Grains Report 04/14/2025

WHEAT
General Comments: All three markets closed higher last week as speculators were buying in short positions and as the weather for growing crops was not good. The White House made a pause in the implementation of the reciprocal tariffs for 90 days but is still imposing blanket tariffs on most of the world and the old Mexican and Canadian tariffs. The tariffs will cost producers more for inputs and should damage upside price potential if they are enacted as stated earlier this week. USDA issued its monthly supply and demand updates yesterday and Wheat ending stocks levels were increased for the US and the world. Chart trends are up in Winter Wheat markets and in Minneapolis. Dry outlooks for the Great Plains and Black Sea regions are still the main feature but some hail was reported in Black Sea areas last week to damage crops. Growing conditions are dry around the world and in the US Great Plains and Winter Wheat crops are emerging from dormancy in northern countries. Overall demand has been weak.
Overnight News:
Chart Analysis: Trends in Chicago are mixed to up. Support is at 546, 535, and 521 May, with resistance at 583, 568, and 575 May. Trends in Kansas City are mixed. Support is at 553, 546, and 542 May, with resistance at 577, 583, and 598 May. Trends in Minneapolis are mixed to up. Support is at 599, 593, and 578 May, and resistance is at 626, 635, and 646 May.

COT — Supplemental Report – Option and Futures Combined Positions as of April 08, 2025
: Reportable Positions : Nonreportable
:—————————————————————————————- : Positions
: Non-Commercial : Commercial : Index Traders : Total
: Long : Short :Spreading: Long : Short : Long : Short : Long : Short : Long : Short
——————————————————————————————————————-
WHEAT-SRW – CHICAGO BOARD OF TRADE
CFTC Code #001602 Open Interest is 572,101
: Positions :
: 59,479 160,856 206,015 119,458 74,914 141,843 91,309 526,796 533,094: 45,305 39,007
: Changes from: April 1, 2025 (Change in open interest: -12,103) :
: 839 -8,169 482 -5,713 -2,098 -8,246 -6,074 -12,639 -15,859: 537 3,757
: Percent of Open Interest Represented by Each Category of Trader :
: 10.4 28.1 36.0 20.9 13.1 24.8 16.0 92.1 93.2: 7.9 6.8
: Total Traders: 407 Number of Traders in Each Category :
: 126 101 131 107 98 46 31 331 313:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of April 08, 2025
: Reportable Positions : Nonreportable
:—————————————————————————————- : Positions
: Non-Commercial : Commercial : Index Traders : Total
: Long : Short :Spreading: Long : Short : Long : Short : Long : Short : Long : Short
——————————————————————————————————————-
WHEAT-HRW – CHICAGO BOARD OF TRADE
CFTC Code #001612 Open Interest is 287,542
: Positions :
: 27,139 85,940 65,077 81,492 76,409 89,509 34,768 263,217 262,194: 24,325 25,348
: Changes from: April 1, 2025 (Change in open interest: -14,361) :
: 322 4,991 -8,396 -2,845 -11,265 -5,756 -2,048 -16,675 -16,717: 2,314 2,357
: Percent of Open Interest Represented by Each Category of Trader :
: 9.4 29.9 22.6 28.3 26.6 31.1 12.1 91.5 91.2: 8.5 8.8
: Total Traders: 251 Number of Traders in Each Category :
: 48 67 68 81 73 34 18 203 189:
——————————————————————————————————————-

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of April 8, 2025
: Reportable Positions :
:————————————————————————————————————- :
: Producer/Merchant : : : :
: Processor/User : Swap Dealers : Managed Money : Other Reportables :
: Long : Short : Long : Short :Spreading: Long : Short :Spreading: Long : Short :Spreading :
—————————————————————————————————————-
WHEAT-HRSpring – MIAX FUTURES EXCHANGE (CONTRACTS OF 5,000 BUSHELS) :
CFTC Code #001626 Open Interest is 92,672 :
: Positions :
: 46,474 26,562 4,163 2,384 687 12,030 40,874 7,030 3,959 889 4,034 :
: Changes from: April 1, 2025 :
: 417 1,491 -387 463 -137 -1,152 -988 826 -902 -285 -594 :
: Percent of Open Interest Represented by Each Category of Trader :
: 50.1 28.7 4.5 2.6 0.7 13.0 44.1 7.6 4.3 1.0 4.4 :
: Number of Traders in Each Category Total Traders: 116 :
: 51 37 5 . 4 12 26 10 7 7 10 :
—————————————————————————————————————-

