Grains Report 03/31/2026

DJ USDA Report: Recap for Quarterly Grain, Soybean Stockpiles & U.S. Planting
The following table of analysts’ estimates is provided as a service to The Wall Street Journal subscribers in conjunction with the U.S. Department of Agriculture’s March 1 Quarterly Grain, Soybean Stockpiles and 2026 U.S. Grain, Soybean Planting reports scheduled for release at noon ET on Tuesday.
U.S. Stockpiles on March 1, 2026 (million bushels)
USDA USDA
Average Range Mar. 25 Dec. 2025
Corn 9,088 8,575-9,378 8,147 13,282
Soybeans 2,077 1,925-2,125 1,911 3,290
Wheat 1,305 1,270-1,336 1,237 1,675
****
U.S. Grain, Soybean Planting (million acres)
Average Range USDA 2025
Corn 94.481 92.6-96.0 98.788
Soybeans 85.463 84.0-86.5 81.215
All Wheat 44.605 43.1-46.6 45.328
Winter Wheat 32.732 31.9-33.3 33.153
Spring Wheat 9.681 8.2-11.0 9.990
Durum Wheat 2.037 1.6-2.3 2.185

WHEAT
General Comments: Wheat closed higher in Chicago and lower in Kansas City yesterday and failed to make any upside progress in response to what President Trump said about the war in Iran. Funds were buyers in Chicago but sellers in KC. Trump said that he was talking to Iran and was pausing some of the of the bombing for a couple of weeks. Middle eastern countries are big buyers of world Wheat and many have been bombed by Iran now. Iran has denied the talks are happening, but the president announced a two week extension of the pause in hostilities to give negotiations more time to work. Conditions are too dry in much of the US Great Plains and too wet in the US Midwest and in western Europe for best production and quality potential. Expected rain systems this week in the Great Plains could bring relief to crops produced there. The weather is now featuring precipitation is forecast for parts of the Midwest along with variable temperatures.
Overnight News:
Chart Analysis: Trends in Chicago are mixed to up. Support is at 578, 564, and 558 May, with resistance at 642, 648, and 665 May. Trends in Kansas City are mixed to up. Support is at 591, 580, and 567 May, with resistance at 657, 660, and 666 May. Trends in Minneapolis are not available.

RICE:
General Comments Rice closed higher yesterday on follow through buying from last week. Thr market failed at resistance on the weekly charts. Trends are still up on the daily charts after a big war related rally with the war with Iran and the political problems with China not having much effect on prices. Traders anticipate less production this year in the US and around the world due to low prices. Planted area could be down anywhere from 15% to 35% in the US this year. Asian Rice prices are higher due to war concerns. Demand remains moderate for US Rice.
Overnight News:
Chart Analysis: Trends are mixed to down. Support is at 1090, 1063, and 1055 May and resistance is at 1145, 1152, and 1166 May.

CORN AND OATS
General Comments: Corn was lower yesterday as the weather is good in the US and early planting is expectzed. The Trump administration on Friday finalized new biofuel blending volumes mandates for the U.S. refining industry, setting the 2026 biofuel obligations at 26.81 billion RINs and the 2027 obligation at 27.02 billion RINs, and requiring large refiners to make up for 70% of volumes waived. The US and Iran were supposed to be talking and Trump has paused some US bombing raids in an effort to get some peace. Iran has denied that talks are happening but the US has extended the pause by two weeks to give any negotiations a chance to work. Shipping has been halted at Hormuz and some ships have been blown up. The Trump administration does not seem to have plans for the war moving forward. Wire reports note that US Corn cash markets had been struggling to follow futures markets higher due to excessive supplies and the weekly export inspections report showed demand was in line with expectations. 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 variable for the next week. Conditions are called good in Argentina and big production is expected there. Oats were jigher and trends are down on the daily charts and mixed to on the weekly charts.
Overnight News: Unknown destinations bought 145,000 tons of US Corn.
Chart Analysis: Trends in Corn are mixed. Support is at 444, 441, and 437 May, and resistance is at 477, 480, and 483 May. Trends in Oats are mixed to down. Support is at 314, 307, and 301 May, and resistance is at 380, 383, and 386 May

