About The Author

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

Visit Website →

Grains Report 10/20/2025

By On October 20, 2025 - 9:20 AM · In Market Commentaries, Morning Grains & Softs Report
WHEAT
General Comments:   Wheat closed higher last week on speculative buying and despite 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 a little lower in choppy and two sided trading last week.  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 last week on speculative buying.  Most USDA reports are cancelled as the government is still closed.  The harvest is active in all areas of the Midwest.  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 a little lower.
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 last week 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 a little lower last week on news that Indonesia was considering increasing a tax on exports of Crude Palm Oil.  Futures were closed toda for a holiday.  The market sentiment overall is bullish despite some concerns about Indian demand   Canola was higher as the US Dollar was weaker and as Canada and China agreed to negotiate trade issues that have included a ban on imports of Canadian Canola by China.  Trends are mixed on the daily charts and on the weekly charts.
s.  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 4470, 4410, and 4360 January, with resistance at 4570, 4620, and 4630 January.
DJ China Dalian Grain Futures Closing Prices, Volume – Oct 20
Soybean No. 1
Turnover: 208,462 lots, or 8.45 billion yuan
            Open      High       Low     Close     Prev.    Settle       Ch.       Vol      Open
                                                  Settle                                Interest
Nov-25     4,005     4,066     3,997     4,065     4,012     4,041        29    38,796    42,644
Jan-26     4,028     4,088     4,014     4,086     4,034     4,055        21   151,607   226,762
Mar-26     4,013     4,085     4,013     4,082     4,034     4,055        21    11,048    41,655
May-26     4,060     4,112     4,050     4,112     4,066     4,087        21     2,824    12,809
Jul-26     4,047     4,114     4,042     4,112     4,060     4,083        23     3,959    14,146
Sep-26     4,060     4,117     4,058     4,117     4,063     4,086        23       228     1,175
Corn
Turnover: 1,070,750 lots, or 22.94 billion yuan
            Open      High       Low     Close     Prev.    Settle       Ch.       Vol      Open
                                                  Settle                                Interest
Nov-25     2,114     2,129     2,107     2,120     2,114     2,118         4   183,620   252,115
Jan-26     2,118     2,143     2,108     2,138     2,128     2,128         0   673,055   800,344
Mar-26     2,148     2,172     2,139     2,168     2,158     2,158         0    97,442   367,980
May-26     2,220     2,250     2,219     2,250     2,231     2,236         5    68,135   197,618
Jul-26     2,238     2,273     2,237     2,272     2,243     2,257        14    44,588    79,972
Sep-26     2,254     2,286     2,254     2,286     2,259     2,271        12     3,910     3,603
Soymeal
Turnover: 1,283,769 lots, or 36.81 billion yuan
            Open      High       Low     Close     Prev.    Settle       Ch.       Vol        Open
                                                  Settle                                  Interest
Nov-25     2,854     2,889     2,847     2,876     2,857     2,874        17    62,399     155,421
Dec-25     2,885     2,919     2,882     2,905     2,900     2,904         4     9,266     164,511
Jan-26     2,868     2,910     2,866     2,895     2,882     2,894        12   946,854   1,984,309
Mar-26     2,855     2,892     2,855     2,883     2,872     2,879         7    53,359     472,497
May-26     2,708     2,742     2,708     2,736     2,730     2,731         1   175,576   1,035,773
Jul-26     2,705     2,725     2,697     2,720     2,715     2,716         1    20,543     188,165
Aug-26     2,830     2,851     2,823     2,845     2,837     2,841         4     4,793      40,923
Sep-26     2,840     2,857     2,831     2,853     2,840     2,847         7    10,979      75,705
Palm Oil
Turnover: 517,260 lots, or 48.45 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     9,258     9,316     9,230     9,232     9,254     9,276        22     4,768     6,859
Dec-25     9,290     9,356     9,262     9,264     9,282     9,310        28     2,422     9,066
Jan-26     9,332     9,412     9,312     9,318     9,334     9,370        36   461,434   344,243
Feb-26     9,304     9,422     9,304     9,336     9,336     9,382        46       416     1,174
Mar-26     9,342     9,436     9,342     9,342     9,352     9,394        42       203       971
Apr-26     9,354     9,406     9,346     9,406     9,330     9,380        50         9       352
May-26     9,278     9,362     9,278     9,296     9,294     9,328        34    47,553   122,854
Jun-26     9,208     9,260     9,208     9,260     9,208     9,226        18         8       136
Jul-26     9,154     9,174     9,108     9,108     9,126     9,134         8        13       183
Aug-26     9,056     9,092     9,036     9,036     9,034     9,064        30         6        56
Sep-26     9,000     9,054     8,986     8,998     8,974     9,022        48       428     2,634
Soybean Oil
Turnover: 331,765 lots, or 2.74 billion yuan
            Open      High       Low     Close     Prev.    Settle       Ch.       Vol      Open
                                                  Settle                                Interest
Nov-25     8,262     8,326     8,258     8,274     8,272     8,292        20     3,894    10,547
Dec-25     8,304     8,374     8,304     8,322     8,316     8,346        30       658     8,549
Jan-26     8,272     8,344     8,272     8,298     8,286     8,312        26   257,692   499,076
Mar-26     8,224     8,272     8,224     8,268     8,230     8,256        26       233     1,336
May-26     8,048     8,144     8,048     8,102     8,078     8,108        30    68,060   259,016
Jul-26     7,998     8,072     7,998     8,056     8,018     8,044        26       237       592
Aug-26     8,010     8,064     8,010     8,048     8,008     8,036        28        26        71
Sep-26     7,960     8,036     7,960     8,008     7,986     8,012        26       965     4,816
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
Copyright (c) 2025 Dow Jones & Company, Inc.
Questions? Ask Jack Scoville today at 312-264-4322        
Tagged with: • • • • • • •