Grains Report 08/27/2025

WHEAT
General Comments: Wheat was a little higher yesterday. The Spring Wheat harvest is active an the Winter Wheat harvest is done. Rains have been good in the northern Great Plains but Canada has been a little too dry for best yield potential and the northern Plains had hot and dry areas earlier in the year. 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. Reports from Russia indicate that later weather has improved and that somewhat higher yields than were forecast earlier are now possible. Southern hemisphere crops appear to be good.
Overnight News:
Chart Analysis: Trends in Chicago are mixed. Support is at 490, 484 and 478 September, with resistance at 526, 532, and 541 September. Trends in Kansas City are mixed to down. Support is at 496, 492, and 486 September, with resistance at 549, 552, and 559 September. Trends in Minneapolis are not available.

RICE:
General Comments Rice was higher again yesterday in prices continued to recover after the dramatic selloff seen last week as the harvest is active in /Texas and Louisiana. Chart trends are still mostly down on the charts. The cash market has been slow 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. There is more concern about the crops in Arkansas where it has turned very hot. 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. Crop condition slipped slightly in the USDA reports released on Monday.
Overnight News:
Chart Analysis: Trends are down. Support is at 1140, 1132, and 1120 September and resistance is at 1188, 1220, and 1240 September.

CORN AND OATS
General Comments: Corn was lower and gave back the gains seen on Monday on ideas that supplies will be more than ample for the demand. tThe Pro Farmer tour did not back up USDA yield projections, especially east of the Mississippi River. There still appeared to be speculative selling on widespread record crop production predictions based on additional forecasts for improving weather for the Midwest. Temperatures should average below normal this week and it should be mostly dry. Most of the Midwest has seen adequate or greater precipitation and production ideas are high. Demand for Corn in world markets remains strong. Oats were lower and made new lows for the move.
Overnight News:
Chart Analysis: Trends in Corn are mixed. Support is at 385, 382, and 378 September, and resistance is at 396, 404, and 411 September. Trends in Oats are mixed. Support is at 309, 303, and 297 September, and resistance is at 326, 333, and 338 September.

SOYBEANS
General Comments: Soybeans was mixed to lower after reports released last week of strong yield potential from the Pro Farmer tour with both tour groups finding strong yield potential in the east and the west. Soybean Oil was lower and Soybean Meal was higher. China has not bought US Soybeans yet and traders are worried that demand for the new crop will be a lot less this year. Good growing conditions continue in the Midwest with cool and mostly dry weather in the forecast. Prices are still 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. Pro Farmer released its production estimates from the tour it took last week. Soybeans yields were estimated at 53 bushels per acre, a new record and above trade estimates and USDA estimates.
Overnight News:
Analysis: Trends in Soybeans are mixed to up. Support is at 1016, 1008, and 1002 September, and resistance is at 1050, 1067, and 1074 September. Trends in Soybean Meal are mixed to up. Support is at 277.00, 271.00, and 267.00 September, and resistance is at 307.00, 309.00, and 312.00 September. Trends in Soybean Oil are mixed to up. Support is at 5120, 5090, and 5030 September, with resistance at 5140, 5490, and 5560 September.

PALM OIL AND CANOLA
General Comments: Palm Oil futures were higher today. Demand for export has been strong to start the month. Futures were also higher today as the increase in ending stocks was not as much as anticipated. 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 along with the price action in Chicago. Trends are mixed on the daily charts and on the weekly charts. The weather has generally been dry for crop development in the Prairies with warm and dry weather still around.
Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 635.00, 623.00, and 602.00 November, with resistance at 644.00, 636.00, and 624.00 November. Trends in Palm Oil are mixed to up. Support is at 4410, 4340, and 4300 November, with resistance at 4530, 4590, and 4650 November.

DJ Malaysian PM Cash Market Prices for Palm Oil – Aug 27
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
Sep 1097.50 +07.50 Unquoted – –
Oct/Nov/Dec 1102.50 +05.00 Unquoted – –
Jan/Feb/Mar 1105.00 +02.50 Unquoted – –
Apr/May/Jun 1082.50 +02.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Sep 1102.50 +07.50 Unquoted – –
Oct/Nov/Dec 1107.50 +05.00 Unquoted – –
Jan/Feb/Mar 1110.00 +02.50 Unquoted – –
Apr/May/Jun 1087.50 +02.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Sep 1077.50 00.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Sep 1010.00 00.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Sep 4,430.00 +20.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Sep 465.00 +01.00 Unquoted – –
($1=MYR4.233)

