Grains Report 07/25/2025

DJ Analysts’ Estimates for July Cattle-On-Feed Report
The following estimates, as compiled by the Wall Street Journal for the nation’s feedyards with a capacity of 1,000 or more head, are in percentages of the year-earlier figure. High and low projections were dropped in the calculation of averages. The U.S. Department of Agriculture report is scheduled for release at 3 p.m. ET (1900 GMT) Friday.
Average Range
of estimates of estimates
On-feed July 1 99.1 98.8 – 99.4
Placed in June 98.0 96.0 – 99.1
Marketed in June 96.2 95.9 – 96.9
Analyst On-Feed Placements Marketed
July 1 in June in June
Allegiant Commodity Group 99.3 98.9 95.9
Allendale Inc. 99.1 99.1 96.9
HedgersEdge 99.1 98.1 96.2
Livestock Mktg Info Ctr 99.0 96.8 96.2
Midwest Market Solutions 99.4 98.4 96.7
NFC Markets 99.1 97.5 96.0
Texas A&M Extension 98.8 96.0 96.0
US Commodities 99.1 98.2 96.0

WHEAT
General Comments: Wheat was lower yesterday despite the news of a relatively strong weekly export sales report. Ideas of solid harvest progress and good yields are still around and are forcing the selling. Harvest conditions for Winter Wheat appear 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. Canada could still produce an average to above average crop. Russia is still being watched for dry weather that has so far hurt yields and Ukraine is watched for the same reason and because of the war that could destroy some fields. Russian Black Sea prices have been firming as producers are not making sales and are looking for higher prices to offset yield losses. Southern hemisphere crops appear to be good.
Overnight News:
Chart Analysis: Trends in Chicago are mixed to up Support is at 521 508 and 496 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 higher in early trading but then moved a little lower in response to net cancellations in the weekly export sales report against follow through buying from the news of a trade deal with Japan that is reported to include better access to that market for Rice. Chart trends are still mostly down on the daily charts. The cash market has been slow with mostly quiet with low bids from buyers in domestic markets and average or less export demand. New crop harvesting has started in Louisiana with reports of good but not great yields and quality. Milling quality of the old crop 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 and harvest has started near the Gulf Coast.
Overnight News:
Chart Analysis: Trends are down. Support is at 1242, 1228, and 1218 September and resistance is at 1276, 1285, and 1298 September.

CORN AND OATS
General Comments: Corn was a little higher yesterday in choppy trading on speculative short covering and despite the forecasts for improving weather for the Midwest. The export sales report was strong when the current crop year and the next crop year sales were combined. Temperatures should stay Warm to hot for the next couple of days, but then cooler temperatures should return although it will still be warm. Rain is expected with the cooler temperatures. Most of the Midwest has seen adequate or greater precipitation and production ideas are high. Yield estimate of 186 bushels per acre are frequently heard. Demand for Corn in world markets remains strong. Oats were higher yesterday
Overnight News: Mexico bought 102,970 tons of US Corn and South Korea bought 140,000 tons of US Corn.
Chart Analysis: Trends in Corn are mixed to up. Support is at 390, 387, and 384 September, and resistance is at 414, 418, and 426 September. Trends in Oats are mixed to down. Support is at 349, 339, and 335 September, and resistance is at 383, 388, and 394 September.

SOYBEANS
General Comments: Soybeans were lower in nearby months and Soybean Oil was higher yesterday as good growing conditions continue in the Midwest. Soybean Meal was lower. Temperatures should turn cooler but still remain slightly above normal. There should be some showers around as well. Prices are now reported to be higher in Brazil, but China and other buyers are still buying there for political reasons. Export demand remains less for US Soybeans as China has been taking almost all the export from South America.
Overnight News: Mexico bought 142,500 tons of US Soybeans.
Analysis: Trends in Soybeans are mixed. Support is at 993, 983, and 970 August, and resistance is at 1020, 1037, and 1047 August. Trends in Soybean Meal are mixed. Support is at 265.00, 262.00, and 259.00 August, and resistance is at 277.00, 282.00, and 287.00 August. Trends in Soybean Oil are mixed to up. Support is at 5500, 5390, and 5310 August, with resistance at 5720, 5840, and 5960 August.

PALM OIL AND CANOLA
General Comments: Palm Oil futures were lower on outside markets and weaker demand reports from private sources. Amspec estimated esports so far this month at 896,404 tons, down 15% from last month. There was talk that India will soon be buying a lot with festivals coming soon. Ideas that current increased production levels mean higher inventories in MPOB monthly data are still around. Canola was higher again yesterday. 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 mixed to up. Support is at 674.00, 665.00, and 660.00 November, with resistance at 713.00, 717.00, and 738.00 November. Trends in Palm Oil are up. Support is at 4130, 4080, and 4020 October, with resistance at 4350, 4410, and 4470 October.

