Grains Report 05/09/2025

DJ CBOT Delivery Intentions: Totals – May 9
Source: CME Group
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
SOYBEAN MEAL May May 12, 2025 66 Apr 29, 2025
CORN May May 12, 2025 17 Apr 29, 2025
SOYBEAN May May 12, 2025 3 Apr 29, 2025
WHEAT May May 12, 2025 9 May 07, 2025

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 again yesterday, with the biggest losses seen in KC. 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. 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 523, 496, and 490 July, with resistance at 545, 548, and 561 July. Trends in Kansas City are mixed. Support is at 518, 512, and 506 July, with resistance at 547, 557, and 563 July. Trends in Minneapolis are mixed. Support is at 590, 584, and 578 July, and resistance is at 617, 621, and 627 July.

RICE:
General Comments: Rice closed lower yesterday despite improved weekly export sales. The report showed improved sales but was not strong enough to excite anyone. 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 1191 July and resistance is at 1310, 1337, and 1346 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 next week. Oats were lower, and the trends are mixed in this market.
Overnight News: Mexico bought 288,000 tons of US Corn.
Chart Analysis: Trends in Corn are down. Support is at 442, 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 were higher yesterday, with Soybean Meal a little lower and Soybean Oil higher, 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 Pakistan bought 120,000 tons of US Soybeans.
Analysis: Trends in Soybeans are mixed. Support is at 1037, 1021, and 1009 July, and resistance is at 1056, 1062, and 1067 July. Trends in Soybean Meal are mixed. 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 strength in the outside markets. Ideas of increasing production and reduced demand are still around. Chart trends are down. Canola was a little lower yesterday on forecasts for improved planting and development conditions in the Prairies. Trends are mixed on the daily charts and up 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 9
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 952.50 +02.50 Unquoted – –
Jun 952.50 +02.50 Unquoted – –
Jul/Aug/Sep 952.50 +02.50 Unquoted – –
Oct/Nov/Dec 962.50 +02.50 Unquoted – –
Jan/Feb/Mar 975.00 +05.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
May 957.50 +02.50 Unquoted – –
Jun 957.50 +02.50 Unquoted – –
Jul/Aug/Sep 957.50 +02.50 Unquoted – –
Oct/Nov/Dec 967.50 +02.50 Unquoted – –
Jan/Feb/Mar 980.00 +05.00 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
May 925.00 +10.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
May 900.00 00.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
May 3,850.00 +30.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
May 445.00 -02.00 Unquoted – –
($1=MYR4.2988)

DJ China Dalian Grain Futures Closing Prices, Volume – May 09
Soybean No. 1
Turnover: 255,411 lots, or 10.66 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-25 – – – 4,133 4,133 4,133 0 0 2,241
Jul-25 4,161 4,200 4,151 4,153 4,169 4,175 6 172,267 155,332
Sep-25 4,180 4,205 4,160 4,161 4,180 4,182 2 68,895 100,067
Nov-25 4,116 4,144 4,105 4,105 4,132 4,126 -6 7,789 41,150
Jan-26 4,105 4,128 4,093 4,093 4,115 4,107 -8 3,489 7,480
Mar-26 4,110 4,128 4,093 4,095 4,111 4,108 -3 2,971 3,667
Corn
Turnover: 590,376 lots, or 13.97 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-25 2,329 2,339 2,329 2,337 2,339 2,333 -6 744 9,140
Jul-25 2,368 2,378 2,362 2,375 2,368 2,370 2 444,617 1,499,408
Sep-25 2,378 2,387 2,375 2,385 2,382 2,382 0 97,597 409,795
Nov-25 2,314 2,320 2,310 2,318 2,317 2,315 -2 26,603 197,432
Jan-26 2,278 2,283 2,275 2,282 2,282 2,279 -3 13,779 64,671
Mar-26 2,270 2,276 2,270 2,275 2,276 2,273 -3 7,036 23,848
Soymeal
Turnover: 1,468,824 lots, or 42.64 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-25 2,792 2,807 2,774 2,805 2,776 2,801 25 5,122 15,479
Jul-25 2,793 2,801 2,763 2,764 2,775 2,782 7 158,633 571,028
Aug-25 2,907 2,915 2,885 2,886 2,901 2,901 0 18,711 184,788
Sep-25 2,926 2,929 2,897 2,899 2,912 2,913 1 1,098,731 2,607,876
Nov-25 2,953 2,958 2,929 2,931 2,944 2,943 -1 39,993 304,096
Dec-25 2,980 2,982 2,963 2,963 2,968 2,972 4 6,180 82,664
Jan-26 2,958 2,962 2,943 2,945 2,949 2,953 4 132,681 585,118
Mar-26 2,854 2,854 2,838 2,839 2,847 2,844 -3 8,773 97,067
Palm Oil
Turnover: 691,358 lots, or 54.92 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-25 – – – 8,226 8,226 8,226 0 0 338
Jun-25 8,128 8,182 8,088 8,098 8,048 8,134 86 5,972 6,284
Jul-25 8,012 8,076 7,964 7,978 7,950 8,020 70 4,589 13,231
Aug-25 7,978 8,026 7,926 7,926 7,920 7,972 52 230 1,100
Sep-25 7,944 7,988 7,870 7,886 7,864 7,940 76 639,471 415,413
Oct-25 7,934 7,982 7,888 7,890 7,880 7,940 60 282 1,675
Nov-25 7,940 7,986 7,892 7,892 7,886 7,958 72 112 739
Dec-25 7,936 7,974 7,896 7,898 7,884 7,936 52 104 240
Jan-26 7,928 7,988 7,860 7,872 7,858 7,944 86 40,547 84,109
Feb-26 7,942 7,974 7,884 7,884 7,870 7,940 70 17 813
Mar-26 7,968 7,980 7,872 7,872 7,858 7,932 74 30 117
Apr-26 7,968 7,968 7,870 7,870 7,910 7,922 12 4 47
Soybean Oil
Turnover: 420,368 lots, or 32.84 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-25 – – – 7,926 7,926 7,926 0 0 1,198
Jul-25 7,806 7,874 7,792 7,806 7,774 7,838 64 9,205 28,376
Aug-25 7,800 7,860 7,772 7,782 7,758 7,822 64 1,089 6,825
Sep-25 7,790 7,852 7,764 7,780 7,746 7,812 66 370,509 603,826
Nov-25 7,798 7,860 7,788 7,794 7,752 7,822 70 132 2,045
Dec-25 7,792 7,850 7,788 7,798 7,762 7,822 60 49 225
Jan-26 7,764 7,828 7,748 7,766 7,716 7,794 78 39,262 111,899
Mar-26 7,676 7,766 7,676 7,704 7,658 7,732 74 122 991
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