Grains Report 04/16/2025

DJ Analysts’ Estimates for April Cattle-On-Feed Report
The following estimates, as compiled by The Wall Street Journal for the nation’s feedyards with a capacity of 1,000 or more head, are in percentages of the year-earlier figure. High and low projections were dropped in the calculation of averages. The U.S. Department of Agriculture report is scheduled for release at 3 p.m. ET (1900 GMT) Thursday.
Average Range
of estimates of estimates
On-feed Apr 1 98.3 97.5 – 99.2
Placed in Mar 104.2 99.0 – 106.7
Marketed in Mar 100.6 99.0 – 101.5
Analyst On-Feed Placements Marketed
Apr 1 in Mar in Mar
Allegiant Commodity Group 98.5 105.5 100.6
Allendale Inc. 98.0 102.5 101.5
HedgersEdge 98.9 106.4 99.0
Livestock Mktg Info Ctr 98.1 102.5 100.7
Midwest Market Solutions 99.2 106.7 99.3
NFC Markets 98.5 106.2 101.2
Texas A&M Extension 97.9 102.0 100.8
US Commodities 97.5 99.0 101.0

WHEAT
General Comments: All three markets closed lower again yesterday as the weather for growing crops improved with more reports of showers in western growing areas. Rain has become much less in the southern Midwest and Mid South but flooding reports continue. 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 the reciprocal tariffs start again. 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. Overall demand has been weak.
Overnight News:
Chart Analysis: Trends in Chicago are mixed to up. Support is at 535, 521, and 518 May, with resistance at 557, 563, and 568 May. Trends in Kansas City are mixed. Support is at 546, 542, and 536 May, with resistance at 561, 577, and 583 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.

RICE:
General Comments: Rice closed higher again yesterday and are holding to a sideways to up trend. 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 is trying to get started farther to the north.
Overnight News:
Chart Analysis: Trends are mixed. Support is at 1357, 1326, and 1315 May and resistance is at 1393, 1409, and 1427 May.

CORN AND OATS
General Comments: Corn closed lower again yesterday as the market reacted to better planting weather in the Midwest and the latest in the tariff wars. Demand for Corn in domestic and world markets remains strong. 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 this market.
Overnight News:
Chart Analysis: Trends in Corn are mixed to up. Support is at 477, 470, and 461 May, and resistance is at 492, 500, and 512 May. Trends in Oats are mixed. Support is at 322, 317, and 312 May, and resistance is at 353, 362, and 367 May.

SOYBEANS
General Comments: Soybeans closed mixed and the products closed lower yesterday 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. 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 292.00, 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.

PALM OIL AND CANOLA
General Comments: Palm Oil futures were lower today on weaker Soybean Oil futures and on concerns about the world economy stemming from the Trump tariffs. There is talk of reduced supplies in the market due to extreme weather that caused fields to flood among other things, but supplies are expected to increase soon. Demand ideas are weaker. Chart trends are mixed. Canola was a little higher yesterday and trends are still 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 645.00, 638.00, and 624.00 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.

Midwest Weather Forecast Scattered showers. Temperatures should average near to below normal.

DJ Malaysian PM Cash Market Prices for Palm Oil – April 16
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
Apr 1035.00 -15.00 Unquoted – –
May 1025.00 -05.00 Unquoted – –
Jun 995.00 -05.00 Unquoted – –
Jul/Aug/Sep 962.50 00.00 Unquoted – –
Oct/Nov/Dec 960.00 00.00 Unquoted – –
Jan/Feb/Mar 967.50 -02.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Apr 1040.00 -15.00 Unquoted – –
May 1030.00 -05.00 Unquoted – –
Jun 1000.00 -05.00 Unquoted – –
Jul/Aug/Sep 967.50 00.00 Unquoted – –
Oct/Nov/Dec 965.00 00.00 Unquoted – –
Jan/Feb/Mar 972.50 -02.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Apr 1005.00 -15.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Apr 975.00 -32.50 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Apr 4,300.00 -100.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Apr 471.00 00.00 Unquoted – –
($1=MYR4.4078)