DJ Malaysian PM Cash Market Prices for Palm Oil – July 25
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
Aug 1042.50 -12.50 Unquoted – –
Sep 1047.50 -10.00 Unquoted – –
Oct/Nov/Dec 1050.00 -15.00 Unquoted – –
Jan/Feb/Mar 1055.00 -12.50 Unquoted – –
Apr/May/Jun 1042.50 -10.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Aug 1047.50 -12.50 Unquoted – –
Sep 1052.50 -10.00 Unquoted – –
Oct/Nov/Dec 1055.00 -15.00 Unquoted – –
Jan/Feb/Mar 1060.00 -12.50 Unquoted – –
Apr/May/Jun 1047.50 -10.00 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Aug 1015.00 -17.50 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Aug 940.00 -07.50 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Aug 4,230.00 -50.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Aug 450.00 00.00 Unquoted – –
($1=MYR4.2185)

DJ China Dalian Grain Futures Closing Prices, Volume – Jul 25
Soybean No. 1
Turnover: 132,589 lots, or 5.57 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-25 4,225 4,239 4,207 4,224 4,206 4,223 17 101,326 180,532
Nov-25 4,136 4,147 4,122 4,137 4,128 4,134 6 16,293 80,892
Jan-26 4,120 4,129 4,106 4,122 4,112 4,119 7 11,727 28,348
Mar-26 4,107 4,115 4,092 4,107 4,098 4,105 7 2,119 21,720
May-26 4,147 4,150 4,129 4,145 4,132 4,140 8 493 1,255
Jul-26 4,144 4,151 4,130 4,140 4,133 4,137 4 631 3,169
Corn
Turnover: 559,221 lots, or 12.85 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-25 2,320 2,323 2,306 2,311 2,318 2,314 -4 403,182 852,106
Nov-25 2,265 2,270 2,255 2,260 2,268 2,263 -5 97,222 425,081
Jan-26 2,238 2,242 2,229 2,231 2,242 2,235 -7 41,200 179,724
Mar-26 2,238 2,245 2,232 2,234 2,244 2,238 -6 10,275 85,677
May-26 2,282 2,284 2,274 2,276 2,285 2,279 -6 4,765 30,371
Jul-26 2,293 2,296 2,286 2,287 2,297 2,291 -6 2,577 8,942
Soymeal
Turnover: 1,558,155 lots, or 46.93 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Aug-25 3,004 3,024 2,998 3,007 3,017 3,013 -4 9,208 25,764
Sep-25 3,029 3,038 3,013 3,021 3,041 3,025 -16 894,109 1,623,603
Nov-25 3,068 3,076 3,051 3,057 3,079 3,061 -18 103,312 623,526
Dec-25 3,098 3,105 3,084 3,090 3,106 3,092 -14 13,043 126,749
Jan-26 3,060 3,076 3,051 3,059 3,072 3,061 -11 360,196 1,240,402
Mar-26 2,928 2,930 2,915 2,925 2,927 2,922 -5 56,618 410,468
May-26 2,754 2,762 2,748 2,759 2,753 2,755 2 114,535 623,473
Jul-26 2,735 2,740 2,731 2,739 2,735 2,736 1 7,134 71,439
Palm Oil
Turnover: 824,075 lots, or 74.01 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Aug-25 8,950 8,976 8,840 8,858 8,970 8,894 -76 382 1,240
Sep-25 9,058 9,072 8,890 8,936 9,022 8,984 -38 673,443 456,448
Oct-25 9,074 9,074 8,908 8,948 9,026 8,990 -36 5,014 8,269
Nov-25 9,044 9,044 8,886 8,922 8,998 8,952 -46 564 2,237
Dec-25 9,032 9,032 8,888 8,938 9,012 8,982 -30 117 916
Jan-26 9,050 9,050 8,884 8,928 8,998 8,972 -26 137,646 174,459
Feb-26 8,968 8,980 8,866 8,888 8,974 8,930 -44 34 950
Mar-26 8,906 8,906 8,806 8,838 8,890 8,858 -32 24 262
Apr-26 8,732 8,748 8,732 8,748 8,702 8,750 48 6 78
May-26 8,730 8,746 8,616 8,658 8,690 8,682 -8 6,794 15,584
Jun-26 8,640 8,640 8,564 8,572 8,610 8,600 -10 18 50
Jul-26 8,628 8,648 8,552 8,552 8,616 8,602 -14 33 36
Soybean Oil
Turnover: 536,159 lots, or 43.64 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Aug-25 8,230 8,274 8,156 8,212 8,114 8,232 118 484 1,529
Sep-25 8,166 8,206 8,112 8,144 8,112 8,160 48 382,038 504,638
Nov-25 8,154 8,196 8,124 8,154 8,102 8,160 58 1,927 10,136
Dec-25 8,168 8,202 8,134 8,134 8,118 8,166 48 85 1,828
Jan-26 8,102 8,160 8,072 8,104 8,060 8,114 54 139,038 380,743
Mar-26 7,974 8,020 7,962 7,968 7,934 7,982 48 122 1,250
May-26 7,738 7,780 7,716 7,738 7,716 7,746 30 12,436 45,088
Jul-26 7,752 7,772 7,716 7,740 7,700 7,738 38 29 141
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