Grains Report 03/07/2025

DJ CBOT Delivery Intentions: Totals – Mar 7
Source: CME Group
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
SOYBEAN MEAL March Mar 10, 2025 272 Mar 05, 2025
SOYBEAN OIL March Mar 10, 2025 128 Mar 04, 2025
ROUGH RICE March Mar 10, 2025 44 Feb 27, 2025
CORN March Mar 10, 2025 23 Feb 27, 2025
KC HRW WHEAT March Mar 10, 2025 33 Mar 06, 2025
WHEAT March Mar 10, 2025 3 Feb 28, 2025

DJ U.S. January Grain Imports-Mar 6
In kilograms, from the U.S. Commerce Department, converted to
pounds by Dow Jones.
—-Jan 2025—- —-Dec 2024—-
kilograms pounds kilograms pounds
durum wheat 2,035,756 4,488,842 2,136,702 4,711,428
spring wheat 2,274,562 5,015,409 798,822 1,761,403
winter wheat 0 0 0 0
wheat/meslin 0 0 0 0
TOTAL WHEAT 4,310,318 9,504,251 2,935,524 6,472,830
barley 8,701,802 19,187,473 5,798,294 12,785,238
oats 833,466 1,837,793 195,041 430,065
corn 50,557,972 111,480,328 29,863,952 65,850,014
other corn 1,718,507 3,789,308 2,362,668 5,209,683
TOTAL CORN 52,276,479 115,269,636 32,226,620 71,059,697

DJ U.S. Jan Soymeal, Vegetable Oils/Oilseed Imports-Mar 6
In kilograms from the U.S. Commerce Department, converted to pounds
by Dow Jones.
—-Jan 2025—- —-Dec 2024—-
kilograms pounds kilograms pounds
coconut oil 49,216,158 108,521,628 33,023,204 72,816,165
palm kernel oil 27,142,834 59,849,949 30,467,465 67,180,760
palm oil 140,204,295 309,150,470 103,668,568 228,589,192
soybean 43,206,936 95,271,294 38,648,659 85,220,293
soymeal 0 0 0 0
soyoil 13,815,008 30,462,093 12,335,687 27,200,190
rapeseed oil
edible 201,681,833 444,708,442 326,871,250 720,751,106
rapeseed oil,
inedible 0 0 120,892 266,567

DJ U.S. January Grain Exports-Mar 6
In kilograms (top) and in bushels (bottom), except flour in cwt and malt
in pounds. /1 denotes includes commercial and donated. Source: U.S. Department
of Commerce.
(*)NOTE: Year ago figures reflect data reported at that time.
Data includes Exports and Re-Exports.
——- In Kilograms ——-
Jan 25 Dec 24 Nov 24 Jan 24
Barley 1,111,958 1,400,000 3,513,000 1,031,326
Corn /1 6,162,009,000 5,445,049,000 4,704,384,000 4,299,001,000
Sorghum 86,393,000 443,401,000 351,295,000 571,701,000
Oats 6,243,375 2,311,506 1,432,694 1,386,674
Rye 0 19,975 216,000 277,485
Wheat /1 1,314,078,852 1,653,111,079 1,417,254,594 1,450,290,044
wheat flour /1 21,073,117 19,107,017 21,096,738 17,617,969
Malt 26,898,086 18,445,078 17,180,006 34,544,336
——- In Bushels, CWT or Pounds ——-
Jan 25 Dec 24 Nov 24 Jan 24
Barley 51,071 64,301 161,349 47,368
Corn /1 242,585,089 214,359,910 185,201,517 169,242,457
Sorghum 3,401,107 17,455,747 13,829,731 22,506,643
Oats 430,130 159,248 98,704 95,533
Rye 0 786 8,503 10,924
Wheat /1 48,283,637 60,740,811 52,074,657 53,288,490
wheat flour /1 464,583 421,238 465,104 388,410
Malt 59,300,139 40,664,443 37,875,436 76,157,238
1/Includes commercial and donated.