RICE:
General Comments: Rice closed higher last week and are holding to a sideways to up trend. USDA made no changes to the US supply or demand tables in its reports last week. World ending stocks were increased. Prices remain cheap and could threaten the planted area as it will cost more to produce Rice than it is getting in the market right now. Export sales have not been strong, and domestic demand is not strong enough right now to bid prices any higher. Milling quality of the Rice remains below industry standards and it takes more Rough Rice to create the grain for sale to stores and exporters. Rice is getting planted in southern growing areas now, and Texas is now about 80% done. Progress in Louisiana has been very good.
Overnight News:
Chart Analysis: Trends are mixed. Support is at 1315, 1296, and 1284 May and resistance is at 1365, 1393, and 1409 May.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of April 8, 2025
: Reportable Positions :
:————————————————————————————————————- :
: Producer/Merchant : : : :
: Processor/User : Swap Dealers : Managed Money : Other Reportables :
: Long : Short : Long : Short :Spreading: Long : Short :Spreading: Long : Short :Spreading :
—————————————————————————————————————-
ROUGH RICE – CHICAGO BOARD OF TRADE (CONTRACTS OF 200,000 POUNDS) :
CFTC Code #039601 Open Interest is 14,125 :
: Positions :
: 7,679 3,276 0 144 0 343 6,498 7 1,928 710 1,569 :
: Changes from: April 1, 2025 :
: 278 -72 0 2 0 1 218 3 -177 33 194 :
: Percent of Open Interest Represented by Each Category of Trader :
: 54.4 23.2 0.0 1.0 0.0 2.4 46.0 0.0 13.6 5.0 11.1 :
: Number of Traders in Each Category Total Traders: 76 :
: 22 18 0 . 0 . 22 . 15 8 8 :
—————————————————————————————————————-

CORN AND OATS
General Comments: Corn closed higher last week as the market reacted to the good demand for Corn in domestic and world markets. The US is the best offer in the world for now and has been getting the business even with the tariff battles going on. The news that the White House has paused implementation of the new reciprocal tariffs by 90 days but held the world tariff schedule at 10% was viewed with relief by the market asx the reciprocal tariffs had been much higher. USDA released its latest monthly supply and demand reports that showed no real changes to supply but higher demand than expected and lower ending stocks. It is dry in growing areas in western US, but most of the Midwest has had precipitation lately and eastern and southern areas are too wet. It has become warmer in a lot of the Midwest and planting progress is expected to be much improved this week. Oats were higher and the trends are up in both markets.
Overnight News: Japan bought 120,000 tons of US Corn.
Chart Analysis: Trends in Corn are up. Support is at 477, 470, and 461 May, and resistance is at 492, 500, and 512 May. Trends in Oats are mixed to up. Support is at 322, 317, and 312 May, and resistance is at 348, 353, and 362 May.

COT — Supplemental Report – Option and Futures Combined Positions as of April 08, 2025
: Reportable Positions : Nonreportable
:—————————————————————————————- : Positions
: Non-Commercial : Commercial : Index Traders : Total
: Long : Short :Spreading: Long : Short : Long : Short : Long : Short : Long : Short
——————————————————————————————————————-
CORN – CHICAGO BOARD OF TRADE
CFTC Code #002602 Open Interest is 2,415,657
: Positions :
: 143,534 196,401 863,448 723,462 985,718 494,193 141,114 2,224,638 2,186,682: 191,019 228,976
: Changes from: April 1, 2025 (Change in open interest: -54,342) :
: -12,898 363 -48,300 11,925 8,553 -11,831 -10,675 -61,104 -50,058: 6,762 -4,284
: Percent of Open Interest Represented by Each Category of Trader :
: 5.9 8.1 35.7 29.9 40.8 20.5 5.8 92.1 90.5: 7.9 9.5
: Total Traders: 815 Number of Traders in Each Category :
: 135 130 191 388 421 51 27 672 684:
——————————————————————————————————————-

