Grains Report 05/08/2025

DJ CBOT Delivery Intentions: Totals – May 8
Source: CME Group
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
SOYBEAN OIL May May 09, 2025 20 Apr 29, 2025
ROUGH RICE May May 09, 2025 4 May 02, 2025
CORN May May 09, 2025 18 Apr 29, 2025
SOYBEAN May May 09, 2025 3 Apr 29, 2025
WHEAT May May 09, 2025 29 May 07, 2025

DJ U.S. Export Sales: Weekly Sales Totals-May 8
For the week ended May 1, in thousand metric tons, except cotton in
thousand running bales. Net changes in commitments are gross sales,
less cancellations, buy-backs and other downward adjustments. Total
commitments are total export shipments plus total sales.
The marketing year for wheat and barley began Jun 1, cotton and
and rice Aug 1, corn, soybeans and sorghum Sep 1, and soymeal and
soyoil Oct 1. Source: USDA
wk’s net chg total
in commitments commitments undlvd sales
this yr next yr this yr last yr this yr next yr
wheat 69.7 493.0 21420.1 18837.7 2361.0 2552.1
hrw 17.1 202.8 5496.5 3599.4 813.9 864.5
srw 10.3 142.5 3151.6 4294.1 228.6 557.8
hrs 18.7 38.5 6686.2 6428.8 655.5 699.6
white 23.6 105.2 5734.4 3988.5 638.1 396.8
durum 0.0 4.0 351.5 527.0 25.0 33.5
corn 1662.5 18.0 60411.1 47623.9 16808.2 2244.5
soybeans 376.7 9.8 47720.4 42336.4 4253.1 518.1
soymeal 111.9 10.3 12463.1 11353.4 3375.4 151.9
soyoil 14.6 1.1 990.6 123.0 155.7 12.9
upland cotton 65.8 37.4 11033.3 11645.3 2891.0 1242.2
pima cotton 27.1 0.0 434.0 304.8 109.8 1.9
sorghum 33.1 0.0 1410.1 5145.1 105.8 0.0
barley 0.0 0.0 34.4 11.7 11.0 24.8
rice 58.2 0.0 2795.9 3031.1 490.9 10.1

DJ Canadian Grain, Oilseed Stocks as of March 31, 2025 – StatCan
WINNIPEG–The following is the Statistics Canada grain and
oilseed stocks in all positions report.
Figures are as of March 31, 2025, in thousand metric tonnes.
Source: Statistics Canada.
On Farms Commercial Total
Mar 31 Mar 31 Mar 31 Mar 31 Mar 31 Mar 31
2025 2024 2025 2024 2025 2024
Barley 2,578 2,624 488 450 3,066 3,073
Canaryseed 124 75 13 12 137 87
Canola 4,582 8,007 1,287 1,574 5,869 9,581
Chickpeas 149 72 30 23 179 95
Corn 4,855 5,308 2,342 2,960 7,197 8,268
Flaxseed 217 262 37 61 253 323
Lentils 848 611 201 193 1,048 804
Mustard 183 117 17 16 199 133
Oats 1,006 1,137 277 339 1,283 1,476
Peas 947 726 409 229 1,356 955
Rye 215 140 31 18 246 158
Soybeans 1,405 1,265 988 893 2,393 2,158
Sunflower 166 198 3 1 169 199
All wheat 11,318 12,254 4,104 3,347 15,421 15,601
Durum 1,250 1,371 753 580 2,003 1,951
By MarketsFarm (news@marketsfarm.com, or 204-414-9084)