DJ U.S. January Oilseed, Meal, Oils/Fats Exports-Mar 6
In kilograms (top). Oils in pounds, soybeans in bushels, meal and hulls in
short tons (bottom). Source: U.S. Department of Commerce.
(*)NOTE: Year ago figures reflect data reported at that time.
Data includes Exports and Re-Exports.
——- In Kilograms ——-
Jan 25 Dec 24 Nov 24 Jan 24
soybeans 5,211,688,073 7,962,499,761 9,876,497,705 5,961,252,999
soyoil 212,825,350 126,948,012 58,629,882 5,245,688
crude 192,347,264 104,604,318 45,613,702 27,811
refined 3,058,134 1,092,976 100,313 339,872
other/1 17,290,594 21,015,823 12,718,787 4,760,462
hydrogenated 129,358 234,895 197,080 117,543
cottonseed oil 1,658,595 727,877 1,156,805 411,644
crude 63,231 59,647 98,034 62,983
refined 1,094,086 506,990 705,420 0
other/1 501,278 109,960 353,351 159,929
hydrogenated 0 51,280 0 188,732
sunseeds 517,102 382,373 844,147 40,959
sunseed oil 2,584,805 2,555,727 3,797,130 2,430,028
rapeseed 33,862,909 25,886,638 25,493,249 16,533,233
rapeseed oil 8,908,523 4,756,831 3,129,071 5,155,620
crude 809,233 477,477 216,176 148,661
refined 8,099,290 4,279,354 2,912,895 5,006,959
linseed meal 188,233 0 12,981 152,282
cottonseed meal 2,970,698 4,623,432 3,342,324 3,980,849
soymeal 1,132,943,926 1,293,950,229 1,226,652,155 1,066,092,841
soymeal/flour 275,210,747 234,367,315 299,729,901 299,978,792
soymeal hulls 17,044,000 19,761,000 24,497,000 10,014,000
lard 761,807 1,876,686 634,535 1,039,117
edible tallow 5,891,612 5,598,451 5,626,175 2,853,825
inedible tallow 4,253,980 9,510,062 3,821,520 5,007,528
ch white grease 14,383 21,383 0 14,217
——- In Bushels, Pounds or Short Tons ——-
Jan 25 Dec 24 Nov 24 Jan 24
soybeans 191,494,790 292,568,780 362,895,444 219,036,304
soyoil 469,199,662 279,872,507 129,256,786 11,564,764
crude 424,053,202 230,613,085 100,561,017 61,313
refined 6,742,033 2,409,600 221,152 749,290
other/1 38,119,241 46,331,967 28,040,130 10,495,024
hydrogenated 285,186 517,855 434,487 259,138
cottonseed oil 3,656,577 1,604,694 2,550,319 907,520
crude 139,401 131,499 216,128 138,854
refined 2,412,047 1,117,722 1,555,185 0
other/1 1,105,129 242,420 779,006 352,583
hydrogenated 0 113,053 0 416,083
sunseeds 1,140,015 842,988 1,861,026 90,299
sunseed oil 5,698,521 5,634,415 8,371,240 5,357,296
rapeseed 74,654,948 57,070,278 56,203,003 36,449,546
rapeseed oil 19,639,935 10,487,019 6,898,422 11,366,198
crude 1,784,054 1,052,657 476,587 327,741
refined 17,855,881 9,434,362 6,421,835 11,038,457
linseed meal 207 0 14 168
cottonseed meal 3,275 5,096 3,684 4,388
soymeal 1,248,844 1,426,321 1,352,139 1,175,154
soymeal flour/me 303,365 258,343 330,392 330,667
soymeal hulls 18,788 21,783 27,003 11,038
lard 1,679,497 4,137,385 1,398,910 2,290,861
edible tallow 12,988,783 12,342,474 12,403,595 6,291,608
inedible tallow 9,378,422 20,966,101 8,425,011 11,039,711
ch white grease 31,709 47,141 0 31,343

WHEAT
General Comments: All three markets closed higher on relaxation of the tariffs and good weekly export sales. Trump has allowed auto makers to avoid the tariffs for now and there are ideas that more industries will be exempted for at least a month or so. There are now somewhat reduced fears that the US is entering a recession. Growing conditions ar3e dry around the world and in the US Great Plains. The fears of a US recession are the consequence of the Trump economic and political policies. Republicans are trying to mask the threat by taking the government losses out of the GDP, but the consumer confidence is waning and could become a source of real harm to the economy. The president is slated to make a speech to congress tonight and will try to revive support of his programs that are becoming very unpopular. It will be interesting and instructive to hear the reaction to the speech as it could directly affect agriculture.
Overnight News:
Chart Analysis: Trends in Chicago are mixed. Support is at 551, 530, and 524 May, with resistance at 563, 573, and 573 May. Trends in Kansas City are mixed. Support is at 561, 540, and 534 May, with resistance at 582, 600, and 610 May. Trends in Minneapolis are mixed. Support is at 592, 576, and 570 May, and resistance is at 598, 609, and 620 May.

