Grains Report 05/14/2025

DJ CBOT Delivery Intentions: Totals – May 14
Source: CME Group
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
SOYBEAN MEAL May May 15, 2025 53 May 13, 2025
SOYBEAN OIL May May 15, 2025 317 Apr 29, 2025
ROUGH RICE May May 15, 2025 109 May 13, 2025
CORN May May 15, 2025 16 May 05, 2025
SOYBEAN May May 15, 2025 2 May 13, 2025
WHEAT May May 15, 2025 18 May 13, 2025

DJ Kansas Wheat Tour Finds Improved Yields — Market Talk
0919 ET – Yields of winter wheat grown in the Plains appear improved from last year–with fields surveyed by participants in a crop tour hosted by Kansas Wheat Commission coming in with an average yield of 50.5 bushels an acre. That’s up from last year’s 49.9 bpa, although Kansas Wheat says that fields surveyed in the northern part of the state were far less healthy than their counterparts to the south. Scouts also saw many cases of Wheat Streak Mosaic Virus in the fields they surveyed, which is a disease carried by the wheat curl mite that is said to be hurting crops this year. The tour continues today. CBOT wheat futures are down 0.7% pre-market, while corn is off 0.5% and soybeans rise 0.2%. (kirk.maltais@wsj.com)

WHEAT
General Comments: All three markets closed lower yesterday on follow through selling from the bearish USDA supply and demand and production reports that showed a higher level of production and ending stovcks than anticipated by many in the trade. Winter crops in the Great Plains are reported to be in good condition, but Spring Wheat crops in the northern Great Plains and into Canada have been dry. Rain is moderate in the southern Midwest and Mid South. Chart trends are turning down in Winter Wheat markets and mixed 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. The first part of the week will be dominated by the USDA production and suppl and demand reports.
Overnight News:
Chart Analysis: Trends in Chicago are down. Support is at 504, 498, and 492 July, with resistance at 523, 533, and 540 July. Trends in Kansas City are down. Support is at 500, 494, and 488 July, with resistance at 525, 531, and 547 July. Trends in Minneapolis are mixed to down. Support is at 590, 584, and 578 July, and resistance is at 606, 617, and 621 July.

RICE:
General Comments: Rice closed lower again yesterday in response to the USDA reports. The reports showed improved demand but a big improvement in imports to increase ending stocks estimates. 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 most growing areas now. Condition has been rated as good so far by private sources.
Overnight News:
Chart Analysis: Trends are down. Support is at 1225, 1212, and 1200 July and resistance is at 1269, 1290, and 1310 July.

CORN AND OATS
General Comments: Corn closed lower yesterday as the market reacted to better planting weather in the Midwest. Warmer and drier weather is in the forecast. The somewhat bullish USDA report released on Monday has had little effect on the price action so far this week. Demand for Corn in domestic and world markets remains strong with sales and shipments of above 1.6 million tons in the latest reporting week. It has become warmer and drier in much of the Midwest and planting progress is expected to be much improved this week. Oats were lower, and the trends are mixed in this market after futures could not hold at new highs for the move early in the week.
Overnight News:
Chart Analysis: Trends in Corn are down. Support is at 432, 426, and 420 July, and resistance is at 447, 452, and 459 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: All three markets were higher again yesterday in response to the Monday news. Reports indicate that Brazil prices were now more competitive with those from the US in world markets as basis levels dropped there in response to the tariff news between the US and China. 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 this week. Warmer temperatures and drier conditions are expected this week.
Overnight News
Analysis: Trends in Soybeans are mixed to up. Support is at 1053, 1047, and 1037 July, and resistance is at 1082, 1088, and 1105 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 up. Support is at 4890, 4850, and 4730 July, with resistance at 5240, 5300, and 5360 July.

PALM OIL AND CANOLA
General Comments: Palm Oil futures were lower last week. Ideas of increasing production and reduced demand are still around. Chart trends are down. Canola was higher yesterday despite forecasts for improved planting and development conditions in the Prairies. Trends are turning up on the daily charts and on the 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 to up. Support is at 697.00, 686.00, and 680.00 July, with resistance at 732.00, 738.00, and 744.00 July. Trends in Palm Oil are mixed to up. Support is at 3840, 3790, and 3700 July, with resistance at 3970, 4030, and 4150 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 14
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
May 980.00 +20.00 Unquoted – –
Jun 977.50 +17.50 Unquoted – –
Jul/Aug/Sep 975.00 +17.50 Unquoted – –
Oct/Nov/Dec 977.50 +15.00 Unquoted – –
Jan/Feb/Mar 985.00 +12.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
May 985.00 +20.00 Unquoted – –
Jun 982.50 +17.50 Unquoted – –
Jul/Aug/Sep 980.00 +17.50 Unquoted – –
Oct/Nov/Dec 982.50 +15.00 Unquoted – –
Jan/Feb/Mar 990.00 +12.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
May 947.50 +22.50 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
May 892.50 +22.50 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
May 3,980.00 +80.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
May 445.00 00.00 Unquoted – –
($1=MYR4.2832)

