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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 10/23/2025

By Jack Scoville On October 23, 2025 - 9:46 AM · In Market Commentaries, Morning Grains & Softs Report

DJ Analysts’ Estimates for October Cattle-On-Feed Report

The following estimates, as compiled by the Wall Street Journal for the nation’s feedyards with a capacity of 1,000 or more head, are in percentages of the year-earlier figure. High and low projections were dropped in the calculation of averages. The U.S. Department of Agriculture report was originally scheduled for release at 3 p.m. ET (1900 GMT) Friday. However, data is suspended if the government shutdown continues.

Average Range

of estimates of estimates

On-feed Oct 1 98.1 97.4 – 98.4

Placed in Sep 91.3 88.1 – 94.0

Marketed in Sep 96.2 93.0 – 97.2

Analyst On-Feed Placements Marketed

Oct 1 in Sep in Sep

Allegiant Commodity Group 98.2 92.3 96.0

Allendale Inc. 98.4 91.3 96.8

HedgersEdge 97.8 91.1 96.9

Livestock Mktg Info Ctr 98.1 91.5 96.0

Midwest Market Solutions 98.1 91.5 97.2

NFC Markets 97.4 88.1 96.0

Texas A&M Extension 97.8 90.0 95.6

US Commodities 98.3 94.0 93.0

WHEAT

General Comments: Wheat closed a little higher yesterday in reaction to news that the government will start to provide support for farmers and despite reports of weaker prices paid in Russia and Argentina amid big world supplies. 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 have increased due primarily 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 lower again yesterday. The selling seems to be relentless and appears tied to the weaker prices in Asia and especially India. Trends are 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 1026, 1012, and 1000 November and resistance is at 1057, 1098, and 1126 November.

CORN AND OATS

General Comments: Corn was higher yesterday on news that the US government will start to support farmers even with the government closed. The Wall St Journal said that the total support could total 3.0 billion dollars. Trends are sideways in the market. 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 mixed to up. Support is at 295, 288, and 285 December, and resistance is at 308, 311, and 316 December.

SOYBEANS

General Comments: Soybeans and Soybean Meal were higher yesterday and Soybean Oil was lower as the trade war between the US and China continued but as President Trump said that a primary focus of his proposed meeting with Xi of China remains Chinese Soybeans demand. The US government has announced that it will support farmers with about 3.0 billion dollars even with the government closed. 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 also threatened to regulate cooking oil imports from China in a new escalation in the war as China is restricting Rare Earth metals to the US. Forecasts call for showers and rains to be seen in the Midwest this week. Temperatures will average near 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 up. Support is at 1020, 1010, and 1001 November, and resistance is at 1038, 1053, and 1063 November. Trends in Soybean Meal are up. Support is at 279.00, 275.00, and 273.00 December, and resistance is at 290.00, 295.00, and 300.00 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 in sympathy with the rallies in Crude Oil and Soybean Oil. The market sentiment overall is bullish despite some concerns about Indian demand Canola was a little higher 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. Support is at 4410, 4360, and 4290 January, with resistance at 4490, 45a70, and 4630 January.

DJ Malaysian PM Cash Market Prices for Palm Oil – Oct 23

The following are prices for Malaysian palm oil in the cash market at 1000 GMT Thursday, 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