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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 11/24/2025

By On November 24, 2025 - 9:22 AM · In Market Commentaries, Morning Grains & Softs Report
WHEAT
General Comments:   Wheat closed little changed in Chicago and a little lower in KC last week on some speculative long liquidation and despite positive weekly export sales.  USDA is still issuing old reports but those reports have been positive.  World prices turned weaker last week.  The FAO raised world production estimates this week.  Sovecon now estimates Russian production at 88.6 million tons, up 800,000 tons, due to better yields in Siberia and other areas, but still weak data in the south.  Southern hemisphere crops appear to be good.
Overnight News:
Chart Analysis: Trends in Chicago are mixed to up.  Support is at 524, 517, and 507 December, with resistance at 555, 560, and 573 December.  Trends in Kansas City are down.  Support is at 506, 501, and 494 December, with resistance at 524, 534, and 540 December. Trends in Minneapolis are not available.
RICE:
General Comments   Rice was higher last week after making new lows for the move on what appeared to be speculative trading.  Ideas are that the market is too cheap and that farmers have sold what needs to be sold for now.  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 over in the delta and Mid South.  California is 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 to down.  Support is at 1000, 988, and 976 January and resistance is at 1056, 1068, and 1074 January.
CORN AND OATS
General Comments: Corn was lower and closed near the lows of the week on speculative selling tied to long liquidation and despite the weekly sales report showing strong export demand.  Ideas are that demand is less now due to increased competition in the world market.  Trends are turning down in the market.  The harvest is winding down 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.  Temperatures should average near to above normal this week and there are forecasts for some rain early this week.  Oats were a little lower.
Overnight News:
Chart Analysis:  Trends in Corn are mixed.  Support is at 422, 419, and 413 December, and resistance is at 433, 439, and 442 December.  Trends in Oats are mixed.  Support is at 294, 288, and 282 December, and resistance is at 316, 324, and 338 December.
SOYBEANS
General Comments: Soybeans were a little higher and the products were lower last week on what appeared to be speculative long liquidation that hit the markets later in the week.  The early week rally came on reports of strong Chinese buying, but that buying seemed to dry up on Thursday and Friday.  The US will have to compete with South America for sales in a diminishing Chinese market.  The Chinese hog herd is being reduced and this means less demand for Soybeans and Soybean Meal.  Forecasts call for light precipitation to be seen in the Midwest.  Temperatures will average near to above normal this week.  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:  China bought 123,000 tons of US Soybeans.
Analysis:  Trends in Soybeans are mixed.  Support is at 1114, 1103, and 1071 January, and resistance is at 1148, 1169, and  1184 January.  Trends in Soybean Meal are mixed to down.  Support is at 311.00, 307.00, and 304.00 December, and resistance is at 325.00, 331.00, and 337.00 December.  Trends in Soybean Oil are mixed.  Support is at 4900, 4830, and 4760 December, with resistance at 5170, 5280, and 5390 December.
PALM OIL AND CANOLA
General Comments:   Palm Oil futures were lower last week in sympathy with the price action in Chicago and on fears of increasing production and weakening demand.  Futures were lower again today for the same reasons.  There are still Indonesian plans to increase the use of Palm Oil in biofuels blends.  There are still ideas of increasing production.  The market sentiment overall is turning bearish on ideas of increasing stocks to the market and on some concerns about demand   Canola was lower.  Trends are mixed on the daily charts.
Overnight News:
Chart Analysis: Trends in Canola are mixed.  Support is at 635.00, 632.00, and 623.00 January, with resistance at 661.00, 671.00, and 680.00 January.  Trends in Palm Oil are down.  Support is at 4010, 3940, and 3880 February, with resistance at 4200, 4270, and 4300 February.
DJ Malaysian PM Cash Market Prices for Palm Oil – Nov 24
  The following are prices for Malaysian palm oil in the cash market at 1000 GMT Monday, 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
Dec          1017.50    -07.50      Unquoted   –        –
Jan/Feb/Mar  1025.00    -05.00      Unquoted   –        –
Apr/May/Jun  1025.00    -07.50      Unquoted   –        –
Jul/Aug/Sep  1020.00    -07.50      Unquoted   –        –
RBD palm olein, FOB, Malaysian ports
              Offer      Change      Bid        Change   Traded
Dec           1022.50    -07.50      Unquoted   –        –
Jan/Feb/Mar   1030.00    -05.00      Unquoted   –        –
Apr/May/Jun   1030.00    -07.50      Unquoted   –        –
Jul/Aug/Sep   1025.00    -07.50      Unquoted   –        –
RBD palm stearin, FOB, Malaysian ports
              Offer      Change      Bid        Change   Traded
Dec           1000.00    -05.00      Unquoted   –        –
Palm Fatty Acid Distillate, FOB Malaysian ports
              Offer      Change      Bid        Change   Traded
Dec           990.00    -10.00      Unquoted   –        –
Crude palm oil, Delivered Basis, South Malaysia
               Offer      Change      Bid        Change   Traded
Dec            4,080.00   -20.00      Unquoted   –        –
Palm kernel oil, Delivered Basis, South Malaysia
               Offer      Change      Bid        Change   Traded
Dec            411.00     -01.00      Unquoted   –        –
($1=MYR4.139)
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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