About The Author

Jack Scoville

Jack Scoville is an often quoted market analyst in the grain and soft commodities sectors. You will find his commentary throughout the Reuters, Wall Street Journal, Dow Jones, Bloomberg, and Barron's publications. Contact Mr. Scoville at (312) 264-4322

Visit Website →

Grains Report 10/10/2025

By On October 10, 2025 - 1:41 PM · In Market Commentaries, Morning Grains & Softs Report
WHEAT
General Comments:   Wheat closed mostly a little lower in quiet trading yesterday.  Russian crop areas remain too dry in Winter Wheat areas and too wet in Spring Wheat areas, but crop size ideas are expected to increase due to reports of big yields in Spring Wheat growing areas.  Ideas are that production there next year will feature reduced planted area due to the lack of profitability.  A French government report showed plenty of production but lower quality.  Rains have been good in the northern Great Plains and Canada.  It has been warm in the Great Plains so far this Fall.  Southern hemisphere crops appear to be good.
Overnight News:
Chart Analysis: Trends in Chicago are mixed to down.  Support is at 502, 499 and 493 December, with resistance at 532, 535, and 543 December.  Trends in Kansas City are mixed to down.  Support is at 484, 478, and 472 December, with resistance at 501, 507, and 515 December. Trends in Minneapolis are not available.
RICE:
General Comments   Rice was a little higher yesterday.  The harvest is wrapping up in Texas and southern Louisiana.  Harvest is starting to wrap up in Mississippi and Arkansas.  Yields and quality are mixed, but quality appears better than a year ago.  The cash market has been slow with low bids from buyers in domestic markets and average or less export demand.  Louisiana reports 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.
Overnight News:
Chart Analysis: Trends are mixed to down.  Support is at 1064, 1052, and 1040 November and resistance is at 1098, 1126, and 1145 November.
CORN AND OATS
General Comments: Corn was a little lower yesterday in lifeless trading with the government still closed and USDA reports cancelled for now.  The crop is maturing and the harvest is expanding.  There are ideas that US production might not be super strong due to disease such as rust to offset the demand losses.  Yield reports are showing at or above APH yields in western areas, with vey good crops reported in Minnesota.  Yields have been reported at or less than APH in areas east of the Mississippi River.  Temperatures should average near to below normal this week and there are forecasts for mostly dry conditions.  Most of the western Midwest has seen adequate or greater precipitation and production ideas are high.  Areas east of the Mississippi River have been very dry for the last month or more.  Demand for Corn in world markets remains moderate to strong.  Oats were higher.
Overnight News:
Chart Analysis:  Trends in Corn are mixed.  Support is at 411, 408, and 405 December, and resistance is at 424, 428, and 431 December.  Trends in Oats are down.  Support is at 283, 277, and 271 December, and resistance is at 300, 308, and 311 December.
SOYBEANS
General Comments: Soybeans and the products closed lower as the market heard that China has imposed new restrictions on the export of rare earth metals.  Chinese exporters now must register with the government and register sales.  It is another roadblock in the quest for a trade deal between the US and China.  President Trump said that he plans to talk to President Xi of China about Chinese purchase of US Soybeans, but reports indicate that their meeting of the two leaders at the end of the month will be brief if the meeting happens at all.  China has shown no interest in buying US ag products.  Forecasts call for mostly dry conditions to be seen in the Midwest this and next week.  Temperatures will average at or below normal.  The dry weather could hurt pod fill and bean size and there are indications that the yields are less than expected in eastern areas.  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 due to the Trump tariff regime.
Overnight News:
Analysis:  Trends in Soybeans are mixed to up.  Support is at 994, 981, and 970 November, and resistance is at 1030, 1036, and  1042 November.  Trends in Soybean Meal are mixed.  Support is at 271.00, 268.00, and 265.00 December, and resistance is at 282.00, 286.00, and 290.00 December.  Trends in Soybean Oil are mixed.  Support is at 4920, 4890, and 4770 December, with resistance at 5220, 5390, and 5480 December.
PALM OIL AND CANOLA
General Comments:   Palm Oil futures were lower yesterday.  Reports of weaker production and strong export demand and the price action in Chicago were positive for futures, but the market has already rallied a lot and needed to see a correction.   Canola was a little lower.  Concerns remain about demand potential.  The Canadian government is moving now to support farmers in the face of the Chinese demand loss and also in the face of the Trump tariffs.  Trends are mixed to down on the daily charts and on the weekly charts.
Overnight News:
