Grains Report 06/23/2025

WHEAT
General Comments: All three Wheat markets closed higher last week as growing and harvesting conditions at home and abroad have improved. Winter Wheat markets were the strongest last week, but Minneapolis had been the stronger market for the previous few weeks. There are still reports that the weather has reduced production potential in Ukraine and Russia and reports of recent dry weather in some parts of the EU and China was a concern, but there has been rains in these areas recently. Russia is forecasting a large reduction in Wheat production for the coming year. 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 had been dry. Conditions in the US are now generally good.
Overnight News:
Chart Analysis: Trends in Chicago are up Support is at 558, 556 and 549 July, with resistance at 581, 591, and 605 July. Trends in Kansas City are up. Support is at 551, 538, and 529 July, with resistance at 575, 582, and 589 July. Trends in Minneapolis are up. Support is at 625, 620, and 608 July, and resistance is at 659, 673, and 680 July.

RICE:
General Comments: Rice was lower last week but recovered from the lowest levels over the second half of the week. Chart trends are mixed on the daily charts. The cash market has been slow with mostly quiet domestic markets and average export demand. 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 has emerged in most growing areas now. Condition has been rated as good but too much rain has been reported in southern areas.
Overnight News:
Chart Analysis: Trends are mixed. Support is at 1315, 1282, and 1261 July and resistance is at 1380, 1402, and 1410 July.

CORN AND OATS
General Comments: Corn was lower last week with July the weakest month as forecasts turned hot and dry for at least a few days in the Midwest. Warmer and drier weather is in the forecast into this week after a hot and dry weekend. Warm weather returns in the forecasts for next week. A severe drought is seen in central Nebraska and moderate drought extends east in a corridor into the Chicago area. The rest of the Midwest has seen adequate or greater precipitation. Demand for Corn in world markets remains strong. Oats were lower.
Overnight News:
Chart Analysis: Trends in Corn are mixed. Support is at 428, 425, and 422 July, and resistance is at 456, 465, and 470 July. Trends in Oats are mixed. Support is at 358, 355, and 352 July, and resistance is at 390, 396, and 402 July.

SOYBEANS
General Comments: Soybeans were slightly lower last week, and Soybean Meal was lower while Soybean Oil closed sharply higher. Forecasts for good growing conditions in the Midwest and as cheaper prices reported from Brazil are still being heard, but the Midwest has turned hot for the next few days or longer. The market could remain under pressure as Brazil basis levels have been under pressure the last few weeks and prices in world markets for Brazil Soybeans are now less than those from the US. Export demand is in its seasonal doldrums. Export demand remains less for US Soybeans as China has been taking almost all the export from South America. Soybean Oil was the upside leader on the news of increased biofuels requirements coming soon to the US petroleum industry.
Overnight News:
Analysis: Trends in Soybeans are mixed. Support is at 1064, 1056, and 1039 July, and resistance is at 1082, 1105, and 1116 July. Trends in Soybean Meal are down. Support is at 281.00, 278.00, and 275.00 July, and resistance is at 287.00, 290.00, and 295.00 July. Trends in Soybean Oil are up. Support is at 5260, 5220, and 5060 July, with resistance at 5580, 5700, and 5820 July.

PALM OIL AND CANOLA
General Comments: Palm Oil futures were higher last week on news of improved export demand. Ideas that current increased production levels mean higher inventories in MPOB monthly data are still around. Ideas of increasing It was higher today on stronger Crude Oil futures. production and reduced demand are also heard. Canola was lower on speculative selling tied tzo profit taking. Trends are up on the daily charts and are turning up on the weekly charts. The weather has generally been dry for planting and crop development in the Prairies with warm and dry weather around lately.
Overnight News:
Chart Analysis: Trends in Canola are up. Support is at 680.00, 662.00, and 649.00 July, with resistance at 754.00, 759.00, and 765.00 July. Trends in Palm Oil are up. Support is at 4030, 3980, and 3960 September, with resistance at 4210, 4310, and 4380 September.

Midwest Weather Forecast: Showers and storms. Temperatures should average above normal.

