Grains Report 02/25/2026

WHEAT
General Comments: Wheat closed lower yesterday after trading higher early in the session on uncertainty about the Trump tariffs moving forward. There are higher prices paid in overseas markets and on drier weather in the Great Plains. The weather is now averaging below normal temperatures and some light precipitation is forecast for parts of the Great Plains and Midwest. 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, but no losses have been reported although some damage is possible.
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 542, 535, and 526 March, with resistance at 578, 584, and 590 March. Trends in Minneapolis are not available.

RICE:
General Comments Rice was lower yesterday and trends are down. The market has fallen from 1134 May to the current level of 986 May in just a few weeks. The weekly export sales report was considered positive but had no positive effect on prices. 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 down. Support is at 972, 964, and 958 March and resistance is at 1030, 1051, and 1063 March.

CORN AND OATS
General Comments: Corn was slightly lower in narrow range trading. Trends are still mixed. There are still excessive supplies as seen in the recent USDA reports after prices were trending higher on 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 Safrinha Corn crop in Brazil is getting planted behind the Soybeans harvest and progress is a little behind normal. Oats were higher and trends are up on the daily and weekly charts.
Overnight News:
Chart Analysis: Trends in Corn are mixed. Support is at 424, 420, and 417 March, and resistance is at 434, 436, and 446 March. Trends in Oats are up. Support is at 316, 313, and 306 March, and resistance is at 338, 344, and 350 March.

SOYBEANS
General Comments: Soybeans and Soybean Meal were high on hopes for new Chinese buying yesterday as the big South American crops were being harvested. Soybean Oil was higher. South American sources said that the Brazil crops are now more than 30% 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 and almost anywhere else. The tariff wars between the two countries add another layer of cost onto the Soybeans. Temperatures will average near to above normal in the Midwest this week.
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 5810, 5760, and 5660 March, with resistance at 6040, 6100, and 6160 March.

PALM OIL AND CANOLA
General Comments: Palm Oil futures were near unchanged today as the rallies in Chicago went against weak demand for Palm Oil. 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 667.00, 657.00, and 647.00 March, with resistance at 681.00, 686.00, and 692.00 March. Trends in Palm Oil are up. Support is at 3990, 3930, and 3870 May, with resistance at 4100, 4160, and 4200 May.

DJ Malaysia Feb. 1-25 Palm Oil Exports Fell 16% on Month to 922,649 Tons, AmSpec Says
By Megan Cheah
Malaysia’s palm oil exports during the Feb. 1-25 period are estimated 16% lower on month at 922,649 metric tons, cargo surveyor AmSpec Agri Malaysia said Wednesday.
The following are the major items in the AmSpec estimate:
(All figures in metric tons)
Feb. 1-25 Jan. 1-25
RBD Palm Olein 158,564 245,298
RBD Palm Oil 93,494 128,714
RBD Palm Stearin 97,581 78,453
Crude Palm Oil 274,720 371,772
Total* 922,649 1,099,033
*Palm oil product volumes don’t add up to total as some products aren’t included.

DJ Canadian Oilseeds Monthly Crush for January 2026
Canadian oilseeds monthly crush – January 2026
WINNIPEG–Crushing statistics of major oilseeds in Canada
for the month of January 2026, reported by Statistics Canada are
as follows:
Figures are in metric tons.
Year Ago 2025/26 2024/25
Canola Jan 2026 Jan 2025 To Date To Date
Seed crushed 1,053,420 1,010,532 6,115,197 5,929,732
Oil produced 449,181 423,802 2,591,237 2,494,923
Meal produced 618,302 591,256 3,583,087 3,472,568
Soybeans
Seed crushed N/A 150,498 N/A 747,533
Oil produced N/A 27,612 N/A 138,473
Meal produced N/A 113,470 N/A 581,385
Source: MarketsFarm (Phil Franz-Warkentin, news@marketsfarm.com,
or 204-414-9084)

DJ Malaysian PM Cash Market Prices for Palm Oil – Feb. 25
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
Mar 1077.50 00.00 Unquoted – –
Apr/May/Jun 1077.50 00.00 Unquoted – –
Jul/Aug/Sep 1082.50 +05.00 Unquoted – –
Oct/Nov/Dec 1082.50 +05.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Mar 1082.50 00.00 Unquoted – –
Apr/May/Jun 1082.50 00.00 Unquoted – –
Jul/Aug/Sep 1087.50 +05.00 Unquoted – –
Oct/Nov/Dec 1087.50 +05.00 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Mar 1047.50 +02.50 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Mar 1037.50 +02.50 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Mar 4,060.00 -10.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Mar 431.00 +03.00 Unquoted – –
($1=MYR3.887)

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