SOYBEANS
General Comments: Soybeans and the products closed higher last week as the market reacted to news or better demand due to high Brazil FOB premiums. There was news that the reciprocal tariffs have been put on pause for 90 days. The world wide tariff of 10% remains intact as do tariffs on Mexico and Canada. USDA released its monthly supply and demand updates yesterday with no changes to South American production estimates and slightly lower US ending stocks. South American production looks strong, with Brazil expected to produce 170 million tons and Argentina producing 49 million tons or a little less. However, the reports of demand have remained solid for US Soybeans as China has been taking almost all the export from South America. Deferred months were higher as the weather remains too wet to the east and south and too dry to the west. Warmer temperatures are expected this week.
Overnight News
Analysis: Trends in Soybeans are up Support is at 1030, 1011, and 991 May, and resistance is at 1051, 1055, and 1067 May. Trends in Soybean Meal are up. Support is at 295.00, 289.00, and 280.00 May, and resistance is at 304.00, 307.00, and 310.00 May. Trends in Soybean Oil are mixed to up. Support is at 4580, 4440, and 4390 May, with resistance at 4850, 4920, and 5040 May.

COT — Supplemental Report – Option and Futures Combined Positions as of April 08, 2025
: Reportable Positions : Nonreportable
:—————————————————————————————- : Positions
: Non-Commercial : Commercial : Index Traders : Total
: Long : Short :Spreading: Long : Short : Long : Short : Long : Short : Long : Short
——————————————————————————————————————-
SOYBEANS – CHICAGO BOARD OF TRADE
CFTC Code #005602 Open Interest is 1,128,085
: Positions :
: 68,594 130,573 392,426 395,599 439,759 215,440 86,773 1,072,059 1,049,531: 56,026 78,554
: Changes from: April 1, 2025 (Change in open interest: 64,001) :
: -168 19,671 48,508 24,380 -6,269 -12,733 -3,042 59,986 58,867: 4,014 5,134
: Percent of Open Interest Represented by Each Category of Trader :
: 6.1 11.6 34.8 35.1 39.0 19.1 7.7 95.0 93.0: 5.0 7.0
: Total Traders: 576 Number of Traders in Each Category :
: 119 142 192 207 220 45 30 474 494:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of April 08, 2025
: Reportable Positions : Nonreportable
:—————————————————————————————- : Positions
: Non-Commercial : Commercial : Index Traders : Total
: Long : Short :Spreading: Long : Short : Long : Short : Long : Short : Long : Short
——————————————————————————————————————-
SOYBEAN OIL – CHICAGO BOARD OF TRADE
CFTC Code #007601 Open Interest is 634,724
: Positions :
: 62,372 76,645 160,477 219,360 347,089 157,211 22,402 599,420 606,613: 35,304 28,111
: Changes from: April 1, 2025 (Change in open interest: -21,956) :
: 1,015 -33,996 4,722 -15,566 16,453 -13,685 -7,854 -23,514 -20,675: 1,558 -1,280
: Percent of Open Interest Represented by Each Category of Trader :
: 9.8 12.1 25.3 34.6 54.7 24.8 3.5 94.4 95.6: 5.6 4.4
: Total Traders: 322 Number of Traders in Each Category :
: 81 67 103 97 102 41 20 271 248:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of April 08, 2025
: Reportable Positions : Nonreportable
:—————————————————————————————- : Positions
: Non-Commercial : Commercial : Index Traders : Total
: Long : Short :Spreading: Long : Short : Long : Short : Long : Short : Long : Short
——————————————————————————————————————-
SOYBEAN MEAL – CHICAGO BOARD OF TRADE
CFTC Code #026603 Open Interest is 694,034
: Positions :
: 53,293 142,726 191,498 258,700 279,577 128,981 46,344 632,472 660,145: 61,562 33,889
: Changes from: April 1, 2025 (Change in open interest: 32,407) :
: 3,856 676 12,523 18,477 20,632 -6,934 -2,573 27,921 31,258: 4,485 1,149
: Percent of Open Interest Represented by Each Category of Trader :
: 7.7 20.6 27.6 37.3 40.3 18.6 6.7 91.1 95.1: 8.9 4.9
: Total Traders: 341 Number of Traders in Each Category :
: 68 86 95 125 112 36 20 282 266:
——————————————————————————————————————-