DJ U.S. Corn, Soybean Production Estimates — Survey
NEW YORK–The following are analysts’ estimates for 2025 U.S. corn and soybean production in millions of bushels, as compiled by The Wall Street Journal. The U.S. Department of Agriculture is scheduled to release its monthly estimates at noon on Monday.
U.S. Corn, Soybean Production (million bushels)
Average Range USDA 2024
Corn Production 15,799 15,700-15,928 14,867
Soybean Production 4,325 4,228-4,358 4,366
Corn Soybean
Production Production
AgriSource 15,805 4,340
Allendale 15,741 4,330
Doane 15,787 4,342
Grain Cycles 15,795 4,337
Linn 15,782 4,331
Sid Love Consulting 15,715 4,350
Marex Group 15,874 4,331
Midland Research 15,800 4,330
Midwest Market Solutions 15,700 4,228
Northstar 15,783 4,300
Ocean State Research 15,783 4,358
Prime Ag 15,928 4,310
StoneX 15,743 4,332
US Commodities 15,928 4,310
Vantage RM 15,820 4,345
Zaner Ag Hedge 15,794 4,333

DJ U.S. Wheat Production Estimates — Survey
NEW YORK–The following are analysts’ estimates for 2025-26 U.S. wheat production, as compiled by The Wall Street Journal. The U.S. Department of Agriculture is scheduled to release updated production forecasts at noon on Monday.
2025-26 WHEAT PRODUCTION
Average Range USDA 2024-25
All Wheat 1,896 1,800-2,000 1,971
Winter Wheat 1,333 1,272-1,385 1,349
Hard Red Winter 758 712-800 770
Soft Red Winter 341 320-358 342
White Winter 234 220-246 236
All Wheat Winter Wheat Hard-Red Soft-Red White
Allendale 1,906 1,385 800 344 241
Doane 1,895 1,360 770 355 235
Grain Cycles 1,800
Linn 1,834 1,306 731 336 239
Sid Love Consulting 1,902 1,312 750 350 220
Marex Group 1,914 1,310 770 320 220
Midland Research 1,868 1,318 738 334 246
Midwest Market Solutions 1,841 1,346 770 340 236
Northstar 2,000 1,378 780 358 240
Ocean State Research 1,882 1,306 744 339 223
Prime Ag 1,875
RJ O’Brien 1,895 1,347 763 344 240
Risk Mgmt Commodities 1,976 1,354 775 342 236
StoneX 1,868 1,316 739 344 233
US Commodities 1,950
Vantage RM 1,971 1,349 770 342 236
Zaner Ag Hedge 1,860 1,272 712 331 224

DJ U.S. May Grain, Soybean Stockpiles Estimates — Survey
NEW YORK–The following are analysts’ estimates in millions of bushels for U.S. ending stockpiles for 2024-25 and 2025-26, as compiled by The Wall Street Journal. The U.S. Department of Agriculture is scheduled to release updated supply and demand tables on Monday at noon ET.
U.S. 2024-25 Stockpiles (millions)
Average Range USDA April
Corn 1,444 1,385-1,515 1,465
Soybeans 370 350-392 375
Wheat 845 816-866 846
U.S. 2025-26 Stockpiles (millions)
Average Range USDA April
Corn 2,044 1,800-2,260 N/A
Soybeans 351 265-550 N/A
Wheat 848 771-920 N/A
2024-25 2025-26
Corn Soybeans Wheat Corn Soybeans Wheat
AgriSource 1,415 375 846 2,005 375 895
Allendale 1,445 375 846 1,843 331 873
Doane 1,430 370 820 2,092 350 822
Grain Cycles 1,515 375 846 2,097 362 816
Linn 1,465 350 856 2,162 320 843
Sid Love Consulting 1,465 375 856 1,964 267 908
Marex Group 1,440 380 866 2,260 380 850
Midland Research 1,415 355 861 1,800 305 852
Midwest Market Solutions 1,450 375 845 2,070 265 771
Northstar 1,425 370 850 2,018 410 920
Ocean State Research 1,465 375 846 2,086 316 861
Prime Ag 1,415 365 846 2,100 550 775
RJ O’Brien 1,495 392 816 2,086 295 847
Risk Mgmt Commodities 1,445 370 848 1,895 425 875
StoneX 1,385 359 837 2,053 391 860
US Commodities 1,435 355 840 2,200 400 830
Vantage RM 1,465 375 846 2,125 290 845
Zaner Ag Hedge 1,415 360 846 1,930 285 821

