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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 10/29/2025

By On October 29, 2025 - 9:41 AM · In Market Commentaries, Morning Grains & Softs Report
WHEAT
General Comments:   Wheat closed a little higher again yesterday in reaction to news that the government has found a way to a deal with many Southeast Asian countries, including China,  President Trump has met with Vietnamese and Cambodian officials and apparently cut some deals with them as well as with Malaysia.  Administration officials have been meeting with the Chinese and apparently found a reason for Trump and Xi meet later this week to conclude a deal on trade.  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.  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 up.  Support is at 515, 505, and 498 December, with resistance at 537, 543, and 553 December.  Trends in Kansas City are mixed.  Support is at 505, 494, and 483 December, with resistance at 526, 531, and 545 December. Trends in Minneapolis are not available.
RICE:
General Comments   Rice was about unchanged yesterday with support coming from news that the US and many Southeast Asia countries including China could come to trade deals this week.  The news supported many Ag markets.  The recent selling has been 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.  California is also about done with its harvest.  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.
Overnight News:
Chart Analysis: Trends are mixed.  Support is at 988, 974, and 962 November and resistance is at 1057, 1098, and 1126 November.
CORN AND OATS
General Comments: Corn was higher yesterday on follow through buying tied to chart patterns and news that the US government will make trade deals with many Southeast Asia nations including China.  Trends are sideways to up 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 lower.
Overnight News:
Chart Analysis:  Trends in Corn are mixed to up.  Support is at 427, 425, and 419 December, and resistance is at 442, 450, and 456 December.  Trends in Oats are down.  Support is at 270, 267, and 264 December, and resistance is at 285, 291, and 298 December.
SOYBEANS
General Comments: Soybeans and Soybean Meal were higher yesterday as President Trump said that a primary focus of his proposed meeting with Xi of China remains Chinese Soybeans demand and that he expects to cut a deal with the Chinese this week.  Soybean Oil was lower.  Wire reports this morning indicate that China bought 3 cargoes of Soybeans in the last couple of days.  The US has concluded trade deals with many Southeast Asian nations this week, including Vietnam, Thailand, and Cambodia.  Malaysia also cut aa deal on Cocoa trade with the US.  The US government has announced that it will support farmers with about 3.0 billion dollars even with the government closed.  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.  Both sides are expected to ease these issues later this week.  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.  Ag Rural said that Brazil is now 36% planted for Soybeans.
Overnight News:
Analysis:  Trends in Soybeans are up.  Support is at 1063, 1052, and 1045 November, and resistance is at 1100, 1112, and  1124 November.  Trends in Soybean Meal are up.  Support is at 300.00, 295.00, and 290.00 December, and resistance is at 310.00, 313.00, and 316.00 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 in sympathy with the price action in Crude Oil and Soybean Oil.  Futures were lower today.  The market sentiment overall is turning bearish on ideas of increasing stocks to the market and on some concerns about Indian demand   Canola was a little higher again as Canada and China agreed to negotiate trade issues that have included a ban on imports of Canadian Canola by China.  The market also rallied in line with the price action in Chicago.  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 612.00, 608.00, and 597.00 November, with resistance at 625.00, 630.00, and 640.00 November.  Trends in Palm Oil are mixed to down.  Support is at 4240, 4210, and 4150 January, with resistance at 4410, 4490, and 4570 January.
DJ Malaysian PM Cash Market Prices for Palm Oil – Oct 29
  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
Nov          1050.00    -10.00      Unquoted   –        –
Dec          1052.50    -12.50      Unquoted   –        –
Jan/Feb/Mar  1060.00    -07.50      Unquoted   –        –
Apr/May/Jun  1060.00    -07.50      Unquoted   –        –
RBD palm olein, FOB, Malaysian ports
              Offer      Change      Bid        Change   Traded
Nov           1055.00    -10.00      Unquoted   –        –
Dec           1057.50    -12.50      Unquoted   –        –
Jan/Feb/Mar   1065.00    -07.50      Unquoted   –        –
Apr/May/Jun   1065.00    -07.50      Unquoted   –        –
RBD palm stearin, FOB, Malaysian ports
              Offer      Change      Bid        Change   Traded
Nov           1040.00    -07.50      Unquoted   –        –
Palm Fatty Acid Distillate, FOB Malaysian ports
              Offer      Change      Bid        Change   Traded
Nov           1025.00    -02.50      Unquoted   –        –
Crude palm oil, Delivered Basis, South Malaysia
               Offer      Change      Bid        Change   Traded
Nov            4,260.00   -80.00      Unquoted   –        –
Palm kernel oil, Delivered Basis, South Malaysia
               Offer      Change      Bid        Change   Traded
Nov            461.00     -02.00      Unquoted   –        –
($1=MYR4.189)
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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