PALM OIL AND CANOLA
General Comments: Palm Oil futures were higher last week as the outside markets were also higher. Futures were lower today on weaker Crude Oil futures. There is talk of reduced supplies in the market due to extreme weather that caused fields to flood among other things. Demand ideas are weaker. Chart trends are mixed. Canola was higher last week and trends are up on the daily charts. Canadian goods were exempted from the new round of tariffs but still must deal with the tariffs previously imposed by the US. Canada will not be exempted by the 90 day pause.
Overnight News:
Chart Analysis: Trends in Canola are up. Support is at 638.00, 624.00, and 609.00 May, with resistance at 673.00, 682.00, and 690.00 May. Trends in Palm Oil are mixed to down. Support is at 4070, 2910, and 3790 June, with resistance at 4230, 4280, and 4340 June.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of April 8, 2025
: Reportable Positions :
:————————————————————————————————————- :
: Producer/Merchant : : : :
: Processor/User : Swap Dealers : Managed Money : Other Reportables :
: Long : Short : Long : Short :Spreading: Long : Short :Spreading: Long : Short :Spreading :
—————————————————————————————————————-
USD Malaysian Crude Palm Oil C – CHICAGO MERCANTILE EXCHANGE (CONTRACTS OF 25 METRIC TONS) :
CFTC Code #037021 Open Interest is 15,342 :
: Positions :
: 11,424 6,634 390 2,502 824 360 300 0 1,234 3,922 1,100 :
: Changes from: April 1, 2025 :
: 100 90 0 600 -40 -40 0 0 -640 -1,260 0 :
: Percent of Open Interest Represented by Each Category of Trader :
: 74.5 43.2 2.5 16.3 5.4 2.3 2.0 0.0 8.0 25.6 7.2 :
: Number of Traders in Each Category Total Traders: 23 :
: 5 7 . 4 . . . 0 . 4 . :
—————————————————————————————————————-

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of April 8, 2025
: Reportable Positions :
:————————————————————————————————————- :
: Producer/Merchant : : : :
: Processor/User : Swap Dealers : Managed Money : Other Reportables :
: Long : Short : Long : Short :Spreading: Long : Short :Spreading: Long : Short :Spreading :
—————————————————————————————————————-
CANOLA – ICE FUTURES U.S. (20 Metric Tonnes) :
CFTC Code #135731 Open Interest is 228,623 :
: Positions :
: 141,954 107,678 9,558 11,647 3,405 33,389 65,446 16,040 10,393 10,895 11,473 :
: Changes from: April 1, 2025 :
: -22,772 2,786 -1,239 2,922 130 582 -35,803 -1,953 -4,408 2,561 -517 :
: Percent of Open Interest Represented by Each Category of Trader :
: 62.1 47.1 4.2 5.1 1.5 14.6 28.6 7.0 4.5 4.8 5.0 :
: Number of Traders in Each Category Total Traders: 280 :
: 58 58 4 6 7 40 42 30 51 53 40 :
—————————————————————————————————————-

Midwest Weather Forecast Mostly dry. Temperatures should average near to above normal.

DJ Malaysian PM Cash Market Prices for Palm Oil – April 14
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
Apr 1065.00 -05.00 Unquoted – –
May 1037.50 +15.00 Unquoted – –
Jun 1010.00 -12.50 Unquoted – –
Jul/Aug/Sep 972.50 -05.00 Unquoted – –
Oct/Nov/Dec 967.50 -05.00 Unquoted – –
Jan/Feb/Mar 977.50 -05.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Apr 1070.00 -05.00 Unquoted – –
May 1042.50 +15.00 Unquoted – –
Jun 1015.00 -12.50 Unquoted – –
Jul/Aug/Sep 977.50 -05.00 Unquoted – –
Oct/Nov/Dec 972.50 -05.00 Unquoted – –
Jan/Feb/Mar 982.50 -05.00 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Apr 1035.00 00.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Apr 1020.00 00.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Apr 4,520.00 00.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Apr 473.00 -01.00 Unquoted – –
($1=MYR4.4105)