DJ May Brazil, Argentina Corn, Soybean Production Estimates – Survey
NEW YORK–The following are analysts’ estimates in millions of metric tons for Brazil and Argentina corn and soybean production for 2024-25, as compiled by The Wall Street Journal. The U.S. Department of Agriculture is scheduled to release its monthly estimates on Monday at noon ET.
2024-25 Brazil Corn, Soybean Production (million metric tons)
Average Range USDA April
Corn 127.1 124.0-132.4 126.0
Soybeans 169.1 168.0-170.0 169.0
Corn Soybeans
Allendale 127.0 169.0
Doane 126.0 169.0
Linn 126.0 169.0
Marex Group 126.0 169.0
Midland Research 124.0 169.0
Midwest Market Solutions 126.0 169.5
Northstar 126.0 169.0
Ocean State Research 128.0 170.0
Prime Ag 129.0 169.0
Risk Mgmt Commodities 127.0 168.0
StoneX 132.4 168.4
US Commodities 127.0 170.0
Zaner Ag Hedge 127.5 169.0
2024-25 Argentina Corn, Soybean Production (million metric tons)
Average Range USDA April
Corn 49.8 48.5-51.0 50.0
Soybeans 49.3 48.5-50.0 49.0
Corn Soybeans
Allendale 49.0 49.0
Doane 49.0 50.0
Linn 50.0 50.0
Marex Group 50.0 49.0
Midland Research 48.5 49.0
Midwest Market Solutions 50.0 49.0
Northstar 51.0 49.5
Ocean State Research 50.0 49.0
Prime Ag 50.0 49.0
Risk Mgmt Commodities 50.0 49.5
StoneX 49.5 48.5
US Commodities 50.0 49.5
Zaner Ag Hedge 50.5 50.0

DJ May World Grain, Soybean Stockpiles Estimates — Survey
NEW YORK–The following are analysts’ estimates in millions of metric tons for world grain and soybean ending stockpiles for 2024-25 and 2025-26, as compiled by The Wall Street Journal. The U.S. Department of Agriculture is scheduled to release updated supply and demand tables on Monday at noon ET.
World Stockpiles (million metric tons)
2024-25
Average Range USDA April
Corn 287.4 285.4-290.0 287.7
Soybeans 122.6 121.0-124.0 122.5
Wheat 260.7 259.0-261.6 260.7
2025-26
Average Range USDA April
Corn 296.0 279.7-308.0 N/A
Soybeans 125.3 120.7-133.2 N/A
Wheat 259.8 250.2-271.1 N/A
2024-25 2025-26
Corn Soybeans Wheat Corn Soybeans Wheat
2024-25 2025-26
Corn Soybeans Wheat Corn Soybeans Wheat
Allendale 287.1 122.5 260.7 279.7 120.7 256.1
Linn 287.7 123.0 261.0 305.0 123.0 258.0
Marex Group 287.0 124.0 261.0 307.0 129.0 256.0
Midwest Market Solutions 288.0 123.0 260.9 287.7 122.5 260.7
Northstar 288.0 121.0 261.0
Ocean State Research 288.0 123.0 261.0 294.0 126.0 263.0
Prime Ag 290.0 123.0 259.0 300.0 123.0 255.0
Risk Mgmt Commodities 285.5 123.0 260.8 280.5 123.0 263.0
StoneX 287.8 123.4 260.8 299.0 133.2 250.2
US Commodities 286.8 122.0 260.5 308.0 126.0 265.0
Zaner Ag Hedge 285.4 121.1 261.6 298.8 126.3 271.1

WHEAT
General Comments: All three markets closed lower yesterday, with the biggest losses seen in KC and Minneapolis. Crops in the Great Plains are reported to be in good condition. Rain is moderate in the southern Midwest and Mid South. Chart trends are mixed in 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 mixed. Support is at 528, 523, and 496 July, with resistance at 545, 548, and 561 July. Trends in Kansas City are mixed. Support is at 525, 518, and 512 July, with resistance at 547, 557, and 563 July. Trends in Minneapolis are mixed. Support is at 601, 590, and 584 July, and resistance is at 617, 621, and 627 July.

