change   Traded
Apr           1112.50    +20.00      Unquoted   –        –
Palm Fatty Acid Distillate, FOB Malaysian ports
              Offer      Change      Bid        Change   Traded
Apr           1070.00    +15.00      Unquoted   –        –
Crude palm oil, Delivered Basis, South Malaysia
               Offer      Change      Bid        Change   Traded
Apr            4,830.00   +70.00      Unquoted   –        –
Palm kernel oil, Delivered Basis, South Malaysia
               Offer      Change      Bid        Change   Traded
Apr            494.00     +07.00      Unquoted   –        –
($1=MYR4.4363)
  (END) Dow Jones Newswires
  03-28-25 0623ET
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