Grains Report 02/23/2026

WHEAT
General Comments: Wheat closed higher last week on buying tied to higher prices paid in overseas markets and on drier weather in the Great Plains. The weather is now averaging above normal temperatures and some rain is forecast for parts of the Great Plains and Midwest, but variable temperatures are coming now or in the next couple of days along with some beneficial precipitation in a few areas. Temperatures were cold enough a couple of weeks ago to promote Winterkill. Many parts of the Great Plains are too dry for best yield potential, but USDA has recently rated the crops in good condition. Russia has been cold as well, bust no losses have been reported although some damage is possible. The US Supreme Court has made the Trump tariffs illegal. This should be good news for US Ag markets as the decision should help reduce costs of imported inputs and cash sales for exports.
Overnight News:
Chart Analysis: Trends in Chicago are mixed to up. Support is at 553, 549, and 535 March, with resistance at 577, 583, and 589 March. Trends in Kansas City are mixed to up. Support is at 555, 542, and 535 March, with resistance at 583, 589, and 595 March. Trends in Minneapolis are not available.

COT — Supplemental Report – Option and Futures Combined Positions as of February 17, 2026
: Reportable Positions : Nonreportable
:—————————————————————————————- : Positions
: Non-Commercial : Commercial : Index Traders : Total
: Long : Short :Spreading: Long : Short : Long : Short : Long : Short : Long : Short
——————————————————————————————————————-
WHEAT-SRW – CHICAGO BOARD OF TRADE
CFTC Code #001602 Open Interest is 544,127
: Positions :
: 69,664 147,384 183,969 105,303 100,488 149,431 73,905 508,367 505,746: 35,760 38,381
: Changes from: February 10, 2026 (Change in open interest: -46,415) :
: -5,558 -16,898 -16,334 -16,018 -3,713 -7,081 -11,046 -44,991 -47,991: -1,425 1,576
: Percent of Open Interest Represented by Each Category of Trader :
: 12.8 27.1 33.8 19.4 18.5 27.5 13.6 93.4 92.9: 6.6 7.1
: Total Traders: 375 Number of Traders in Each Category :
: 102 104 131 91 95 43 30 309 296:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of February 17, 2026
: Reportable Positions : Nonreportable
:—————————————————————————————- : Positions
: Non-Commercial : Commercial : Index Traders : Total
: Long : Short :Spreading: Long : Short : Long : Short : Long : Short : Long : Short
——————————————————————————————————————-
WHEAT-HRW – CHICAGO BOARD OF TRADE
CFTC Code #001612 Open Interest is 329,255
: Positions :
: 52,967 81,135 88,910 67,045 113,608 102,372 22,912 311,293 306,565: 17,961 22,689
: Changes from: February 10, 2026 (Change in open interest: 13,330) :
: 7,723 -5,227 13,081 -2,700 8,767 -3,362 -3,233 14,742 13,389: -1,412 -59
: Percent of Open Interest Represented by Each Category of Trader :
: 16.1 24.6 27.0 20.4 34.5 31.1 7.0 94.5 93.1: 5.5 6.9
: Total Traders: 269 Number of Traders in Each Category :
: 44 78 79 69 83 38 19 205 211:
——————————————————————————————————————-

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of February 17, 2026
: Reportable Positions :
:————————————————————————————————————- :
: Producer/Merchant : : : :
: Processor/User : Swap Dealers : Managed Money : Other Reportables :
: Long : Short : Long : Short :Spreading: Long : Short :Spreading: Long : Short :Spreading :
—————————————————————————————————————-
WHEAT-HRSpring – MIAX FUTURES EXCHANGE (CONTRACTS OF 5,000 BUSHELS) :
CFTC Code #001626 Open Interest is 74,472 :
: Positions :
: 40,389 27,086 1,821 1,767 672 9,060 27,784 2,589 6,300 760 3,439 :
: Changes from: February 10, 2026 :
: 2,028 1,647 -63 1,013 -38 1,337 1,070 -917 43 -74 -430 :
: Percent of Open Interest Represented by Each Category of Trader :
: 54.2 36.4 2.4 2.4 0.9 12.2 37.3 3.5 8.5 1.0 4.6 :
: Number of Traders in Each Category Total Traders: 106 :
: 46 32 . . 4 10 25 10 10 . 9 :
—————————————————————————————————————-

