Grains Report 07/17/2025

DJ U.S. Export Sales: Weekly Sales Totals-Jul 17
For the week ended Jul 10, 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 494.4 0.0 8240.2 7699.6 6071.0 9.4
hrw 327.7 0.0 3247.1 1934.2 2297.0 0.0
srw 101.0 0.0 1384.6 1160.1 1122.5 9.4
hrs 56.0 0.0 2314.3 2650.6 1738.3 0.0
white 9.8 0.0 1165.8 1823.3 825.0 0.0
durum -0.1 0.0 128.4 131.4 88.2 0.0
corn 97.6 565.9 69466.9 54711.4 10353.1 5988.5
soybeans 271.9 529.6 50647.7 45050.4 4177.4 2366.1
soymeal 356.5 174.0 15127.9 13331.7 3347.5 1565.3
soyoil 7.9 0.0 1079.5 201.7 62.4 13.3
upland cotton 5.5 73.0 11800.3 13019.5 1207.3 1973.4
pima cotton 2.6 3.4 460.8 352.0 48.4 32.1
sorghum 13.3 0.0 1700.1 5628.2 139.6 0.3
barley 1.0 0.0 58.3 19.3 49.6 0.0
rice 13.8 40.1 3103.1 3532.7 355.1 122.7

WHEAT
General Comments: Wheat was mixed yesterday in choppy trading on ideas of solid harvest progress and good yields. USDA kept ending stocks levels close to trade estimates in the WASDE reports released on Friday. Yields were increased slightly but demand ideas were solid. Harvest conditions for Winter Wheat appears to be good in the US and Spring Wheat development is good. Rains have been good in the northern Greasy Plains but Canada has been a little too dry for best yield potential. Russia is still being watched for dry weather that could hurt yields and Ukraine is watched for the same reason and because of the war that could destroy some fields. Southern hemisphere crops appear to be good.
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 516, 504, and 498 September, with resistance at 550, 565, and 578 September. Trends in Minneapolis are not available.

RICE:
General Comments Rice was a little lower again yesterday in light volume trading. USDA decreased production estimates but also cut back on demand estimates in its monthly WASDE report. Ending stocks were up 0.6 million cwt to 3a4.6 million. Weaker Asian prices are still around and are still a drag on US futures. South America has been offering less volume and at lower prices. Chart trends are still mostly 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 is heading 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 1254, 1242, and 1230 September and resistance is at 1333, 1369, and 1392 September.

CORN AND OATS
General Comments: Corn was higher again yesterday on more fund short covering. It was the only market to move higher yesterday. USDA on Friday cut its production estimated slightly but kept a year on year increase in ending stocks levels intact. The weather forecasts remained cooler this week. Reduced heat and some showers are expected in the Midwest this week, but temperatures could turn warmer this weekend with more wet weather possible early next week. A moderate drought is seen near 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. Oats were higher
Overnight News:
Chart Analysis: Trends in Corn are mixed. Support is at 390, 387, and 384 September, and resistance is at 407, 414, and 418 September. Trends in Oats are mixed to down. Support is at 360, 349, and 339 September, and resistance is at 383, 388, and 394 September.

SOYBEANS
General Comments: Soybeans and the products were yesterday as good growing conditions continue in the Midwest. Soybean Oil was higher again. USDA on Friday made no important changes in the WASDE data but did modify production slightly based off of the acreage estimates from June. Lower priced offers from Brazil in the world market are still important to the US price action. 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 down. Support is at 983, 970, and 958 August, and resistance is at 1017, 1025, and 1030 August. Trends in Soybean Meal are mixed to down. Support is at 265.00, 262.00, and 259.00 August, and resistance is at 276.00, 282.00, and 287.00 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 today in sympathy with the price action in Soybean Oil. Ideas that current increased production levels mean higher inventories in MPOB monthly data are still around. Canola was lower. Trends are mixed to up 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 679.00, 665.00, and 650.00 November, with resistance at 707.00, 717.00, and 738.00 November. Trends in Palm Oil are mixed. Support is at 4130, 4080, and 4040 October, with resistance at 4260, 4290, and 4350 October.

