Grains Report 07/07/2025

DJ CBOT Delivery Intentions: Totals – Jul 7
Source: CME Group
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
SOYBEAN MEAL July Jul 08, 2025 711 Jul 03, 2025
ROUGH RICE July Jul 08, 2025 41 Jun 30, 2025
CORN July Jul 08, 2025 61 Jun 25, 2025
KC HRW WHEAT July Jul 08, 2025 24 Jul 01, 2025

WHEAT
General Comments: All three Wheat markets closed higher last week, with the biggest gains in Chicago SRW as growing and harvesting conditions were very good. Strong yields are reported for crops in HRW and SRW areas. USDA on Monday said that planted area was 47.478 million acres and that the quarterly stocks were 851 million bushels. Both were a little above the average trade estimate. It is hot and dry to the south, but the north saw rains last week to support Spring Wheat development. There are still reports that the weather has reduced production potential in Ukraine and Russia. 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, and Spring Wheat crops in the northern Great Plains and into Canada are generally in good condition.
Overnight News:
Chart Analysis: Trends in Chicago are mixed to up Support is at 535, 521 and 508 September, with resistance at 568, 572, and 582 September. Trends in Kansas City are mixed. Support is at 523, 516, and 504 September, with resistance at 550, 565, and 578 September. Trends in Minneapolis are not available.

RICE:
General Comments: Rice was little changed on Thursday and lower for the week on follow through selling from the higher than expected planted area estimate from USDA and in part due to poor demand ideas for US Rice. USDA on Monday estimated Rice planted area at 2.647 million acres and Long Grain at 2.010 million acres. Weaker Asian prices are a drag on US futures, but the US trade depends much more on South American competition that has actually been offering less. Chart trends are down 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 and the ratings by USDA are above last year.
Overnight News:
Chart Analysis: Trends are down. Support is at 1290, 1278, and 1266 September and resistance is at 1328, 1369, and 1392 September.

CORN AND OATS
General Comments: Corn was higher last week on ideas that prices overall were ztoo cheap. USDA on Monday estimated planted area at 95.203 million acres, a high amount although less than the average trade expectation. The stocks were 4.464 billion bushels, slightly less than trade expectations. Variable heat and some showers are expected in the Midwest this week. A severe drought is seen in central Nebraska and moderate drought extends east in a corridor into the Chicago area, but the drought area is shrinking. The rest of the Midwest has seen adequate or greater precipitation. Demand for Corn in world markets remains strong but has turned weaker in the last few weeks. Oats were higher on follow through buying seen in response to the StatsCan stocks and planted area reports last week and a weaker US Dollar.
Overnight News: Mexico bought 135,000 tons of US Corn.
Chart Analysis: Trends in Corn are mixed to up. Support is at 400, 396, and 393 September, and resistance is at 426, 432, and 439 September. Trends in Oats are mixed to up. Support is at 360, 349, and 339 September, and resistance is at 394, 400, and 406 September.

SOYBEANS
General Comments: Soybeans and Soybean Meal were higher last week on ideas that President Trump could make a major announcement about Chinese trade relations in his speech in Des Moines on Thursday night. Soybean Oil was lower. There was talk that the president will make a major announcement on Friday, and rumors say that it will be a new deal with China. Lower priced offers from Brazil in the world market are still important to the US price action. Soybean Meal was a little lower as the Trump administration is moving to curtail the use of Chinese used cooking oil and Brazilian tallow in the green fuel mixes for biofuels. USDA said that the quarterly stocks were 1.008 billion bushels an that planted area was 83.380 million acres. The stocks were higher than expected and were bearish. Planting were roughly in line with trade expectations. Forecasts for good growing conditions in the Midwest and as cheaper prices reported from Brazil are still being heard, and the Midwest will turn warm and wet after hot conditions were reported over the weekend. 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.
Overnight News:
Analysis: Trends in Soybeans are mixed to up. Support is at 1017, 1005, and 983 August, and resistance is at 1064, 1068, and 1072 August. Trends in Soybean Meal are mixed. Support is at 271.00, 268.00, and 265.00 August, and resistance is at 287.00, 291.00, and 294.00 August. Trends in Soybean Oil are mixed. Support is at 5150, 5080, and 4920 August, with resistance at 5600, 5720, and 5840 August.

PALM OIL AND CANOLA
General Comments: Palm Oil futures were higher last week on reports of stronger demand from India. It was higher today on hopes for increased demand due to the Trump tariffs. Ideas that current increased production levels mean higher inventories in MPOB monthly data are still around. Canola was higher last week after trading in a big way on both sides of unchanged. Trends are mixed on the daily charts and 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 683.00, 679.00, and 665.00 November, with resistance at 740.00, 752.00, and 764.00 November. Trends in Palm Oil are mixed. Support is at 3960, 3870, and 3810 September, with resistance at 4120, 4210, and 4270 September.

Midwest Weather Forecast: Mostly dry. Temperatures should average below normal.

