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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

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Grains Report 11/21/2025

By On November 21, 2025 - 10:48 AM · In Market Commentaries, Morning Grains & Softs Report
DJ Analysts’ Estimates for November 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 was originally scheduled for release at 3 p.m. ET (1900 GMT) Friday. However, data is suspended if the government shutdown continues.
                                Average            Range
                              of estimates      of estimates
  On-feed Nov 1                   97.9             96.9 – 98.6
  Placed in Oct                   92.2             90.0 – 95.5
  Marketed in Oct                 92.5             92.0 – 93.4
   Analyst                      On-Feed       Placements    Marketed
                                Nov 1         in Oct         in Oct
   Allegiant Commodity Group     98.0           92.5         92.4
   Allendale Inc.                98.2           92.5         92.5
   HedgersEdge                   97.6           92.7         93.1
   Livestock Mktg Info Ctr       97.8           92.0         92.1
   Midwest Market Solutions      97.9           93.0         93.4
   NFC Markets                   96.9           90.5         92.4
   Texas A&M Extension           97.7           90.0         92.0
   US Commodities                98.6           95.5         92.4
WHEAT
General Comments:   Wheat closed lower yesterday on some speculative long liquidation and despite a The weekly USDA reports have started again but USDA is currently releasing old data that was positive and not current sales.  The FAO raised world production estimates this week.  Sovecon now estimates Russian production at 88.6 million tons, up 800,000 tons, due to better yields in Siberia and other areas, but still weak data in the south.  Southern hemisphere crops appear to be good.
Overnight News:
Chart Analysis: Trends in Chicago are mixed to up.  Support is at 524, 517, and 507 December, with resistance at 555, 560, and 573 December.  Trends in Kansas City are down.  Support is at 506, 501, and 494 December, with resistance at 524, 534, and 540 December. Trends in Minneapolis are not available.
RICE:
General Comments   Rice was a little lower again yesterday and made new lows for the move on what appeared to be speculative selling.  Ideas are that the market is too cheap and that farmers have sold what needs to be sold for now.  The recent selling has been to be relentless and appears tied to the weaker prices in Asia and especially India.  Trends are down in the market.  The harvest is over in the delta and Mid South.  California is about done with its harvest.  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.
Overnight News:
Chart Analysis: Trends are mixed to down.  Support is at 1000, 988, and 976 January and resistance is at 1034, 1056, and 1068 January.
CORN AND OATS
General Comments: Corn was lower yesterday on speculative selling tied to long liquidation and despite the weekly sales report showing strong export demand.  Ideas are that demand is less now due to increased competition in the world market.  Trends are turning down in the market.  The harvest is winding down in all areas of the Midwest.  There are ideas that US production might not be super strong due to disease such as rust to offset the demand losses.  Temperatures should average near to above normal this week and there are forecasts for some rain early this week.  Oats were mostly lower, but December was higher.
Overnight News:
Chart Analysis:  Trends in Corn are mixed.  Support is at 425, 422, and 419 December, and resistance is at 433, 439, and 442 December.  Trends in Oats are mixed to up.  Support is at 302, 297, and 292 December, and resistance is at 316, 324, and 338 December.
SOYBEANS
General Comments: Soybeans and the products were lower again yesterday on what appeared to be follow through speculative long liquidation.   The US will have to compete with South America for sales in a diminishing Chinese market.  The Chinese hog herd is being reduced and this means less demand for Soybeans and Soybean Meal.  Forecasts call for light precipitation to be seen in the Midwest.  Temperatures will average near to above normal this week.  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.  Support is at 1114, 1103, and 1071 January, and resistance is at 1148, 1169, and  1184 January.  Trends in Soybean Meal are mixed to down.  Support is at 311.00, 307.00, and 304.00 December, and resistance is at 325.00, 331.00, and 337.00 December.  Trends in Soybean Oil are mixed.  Support is at 4980, 4900, and 4830 December, with resistance at 5170, 5280, and 5390 December.
PALM OIL AND CANOLA
General Comments:   Palm Oil futures were lower today in sympathy with the price action in Chicago and on fears of increasing production and weakening demand.  There are still Indonesian plans to increase the use of Pam Oil in biofuels blends.  There are still ideas of increasing production.  The market sentiment overall is turning bearish on ideas of increasing stocks to the market and on some concerns about demand   Canola was lower.  Trends are mixed on the daily charts.
Overnight News:
Chart Analysis: Trends in Canola are mixed.  Support is at 644.00, 636.00, and 632.00 January, with resistance at 661.00, 671.00, and 680.00 January.  Trends in Palm Oil are mixed.  Support is at 4110, 4070, and 4010 February, with resistance at 4200, 4270, and 4300 February.
DJ Malaysian PM Cash Market Prices for Palm Oil – Nov 21
  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
Dec          1025.00    -05.00      Unquoted   –        –
Jan/Feb/Mar  1030.00    -15.00      Unquoted   –        –
Apr/May/Jun  1037.50    -10.00      Unquoted   –        –
Jul/Aug/Sep  1027.50    -10.00      Unquoted   –        –
RBD palm olein, FOB, Malaysian ports
              Offer      Change      Bid        Change   Traded
Dec           1030.00    -05.00      Unquoted   –        –
Jan/Feb/Mar   1035.00    -15.00      Unquoted   –        –
Apr/May/Jun   1042.50    -10.00      Unquoted   –        –
Jul/Aug/Sep   1037.50    -10.00      Unquoted   –        –
RBD palm stearin, FOB, Malaysian ports
              Offer      Change      Bid        Change   Traded
Dec           1005.00     00.00      Unquoted   –        –
Palm Fatty Acid Distillate, FOB Malaysian ports
              Offer      Change      Bid        Change   Traded
Dec           1000.00    +05.00      Unquoted   –        –
Crude palm oil, Delivered Basis, South Malaysia
               Offer      Change      Bid        Change   Traded
Dec            4,100.00   -50.00      Unquoted   –        –
Palm kernel oil, Delivered Basis, South Malaysia
               Offer      Change      Bid        Change   Traded
Dec            412.00     -03.00      Unquoted   –        –
($1=MYR4.1435)
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)
  (END) Dow Jones Newswires
  03-28-25 0623ET
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