Grains Report 05/02/2025

DJ CBOT Delivery Intentions: Totals – May 2
Source: CME Group
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
SOYBEAN MEAL May May 05, 2025 11 Apr 29, 2025
SOYBEAN OIL May May 05, 2025 165 Apr 28, 2025
ROUGH RICE May May 05, 2025 8 Apr 29, 2025
CORN May May 05, 2025 28 Apr 24, 2025
KC HRW WHEAT May May 05, 2025 200 May 01, 2025
SOYBEAN May May 05, 2025 3 Apr 24, 2025
WHEAT May May 05, 2025 80 Apr 29, 2025

DJ Food Prices Rose in April on More Expensive Meat, Cereal and Dairy, UN Says
By Joe Hoppe
Food prices rose in April as higher cereal, dairy and meat prices outweighed declines in sugar and vegetable oils, data from the Food and Agriculture Organization of the United Nations showed on Friday.
The FAO’s food price index–which tracks global prices for a basket of staple foods–averaged 128.3 points, up 1.2 points from March. It remained up 7.6% on year, but nearly 20% below its all-time high in March 2022, shortly after the Russian invasion of Ukraine began.
Meat prices rose 3.2% on month and were up 4.3% on year, with all categories making gains. Pig meat registered the highest rise in prices. This was underpinned by higher prices in the European Union on stronger global import demand, as Germany reinstated its foot-and-mouth disease-free status and importers lifted their related restrictions.
Bovine meat prices also gained amid steady import demand and limited global availability, particularly in Australia and Brazil. Poultry meat prices moderately rose, particularly in Brazil on robust external demand and holiday-related processing slowdowns.
Dairy prices rose 2.4% from March and were up as much as 23% on year. International butter prices rose for a third consecutive month to a new all-time high, largely on higher European prices given reduced inventories and strong milkfat demand. International milk powder prices also rose on steady domestic demand and export interest from Europe shifting toward Oceania. Cheese prices also gained on strong export demand amid tightening Oceania supplies.
Cereal prices rose 1.2% on month, but still were 0.5% lower on year. Prices rose across all major cereals, with wheat up marginally on tightening exportable supplies from Russia and currency movements, though the rally was tempered by trade policy developments and macroeconomic uncertainty. Corn also gained on tighter U.S. stocks and currency movements, exacerbated by adjustments to tariff policies. Sorghum, barley and rice all also saw gains.
Vegetable-oil prices fell 2.3% from the previous month, but remained up 21% on year. April’s decline mainly reflected lower palm oil prices, more than offsetting higher soy and rapeseed oil prices. Sunflower oil prices remained largely stable.
Sugar prices were down 3.5% on month on signs of weaker global demand, and were 11% lower on year. The drop has largely been driven by global economic outlook worries and the potential hit to demand for the beverage and food process sectors, which represent the majority of global sugar consumption.

WHEAT
General Comments: The markets closed mixed to mostly lower yesterday as the reports of and forecasts for showers in western growing areas. Crops in the Great Plains are reported to be in good condition although there are concerns about too much rain falling in northern Texas and Oklahoma. Rain has become much less in the southern Midwest and Mid South. Chart trends are mixed in Chicago Winter Wheat markets and in Minneapolis. Traders keep talking about a tight market as a reason to support prices, but enough Wheat has always been available to the market and demand for US Wheat in export markets has been poor. Dry outlooks for the Black Sea regions are still a main feature. Overall demand for world Wheat has been weak.
Overnight News:
Chart Analysis: Trends in Chicago are down. Support is at 523, 516, and 510 July, with resistance at 540, 550, and 561 July. Trends in Kansas City are down. Support is at 525, 520, and 514 July, with resistance at 543, 548, and 567 July. Trends in Minneapolis are mixed. Support is at 592, 589, and 583 July, and resistance is at 640, 650, and 669 July.

RICE:
General Comments: Rice closed lower yesterday on speculative trading and as the US Dollar firmed. The cash market has been slow with mostly quiet domestic markets and average export demand. 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 planted in southern growing areas now and is about half done farther to the north.
Overnight News:
Chart Analysis: Trends are down. Support is at 1273, 1225, and 1191 July and resistance is at 1338, 1359, and 1369 July.

CORN AND OATS
General Comments: Corn closed a little higher yesterday as the market reacted once again to better planting weather in the Midwest and as demand prospects remained strong in the weekly export sales reports. President Trump keeps talking about cutting deals on the tariffs, but nothing has been announced yet. Demand for Corn in domestic and world markets remains strong with sales near 1.25 million tons in the latest reporting week. It is dry in growing areas in western US, but most of the Midwest has had precipitation lately and eastern and southern areas are drying out after being too wet. It has become warmer in much of the Midwest and planting progress is expected to be much improved this week, but rain remains in the forecast. Oats were lower, and the trends are down in this market.
Overnight News:
Chart Analysis: Trends in Corn are down. Support is at 469, 461, and 455 July, and resistance is at 480, 483, and 487 July. Trends in Oats are mixed. Support is at 332, 326, and 320 July, and resistance is at 345, 356, and 362 July.

SOYBEANS
General Comments: Soybeans and Soybean Oil were higher yesterday, and Soybean Meal closed lower. The reports of demand have remained solid for US Soybeans as China has been taking almost all the export from South America but also appeared as a buyer of US Soybeans in the most recent week. Deferred months were lower as the weather is forecast to be much better for planting after this week. Warmer temperatures are expected this weekend and warm and dry weather is in the forecast for next week.
Overnight News
Analysis: Trends in Soybeans are mixed. Support is at 1037, 1028, and 1009 July, and resistance is at 1058, 1067, and 1070 July. Trends in Soybean Meal are mixed. Support is at 294.00, 290.00, and 287.00 July, and resistance is at 302.00, 306.00, and 308.00 July. Trends in Soybean Oil are mixed. Support is at 4840, 4780, and 4650, with resistance at 5010, 5090, and 5150 July.

PALM OIL AND CANOLA
General Comments: Palm Oil futures were closed today. There is talk of reduced supplies in the market. Chart trends are mixed. Canola was higher yesterday along with the price action in Chicago. Trends are still up on the daily charts and weekly charts. Canadian goods were exempted from the new round of tariffs but still must deal with the tariffs previously imposed by the US. The weather has generally been good for planting in the Prairies but it is too dry in some areas.
Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 680.00, 676.00, and 662.00 July, with resistance at 705.00, 712.00, and 718.00 July. Trends in Palm Oil are mixed to down. Support is at 3860, 3740, and 3620 July, with resistance at 3970, 4030, and 4150 July.

Midwest Weather Forecast Showers and storms. Temperatures should average near normal.

DJ Malaysian PM Cash Market Prices for Palm Oil – May 2
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
May 980.00 00.00 Unquoted – –
Jun 972.50 00.00 Unquoted – –
Jul/Aug/Sep 960.00 00.00 Unquoted – –
Oct/Nov/Dec 962.50 00.00 Unquoted – –
Jan/Feb/Mar 970.00 00.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
May 985.00 00.00 Unquoted – –
Jun 977.50 00.00 Unquoted – –
Jul/Aug/Sep 965.00 00.00 Unquoted – –
Oct/Nov/Dec 967.50 00.00 Unquoted – –
Jan/Feb/Mar 975.00 00.00 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
May 960.00 00.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
May 930.00 00.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
May 4,020.00 -60.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
May 470.00 00.00 Unquoted – –
($1=MYR4.2548)

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