RICE:
General Comments: Rice closed lower yesterday after trading to new lows for the move earlier in the session. It appears to be a delayed reaction to the tariff threat on rice moving to Mexico. Prices remain cheap and could threaten planted area. Export sales have not been strong, and domestic demand is there but is not strong enough right now to bid prices much higher. The trends are still down the daily charts. Generally weak Asian prices are still reported. Brazil prices remain strong, but the difference is gone to world buyers as the Real is much lower against the US Dollar
Overnight News:
Chart Analysis: Trends are down. Support is at 1296, 1284 and 1272 May and resistance is at 1348, 1371, and 1386 May.

CORN AND OATS
General Comments: Corn closed higher on some reports that the tariffs have been eased for at least some industries and especially the auto industry. The weekly export sales report was considered positive given the current political environment. Scattered showers and more general rains are in the Midwest forecast for today. The rains will help preserve strong yield potential although more will be needed soon. The overall market fundamentals are turning bearish. The export demand in recent weeks has been very strong and it seems like some of the buying is in anticipation of the new presidential regime. President Trump has announced that new tariffs are being imposed as of Tuesday on goods and services and some buyers may have made purchases already to avoid the potential for the tariff later. The US is also the major supplier to the world of Corn right now so the sales could hold relatively strong even with trade wars possible. Prices are cheap so it will get harder for Corn buyers to convince farmers to sell. Oats were lower as import tariffs were imposed on imports from Canada on Tuesday.
Overnight News:
Chart Analysis: Trends in Corn are down. Support is at 459, 442, and 434 May, and resistance is at 482, 492, and 505 May. Trends in Oats are up. Support is at 371, 364, and 359 May, and resistance is at 391, 400, and 412 May.

SOYBEANS
General Comments: Soybeans and the products closed higher in relief buying on reports that the tariffs imposed by Trump might be relaxed for auto makers. Futures have been hit hard in part on the tariffs and in part response to the big crops hitting the market from Brazil and as the tariffs were imposed on our largest customers on the export front yesterday. The tariffs have caused retaliation from our buyers and could hurt demand, especially from China and Canada. Consumer confidence is down and there are increasing worries that the US could be headed into a recession that could hurt domestic demand. The fundamentals remain mixed to bearish.
Overnight News:
Analysis: Trends in Soybeans are mixed. Support is at 2024, 990 and 980 May, and resistance is at 1041, 1051, and 1055 May. Trends in Soybean Meal are down. Support is at 291.00, 285.00, and 280.00 May, and resistance is at 308.00, 315.00, and 319.00 May. Trends in Soybean Oil are down. Support is at 4140, 4080, and 3990 May, with resistance at 4450, 4460, and 4530 May.

PALM OIL AND CANOLA
General Comments: Palm Oil closed higher today. There is talk of reduced supplies in the market due to extreme weather that caused fields to flood among other things. Demand from China has not been good and demand from India has been reduced. Ideas of weaker production caused by too much rain and reports of good demand provided support. Chart trends are down. Canola was higher along with Chicago. The demand outlook is uncertain with the threat of US tariffs being impos3d yesterday.
Overnight News:
Chart Analysis: Trends in Canola are down. Support is at 616.00, 600.00, and 590.00 May, with resistance at 652.00, 657.00, and 673.00 May. Trends in Palm Oil are mixed to down. Support is at 4370, 4350, and 4290 May, with resistance at 4500, 4550, and 4620 May.

Midwest Weather Forecast: Light snow. Temperatures should average below normal.

DJ Malaysian PM Cash Market Prices for Palm Oil – March 7
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
Mar 1145.00 +20.00 Unquoted – –
Apr/May/Jun 1095.00 +25.00 Unquoted – –
Jul/Aug/Sep 1027.50 +17.50 Unquoted – –
Oct/Nov/Dec 1020.00 +12.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Mar 1150.00 +20.00 Unquoted – –
Apr/May/Jun 1100.00 +25.00 Unquoted – –
Jul/Aug/Sep 1032.50 +17.50 Unquoted – –
Oct/Nov/Dec 1025.00 +12.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Mar 1110.00 +25.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Mar 1085.00 +25.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Mar 4,900.00 +100.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Mar 465.00 +05.00 Unquoted – –
($1=MYR4.411)