RICE:
General Comments Rice was lower last week and trends are down. The weekly export sales report was considered positive. Futures had been recovering for the last month after a very long and sizable down move, but the up move came to an apparent end last week. Traders anticipate less production this year in the US and around the world due to low prices. Asian Rice prices are under pressure now due to a weaker Indian Rupee that forced costs for Indian Rice lower. Trends are mixed as demand remains moderate for US Rice.
Overnight News:
Chart Analysis: Trends are mixed to down. Support is at 1002, 996, and 984 March and resistance is at 1051, 1056, and 11 March.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of February 17, 2026
: Reportable Positions :
:————————————————————————————————————- :
: Producer/Merchant : : : :
: Processor/User : Swap Dealers : Managed Money : Other Reportables :
: Long : Short : Long : Short :Spreading: Long : Short :Spreading: Long : Short :Spreading :
—————————————————————————————————————-
ROUGH RICE – CHICAGO BOARD OF TRADE (CONTRACTS OF 200,000 POUNDS) :
CFTC Code #039601 Open Interest is 12,381 :
: Positions :
: 6,083 4,064 160 114 0 1,073 3,113 226 1,167 1,249 1,636 :
: Changes from: February 10, 2026 :
: 91 152 0 4 0 44 -702 -22 -33 34 -177 :
: Percent of Open Interest Represented by Each Category of Trader :
: 49.1 32.8 1.3 0.9 0.0 8.7 25.1 1.8 9.4 10.1 13.2 :
: Number of Traders in Each Category Total Traders: 76 :
: 16 14 . . 0 7 19 5 14 8 10 :
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CORN AND OATS
General Comments: Corn was slightly lower last week in consolidation trading. Trends are still mixed. There are still excessive supplies as seen in the recent USDA reports after trending higher against strong demand. Temperatures in the Midwest should average near to above normal this week. Conditions are called good in Argentina and big production is expected there. The US Supreme Court has made the Trump tariffs illegal. This should be good news for US Ag markets as the decision should help reduce costs of imported inputs and cash sales for exports. USDA showed that planted Corn area could be just under 95 million acres in the US. Oats were higher and trends are up on the daily and weekly charts.
Overnight News: Colombia bought 125,000 tons of US Corn.
Chart Analysis: Trends in Corn are mixed. Support is at 417, 414, and 411 March, and resistance is at 445, 453, and 465 March. Trends in Oats are up. Support is at 306, 299, and 294 March, and resistance is at 338, 344, and 350 March.

COT — Supplemental Report – Option and Futures Combined Positions as of February 17, 2026
: Reportable Positions : Nonreportable
:—————————————————————————————- : Positions
: Non-Commercial : Commercial : Index Traders : Total
: Long : Short :Spreading: Long : Short : Long : Short : Long : Short : Long : Short
——————————————————————————————————————-
CORN – CHICAGO BOARD OF TRADE
CFTC Code #002602 Open Interest is 2,203,979
: Positions :
: 157,628 313,385 693,057 708,450 854,491 458,177 137,064 2,017,312 1,997,998: 186,666 205,981
: Changes from: February 10, 2026 (Change in open interest: 45,769) :
: 2,225 -10,703 25,077 13,396 22,144 8,002 9,962 48,700 46,480: -2,931 -711
: Percent of Open Interest Represented by Each Category of Trader :
: 7.2 14.2 31.4 32.1 38.8 20.8 6.2 91.5 90.7: 8.5 9.3
: Total Traders: 823 Number of Traders in Each Category :
: 132 161 211 387 388 52 26 697 679:
——————————————————————————————————————-

