Grains Report 02/04/2026

DJ Soybeans Jump After Trump’s Conversation With Xi — Market Talk
1101 ET – CBOT soybeans jump after President Trump posts on his Truth Social account about his telephone call with Chinese President Xi – in which Trump says that China is considering “lifting the Soybean count to 20 Million Tons for the current season.” Trump is referencing the deal made in October with China, where the country bought roughly 12 million metric tons of U.S. soybeans from October through January. The potential for China to buy more soybeans boosted futures, especially as China at this time of year tends to turn its attention toward Brazilian soybeans in lieu of the American competition. (kirk.maltais@wsj.com)

WHEAT
General Comments: Wheat closed mixed yesterday, with Chicago slightly higher and KC slightly lower, on the weather is now moderating back close to normal temperatures. The US Dollar was lower. Temperatures have been cold enough to promote Winterkill, but most areas have got some snow cover to protect crops now. This was not true when the cold came just over a week ago. The snow came after the cold weather was a factor. 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 have created Winterkill over the weekend again. There are also concerns about the situation in Russia. It has been very cold and shipping has become difficult. There is also the thret of Winterkill to some of the crops grown there.
Overnight News:
Chart Analysis: Trends in Chicago are mixed. Support is at 519, 502, and 510 March, with resistance at 545, 555, and 563 March. Trends in Kansas City are mixed. Support is at 525, 516, and 508 March, with resistance at 550, 553, and 559 March. Trends in Minneapolis are not available.

RICE:
General Comments Rice was about unchanged yeste4rday and trends are up but are stilling out in the current trading range. Traders anticipate less production this year in the US and around the world due to low prices, but some Rice was moving in Louisiana and Texas at firmer prices. Weaker world prices are expected by the FAO in the coming year. Asian Rice prices are mostly steady this week. Trends are up in the market but demand remains moderate for US Rice.
Overnight News:
Chart Analysis: Trends are up. Support is at 1030 1002, and 1996 March and resistance is at 1125, 1139, and 1145 March.

CORN AND OATS
General Comments: Corn was higher yesterday on Crude Oil prices and ideas that a new tax credit deal on bio fuels could be announced this week. Trends are down due to excessive supplies as seen in the recent USDA reports after trending higher in recent weeks to the recent demand based rally and after production was increased in the annual report. USDA increased production in the annual reports 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 near to below normal. Oats were higher and trends are mixed.
Overnight News: Unknown destinations bought 130,480 tons of US Corn.
Chart Analysis: Trends in Corn are down. Support is at 417, 414, and 411 March, and resistance is at 434, 445, and 453 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 Oil were higher yesterday as Crude Oil futures were stronger and as the Brazil harvest is moving along. Soybean Meal was lower. Soybean Oil got support firm ideas that the government will announce new tax credits on renewable fuels this week. There are ideas of additional Chinese demand soon but it will be up to the government to buy ad US Soybeans 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. Brazil Soybeans are now 10% harvested. The South American crops are expected to be very large and large South American crops will pressure world prices. Temperatures will average below normal in the Midwest.
Overnight News:
Analysis: Trends in Soybeans are mixed. Support is at 1049, 1038, and 1026 March, and resistance is at 1086, 1095, and 1105 March. Trends in Soybean Meal are mixed. Support is at 286.00, 283.00, and 280.00 March, and resistance is at 302.00, 307.00, and 311.00 March. Trends in Soybean Oil are up. Support is at 5040, 4960, and 4900 March, with resistance at 5500, 5560, and 5620 March.

PALM OIL AND CANOLA
General Comments: Palm Oil futures were higher today om ideas of increasing seasonal demand and on ideas that Palm Oil is relatively cheap in the world market are still around. Demand ideas are in a state of flux right now with some looking for weaker demand and others looking for improved demand. Production is expected to drop in the short term. Canola was higher yesterday on ideas that the US government will announce new tax credits for renewable fuels this week and despite strong demand ideas. 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 638.00, 634.00, and 623.00 March, with resistance at 663.00, 668.00, and 674.00 March. Trends in Palm Oil are up. Support is at 4150, 4070, and 4010 April, with resistance at 4350, 4420, and 4540 April.

DJ Malaysian PM Cash Market Prices for Palm Oil – Feb. 4
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
Feb 1095.00 -05.00 Unquoted – –
Mar 1100.00 -05.00 Unquoted – –
Apr/May/Jun 1107.50 00.00 Unquoted – –
Jul/Aug/Sep 1100.00 +02.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Feb 1100.00 -05.00 Unquoted – –
Mar 1105.00 -05.00 Unquoted – –
Apr/May/Jun 1112.50 00.00 Unquoted – –
Jul/Aug/Sep 1105.00 +02.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Feb 1060.00 00.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Feb 1050.00 00.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Taded
Feb 4,180.00 -10.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Feb 445.00 +01.00 Unquoted – –
($1=MYR3.93)

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