DJ China Dalian Grain Futures Closing Prices, Volume – Mar 07
Soybean No. 1
Turnover: 262,059 lots, or 10.88 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Mar-25 – – – 4,100 4,100 4,100 0 0 1,909
May-25 4,175 4,188 4,121 4,137 4,175 4,152 -23 225,736 195,454
Jul-25 4,170 4,188 4,129 4,146 4,174 4,157 -17 21,027 44,512
Sep-25 4,184 4,192 4,136 4,149 4,182 4,162 -20 10,279 26,992
Nov-25 4,122 4,124 4,082 4,096 4,119 4,102 -17 4,376 24,929
Jan-26 4,107 4,124 4,085 4,093 4,117 4,104 -13 641 1,993
Corn
Turnover: 694,360 lots, or 16.08 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Mar-25 – – – 2,163 2,163 2,163 0 1 563
May-25 2,308 2,316 2,304 2,308 2,294 2,309 15 543,210 1,389,842
Jul-25 2,338 2,347 2,333 2,337 2,327 2,339 12 96,864 404,667
Sep-25 2,358 2,366 2,350 2,352 2,348 2,356 8 35,504 156,549
Nov-25 2,299 2,304 2,289 2,291 2,287 2,296 9 15,372 106,653
Jan-26 2,278 2,290 2,272 2,274 2,271 2,281 10 3,409 10,621
Soymeal
Turnover: 2,975,838 lots, or 8.69 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Mar-25 3,491 3,495 3,466 3,466 3,505 3,481 -24 175 7,789
May-25 2,891 2,924 2,882 2,885 2,883 2,902 19 2,093,860 2,200,948
Jul-25 2,832 2,860 2,817 2,826 2,813 2,838 25 164,800 387,753
Aug-25 2,984 2,996 2,963 2,966 2,970 2,982 12 42,145 175,274
Sep-25 2,990 3,005 2,971 2,974 2,983 2,990 7 542,788 1,548,820
Nov-25 3,018 3,030 2,999 3,001 3,011 3,016 5 72,312 268,176
Dec-25 3,044 3,052 3,020 3,023 3,031 3,038 7 13,466 89,612
Jan-26 3,030 3,041 3,008 3,012 3,019 3,027 8 46,292 145,502
Palm Oil
Turnover: 1,169,266 lots, or 10.46 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Mar-25 – – – 9,584 9,584 9,584 0 0 882
Apr-25 9,110 9,282 9,070 9,264 9,014 9,172 158 9,925 5,191
May-25 8,968 9,114 8,924 9,106 8,850 8,998 148 1,055,002 477,792
Jun-25 8,746 8,862 8,710 8,856 8,656 8,768 112 1,623 3,497
Jul-25 8,594 8,670 8,558 8,670 8,504 8,594 90 470 1,045
Aug-25 8,462 8,482 8,432 8,478 8,368 8,458 90 43 182
Sep-25 8,382 8,458 8,334 8,456 8,310 8,388 78 100,689 133,170
Oct-25 8,328 8,370 8,328 8,360 8,256 8,348 92 20 688
Nov-25 8,318 8,356 8,312 8,356 8,264 8,330 66 17 1,354
Dec-25 8,290 8,322 8,284 8,320 8,242 8,306 64 24 914
Jan-26 8,260 8,338 8,242 8,332 8,212 8,282 70 1,443 5,887
Feb-26 8,272 8,310 8,266 8,310 8,220 8,278 58 10 48
Soybean Oil
Turnover: 520,645 lots, or 41.24 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Mar-25 8,256 8,256 8,256 8,256 8,256 8,276 20 11 99
May-25 7,920 7,988 7,886 7,980 7,864 7,946 82 418,466 603,586
Jul-25 7,750 7,826 7,730 7,822 7,712 7,784 72 3,528 10,121
Aug-25 7,794 7,868 7,772 7,868 7,750 7,826 76 634 2,227
Sep-25 7,800 7,860 7,764 7,856 7,744 7,820 76 96,054 320,129
Nov-25 7,812 7,878 7,796 7,876 7,774 7,832 58 144 2,407
Dec-25 7,814 7,870 7,800 7,868 7,762 7,840 78 66 116
Jan-26 7,778 7,832 7,760 7,832 7,738 7,796 58 1,742 6,633
Notes:
1) Unit is Chinese yuan a metric ton;
2) Ch. is day’s settlement minus previous settlement;
3) Volume and open interest are in lots;
4) One lot is equivalent to 10 metric tons.

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