Grains Report 03/25/2026

DJ USDA Cold Storage: Totals-Mar 24
WASHINGTON (Dow Jones)==U.S. stocks of pork bellies in freezers
totaled 44.897 million pounds, in February, 4.5% above the previous
month, and 7.6% below February 2025, the U.S. Department Agriculture
said Tuesday.
In thousand pounds.
public
Feb 28 Jan 31 Feb 28 Jan 31 warehouse
2026 2026 2025 2025 stocks/Feb
pork bellies 44,897 42,956 48,586 41,700
orange juice 337,367 347,709 213,419 221,860
french fries 1,065,655 1,049,104 981,132 945,898
other potatoes 250,439 250,878 246,599 247,031
chicken rstr (whole) 11,069 11,929 9,063 10,357
ham 83,909 80,496 83,605 79,393
total pork 403,503 403,805 423,483 407,251 387,058
total beef 413,341 427,337 435,896 455,092 410,538
total red meat 834,466 848,588 879,534 881,285 815,217
total chicken 780,124 782,271 793,487 803,966
total turkey 254,673 213,621 292,327 259,996
total poultry 1,036,339 997,406 1,087,062 1,065,198 982,551
===============================================================================

WHEAT
General Comments: Wheat closed higher in both markets yesterday in response to what President Trump said about the war in Iran. Trump said that he was talking to Uran and was pausing some of the of the bombing Middle eastern countries are big buyers of world Wheat and many have been bombed by Iran now. Iran has denied the talks are happening. Conditions are too dry in much of the US Great Plains and too wet in the US Midwest and in western Europe for best production and quality potential. Recent storm systems in the Great Plains could bring relief to crops produced there. The weather is now featuring precipitation is forecast for parts of the Midwest along with variable temperatures.
Overnight News:
Chart Analysis: Trends in Chicago are mixed to up. Support is at 578, 564, and 558 May, with resistance at 642, 648, and 665 May. Trends in Kansas City are mixed to up. Support is at 591, 580, and 567 May, with resistance at 657, 660, and 666 May. Trends in Minneapolis are not available.

RICE:
General Comments Rice closed higher yesterday and trends are still down on the daily charts. Trends are still up after a big war related rally with the war with Iran and the political problems with China not having much effect on prices. Traders anticipate less production this year in the US and around the world due to low prices. Asian Rice prices are higher due to war concerns. Trends are mixed as demand remains moderate for US Rice.
Overnight News:
Chart Analysis: Trends are mixed to down. Support is at 1090, 1063, and 1055 May and resistance is at 1122, 1145, and 1152 May.

CORN AND OATS
General Comments: Corn was higher yesterday on news that President Trump will hold his Ag Appreciation Day on Friday and is widely expected to announce new blending requirements for bio fuels. The US and Iran were supposed to be talking and Trump has paused some US bombing raids in an effort to get some peace. Irn has denied that talks are happeniung. Shipping has been halted at Hormuz and some ships have been blown up. The Trump administration does not seem to have plans for the war moving forward. The war expanded yesterday when Iran bombed infrastructure in Gulf states Wire reports note that US Corn cash markets had been struggling to follow futures markets higher due to excessive supplies and the weekly export inspections report showed demand was in line with expectations. There are still excessive supplies as seen in the recent USDA reports after prices were trending higher on strong demand. Temperatures in the Midwest should variable for the next week. Conditions are called good in Argentina and big production is expected there. Oats were lower and trends are down on the daily charts.
Overnight News:
Chart Analysis: Trends in Corn are mixed. Support is at 444, 441, and 437 May, and resistance is at 477, 480, and 483 May. Trends in Oats are mixed to down. Support is at 314, 307, and 301 May, and resistance is at 380, 383, and 386 May

SOYBEANS
General Comments: Soybeans were mixed and the products were mixed, with the Meal lower and the Oil higher. News that President Trump has paused bombing Iran as the two sides are talking against news that the administration has invited farmers and refiners to the White House for what is expected to be a bio fuels blending requirement announcement, Iean has denied that the talks are taking place. The US-China summit has been postponed at the request of the US and because od the war. There was more news that Iran has laid mines in the straits of Hormuz and it bombed oil infrastructure in Gulf states. Shipping has been halted. The US government apparently has no idea on how to manage risks in the Hormuz or how to end the war. Big South American crops are being harvested and ideas are that Chinese buying could be interrupted due to Iran war. China has imposed new phyto controls on Brazil Soybeans to cu=t the flow of imports to the country. South American sources said that the Brazil crops are now more than 50% harvested. The tariff wars between the US and other countries add to cost of US Soybeans. Temperatures will be variable in the Midwest this week.
Overnight News:
Analysis: Trends in Soybeans are down. Support is at 1144 1137, and 1127 May, and resistance is at 1216, 1234, and 1239 May. Trends in Soybean Meal are up. Support is at 307.00, 304.00, and 301.00 May, and resistance is at 332.00, 339.00,and 345.00 May. Trends in Soybean Oil are up. Support is at 5970, 5850, and 5800 May, with resistance at 6720, 6780, and 6840 May.

PALM OIL AND CANOLA
General Comments: Palm Oil futures was lower today due primarily to the effects on demand from the Iran war and on signs the war could be winding down. Demand ideas are in a state of flux right now due to the war. Canola was lower yesterday despite the price action in Chicago and on hopes for new Chinese demand from the Carney-Xi meetings and news that the US will release new bio fuels blending requirements soon. The selling seen also came ideas of big crops in South America.
Overnight News:
Chart Analysis: Trends in Canola are mixed to up. Support is at 682.00, 673.00, and 667.00 May, with resistance at 758.00, 764.00, and 770.00 May. Trends in Palm Oil are up. Support is at 4510, 4370, and 4310 May, with resistance at 4680, 4800, and 4860 May.

DJ Malaysian PM Cash Market Prices for Palm Oil – March 25
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
Aor 1172.50 -17.50 Unquoted – –
May 1175.00 -17.50 Unquoted – –
Jun 1172.50 -15.00 Unquoted – –
Jul/Aug/Sep 1162.50 -12.50 Unquoted – –
Oct/Nov/Dec 1152.50 -07.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Apr 1177.50 -17.50 Unquoted – –
May 1180.00 -17.50 Unquoted – –
Jun 1177.50 -15.00 Unquoted – –
Jul/Aug/Sep 1167.50 -12.50 Unquoted – –
Oct/Nov/Dec 1157.50 -07.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Apr 1130.00 -25.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Apr 1105.00 -25.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Apr 4,500.00 -40.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Apr 500.00 -03.00 Unquoted – –
($1=MYR3.958)

Questions? Ask Jack Scoville today at 312-264-4322