DJ Malaysian PM Cash Market Prices for Palm Oil – July 7
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.
Refined, bleached and deodorized palm oil, FOB, Malaysian ports
Offer Change Bid Change Traded
Jul 1000.00 +02.50 Unquoted – –
Aug/Sep 997.50 00.00 Unquoted – –
Oct/Nov/Dec 1002.50 00.00 Unquoted – –
Jan/Feb/Mar 1012.50 00.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Jul 1005.00 +02.50 Unquoted – –
Aug/Sep 1002.50 00.00 Unquoted – –
Oct/Nov/Dec 1007.50 00.00 Unquoted – –
Jan/Feb/Mar 1017.50 00.00 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Jul 972.50 +05.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Jul 892.50 +05.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jul 4,070.00 +20.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jul 394.00 +01.00 Unquoted – –
($1=MYR4.2345

DJ China Dalian Grain Futures Closing Prices, Volume – Jul 07
Soybean No. 1
Turnover: 156,109 lots, or 6.37 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-25 4,170 4,170 4,150 4,150 4,190 4,156 -34 193 1,503
Sep-25 4,103 4,113 4,075 4,079 4,133 4,091 -42 127,446 201,219
Nov-25 4,050 4,059 4,030 4,030 4,067 4,040 -27 18,564 72,784
Jan-26 4,039 4,040 4,014 4,016 4,048 4,022 -26 7,231 20,474
Mar-26 4,031 4,031 4,007 4,009 4,036 4,014 -22 2,554 24,308
May-26 4,053 4,060 4,042 4,044 4,072 4,049 -23 121 742
Corn
Turnover: 838,871 lots, or 19.50 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-25 2,337 2,337 2,315 2,315 2,337 2,335 -2 1,957 3,554
Sep-25 2,351 2,351 2,325 2,326 2,358 2,337 -21 644,587 986,514
Nov-25 2,301 2,303 2,282 2,283 2,304 2,292 -12 114,997 364,497
Jan-26 2,261 2,268 2,244 2,245 2,264 2,257 -7 48,112 116,324
Mar-26 2,260 2,265 2,245 2,246 2,259 2,255 -4 18,864 72,537
May-26 2,294 2,304 2,277 2,278 2,294 2,289 -5 10,354 19,838
Soymeal
Turnover: 1,433,323 lots, or 42.19 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-25 2,820 2,820 2,781 2,800 2,806 2,808 2 28 2,176
Aug-25 2,934 2,950 2,914 2,919 2,942 2,929 -13 30,161 129,985
Sep-25 2,954 2,969 2,931 2,937 2,962 2,948 -14 927,127 2,128,446
Nov-25 2,992 3,007 2,969 2,973 3,000 2,984 -16 86,709 612,043
Dec-25 3,023 3,041 3,006 3,010 3,030 3,021 -9 10,806 112,222
Jan-26 3,007 3,024 2,988 2,992 3,012 3,002 -10 243,542 1,079,361
Mar-26 2,864 2,874 2,849 2,854 2,865 2,861 -4 54,484 327,012
May-26 2,711 2,722 2,701 2,706 2,718 2,710 -8 80,466 491,111
Palm Oil
Turnover: 496,954 lots, or 41.98 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-25 – – – 8,468 8,468 8,468 0 0 466
Aug-25 8,464 8,504 8,432 8,490 8,502 8,470 -32 2,969 4,211
Sep-25 8,450 8,490 8,412 8,466 8,492 8,446 -46 445,676 448,023
Oct-25 8,466 8,488 8,424 8,472 8,500 8,452 -48 1,044 3,781
Nov-25 8,462 8,478 8,424 8,460 8,498 8,450 -48 64 936
Dec-25 8,460 8,474 8,424 8,458 8,494 8,450 -44 24 572
Jan-26 8,452 8,488 8,420 8,468 8,498 8,454 -44 46,546 140,561
Feb-26 8,418 8,456 8,418 8,444 8,490 8,446 -44 17 922
Mar-26 8,394 8,428 8,394 8,412 8,430 8,416 -14 41 253
Apr-26 8,366 8,384 8,366 8,368 8,384 8,374 -10 11 72
May-26 8,312 8,352 8,294 8,336 8,360 8,324 -36 541 4,979
Jun-26 8,300 8,330 8,300 8,310 8,334 8,312 -22 21 33
Soybean Oil
Turnover: 397,869 lots, or 31.40 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jul-25 – – – 8,038 8,038 8,038 0 0 1,760
Aug-25 7,920 7,926 7,864 7,884 7,964 7,894 -70 1,676 10,644
Sep-25 7,936 7,940 7,862 7,894 7,968 7,896 -72 308,543 521,913
Nov-25 7,958 7,958 7,894 7,912 7,990 7,920 -70 1,198 5,400
Dec-25 7,972 7,974 7,930 7,950 8,014 7,956 -58 73 1,646
Jan-26 7,930 7,930 7,872 7,902 7,958 7,896 -62 81,936 278,380
Mar-26 7,812 7,812 7,794 7,806 7,850 7,800 -50 107 1,133
May-26 7,628 7,634 7,590 7,604 7,640 7,602 -38 4,336 24,626
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