SOYBEANS
General Comments: Soybeans and Soybean Oil were higher and Soybean Meal was mixed. President Trump has paused bombing Iran as the two sides are talking against news that the administration has invited farmers and refiners to the White House for what is expected to be a bio fuels blending requirement announcement, Iean has denied that the talks are taking place but the US has extended the pause but two weeks to give a deal a chance o develop. The Trump administration on Friday finalized new biofuel blending volumes mandates for the U.S. refining industry, setting the 2026 biofuel obligations at 26.81 billion RINs and the 2027 obligation at 27.02 billion RINs, and requiring large refiners to make up for 70% of volumes waived. The US-China summit has been postponed at the request of the US and because od the war but have been rescheduled for a month forward. There was more news that Iran has laid mines in the straits of Hormuz and it bombed oil infrastructure in Gulf states. Shipping has been halted. The US government apparently has no idea on how to manage risks in the Hormuz or how to end the war. Big South American crops are being harvested and ideas are that Chinese buying could be interrupted due to Iran war. China has imposed new phyto controls on Brazil Soybeans to cut the flow of imports to the country. South American sources said that the Brazil crops are now more than 65% harvested. The tariff wars between the US and other countries add to cost of US Soybeans. Temperatures will be variable in the Midwest for the next week.
Overnight News:
Analysis: Trends in Soybeans are mixed. Support is at 1144 1137, and 1127 May, and resistance is at 1216, 1234, and 1239 May. Trends in Soybean Meal are up. Support is at 307.00, 304.00, and 301.00 May, and resistance is at 332.00, 339.00,and 345.00 May. Trends in Soybean Oil are up. Support is at 5970, 5850, and 5800 May, with resistance at 6960, 7020, and 7080 May.

PALM OIL AND CANOLA
General Comments: Palm Oil futures was higher yesterday as the effects on demand from the Iran war keep bio fuels demand hopes active and Crude Oil futures and other petroleum markets strong. Demand ideas are in a state of flux right now due to the war. Canola was higher yesterday on the new bio fuels blending requirements released by the US government. The selling seen also came ideas of big crops in South America. The Trump administration on Friday finalized new biofuel blending volumes mandates for the U.S. refining industry, setting the 2026 biofuel obligations at 26.81 billion RINs and the 2027 obligation at 27.02 billion RINs, and requiring large refiners to make up for 70% of volumes waived.
Overnight News:
Chart Analysis: Trends in Canola are mixed to up. Support is at 682.00, 673.00, and 667.00 May, with resistance at 758.00, 764.00, and 770.00 May. Trends in Palm Oil are up. Support is at 4510, 4370, and 4310 May, with resistance at 4680, 4800, and 4860 May.

DJ Malaysia March 1-31 Palm Oil Exports Rose 57% on Month to 1,607,065 Tons, AmSpec Says
By Ying Xian Wong
Malaysia’s palm oil exports during the March 1-31 period are estimated up 57% on month at 1,607,065 metric tons, cargo surveyor AmSpec Agri Malaysia said Tuesday.
The following are the major items in the AmSpec estimate:
(All figures in metric tons)
March 1-31 Feb. 1-28
RBD Palm Olein 332,922 186,164
RBD Palm Oil 207,458 102,894
RBD Palm Stearin 181,301 102,531
Crude Palm Oil 267,117 281,720
Total* 1,607,065 1,025,449
*Palm oil product volumes don’t add up to total as some products aren’t included.

DJ Malaysian PM Cash Market Prices for Palm Oil – March 31
The following are prices for Malaysian palm oil in the cash market at 1000 GMT Tuesday, 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
Apr 1222.50 +07.50 Unquoted – –
May 1225.00 +07.50 Unquoted – –
Jun 1227.50 +07.50 Unquoted – –
Jul/Aug/Sep 1222.50 +07.50 Unquoted – –
Oct/Nov/Dec 1205.00 +05.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Apr 1227.50 +07.50 Unquoted – –
May 1230.00 +07.50 Unquoted – –
Jun 1232.50 +07.50 Unquoted – –
Jul/Aug/Sep 1227.50 +07.50 Unquoted – –
Oct/Nov/Dec 1210.00 +05.00 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Apr 1170.00 00.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Apr 1130.00 -05.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Apr 4,750.00 +50.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Apr 520.00 +15.00 Unquoted – –
($1=MYR4.0445)

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