DJ China Dalian Grain Futures Closing Prices, Volume – Apr 16
Soybean No. 1
Turnover: 345,250 lots, or 14.44 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-25 4,195 4,198 4,141 4,160 4,188 4,167 -21 148,122 83,417
Jul-25 4,216 4,222 4,162 4,181 4,215 4,191 -24 96,372 116,813
Sep-25 4,230 4,236 4,174 4,197 4,229 4,205 -24 90,961 84,523
Nov-25 4,184 4,184 4,127 4,153 4,173 4,155 -18 6,739 33,220
Jan-26 4,173 4,175 4,115 4,139 4,164 4,143 -21 1,563 4,620
Mar-26 4,166 4,166 4,114 4,138 4,165 4,141 -24 1,493 2,418
Corn
Turnover: 769,166 lots, or 17.68 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-25 2,262 2,271 2,255 2,260 2,257 2,263 6 184,241 560,153
Jul-25 2,302 2,315 2,299 2,304 2,300 2,307 7 461,997 1,166,526
Sep-25 2,332 2,346 2,330 2,336 2,330 2,337 7 75,431 285,900
Nov-25 2,281 2,286 2,275 2,280 2,272 2,279 7 32,610 180,794
Jan-26 2,270 2,277 2,265 2,271 2,266 2,271 5 10,155 38,306
Mar-26 2,273 2,281 2,267 2,271 2,270 2,273 3 4,732 13,711
Soymeal
Turnover: 3,225,460 lots, or 97.13 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-25 2,908 2,913 2,839 2,839 2,946 2,877 -69 470,228 516,335
Jul-25 2,908 2,922 2,856 2,857 2,937 2,886 -51 175,810 479,883
Aug-25 3,045 3,066 2,999 3,001 3,076 3,028 -48 32,269 178,857
Sep-25 3,060 3,081 3,011 3,013 3,094 3,043 -51 2,192,116 2,482,896
Nov-25 3,092 3,106 3,041 3,042 3,113 3,063 -50 71,716 271,099
Dec-25 3,079 3,113 3,053 3,055 3,107 3,078 -29 14,090 82,829
Jan-26 3,065 3,100 3,037 3,039 3,084 3,064 -20 238,919 447,570
Mar-26 2,919 2,946 2,897 2,898 2,944 2,919 -25 30,312 84,527
Palm Oil
Turnover: 794,558 lots, or 65.56 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-25 8,664 8,752 8,598 8,632 8,726 8,674 -52 200,309 112,937
Jun-25 8,436 8,480 8,350 8,374 8,454 8,406 -48 5,059 7,456
Jul-25 8,286 8,338 8,218 8,254 8,306 8,272 -34 3,592 6,788
Aug-25 8,176 8,238 8,128 8,150 8,200 8,174 -26 214 817
Sep-25 8,112 8,176 8,046 8,078 8,128 8,106 -22 570,785 342,998
Oct-25 8,072 8,078 8,038 8,040 8,084 8,060 -24 24 1,057
Nov-25 8,070 8,112 8,028 8,028 8,078 8,066 -12 28 637
Dec-25 8,062 8,096 8,026 8,026 8,088 8,046 -42 68 212
Jan-26 8,024 8,096 7,982 8,010 8,058 8,036 -22 14,444 49,309
Feb-26 8,016 8,016 7,988 7,988 8,056 7,998 -58 3 809
Mar-26 8,018 8,066 7,986 7,990 8,034 8,028 -6 32 87
Apr-26 – – – 8,034 8,034 8,034 0 0 0
Soybean Oil
Turnover: 458,130 lots, or 35.22 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-25 7,694 7,760 7,668 7,674 7,710 7,714 4 68,164 124,703
Jul-25 7,638 7,704 7,598 7,612 7,642 7,646 4 2,884 14,367
Aug-25 7,678 7,754 7,650 7,664 7,688 7,698 10 600 5,859
Sep-25 7,660 7,742 7,640 7,652 7,670 7,684 14 366,326 569,307
Nov-25 7,704 7,748 7,676 7,676 7,692 7,728 36 232 1,933
Dec-25 7,692 7,750 7,684 7,696 7,682 7,694 12 113 225
Jan-26 7,602 7,682 7,598 7,636 7,610 7,638 28 19,623 61,136
Mar-26 7,600 7,654 7,584 7,586 7,600 7,608 8 188 686
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