DJ China Dalian Grain Futures Closing Prices, Volume – Aug 27
Soybean No. 1
Turnover: 149,695 lots, or 5.93 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-25 4,086 4,099 4,079 4,087 4,096 4,086 -10 1,576 3,174
Nov-25 3,978 3,979 3,933 3,935 3,988 3,956 -32 98,992 222,697
Jan-26 3,971 3,981 3,934 3,936 3,992 3,959 -33 38,191 99,770
Mar-26 3,991 3,991 3,941 3,942 3,999 3,966 -33 6,936 31,623
May-26 4,030 4,033 3,984 3,984 4,043 4,005 -38 2,288 5,998
Jul-26 4,039 4,040 3,990 3,991 4,049 4,013 -36 1,712 4,852
Corn
Turnover: 565,090 lots, or 12.25 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-25 2,212 2,227 2,207 2,227 2,206 2,213 7 40,532 66,710
Nov-25 2,159 2,168 2,151 2,164 2,157 2,159 2 379,154 1,019,003
Jan-26 2,163 2,173 2,158 2,170 2,163 2,165 2 108,272 404,461
Mar-26 2,182 2,193 2,177 2,189 2,181 2,184 3 19,178 134,892
May-26 2,232 2,241 2,229 2,240 2,236 2,234 -2 11,411 70,704
Jul-26 2,254 2,258 2,246 2,256 2,253 2,251 -2 6,543 15,293
Soymeal
Turnover: 2,019,368 lots, or 60.79 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-25 3,020 3,030 2,991 2,992 3,046 3,005 -41 73,604 67,454
Nov-25 3,044 3,052 3,007 3,010 3,069 3,021 -48 157,557 547,541
Dec-25 3,091 3,093 3,048 3,049 3,112 3,063 -49 23,485 139,621
Jan-26 3,081 3,082 3,042 3,045 3,097 3,055 -42 1,351,719 2,090,112
Mar-26 3,012 3,012 2,988 2,993 3,027 2,999 -28 58,877 374,381
May-26 2,840 2,841 2,813 2,829 2,841 2,827 -14 325,146 966,423
Jul-26 2,834 2,834 2,812 2,825 2,832 2,823 -9 22,121 122,613
Aug-26 2,952 2,961 2,940 2,951 2,957 2,951 -6 6,859 25,640
Palm Oil
Turnover: 744,515 lots, or 70.78 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-25 9,392 9,472 9,376 9,426 9,460 9,432 -28 20,314 23,641
Oct-25 9,472 9,540 9,452 9,470 9,542 9,498 -44 9,771 9,807
Nov-25 9,458 9,538 9,446 9,472 9,536 9,494 -42 2,704 8,663
Dec-25 9,462 9,556 9,446 9,494 9,536 9,508 -28 742 1,002
Jan-26 9,470 9,572 9,454 9,500 9,544 9,518 -26 683,952 520,809
Feb-26 9,436 9,522 9,434 9,490 9,488 9,476 -12 30 1,059
Mar-26 9,356 9,460 9,356 9,426 9,434 9,414 -20 74 354
Apr-26 – – – 9,374 9,374 9,374 0 8 80
May-26 9,218 9,308 9,204 9,248 9,278 9,266 -12 26,889 65,600
Jun-26 9,124 9,166 9,124 9,166 9,158 9,142 -16 5 71
Jul-26 9,010 9,034 8,994 8,994 9,036 9,018 -18 20 125
Aug-26 8,934 8,988 8,934 8,958 8,964 8,956 -8 6 12
Soybean Oil
Turnover: 395,628 lots, or 33.20 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Sep-25 8,506 8,526 8,460 8,464 8,554 8,492 -62 15,801 28,134
Nov-25 8,478 8,488 8,424 8,424 8,516 8,452 -64 7,377 14,865
Dec-25 8,502 8,502 8,438 8,446 8,542 8,470 -72 1,123 5,518
Jan-26 8,432 8,452 8,384 8,390 8,492 8,418 -74 329,134 683,735
Mar-26 8,374 8,378 8,332 8,342 8,438 8,352 -86 112 1,712
May-26 8,136 8,156 8,092 8,120 8,194 8,128 -66 41,992 193,771
Jul-26 8,080 8,090 8,040 8,078 8,122 8,068 -54 74 302
Aug-26 8,062 8,074 8,062 8,068 8,114 8,068 -46 15 21
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