DJ Malaysian PM Cash Market Prices for Palm Oil – June 23
The following are prices for Malaysian palm oil in the cash market at 1000 GMT Monday, 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.
Offer Change Bid Change Traded
Jul 1002.50 +02.50 Unquoted – –
Aug/Sep 1000.00 00.00 Unquoted – –
Oct/Nov/Dec 1005.00 -05.00 Unquoted – –
Jan/Feb/Mar 1012.50 -02.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Jul 1007.50 +02.50 Unquoted – –
Aug/Sep 1005.00 00.00 Unquoted – –
Oct/Nov/Dec 1010.00 -05.00 Unquoted – –
Jan/Feb/Mar 1017.50 -02.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Jul 977.50 – Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Jul 887.50 – Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jul 4,100.00 – Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jul 386.00 – Unquoted – –
($1=MYR4.293)

DJ China Dalian Grain Futures Closing Prices, Volume – Jun 23
Soybean No. 1
Turnover: 165,856 lots, or .70 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-25 4,255 4,266 4,233 4,250 4,239 4,248 9 7,183 18,945
Sep-25 4,270 4,282 4,234 4,250 4,251 4,256 5 134,911 219,061
Nov-25 4,178 4,191 4,156 4,166 4,166 4,171 5 16,279 71,955
Jan-26 4,158 4,174 4,138 4,150 4,152 4,154 2 4,276 14,762
Mar-26 4,143 4,154 4,122 4,132 4,131 4,136 5 3,026 19,444
May-26 4,173 4,188 4,156 4,165 4,165 4,175 10 181 641
Corn
Turnover: 715,895 lots, or 17.14 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-25 2,377 2,383 2,370 2,372 2,371 2,376 5 132,547 316,369
Sep-25 2,411 2,420 2,405 2,408 2,407 2,412 5 495,033 994,996
Nov-25 2,331 2,342 2,330 2,333 2,330 2,336 6 48,048 317,223
Jan-26 2,288 2,296 2,286 2,291 2,288 2,291 3 24,184 106,578
Mar-26 2,283 2,290 2,282 2,287 2,284 2,286 2 12,935 68,840
May-26 2,319 2,324 2,313 2,317 2,321 2,317 -4 3,148 13,234
Soymeal
Turnover: 1,613,928 lots, or 4.90 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-25 2,911 2,912 2,857 2,872 2,907 2,880 -27 36,635 108,255
Aug-25 3,052 3,058 3,005 3,019 3,052 3,023 -29 30,797 200,543
Sep-25 3,074 3,076 3,021 3,037 3,070 3,042 -28 1,158,175 2,341,727
Nov-25 3,108 3,113 3,059 3,074 3,107 3,077 -30 69,842 588,107
Dec-25 3,125 3,128 3,080 3,091 3,123 3,094 -29 12,828 111,241
Jan-26 3,102 3,106 3,059 3,073 3,100 3,076 -24 224,521 967,048
Mar-26 2,926 2,932 2,898 2,906 2,927 2,912 -15 25,709 199,745
May-26 2,771 2,775 2,749 2,753 2,768 2,757 -11 55,421 316,218
Palm Oil
Turnover: 712,797 lots, or 6.07 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-25 8,652 8,680 8,558 8,612 8,652 8,606 -46 2,417 2,536
Aug-25 8,596 8,634 8,502 8,556 8,608 8,552 -56 3,790 7,675
Sep-25 8,540 8,592 8,454 8,520 8,548 8,508 -40 660,926 489,038
Oct-25 8,458 8,548 8,432 8,478 8,506 8,486 -20 93 994
Nov-25 8,442 8,508 8,428 8,460 8,478 8,452 -26 65 912
Dec-25 8,476 8,512 8,440 8,474 8,512 8,470 -42 67 586
Jan-26 8,526 8,564 8,442 8,508 8,512 8,492 -20 44,901 112,546
Feb-26 8,452 8,472 8,430 8,458 8,474 8,452 -22 17 935
Mar-26 8,402 8,436 8,374 8,420 8,440 8,414 -26 35 302
Apr-26 8,380 8,422 8,358 8,416 8,392 8,402 10 15 77
May-26 8,372 8,442 8,336 8,380 8,398 8,376 -22 471 2,782
Jun-26 – – – 8,344 8,344 8,344 0 0 3
Soybean Oil
Turnover: 457,610 lots, or 37.17 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-25 8,278 8,308 8,200 8,244 8,278 8,246 -32 3,097 18,793
Aug-25 8,230 8,252 8,160 8,200 8,236 8,196 -40 1,497 10,015
Sep-25 8,168 8,188 8,084 8,126 8,162 8,130 -32 391,600 608,427
Nov-25 8,136 8,168 8,064 8,102 8,144 8,088 -56 628 3,846
Dec-25 8,144 8,154 8,088 8,128 8,152 8,116 -36 126 1,785
Jan-26 8,094 8,118 8,014 8,058 8,094 8,064 -30 58,706 193,528
Mar-26 7,884 7,926 7,862 7,882 7,876 7,886 10 97 1,022
May-26 7,736 7,786 7,704 7,730 7,744 7,738 -6 1,859 10,088
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