Grains Report 01/23/2026

DJ Analysts’ Estimates for January 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 is scheduled for release at 3 p.m. ET (2000 GMT) Friday.
Average Range
of estimates of estimates
On-feed Jan 1 96.8 96.0 – 97.6
Placed in Dec 92.7 88.0 – 95.4
Marketed in Dec 101.7 100.0 – 102.5
Analyst On-Feed Placements Marketed
Jan 1 in Dec in Dec
Allegiant Commodity Group 96.9 94.7 101.8
Allendale Inc. 96.1 88.8 101.0
HedgersEdge 97.4 94.9 101.7
Livestock Mktg Info Ctr 96.9 95.1 102.0
Midwest Market Solutions 97.3 95.4 102.5
NFC Markets 96.0 88.3 101.6
Texas A&M Extension 97.6 94.6 101.9
US Commodities 96.2 88.0 100.0

DJ U.S. Export Sales: Weekly Sales Totals-Jan 23
For the week ended Jan 15, in thousand metric tons, except cotton in
thousand running bales. Net changes in commitments are gross sales,
less cancellations, buy-backs and other downward adjustments. Total
commitments are total export shipments plus total sales.
The marketing year for wheat and barley began Jun 1, cotton and
and rice Aug 1, corn, soybeans and sorghum Sep 1, and soymeal and
soyoil Oct 1. Source: USDA
wk’s net chg total
in commitments commitments undlvd sales
this yr next yr this yr last yr this yr next yr
wheat 618.1 14.0 20890.2 17694.5 5152.1 116.3
hrw 223.0 0.0 7513.6 4144.8 1473.4 15.5
srw 61.6 0.0 2815.2 2587.2 717.8 59.9
hrs 75.7 14.0 5268.5 5809.5 1300.3 14.0
white 245.8 0.0 4865.1 4798.7 1548.9 26.9
durum 12.0 0.0 427.8 354.3 111.7 0.0
corn 4010.6 0.0 56045.5 41931.1 25642.0 864.3
soybeans 2446.0 9.0 33034.6 42174.3 13761.8 131.8
soymeal 412.7 0.0 9805.9 8802.3 4652.0 60.8
soyoil 10.5 0.0 313.4 659.5 159.2 4.0
upland cotton 412.5 25.9 7349.8 8417.3 4019.6 533.1
pima cotton 16.4 0.0 235.7 255.9 70.1 0.0
sorghum 526.8 0.0 3104.1 1116.7 2020.4 0.0
barley 0.0 0.0 69.2 33.0 32.2 0.0
rice 63.0 0.0 1537.4 1958.2 528.0 0.0
.
WHEAT
General Comments: Wheat closed higher yesterday as the world economic meeting in Davos continued and as President Trump has waked back his comments on forcibly taking Greenland. Better export sales are now anticipated due the move lower seen Monday in reaction to the USDA reports. US Wheat areas need snow cover Concerns on the condition of the Winter Wheat crops moving forward are growing as there is little snow cover and some very cold temperatures are occurring that could create Winterkill.
Overnight News:
Chart Analysis: Trends in Chicago are mixed. Support is at 500, 494, and 488 March, with resistance at 528, 530, and 536 March. Trends in Kansas City are mixed. Support is at 508, 503, and 499 March, with resistance at 536, 540, and 545 March. Trends in Minneapolis are not available.

RICE:
General Comments Rice was lower yesterday. The market might have finished a bottom formation on the daily and weekly charts. Weaker world prices are expected by the FAO in the coming year. Asian Rice prices are under pressure now due to a weaker Indian Rupee that has forced costs for Indian Rice lower. Trends are turning up in the market but demand remains quiet for US Rice.
Overnight News:
Chart Analysis: Trends are mixed to up. Support is at 1030, 1002, and 996 March and resistance is at 1079, 1092, and 1110 March.

CORN AND OATS
General Comments: Corn was a little lower. Trends are mixed to down. USDA increased production in the annual reports released a week ago and the increased supplies have made it hard for prices to rally at all despite reports of strong demand.. Temperatures in the Midwest should average below normal. Oats were lower.
Overnight News:
Chart Analysis: Trends in Corn are down. Support is at 417, 414, and 411 March, and resistance is at 428, 433, and 443 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 higher yesterday but Soybean Oil was lower. There are ideas of additional Chinese demand soon but it would be up to the government to buy ad US Soybeands are too high priced for commercial demand from China or almost anywhere else. It still seems that the market is now more concerned about big supplies coming soon from South America with the Soybeans harvest there now underway and was reported at 2% complete. Temperatures will average below normal in the Midwest.
Overnight News:
Analysis: Trends in Soybeans are mixed. Support is at 1033, 1030, and 1018 March, and resistance is at 1072, 1082, and 1086 March. Trends in Soybean Meal are mixed. Support is at 286.00, 283.00, and 280.00 March, and resistance is at 307.00, 311.00, and 316.00 March. Trends in Soybean Oil are up. Support is at 5040, 4960, and 4900 March, with resistance at 5440, 5500, and 5560 March.

PALM OIL AND CANOLA
General Comments: Palm Oil futures were higher today on idea of increasing seasonal demand and on ideas that Palm Oil is relatively cheap in the world market. Soybean Oil prices were higher as well. 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 mixed yesterday as strong demand ideas ran into some profit taking. Canada and China reached agreement on a new trade deal which is expected to result in part in new sales of Canola to China There are ideas of a big Soybeans harvest coming from South America.
Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 616.00, 600.00, and 590.00 March, with resistance at 650.00, 656.00, and 662.00 March. Trends in Palm Oil are mixed. Support is at 4160, 4110, and 4070 April, with resistance at 4200, 4260, and 4350 April.

DJ Malaysian PM Cash Market Prices for Palm Oil – Jan 22
The following are prices for Malaysian palm oil in the cash market at 1000 GMT Thursday, 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
Feb 1065.00 +12.50 Unquoted – –
Mar 1070.00 +12.50 Unquoted – –
Apr/May/Jun 1075.00 +15.00 Unquoted – –
Jul/Aug/Sep 1075.00 +15.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Feb 1070.00 +12.50 Unquoted – –
Mar 1075.00 +12.50 Unquoted – –
Apr/May/Jun 1080.00 +15.00 Unquoted – –
Jul/Aug/Sep 1080.00 +15.00 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Feb 1040.00 +15.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Feb 1035.00 +17.50 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Feb 4,150.00 +20.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Feb 434.00 +02.00 Unquoted – –
($1=MYR4.048)

Questions? Ask Jack Scoville today at 312-264-4322