Chart Analysis: Trends in Canola are mixed.  Support is at 596.00, 590.00, and 584.00 November, with resistance at 630.00, 640.00, and 653.00 November.  Trends in Palm Oil are mixed to up.  Support is at 4450, 4390, and 4340 December, with resistance at 4580, 4620, and 4680 December.
DJ Malaysia’s September Palm Oil Exports 1.43M Tons; Up 7.7%, MPOB Says
    Malaysia’s palm oil exports were up 7.7% on month at 1.43 million metric tons in September, the Malaysian Palm Oil Board said.
The following are details of the September crop data and revised numbers for August, issued by MPOB:
                           September       August          Change
                                                         On Month
Crude Palm Oil Output      1,841,159    1,854,766   Dn      0.73%
Palm Oil Exports           1,427,577    1,325,672   Up      7.69%
Palm Kernel Oil Exports      117,520      110,363   Up      6.48%
Palm Oil Imports              78,413       58,538   Up     33.95%
Closing Stocks             2,360,976    2,202,413   Up       7.2%
Crude Palm Oil             1,265,832    1,076,380   Up      17.6%
Processed Palm Oil         1,095,144    1,126,033   Dn      2.74%
DJ Malaysia Oct. 1-10 Palm Oil Exports Rose 19.37% on Month to 495,415 Tons, AmSpec Says
  By Ronnie Harui
  Malaysia’s palm oil exports during the Oct. 1-10 period are estimated up 19.37% on month at 495,415 metric tons, cargo surveyor AmSpec Agri Malaysia said Friday.
  The following are the major items in the AmSpec estimate:
  (All figures in metric tons)
                        Oct. 1-10      Sept. 1-10
   RBD Palm Olein       120,523          85,245
   RBD Palm Oil          74,588          74,460
   RBD Palm Stearin      50,046          40,015
   Crude Palm Oil        43,482          41,825
   Total*               495,415         415,030
  *Palm oil product volumes don’t add up to total as some products aren’t included.
DJ Malaysian PM Cash Market Prices for Palm Oil – Oct 10
  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
Oct          1105.00     00.00      Unquoted   –        –
Nov          1110.00    -10.00      Unquoted   –        –
Dec          1117.50    -10.00      Unquoted   –        –
Jan/Feb/Mar  1120.00    -10.00      Unquoted   –        –
Apr/May/Jun  1100.00    -05.00      Unquoted   –        –
RBD palm olein, FOB, Malaysian ports
              Offer      Change      Bid        Change   Traded
Oct           1110.00     00.00      Unquoted   –        –
Nov           1115.00    -10.00      Unquoted   –        –
Dec           1122.50    -10.00      Unquoted   –        –
Jan/Feb/Mar   1125.00    -10.00      Unquoted   –        –
Apr/May/Jun   1105.00    -05.00      Unquoted   –        –
RBD palm stearin, FOB, Malaysian ports
              Offer      Change      Bid        Change   Traded
Oct           1095.00    -02.50      Unquoted   –        –
Palm Fatty Acid Distillate, FOB Malaysian ports
              Offer      Change      Bid        Change   Traded
Oct           1060.00    -05.00      Unquoted   –        –
Crude palm oil, Delivered Basis, South Malaysia
               Offer      Change      Bid        Change   Traded
Oct            4,500.00   -30.00      Unquoted   –        –
Palm kernel oil, Delivered Basis, South Malaysia
               Offer      Change      Bid        Change   Traded
Oct            472.00     -01.00      Unquoted   –        –
($1=MYR4.223)
DJ China Dalian Grain Futures Closing Prices, Volume – Oct 10
Soybean No. 1
Turnover: 177,842 lots, or 7.04 billion yuan
            Open      High       Low     Close     Prev.    Settle       Ch.       Vol      Open
                                                  Settle                                Interest
Nov-25     3,960     3,988     3,938     3,953     3,960     3,958        -2   110,324   125,633
Jan-26     3,972     3,983     3,937     3,948     3,948     3,958        10    58,370   140,403
Mar-26     3,971     3,981     3,941     3,951     3,947     3,959        12     5,365    35,978
May-26     4,008     4,013     3,978     3,988     3,977     3,998        21     1,661     8,931
Jul-26     4,000     4,005     3,980     3,987     3,973     3,991        18     2,009    10,427
Sep-26     4,002     4,006     3,985     3,988     3,973     3,996        23       113     1,004
Corn
Turnover: 668,027 lots, or 1.43 billion yuan
            Open      High       Low     Close     Prev.    Settle       Ch.       Vol      Open
                                                  Settle                                Interest
Nov-25     2,136     2,140     2,124     2,125     2,136     2,131        -5   393,175   591,363
Jan-26     2,125     2,131     2,121     2,125     2,122     2,125         3   202,192   556,838
Mar-26     2,139     2,144     2,136     2,140     2,135     2,139         4    33,204   284,672
May-26     2,201     2,206     2,197     2,204     2,197     2,202         5    26,926   119,040
Jul-26     2,211     2,217     2,211     2,216     2,210     2,214         4    11,736    55,155
Sep-26     2,228     2,231     2,227     2,230     2,226     2,228         2       794     2,469