SOYBEANS
General Comments: Soybeans and Soybean Oil were higher yesterday on what appeared to be speculative buying even though the big South American crops were still in the news. South American sources said that the Brazil crops are now more than 21% harvested. There are still ideas of additional Chinese demand soon that were fueled by statements by President Trump that he and Xi had talked and that the president had pushed him for more Soybeans purchases as both sides work to reduce trade tensions between the countries. It will be up to the Chinese government to buy as US Soybeans are too high priced for commercial demand from commercial users in China or almost anywhere else. The tariff wars between the two countries add another layer of cost onto the Soybeans. Soybean Oil was supported by strong demand ideas led by demand for biofuels. It still seems that the market is concerned about big supplies coming soon from South America with the Soybeans harvest there now underway. Temperatures will average near to above normal in the Midwest this week. The US Supreme Court has made the Trump tariffs illegal. This should be good news for US Ag markets as the decision should help reduce costs of imported inputs and cash sales for exports.
Overnight News:
Analysis: Trends in Soybeans are mixed to up. Support is at 1122, 1116, and 1106 March, and resistance is at 1150, 1159, and 1172 March. Trends in Soybean Meal are mixed to up. Support is at 302.00, 297.00, and 289.00 March, and resistance is at 316.00, 321.00, and 325.00 March. Trends in Soybean Oil are mixed to up. Support is at 5610, 5500, and 5410 March, with resistance at 5980, 6040, and 6100 March.

COT — Supplemental Report – Option and Futures Combined Positions as of February 17, 2026
: Reportable Positions : Nonreportable
:—————————————————————————————- : Positions
: Non-Commercial : Commercial : Index Traders : Total
: Long : Short :Spreading: Long : Short : Long : Short : Long : Short : Long : Short
——————————————————————————————————————-
SOYBEANS – CHICAGO BOARD OF TRADE
CFTC Code #005602 Open Interest is 1,281,116
: Positions :
: 182,502 67,262 396,025 401,519 672,574 241,243 50,135 1,221,290 1,185,996: 59,826 95,120
: Changes from: February 10, 2026 (Change in open interest: 73,916) :
: 30,464 -8,349 34,126 2,142 41,195 10,365 2,796 77,098 69,768: -3,182 4,148
: Percent of Open Interest Represented by Each Category of Trader :
: 14.2 5.3 30.9 31.3 52.5 18.8 3.9 95.3 92.6: 4.7 7.4
: Total Traders: 644 Number of Traders in Each Category :
: 162 117 194 222 271 50 23 536 520:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of February 17, 2026
: Reportable Positions : Nonreportable
:—————————————————————————————- : Positions
: Non-Commercial : Commercial : Index Traders : Total
: Long : Short :Spreading: Long : Short : Long : Short : Long : Short : Long : Short
——————————————————————————————————————-
SOYBEAN OIL – CHICAGO BOARD OF TRADE
CFTC Code #007601 Open Interest is 864,090
: Positions :
: 84,150 99,811 275,612 302,911 411,810 161,692 47,881 824,365 835,114: 39,725 28,976
: Changes from: February 10, 2026 (Change in open interest: 22,657) :
: 4,886 4,992 -5,679 16,421 18,235 6,687 5,902 22,315 23,450: 342 -793
: Percent of Open Interest Represented by Each Category of Trader :
: 9.7 11.6 31.9 35.1 47.7 18.7 5.5 95.4 96.6: 4.6 3.4
: Total Traders: 370 Number of Traders in Each Category :
: 97 87 119 108 122 41 23 310 288:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of February 17, 2026
: Reportable Positions : Nonreportable
:—————————————————————————————- : Positions
: Non-Commercial : Commercial : Index Traders : Total
: Long : Short :Spreading: Long : Short : Long : Short : Long : Short : Long : Short
——————————————————————————————————————-
SOYBEAN MEAL – CHICAGO BOARD OF TRADE
CFTC Code #026603 Open Interest is 598,663
: Positions :
: 82,542 79,308 125,384 217,184 333,426 120,991 29,093 546,101 567,211: 52,562 31,452
: Changes from: February 10, 2026 (Change in open interest: -2,217) :
: -955 -6,349 -4,142 -2,524 13,324 2,805 -4,341 -4,816 -1,509: 2,599 -708
: Percent of Open Interest Represented by Each Category of Trader :
: 13.8 13.2 20.9 36.3 55.7 20.2 4.9 91.2 94.7: 8.8 5.3
: Total Traders: 346 Number of Traders in Each Category :
: 84 69 99 126 128 33 20 291 272:
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PALM OIL AND CANOLA
General Comments: Palm Oil futures were lower last week in trading after the Lunar New Year as the export data from private sources showed weaker demand. Futures were lower today. Ideas of increasing seasonal demand and 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 amid strong demand ideas. The selling seen came ideas of big crops in South America. Canada and China reached agreement on a new trade deal which is expected to result in part in new sales of Canola to China
Overnight News:
Chart Analysis: Trends in Canola are mixed to up. Support is at 657.00, 647.00, and 641.00 March, with resistance at 674.00, 680.00, and 686.00 March. Trends in Palm Oil are up. Support is at 3990, 3930, and 3870 May, with resistance at 4100, 4160, and 4200 May.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of February 17, 2026
: Reportable Positions :
:————————————————————————————————————- :
: Producer/Merchant : : : :
: Processor/User : Swap Dealers : Managed Money : Other Reportables :
: Long : Short : Long : Short :Spreading: Long : Short :Spreading: Long : Short :Spreading :
—————————————————————————————————————-
USD Malaysian Crude Palm Oil C – CHICAGO MERCANTILE EXCHANGE (CONTRACTS OF 25 METRIC TONS) :
CFTC Code #037021 Open Interest is 28,794 :
: Positions :
: 23,064 21,036 1,300 3,274 1,844 840 0 340 1,100 2,040 240 :
: Changes from: February 10, 2026 :
: 426 3,720 20 -994 1,164 -540 0 270 180 -2,640 0 :
: Percent of Open Interest Represented by Each Category of Trader :
: 80.1 73.1 4.5 11.4 6.4 2.9 0.0 1.2 3.8 7.1 0.8 :
: Number of Traders in Each Category Total Traders: 28 :
: 9 9 4 4 4 . 0 . . . . :
—————————————————————————————————————-

