Grains Report 02/11/2026

DJ USDA Report: Summary for U.S. Agriculture Supply, Demand
Following are key numbers from the USDA’s crop report and
how the government’s estimates compared to analysts’ forecasts in a
Wall Street Journal survey.
U.S. 2025-26 Stockpiles (million bushels)
Tuesday’s
Estimate Average Range USDA January
Corn 2,127.0 2,260 2,177-2,452 2,227
Soybeans 350.0 348 265-375 350
Wheat 931.0 916 876-926 926
***
World 2025-26 Stockpiles (million metric tons)
Tuesday’s
Estimate Average Range USDA January
Corn 289.0 291.3 288.3-294.6 290.9
Soybeans 125.5 125.5 123.2-127.0 124.4
Wheat 277.5 278.3 277.1-279.0 278.3
***
Brazil Production (million metric tons)
2025-26
Tuesday’s
Estimate Average Range USDA January
Corn 131.0 132.6 131.0-135.5 131.0
Soybeans 180.0 179.2 178.0-181.6 178.0
Argentina Production (million metric tons)
2025-26
Tuesday’s
Estimate Average Range USDA January
Corn 53.0 52.9 51.5-55.0 53.0
Soybeans 48.5 48.1 47.0-48.5 48.5

WHEAT
General Comments: Wheat closed a little lower yesterday on the weather that has moderated to above normal temperatures. Temperatures were cold enough a couple of weeks ago to promote Winterkill. 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. Many parts of the Great Plains are too dry for best yield potential.
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 a little lower yesterday in consolidation trading and trends are still up. Futures have been recovering for the last month after a very long and sizable down move. Traders anticipate less production this year in the US and around the world due to low prices. 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 forced costs for Indian Rice lower. USDA cut export demand for Long Grain Rice and increased ending stocks in the reports. Trends are up in the market but demand remains moderate for US Rice.
Overnight News:
Chart Analysis: Trends are up. Support is at 1090 1087, and 1069 March and resistance is at 1139, 1145, and 1154 March.

DJ USDA World Market Rice Prices – Feb 11
USDA today announced the prevailing world market prices
of milled and rough rice, adjusted for U.S. milling yields
and location, and the resulting marketing loan gain (MLG)
and loan deficiency payment LDP) rates. Source: USDA
—–World Price—– MLG/LDP Rate
Milled Value Rough Rough
($/cwt) ($/cwt) ($/cwt)
Long Grain 13.34 8.32 0.00
Medium/Short Grain 13.04 8.60 0.00
Brokens 9.44 —- —-
This week’s prevailing world market prices and MLG/LDP
rates are based on the following U.S. milling yields and
the corresponding loan rates:
U.S. Milling Yields Loan Rate
Whole/Broken ($/cwt)
(lbs/cwt)
Long Grain 49.06/18.81 6.88
Medium Grain/Short Grain 57.70/11.40 6.82
*World prices were not available through the International Grain
Commission on February 10, 2026. Therefore, the prior week’s world
prices are unchanged from last week’s rates.

CORN AND OATS
General Comments: Corn was lower yesterday. Trends are mixed 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 above normal next week. Oats were lower and trends are mixed.
Overnight News: Unknown destinations bought 230560 tons of US Corn.
Chart Analysis: Trends in Corn are down. Support is at 417, 414, and 411 March, and resistance is at 445, 453, and 465 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 the products were lower yesterday as the big South American crops were in the news. South American sources said that the Brazil crops are now 16% harvested. There are ideas of additional Chinese demand soon but it will be up to the government to buy as US Soybeans are too high priced for commercial demand from China or almost anywhere else. The tariff wars between the two countries add another layer of cost onto the Soybeans. 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. Temperatures will average above normal in the Midwest next week.
Overnight News:
Analysis: Trends in Soybeans are mixed. Support is at 1082, 1070, and 1064 March, and resistance is at 1116, 1124, and 1138 March. Trends in Soybean Meal are mixed. Support is at 286.00, 283.00, and 280.00 March, and resistance is at 311.00, 316.00, and 321.00 March. Trends in Soybean Oil are up. Support is at 5490, 5410, and 5340 March, with resistance at 5680, 5740, and 5800 March.

PALM OIL AND CANOLA
General Comments: Palm Oil futures were lower today on reports and ideas of weaker demand. 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 mostly speculative buying and 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 to up. Support is at 638.00, 634.00, and 623.00 March, with resistance at 668.00, 674.00, and 680.00 March. Trends in Palm Oil are up. Support is at 4150, 4070, and 4010 April, with resistance at 4350, 4420, and 4540 April.

DJ Malaysia’s January Palm Oil Exports 1.48M Tons; Up 11%, MPOB Says
Malaysia’s palm oil exports were up 11% on month at 1.48 million metric tons in January, the Malaysian Palm Oil Board said.
The following are details of the January crop data and revised numbers for December, issued by MPOB:
January December Change
On Month
Crude Palm Oil Output 1,577,454 1,829,549 Dn 13.78%
Palm Oil Exports 1,484,267 1,331,894 Up 11.44%
Palm Kernel Oil Exports 56,093 100,224 Dn 44.03%
Palm Oil Imports 32,316 33,292 Dn 2.93%
Closing Stocks 2,815,493 3,051,147 Dn 7.72%
Crude Palm Oil 1,672,780 1,821,781 Dn 8.18%
Processed Palm Oil 1,142,713 1,229,366 Dn 7.05%
This content was automatically published based on data and/or text from the original source. For feedback, write to singaporeeditors@dowjones.com.

DJ Malaysian PM Cash Market Prices for Palm Oil – Feb. 11
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 1075.00 +02.50 Unquoted – –
Mar 1080.00 00.00 Unquoted – –
Apr/May/Jun 1085.00 00.00 Unquoted – –
Jul/Aug/Sep 1082.50 +02.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Feb 1080.00 +02.50 Unquoted – –
Mar 1085.00 00.00 Unquoted – –
Apr/May/Jun 1090.00 00.00 Unquoted – –
Jul/Aug/Sep 1087.50 +02.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Feb 1050.00 +05.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Feb 1040.00 +05.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Feb 4,120.00 +20.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Feb 441.00 00.00 Unquoted – –
($1=MYR3.913)

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