RICE:
General Comments: Rice closed higher yesterday on follow through buying tied to short covering. 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. Condition has been rated as good so far by private sources.
Overnight News:
Chart Analysis: Trends are down. Support is at 1268, 1255, and 1225 July and resistance is at 1302, 1323, and 1337 July.

CORN AND OATS
General Comments: Corn closed a little lower yesterday as the market reacted to better planting weather in the Midwest. The market rallied initially on news that the US and China are meeting this weekend to start talks to resolve the tariff crisis. Warmer and drier weather is in the forecast. 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 of well above 1.0 million tons in the latest reporting week. It has become warmer in much of the Midwest and planting progress is expected to be much improved this week. Oats were higher, and the trends are mixed in this market.
Overnight News:
Chart Analysis: Trends in Corn are down. Support is at 444, 438, and 432 July, and resistance is at 462, 470, and 480 July. Trends in Oats are mixed. Support is at 336, 332, and 326 July, and resistance is at 350, 353, and 362 July.

SOYBEANS
General Comments: Soybeans and the products were mixed yesterday, with Soybean Meal a little higher and Soybean Oil lower, on reports that Brazil prices were now competitive with those from the US in world markets. Futures rallied early in the day on news that the US and China were scheduled to hold meetings in Switzerland this weekend in an effort to resolve the trade problems between the two countries. 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 lower as the weather is forecast to be much better for planting after this week. Warmer temperatures are expected this weekend.
Overnight News
Analysis: Trends in Soybeans are mixed to down. Support is at 1037, 1021, and 1009 July, and resistance is at 1056, 1062, and 1067 July. Trends in Soybean Meal are mixed to down. Support is at 290.00, 287.00, and 284.00 July, and resistance is at 300.00, 302.00, and 306.00 July. Trends in Soybean Oil are mixed to down. Support is at 4650, 4620, and 4430 July, with resistance at 4920, 5010, and 5110 July.

PALM OIL AND CANOLA
General Comments: Palm Oil futures were higher today on speculative buying tied to short covering. Ideas of increasing production and reduced demand are still around. Chart trends are down. Canola was mixed yesterday, with July lower but the other months a little higher. 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, 662.00, and 649.00 July, with resistance at 714.00, 720.00, and 726.00 July. Trends in Palm Oil are down. Support is at 3720, 3660, and 3600 July, with resistance at 3840, 3970, and 4030 July.

Midwest Weather Forecast Mostly dry conditions or isolated showers Temperatures should average near to below normal.

DJ Malaysian PM Cash Market Prices for Palm Oil – May 8
The following are prices for Malaysian palm oil in the cash market at 1000 GMT Thursday, 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 950.00 +02.50 Unquoted – –
Jun 950.00 +05.00 Unquoted – –
Jul/Aug/Sep 950.00 +05.00 Unquoted – –
Oct/Nov/Dec 960.00 +12.50 Unquoted – –
Jan/Feb/Mar 970.00 +12.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
May 955.00 +02.50 Unquoted – –
Jun 955.00 +05.00 Unquoted – –
Jul/Aug/Sep 955.00 +05.00 Unquoted – –
Oct/Nov/Dec 965.00 +12.50 Unquoted – –
Jan/Feb/Mar 975.00 +12.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
May 915.00 -07.50 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
May 900.00 -07.50 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
May 3,820.00 00.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
May 447.00 -01.00 Unquoted – –
($1=MYR4.2773)