DJ China Dalian Grain Futures Closing Prices, Volume – Apr 14
Soybean No. 1
Turnover: 395,950 lots, or 16.65 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-25 4,193 4,219 4,155 4,202 4,175 4,190 15 206,056 105,054
Jul-25 4,222 4,248 4,182 4,232 4,200 4,217 17 91,102 106,392
Sep-25 4,234 4,261 4,195 4,245 4,211 4,228 17 85,041 86,482
Nov-25 4,173 4,204 4,144 4,189 4,161 4,176 15 8,245 33,336
Jan-26 4,171 4,196 4,138 4,180 4,164 4,170 6 2,618 4,740
Mar-26 4,188 4,200 4,141 4,182 4,177 4,175 -2 2,888 2,417
Corn
Turnover: 785,992 lots, or 18.07 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-25 2,272 2,282 2,262 2,267 2,269 2,272 3 321,160 656,183
Jul-25 2,316 2,326 2,306 2,310 2,312 2,316 4 333,101 1,062,456
Sep-25 2,346 2,354 2,335 2,338 2,340 2,344 4 77,933 276,245
Nov-25 2,285 2,294 2,275 2,281 2,279 2,284 5 31,835 176,612
Jan-26 2,271 2,283 2,268 2,274 2,266 2,276 10 16,900 34,282
Mar-26 2,276 2,286 2,270 2,278 2,270 2,279 9 5,063 12,878
Soymeal
Turnover: 3,097,462 lots, or 94.90 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-25 2,920 2,972 2,916 2,958 2,907 2,947 40 527,661 657,057
Jul-25 2,933 2,969 2,929 2,953 2,924 2,949 25 150,290 459,287
Aug-25 3,072 3,103 3,064 3,090 3,061 3,085 24 25,905 175,412
Sep-25 3,086 3,118 3,075 3,104 3,074 3,097 23 2,164,045 2,426,884
Nov-25 3,101 3,141 3,100 3,128 3,100 3,122 22 45,006 242,371
Dec-25 3,097 3,127 3,087 3,111 3,097 3,108 11 9,821 81,796
Jan-26 3,078 3,106 3,069 3,089 3,069 3,088 19 148,949 400,385
Mar-26 2,954 2,974 2,945 2,956 2,957 2,957 0 25,785 74,364
Palm Oil
Turnover: 875,384 lots, or 74.38 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Apr-25 – – – 9,366 9,366 9,366 0 0 12
May-25 8,794 8,802 8,708 8,748 8,766 8,754 -12 473,951 156,589
Jun-25 8,534 8,564 8,472 8,488 8,508 8,512 4 4,955 7,036
Jul-25 8,398 8,422 8,328 8,348 8,362 8,370 8 4,360 6,385
Aug-25 8,280 8,300 8,228 8,240 8,252 8,256 4 260 840
Sep-25 8,236 8,246 8,140 8,170 8,182 8,188 6 379,816 297,499
Oct-25 8,166 8,190 8,128 8,128 8,168 8,174 6 43 1,050
Nov-25 8,152 8,400 8,148 8,156 8,140 8,166 26 26 632
Dec-25 8,142 8,142 8,100 8,108 8,122 8,120 -2 23 173
Jan-26 8,150 8,160 8,062 8,090 8,112 8,104 -8 11,927 45,309
Feb-26 8,138 8,138 8,086 8,102 8,112 8,098 -14 9 810
Mar-26 8,130 8,150 8,078 8,078 8,108 8,098 -10 14 65
Soybean Oil
Turnover: 341,218 lots, or 26.28 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-25 7,760 7,760 7,716 7,734 7,686 7,734 48 65,830 143,878
Jul-25 7,684 7,700 7,650 7,664 7,634 7,668 34 2,426 14,643
Aug-25 7,734 7,738 7,704 7,714 7,686 7,720 34 637 5,840
Sep-25 7,700 7,720 7,680 7,698 7,652 7,694 42 261,775 564,508
Nov-25 7,730 7,744 7,704 7,728 7,676 7,724 48 68 1,890
Dec-25 7,708 7,716 7,696 7,708 7,672 7,706 34 43 169
Jan-26 7,614 7,656 7,614 7,630 7,590 7,632 42 10,365 57,428
Mar-26 7,624 7,634 7,602 7,622 7,604 7,620 16 74 656
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.

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