DJ Malaysian PM Cash Market Prices for Palm Oil – July 17
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
Jul 1020.00 00.00 Unquoted – –
Aug 1020.00 00.00 Unquoted – –
Sep 1025.00 +02.50 Unquoted – –
Oct/Nov/Dec 1030.00 +05.00 Unquoted – –
Jan/Feb/Mar 1035.00 +05.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Jul 1025.00 +00.00 Unquoted – –
Aug/Sep 1025.00 +00.00 Unquoted – –
Sep 1030.00 +02.50 Unquoted – –
Oct/Nov/Dec 1035.00 +05.00 Unquoted – –
Jan/Feb/Mar 1040.00 +05.00 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Jul 1000.00 00.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Jul 915.00 00.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jul 4,170.00 00.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jul 448.00 +03.00 Unquoted – –
($1=MYR4.247)

DJ China Dalian Grain Futures Closing Prices, Volume – Jul 17
Soybean No. 1
Turnover: 141,050 lots, or 5.89 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-25 4,179 4,205 4,179 4,200 4,166 4,194 28 110,425 182,312
Nov-25 4,093 4,114 4,091 4,112 4,081 4,106 25 18,471 70,787
Jan-26 4,081 4,105 4,080 4,100 4,070 4,095 25 7,097 26,672
Mar-26 4,064 4,093 4,064 4,090 4,055 4,084 29 2,530 22,217
May-26 4,108 4,125 4,107 4,125 4,087 4,117 30 281 1,037
Jul-26 4,109 4,124 4,101 4,120 4,086 4,113 27 2,246 532
Corn
Turnover: 721,739 lots, or 16.44 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-25 2,290 2,297 2,274 2,296 2,294 2,286 -8 553,936 1,059,650
Nov-25 2,260 2,267 2,252 2,266 2,266 2,259 -7 82,576 397,449
Jan-26 2,234 2,242 2,227 2,240 2,235 2,234 -1 52,023 149,068
Mar-26 2,238 2,246 2,233 2,243 2,240 2,240 0 14,318 79,793
May-26 2,271 2,280 2,266 2,278 2,272 2,273 1 12,507 27,525
Jul-26 2,281 2,293 2,277 2,292 2,283 2,285 2 6,379 4,673
Soymeal
Turnover: 2,340,070 lots, or 70.15 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Aug-25 2,955 3,012 2,951 3,010 2,956 2,985 29 42,261 79,483
Sep-25 2,977 3,033 2,975 3,029 2,978 3,011 33 1,468,250 1,947,148
Nov-25 3,015 3,071 3,015 3,068 3,017 3,051 34 150,244 654,309
Dec-25 3,037 3,086 3,037 3,084 3,041 3,069 28 15,143 128,181
Jan-26 3,010 3,057 3,008 3,054 3,013 3,038 25 463,074 1,119,739
Mar-26 2,869 2,899 2,864 2,898 2,865 2,887 22 49,763 390,756
May-26 2,701 2,727 2,700 2,724 2,700 2,715 15 141,424 584,122
Jul-26 2,704 2,724 2,700 2,721 2,699 2,711 12 9,911 23,887
Palm Oil
Turnover: 660,096 lots, or 57.84 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Aug-25 8,728 8,838 8,726 8,812 8,740 8,758 18 5,210 1,588
Sep-25 8,730 8,818 8,714 8,796 8,720 8,764 44 567,537 538,144
Oct-25 8,714 8,816 8,714 8,796 8,714 8,770 56 3,165 6,684
Nov-25 8,704 8,804 8,704 8,790 8,716 8,766 50 717 1,507
Dec-25 8,734 8,806 8,710 8,788 8,712 8,742 30 137 543
Jan-26 8,702 8,804 8,700 8,776 8,700 8,752 52 81,099 172,803
Feb-26 8,696 8,758 8,696 8,758 8,680 8,710 30 4 935
Mar-26 8,652 8,702 8,652 8,702 8,640 8,668 28 15 293
Apr-26 – – – 8,586 8,586 8,586 0 0 109
May-26 8,484 8,568 8,484 8,548 8,490 8,526 36 2,208 10,130
Jun-26 8,468 8,490 8,442 8,490 8,452 8,464 12 4 50
Jul-26 – – – 8,420 8,420 8,420 0 0 0
Soybean Oil
Turnover: 382,929 lots, or 30.77 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Aug-25 8,010 8,070 8,010 8,062 8,028 8,030 2 3,375 3,879
Sep-25 8,034 8,086 8,022 8,072 8,032 8,052 20 282,385 536,560
Nov-25 8,040 8,090 8,032 8,082 8,030 8,060 30 1,353 7,564
Dec-25 8,056 8,096 8,050 8,096 8,044 8,072 28 58 1,561
Jan-26 8,000 8,042 7,976 8,030 7,992 8,012 20 87,453 335,045
Mar-26 7,868 7,906 7,858 7,890 7,864 7,892 28 20 1,166
May-26 7,654 7,686 7,632 7,668 7,648 7,660 12 8,279 38,575
Jul-26 7,652 7,654 7,626 7,654 7,636 7,642 6 6 15
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