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 01/07/2026

By On January 7, 2026 - 10:17 AM · In Market Commentaries, Morning Grains & Softs Report
DJ CBOT Delivery Intentions: Totals – Jan 7
Source: CME Group
              Contract                        Quantity   Next Trade
Commodity     Month      Delivery Day   Assigned Today   Date Available
SOYBEAN OIL   January    Jan 08, 2026               78   Dec 31, 2025
ROUGH RICE    January    Jan 08, 2026               10   Dec 30, 2025
SOYBEAN       January    Jan 08, 2026               88   Jan 02, 2026
WHEAT
General Comments:   Wheat closed mixed yesterday. With Chicago slightly lower and KC a little higher.  There are still reports of big world production and weaker demand.  Demand ideas are under pressure from ideas and reports of big competition for sales.  The threat for additional bombings of freighters by either Russia or Ukraine kept futures supported to some extent.  World prices were weaker last week due to reports of strong production in exporter countries and mostly the countries in the global south.  Production has been good in northern hemisphere countries.  Southern hemisphere crops appear to be very good.
Overnight News:
Chart Analysis: Trends in Chicago are mixed.  Support is at 500, 494, and 488 March, with resistance at 518, 525, and 530 March.  Trends in Kansas City are mixed.  Support is at 508, 503, and 499 March, with resistance at 536, 540, and 550 March. Trends in Minneapolis are not available.
RICE:
General Comments   Rice was higher again yesterday on follow through buying.  The recent selling appears tied to the weaker prices in Asia and especially India.  Trends are mixed in the market.  Yields and quality in the US 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.  Support is at 964, 958, and 925 March and resistance is at 1028, 1051, and 1056 March.
CORN AND OATS
General Comments:  Corn was a little higher again yesterday.  The demand for export and for bio energy needs has held strong.  Trends are mixed.  Ideas are that export demand is less now due to increased competition in the world market and ethanol demand is less as well.  Feed demand inside the US should be less.  Reports indicate that many elevators are holding less Corn than expected.  Temperatures should average above normal this week.  Oats were higher.
Overnight News:
Chart Analysis:  Trends in Corn are mixed.  Support is at 435, 432, and 430 March, and resistance is at 453, 457, and 460 March.  Trends in Oats are mixed to up.  Support is at 284, 278, and 27\5 March, and resistance is at 317, 320, and 326 March.
SOYBEANS
General Comments: Soybeans and Soybean Meal were a little higher yesterday, but Soybean Oil was lower.  Soybeans were supported by news of Chinese buying.  It seems that the market is now more concerned about big supplies coming soon from South America with the Soybeans harvest there just weeks away.  The Trump administration says that China is on pace to buy the 12 million tons of US Soybeans it announced a few weeks ago by the end of February, and China has already bought about 10 million tons.  US prices are currently too high to complete many new sales anywhere in the world market except Canada and Mexico.  Temperatures will average above normal in the Midwest this week.
Overnight News: China bought 336,000 tons of US Soybeans.
Analysis:  Trends in Soybeans are down.  Support is at 1041, 1033, and 1030 March, and resistance is at 1071, 1082, and  1086 January.  Trends in Soybean Meal are mixed to down.  Support is at 295.00, 292.00, and 286.00 March, and resistance is at 301.00, 304.00, and 307.00 March.  Trends in Soybean Oil are mixed.  Support is at 4840, 4810, and 4750 March, with resistance at 5040, 5120, and 5200 March
PALM OIL AND CANOLA
General Comments:   Palm Oil futures were higher today.  There are still ideas of increasing supplies available to the market along with weaker demand.  There are still ideas of increasing production.  Demand ideas are in a state of flux right now with some looking for weaker demand and other looking for improved demand.   Canola was higher.  There are ideas of a big Soybeans harvest coming from South America.
Overnight News:
Chart Analysis: Trends in Canola are mixed.  Support is at 600.00, 590.00, and 584.00 March, with resistance at 626.00, 635.00, and 644.00 March.  Trends in Palm Oil are mixed.  Support is at 3880, 3820, and 3760 March, with resistance at 4130, 4160, and 4200 March.
DJ Malaysian PM Cash Market Prices for Palm Oil – Jan 7
  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
Jan           1010.00    +07.50      Unquoted   –        –
Feb           1022.50    +05.00      Unquoted   –        –
Mar           1027.50    +07.50      Unquoted   –        –
Apr/May/Jun   1037.50    +10.00      Unquoted   –        –
Jul/Aug/Sep   1032.50    +07.50      Unquoted   –        –
RBD palm olein, FOB, Malaysian ports
              Offer      Change      Bid        Change   Traded
Jan           1015.00    +07.50      Unquoted   –        –
Feb           1027.50    +05.00      Unquoted   –        –
Mar           1032.50    +07.50      Unquoted   –        –
Apr/May/Jun   1042.50    +10.00      Unquoted   –        –
Jul/Aug/Sep   1037.50    +07.50      Unquoted   –        –
RBD palm stearin, FOB, Malaysian ports
Offer      Change      Bid        Change   Traded
Jan          1000.00     +07.50      Unquoted   –        –
Palm Fatty Acid Distillate, FOB Malaysian ports
              Offer      Change      Bid        Change   Traded
Jan          1000.00     +07.50      Unquoted   –        –
Crude palm oil, Delivered Basis, South Malaysia
              Offer      Change      Bid        Change   Traded
Jan          4,000.00    +20.00      Unquoted   –        –
Palm kernel oil, Delivered Basis, South Malaysia
              Offer      Change      Bid        Change   Traded
Jan           413.00     +02.00      Unquoted   –        –
($1=MYR4.0555)
Questions? Ask Jack Scoville today at 312-264-4322        
Tagged with: • • • • • • •