Soymeal
Turnover: 1,188,571 lots, or 34.44 billion yuan
            Open      High       Low     Close     Prev.    Settle       Ch.       Vol        Open
                                                  Settle                                  Interest
Nov-25     2,907     2,918     2,879     2,900     2,909     2,897       -12    92,554     315,476
Dec-25     2,953     2,957     2,920     2,938     2,947     2,937       -10     6,803     143,185
Jan-26     2,938     2,944     2,903     2,922     2,934     2,924       -10   872,310   1,927,483
Mar-26     2,906     2,914     2,885     2,898     2,899     2,899         0    35,275     375,731
May-26     2,750     2,763     2,744     2,754     2,751     2,755         4   152,541   1,007,028
Jul-26     2,737     2,746     2,731     2,739     2,733     2,738         5    12,236     144,286
Aug-26     2,856     2,870     2,852     2,864     2,854     2,863         9     4,343      32,497
Sep-26     2,859     2,874     2,859     2,868     2,858     2,867         9    12,509      54,404
Palm Oil
Turnover: 821,322 lots, or 77.78 billion yuan
            Open      High       Low     Close     Prev.    Settle       Ch.       Vol      Open
                                                  Settle                                Interest
Oct-25     9,408     9,420     9,408     9,420     9,422     9,416        -6         4       102
Nov-25     9,462     9,464     9,248     9,320     9,416     9,382       -34     9,625    12,426
Dec-25     9,512     9,544     9,312     9,376     9,476     9,444       -32     4,811     4,855
Jan-26     9,570     9,608     9,366     9,438     9,512     9,488       -24   733,204   367,743
Feb-26     9,558     9,590     9,376     9,434     9,486     9,472       -14       156     1,289
Mar-26     9,514     9,550     9,336     9,402     9,456     9,436       -20       125       836
Apr-26     9,446     9,460     9,286     9,332     9,374     9,384        10        29       346
May-26     9,350     9,404     9,196     9,266     9,298     9,294        -4    71,478   107,826
Jun-26     9,260     9,282     9,144     9,150     9,200     9,200         0        20       107
Jul-26     9,148     9,150     9,030     9,052     9,068     9,090        22        21       171
Aug-26     9,014     9,060     8,934     8,980     8,992     9,038        46        27        60
Sep-26     8,900     8,978     8,810     8,892     8,846     8,926        80     1,822     1,567
Soybean Oil
Turnover: 476,370 lots, or 39.48 billion yuan
            Open      High       Low     Close     Prev.    Settle       Ch.       Vol      Open
                                                  Settle                                Interest
Nov-25     8,316     8,378     8,262     8,308     8,290     8,326        36    10,987    11,657
Dec-25     8,362     8,420     8,300     8,338     8,342     8,370        28     1,741     8,015
Jan-26     8,324     8,378     8,252     8,302     8,294     8,324        30   396,802   504,294
Mar-26     8,270     8,320     8,202     8,246     8,226     8,266        40        89     1,572
May-26     8,068     8,124     8,002     8,052     8,044     8,068        24    65,779   227,085
Jul-26     8,036     8,060     7,960     8,000     7,978     8,014        36       206       681
Aug-26     8,042     8,062     7,970     8,002     7,988     8,024        36        25        76
Sep-26     8,004     8,042     7,920     7,968     7,954     7,988        34       741     1,203
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.
DJ Malaysian PM Cash Market Prices for Palm Oil – March 28
  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
Apr          1135.00    +15.00      Unquoted   –        –
Apr/May/Jun  1092.50    +20.00      Unquoted   –        –
Jul/Aug/Sep  1012.50    +17.50      Unquoted   –        –
Oct/Nov/Dec  1002.50    +15.00      Unquoted   –        –
Jan/Feb/Mar  1007.50    +12.50      Unquoted   –        –
RBD palm olein, FOB, Malaysian ports
              Offer      Change      Bid        Change   Traded
Apr           1140.00    +15.00      Unquoted   –        –
Apr/May/Jun   1097.50    +20.00      Unquoted   –        –
Jul/Aug/Sep   1017.50    +17.50      Unquoted   –        –
Oct/Nov/Dec   1007.50    +15.00      Unquoted   –        –
Jan/Feb/Mar   1012.50    +12.50      Unquoted   –        –
RBD palm stearin, FOB, Malaysian ports
              Offer      Change      Bid        Change   Traded
Apr           1112.50    +20.00      Unquoted   –        –
Palm Fatty Acid Distillate, FOB Malaysian ports
              Offer      Change      Bid        Change   Traded
Apr           1070.00    +15.00      Unquoted   –        –
Crude palm oil, Delivered Basis, South Malaysia
               Offer      Change      Bid        Change   Traded
Apr            4,830.00   +70.00      Unquoted   –        –
Palm kernel oil, Delivered Basis, South Malaysia
               Offer      Change      Bid        Change   Traded
Apr            494.00     +07.00      Unquoted   –        –
($1=MYR4.4363)
Questions? Ask Jack Scoville today at 312-264-4322        
Tagged with: • • • • • • •