DJ China Dalian Grain Futures Closing Prices, Volume – May 08
Soybean No. 1
Turnover: 348,217 lots, or 14.52 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-25 4,199 4,199 4,120 4,120 4,202 4,133 -69 1,383 2,760
Jul-25 4,228 4,230 4,138 4,154 4,228 4,169 -59 227,298 166,586
Sep-25 4,237 4,240 4,150 4,165 4,239 4,180 -59 99,597 102,664
Nov-25 4,181 4,183 4,102 4,117 4,174 4,132 -42 11,441 40,570
Jan-26 4,168 4,168 4,087 4,101 4,164 4,115 -49 3,976 6,774
Mar-26 4,166 4,166 4,089 4,102 4,164 4,111 -53 4,522 3,564
Corn
Turnover: 795,165 lots, or 18.81 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-25 2,341 2,341 2,329 2,329 2,341 2,339 -2 4,313 11,363
Jul-25 2,368 2,378 2,361 2,365 2,376 2,368 -8 603,260 1,485,800
Sep-25 2,380 2,391 2,374 2,379 2,389 2,382 -7 122,905 392,912
Nov-25 2,319 2,322 2,311 2,314 2,327 2,317 -10 34,351 196,036
Jan-26 2,283 2,290 2,275 2,277 2,294 2,282 -12 18,515 66,349
Mar-26 2,279 2,284 2,270 2,271 2,284 2,276 -8 11,821 22,889
Soymeal
Turnover: 1,578,347 lots, or 45.83 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-25 2,760 2,787 2,760 2,787 2,759 2,776 17 1,841 20,111
Jul-25 2,775 2,786 2,762 2,778 2,770 2,775 5 151,083 562,940
Aug-25 2,909 2,910 2,884 2,905 2,903 2,901 -2 20,409 184,256
Sep-25 2,916 2,922 2,895 2,919 2,917 2,912 -5 1,176,721 2,543,725
Nov-25 2,946 2,952 2,927 2,948 2,947 2,944 -3 36,181 299,626
Dec-25 2,978 2,978 2,953 2,975 2,980 2,968 -12 9,935 82,139
Jan-26 2,958 2,960 2,931 2,955 2,964 2,949 -15 169,021 564,576
Mar-26 2,852 2,860 2,832 2,847 2,855 2,847 -8 13,156 95,667
Palm Oil
Turnover: 735,222 lots, or 5.79 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-25 8,296 8,296 8,156 8,156 8,216 8,226 10 4 338
Jun-25 8,120 8,128 7,978 8,114 8,202 8,048 -154 11,230 7,002
Jul-25 7,998 7,998 7,898 7,990 8,048 7,950 -98 7,255 12,691
Aug-25 7,968 7,968 7,854 7,950 7,970 7,920 -50 465 1,090
Sep-25 7,876 7,910 7,812 7,908 7,924 7,864 -60 685,958 428,821
Oct-25 7,880 7,918 7,824 7,900 7,926 7,880 -46 278 1,725
Nov-25 7,902 7,908 7,830 7,898 7,928 7,886 -42 97 747
Dec-25 7,884 7,906 7,838 7,906 7,910 7,884 -26 61 269
Jan-26 7,880 7,910 7,810 7,908 7,912 7,858 -54 29,803 81,714
Feb-26 7,884 7,894 7,838 7,894 7,924 7,870 -54 19 815
Mar-26 7,878 7,882 7,810 7,868 7,912 7,858 -54 37 121
Apr-26 8,430 8,430 7,816 7,816 7,918 7,910 -8 15 44
Soybean Oil
Turnover: 388,403 lots, or 30.08 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-25 7,930 7,930 7,900 7,900 7,928 7,926 -2 42 1,198
Jul-25 7,772 7,802 7,738 7,788 7,788 7,774 -14 9,082 28,493
Aug-25 7,782 7,790 7,722 7,770 7,782 7,758 -24 611 6,506
Sep-25 7,782 7,782 7,712 7,760 7,770 7,746 -24 342,797 607,347
Nov-25 7,788 7,794 7,724 7,774 7,784 7,752 -32 244 2,065
Dec-25 7,784 7,784 7,716 7,768 7,782 7,762 -20 95 223
Jan-26 7,732 7,768 7,674 7,734 7,720 7,716 -4 35,413 110,242
Mar-26 7,670 7,688 7,620 7,680 7,664 7,658 -6 119 1,021
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