DJ China Dalian Grain Futures Closing Prices, Volume – May 14
Soybean No. 1
Turnover: 178,603 lots, or 7.43 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-25 4,117 4,118 4,117 4,118 4,133 4,117 -16 50 0
Jul-25 4,160 4,189 4,135 4,174 4,160 4,165 5 126,080 149,510
Sep-25 4,165 4,182 4,138 4,174 4,164 4,165 1 37,978 92,947
Nov-25 4,080 4,096 4,055 4,090 4,088 4,075 -13 8,014 41,284
Jan-26 4,076 4,094 4,052 4,089 4,085 4,074 -11 3,094 8,262
Mar-26 4,076 4,089 4,052 4,087 4,084 4,074 -10 3,387 4,721
Corn
Turnover: 661,529 lots, or 15.51 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-25 – – – 2,311 2,311 2,311 0 503 2,935
Jul-25 2,343 2,358 2,342 2,356 2,348 2,350 2 495,626 1,395,526
Sep-25 2,355 2,369 2,353 2,367 2,360 2,362 2 97,067 432,073
Nov-25 2,279 2,290 2,277 2,287 2,288 2,284 -4 42,889 195,786
Jan-26 2,251 2,262 2,247 2,255 2,260 2,253 -7 14,836 57,185
Mar-26 2,254 2,258 2,244 2,252 2,257 2,250 -7 10,608 25,406
Soymeal
Turnover: 1,611,598 lots, or 46.61 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-25 2,745 2,776 2,740 2,759 2,769 2,760 -9 1,858 15,024
Jul-25 2,729 2,762 2,722 2,760 2,742 2,742 0 111,989 520,948
Aug-25 2,865 2,903 2,860 2,901 2,889 2,881 -8 16,696 193,581
Sep-25 2,885 2,918 2,875 2,914 2,903 2,898 -5 1,257,254 2,548,303
Nov-25 2,906 2,951 2,906 2,946 2,936 2,928 -8 47,143 326,398
Dec-25 2,957 2,986 2,948 2,984 2,973 2,968 -5 7,698 84,246
Jan-26 2,936 2,969 2,929 2,968 2,952 2,949 -3 145,804 593,948
Mar-26 2,852 2,865 2,844 2,862 2,857 2,854 -3 23,156 97,546
Palm Oil
Turnover: 859,547 lots, or 69.73 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-25 8,316 8,450 8,316 8,450 8,398 8,340 -58 83 235
Jun-25 8,200 8,336 8,166 8,330 8,180 8,280 100 9,484 6,893
Jul-25 8,080 8,284 8,072 8,278 8,094 8,202 108 6,533 12,923
Aug-25 8,036 8,236 8,036 8,226 8,052 8,164 112 473 992
Sep-25 7,994 8,192 7,990 8,184 8,010 8,108 98 792,786 413,927
Oct-25 7,996 8,164 7,994 8,158 8,030 8,070 40 521 1,100
Nov-25 8,002 8,168 8,000 8,168 8,002 8,096 94 249 795
Dec-25 8,010 8,186 8,010 8,186 8,026 8,104 78 113 333
Jan-26 8,014 8,200 8,004 8,188 8,014 8,122 108 49,082 93,195
Feb-26 8,016 8,164 8,016 8,164 8,014 8,120 106 33 836
Mar-26 8,030 8,178 8,008 8,178 7,996 8,118 122 130 132
Apr-26 8,026 8,156 8,004 8,108 7,988 8,088 100 60 54
Soybean Oil
Turnover: 395,616 lots, or 31.16 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
May-25 8,030 8,030 8,030 8,030 7,964 8,030 66 20 1,198
Jul-25 7,808 7,906 7,800 7,906 7,814 7,872 58 6,436 28,378
Aug-25 7,806 7,908 7,804 7,906 7,822 7,862 40 658 7,571
Sep-25 7,816 7,920 7,808 7,914 7,824 7,876 52 355,602 628,153
Nov-25 7,840 7,942 7,832 7,934 7,858 7,906 48 279 2,236
Dec-25 7,848 7,956 7,842 7,956 7,852 7,906 54 151 339
Jan-26 7,836 7,928 7,818 7,918 7,818 7,880 62 32,272 116,271
Mar-26 7,768 7,858 7,764 7,840 7,756 7,812 56 198 1,083
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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