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of February 17, 2026
: Reportable Positions :
:————————————————————————————————————- :
: Producer/Merchant : : : :
: Processor/User : Swap Dealers : Managed Money : Other Reportables :
: Long : Short : Long : Short :Spreading: Long : Short :Spreading: Long : Short :Spreading :
—————————————————————————————————————-
CANOLA – ICE FUTURES U.S. (20 Metric Tonnes) :
CFTC Code #135731 Open Interest is 323,526 :
: Positions :
: 190,431 169,582 6,410 5,700 6,561 59,072 50,680 25,317 10,002 38,489 23,635 :
: Changes from: February 10, 2026 :
: -6,373 -272 1,306 338 -199 6,413 -1,834 -1,173 -421 2,620 1,254 :
: Percent of Open Interest Represented by Each Category of Trader :
: 58.9 52.4 2.0 1.8 2.0 18.3 15.7 7.8 3.1 11.9 7.3 :
: Number of Traders in Each Category Total Traders: 389 :
: 60 98 6 4 6 50 42 24 46 119 60 :
—————————————————————————————————————-

DJ Malaysian PM Cash Market Prices for Palm Oil – Feb. 23
The following are prices for Malaysian palm oil in the cash market at 1000 GMT Monday, 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
Mar 1085.00 +05.00 Unquoted – –
Apr/May/Jun 1085.00 +02.50 Unquoted – –
Jul/Aug/Sep 1090.00 +05.00 Unquoted – –
Oct/Nov/Dec 1090.00 +07.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Mar 1090.00 +05.00 Unquoted – –
Apr/May/Jun 1090.00 +02.50 Unquoted – –
Jul/Aug/Sep 1095.00 +05.00 Unquoted – –
Oct/Nov/Dec 1095.00 +07.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Mar 1055.00 00.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Mar 1050.00 +05.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Mar 4,100.00 00.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Mar 431.00 +03.00 Unquoted – –
($1=MYR3.888)

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