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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 12/03/2025

By On December 3, 2025 - 12:18 PM · In Market Commentaries, Morning Grains & Softs Report
DJ CBOT Delivery Intentions: Totals – Dec 3
Source: CME Group
               Contract                        Quantity   Next Trade
Commodity      Month      Delivery Day   Assigned Today   Date Available
SOYBEAN MEAL   December   Dec 04, 2025                3   Nov 24, 2025
SOYBEAN OIL    December   Dec 04, 2025              128   Nov 25, 2025
CORN           December   Dec 04, 2025                4   Sep 26, 2025
KC HRW WHEAT   December   Dec 04, 2025               66   Nov 25, 2025
OATS           December   Dec 04, 2025                1   Nov 14, 2025
 .
WHEAT
General Comments:   Wheat closed higher yesterday in recovery trading, but demand for Wheat in export markets remains limited.  World prices turned weaker last week due to reports of strong production in exporter countries.  Production has been good in northern hemisphere countries.  Southern hemisphere crops appear to be very good.  Demand has been weaker for various origins including Russia.  In Australia, the government’s ABARES agency raised its forecast for the country’s 2025/26 wheat production by around 1.8 million tons to 35.6 million tons. That followed recent upward revisions to forecasts of Argentina’s crop, which is expected to reach a record volume.
Overnight News:
Chart Analysis: Trends in Chicago are mixed.  Support is at 524, 517, and 507 March, with resistance at 555, 560, and 573 March.  Trends in Kansas City are mixed.  Support is at 506, 501, and 494 March, with resistance at 540, 550, and 553 March. Trends in Minneapolis are not available.
RICE:
General Comments   Rice was a little lower yesterday after trading higher early in the day.  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 mixed 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.  The charts show that futures are in a short term trading range.
Overnight News:
Chart Analysis: Trends are mixed.  Support is at 1000, 988, and 976 January and resistance is at 1056, 1068, and 1074 January.
CORN AND OATS
General Comments: Corn was higher yesterday despite ideas that traders expect weaker demand news from now on.  Ideas are that demand is less now due to increased competition in the world market.  Trends are mixed in the market.  The harvest is almost over 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 below normal this week and there are forecasts for some rain early this week.  Oats were lower, but trends are turning up anyway.
Overnight News:
Chart Analysis:  Trends in Corn are mixed to up.  Support is at 430, 426, and 423 March, and resistance is at 452, 455, and 457 March.  Trends in Oats are mixed to up.  Support is at 309, 302, and 297 March, and resistance is at 320, 323, and 325 March.
SOYBEANS
General Comments: Soybeans and Soybean Meal were lower again yesterday, but Soybean Oil closed higher again as no new sales announcements were made by USDA to China or anywhere else.  The White House said it was talking to Chin about Soybeans again and that a deal is within reach again.  A deal had been announced several weeks ago for massive Soybeans purchases by China but apparently as of now it was not real.  The US will have to compete with South America for sales in a diminishing Chinese market and US prices are currently too high to complete many new sales.  The Chinese hog herd is being reduced and this means less demand for Soybeans and Soybean Meal.  Temperatures will average below normal in the Midwest this week.
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.  Support is at 307.00, 304.00, and 301.00 January, and resistance is at 319.00, 323.00, and 333.00 January.  Trends in Soybean Oil are mixed.  Support is at 5210, 5100, and 4980 January, with resistance at 5320, 5420, and 5510 January.
PALM OIL AND CANOLA
General Comments:   Palm Oil futures were a little lower yesterday on fears of decreasing production and on ideas of increasing monthly ending stocks due to reduced demand.  There are still Indonesian plans to increase the use of Palm 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 and remains in the heart of the recent trading range on the daily charts.  Trends are still mixed on the daily charts but up on the weekly charts.
Overnight News:
Chart Analysis: Trends in Canola are mixed.  Support is at 635.00, 632.00, and 623.00 January, with resistance at 661.00, 671.00, and 680.00 January.  Trends in Palm Oil are down.  Support is at 4010, 3940, and 3880 February, with resistance at 4200, 4270, and 4300 February.
DJ Malaysian PM Cash Market Prices for Palm Oil – Dec 3
  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
Dec          1040.00    +02.50      Unquoted   –        –
Jan/Feb/Mar  1047.50    +02.50      Unquoted   –        –
Apr/May/Jun  1052.50     00.00      Unquoted   –        –
Jul/Aug/Sep  1047.50    +02.50      Unquoted   –        –
RBD palm olein, FOB, Malaysian ports
              Offer      Change      Bid        Change   Traded
Dec           1045.00    +02.50      Unquoted   –        –
Jan/Feb/Mar   1052.50    +02.50      Unquoted   –        –
Apr/May/Jun   1057.50     00.00      Unquoted   –        –
Jul/Aug/Sep   1052.50    +02.50      Unquoted   –        –
RBD palm stearin, FOB, Malaysian ports
              Offer      Change      Bid        Change   Traded
Dec           1010.00     -05.00      Unquoted   –        –
Palm Fatty Acid Distillate, FOB Malaysian ports
              Offer      Change      Bid        Change   Traded
Dec           1010.00    -05.00      Unquoted   –        –
Crude palm oil, Delivered Basis, South Malaysia
               Offer      Change      Bid        Change   Traded
Dec            4,130.00    00.00      Unquoted   –        –
Palm kernel oil, Delivered Basis, South Malaysia
               Offer      Change      Bid        Change   Traded
Dec            428.00     -01.00      Unquoted   –        –
($1=MYR4.124)
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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