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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 12/26/2025

By On December 26, 2025 - 9:31 AM · In Market Commentaries, Morning Grains & Softs Report
WHEAT
General Comments:   Wheat closed higher once again yesterday in holiday trading and on news that Russia had bombed Ukrainian ports over the weekend.  World prices were weaker despite the news.  Demand ideas are under pressure from ideas and reports of big competition for sales.  The threat for additional bombings of freighters by either Russia or Ukraine kept futures supported to some extent.  World prices were weaker last week due to reports of strong production in exporter countries and mostly the countries in the global south.  Production has been good in northern hemisphere countries.  Southern hemisphere crops appear to be very good.  Demand has been weaker for various origins including Russia.
Overnight News:
Chart Analysis: Trends in Chicago are mixed to up.  Support is at 511, 504, and 500 March, with resistance at 525, 530, and 536 March.  Trends in Kansas City are mixed to up.  Support is at 514, 509, and 503 March, with resistance at 536, 540, and 550 March. Trends in Minneapolis are not available.
RICE:
General Comments   Rice was higher.  Futures faded from resistance near 1000.  Ideas that futures were oversold.  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 mixed 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.  The charts show that trends are down.
Overnight News:
Chart Analysis: Trends are down.  Support is at 958, 925, and 916 January and resistance is at 996, 1004, and 1021 January.
CORN AND OATS
General Comments:  Corn was higher in holiday trading as the demand for export and for bio energy needs holds strong.  Trends are turning up.  There have been ideas that traders expect weaker demand news from now on but demand overall has been very strong and above USDA projections until now.  Ideas are that export demand is less now due to increased competition in the world market and ethanol demand is less as well.  Reports indicate that many elevators are holding less Corn than expected.  Temperatures should average above normal this week.  Oats were higher.
Overnight News:
Chart Analysis:  Trends in Corn are mixed to up.  Support is at 442, 440, and 435 March, and resistance is at 452, 457, and 460 March.  Trends in Oats are mixed to up.  Support is at 284, 278, and 27\5 March, and resistance is at 303, 312, and 317 March.
SOYBEANS
General Comments: Soybeans and the products closed higher.  It seems that the market is now more concerned about big supplies coming soon from South America.  The Trump administration says that China is on pace to buy the 12 million tons of US Soybeans it announced a few weeks ago by the end of February, and China has already bought a lot to reach that goal.  It is already on a record pace for imports from all origins this year.  The US will have to compete with South America for sales in a diminishing Chinese market and US prices are currently too high to complete many new sales anywhere in the world market except Canada and Mexico.  The Chinese hog herd is being reduced and this means less demand for Soybeans and Soybean Meal.  Temperatures will average above normal in the Midwest this week.
Overnight News:
Analysis:  Trends in Soybeans are mixed.  Support is at 1045, 1027, and 1019 January, and resistance is at 1071, 1082, and  1086 January.  Trends in Soybean Meal are mixed.  Support is at 298.00, 295.00, and 292.00 January, and resistance is at 311.00, 316.00, and 319.00 January.  Trends in Soybean Oil are mixed.  Support is at 4740, 4680, and 4620 January, with resistance at 4930, 4980, and 5070 January
PALM OIL AND CANOLA
General Comments:   Palm Oil futures were higher today.  There are still ideas of increasing supplies available to the market.  Futures were higher today in reports of increased demand.  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 some concerns about demand   Canola was higher.  There are ideas of a big Soybeans harvest coming from South America.
Overnight News:
Chart Analysis: Trends in Canola are mixed.  Support is at 574.00, 568.00, and 562.00 January, with resistance at 614.00, 624.00, and 632.00 January.  Trends in Palm Oil are mixed.  Support is at 3880, 3820, and 3760 March, with resistance at 4070, 4130, and 4160 March.
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.
DJ Malaysian PM Cash Market Prices for Palm Oil – Dec 26
  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.
              Offer      Change      Bid        Change   Traded
Jan           1042.50    +20.00      Unquoted   –        –
Feb/Mar       1047.50    +17.50      Unquoted   –        –
Apr/May/Jun   1047.50    +17.50      Unquoted   –        –
Jul/Aug/Sep   1040.00    +12.50      Unquoted   –        –
RBD palm olein, FOB, Malaysian ports
              Offer      Change      Bid        Change   Traded
Jan           1047.50    +20.00      Unquoted   –        –
Feb/Mar       1052.50    +17.50      Unquoted   –        –
Apr/May/Jun   1052.50    +17.50      Unquoted   –        –
Jul/Aug/Sep   1045.00    +12.50      Unquoted   –        –
RBD palm stearin, FOB, Malaysian ports
             Offer      Change      Bid        Change   Traded
Jan           1027.50    +20.00      Unquoted   –        –
Palm Fatty Acid Distillate, FOB Malaysian ports
              Offer      Change      Bid        Change   Traded
Jan           1027.50    +20.00      Unquoted   –        –
Crude palm oil, Delivered Basis, South Malaysia
              Offer      Change      Bid        Change   Traded
Jan           4,080.00   +70.00      Unquoted   –        –
Palm kernel oil, Delivered Basis, South Malaysia
              Offer      Change      Bid        Change   Traded
Jan           414.00     +02.00      Unquoted   –        –
($1=MYR4.0435)
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