Grains Report 04/20/2026

WHEAT
General Comments: Wheat closed higher in both markets last week with KC leading the way as rains failed to fall in the western Great Plains over the weekend but more chances for rains appeared in the forecasts for later this week. The forecasts call for some rain in the next week or so but not in amounts more coverage that would save the crop. 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. Support is at 564, 558, and 552 May, with resistance at 612, 616, and 625 May. Trends in Kansas City are mixed to up. Support is at 580, 567, and 560 May, with resistance at 654, 660, and 666 May. Trends in Minneapolis are not available.

COT — Supplemental Report – Option and Futures Combined Positions as of April 14, 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 565,279
: Positions :
: 75,063 127,828 198,431 105,114 149,286 148,648 54,029 527,257 529,575: 38,022 35,705
: Changes from: April 7, 2026 (Change in open interest: -40,475) :
: -3,115 -14,411 -14,812 -10,924 -9,956 -12,940 -1,488 -41,791 -40,667: 1,315 192
: Percent of Open Interest Represented by Each Category of Trader :
: 13.3 22.6 35.1 18.6 26.4 26.3 9.6 93.3 93.7: 6.7 6.3
: Total Traders: 419 Number of Traders in Each Category :
: 123 101 138 92 111 47 26 345 311:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of April 14, 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 333,674
: Positions :
: 44,429 63,824 101,236 72,550 127,886 94,258 17,767 312,473 310,713: 21,201 22,961
: Changes from: April 7, 2026 (Change in open interest: 4,718) :
: -10,611 -11,367 7,324 7,589 7,156 62 1,115 4,365 4,228: 354 490
: Percent of Open Interest Represented by Each Category of Trader :
: 13.3 19.1 30.3 21.7 38.3 28.2 5.3 93.6 93.1: 6.4 6.9
: Total Traders: 261 Number of Traders in Each Category :
: 55 64 83 72 92 37 15 211 208:
——————————————————————————————————————-

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of April 14, 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 75,139 :
: Positions :
: 29,319 53,210 2,673 201 512 22,490 4,519 2,628 5,314 1,471 2,262 :
: Changes from: April 7, 2026 :
: -1,887 -6,516 156 133 -17 -2,494 896 -679 -246 50 -922 :
: Percent of Open Interest Represented by Each Category of Trader :
: 39.0 70.8 3.6 0.3 0.7 29.9 6.0 3.5 7.1 2.0 3.0 :
: Number of Traders in Each Category Total Traders: 101 :
: 47 41 . . . 14 11 9 9 . 6 :
—————————————————————————————————————-

RICE:
General Comments Rice closed higher last week helped in no small part to the big rally seen on Friday and trends are mixed. The market failed at resistance on the daily charts a couple of days ago. Traders anticipate less production this year in the US and around the world due to low prices. USDA said that Rice planted area would be about 12% less in the coming year. Demand remains moderate for US Rice but export demand has been less lately.
Overnight News:
Chart Analysis: Trends are mixed. Support is at 1063, 1055, and 1036 May and resistance is at 1103, 1127, and 1143 May.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of April 14, 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 13,509 :
: Positions :
: 6,515 3,132 60 133 0 1,079 4,641 150 1,142 1,833 1,876 :
: Changes from: April 7, 2026 :
: 614 -342 0 19 0 -50 581 -1 -53 53 214 :
: Percent of Open Interest Represented by Each Category of Trader :
: 48.2 23.2 0.4 1.0 0.0 8.0 34.4 1.1 8.5 13.6 13.9 :
: Number of Traders in Each Category Total Traders: 86 :
: 22 17 . . 0 9 19 4 15 9 9 :
—————————————————————————————————————-

CORN AND OATS
General Comments: Corn was slightly higher last week in correction trading as too much rain is falling in the Midwest and farmers want o start planting. 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 be generally warm for the next week. Conditions are called good in Argentina and big production is expected there. Oats were slightly lower and trends are mixed on the daily charts and mixed to on the weekly charts as the market held support areas.
Overnight News:
Chart Analysis: Trends in Corn are mixed. Support is at 438, 435, and 432 May, and resistance is at 460, 470, and 474 May. Trends in Oats are mixed to down. Support is at 331, 322, and 312 May, and resistance is at 353, 360, and 380 May

COT — Supplemental Report – Option and Futures Combined Positions as of April 14, 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 2,357,628
: Positions :
: 272,055 203,444 742,812 675,565 1,040,041 468,349 120,288 2,158,782 2,106,585: 198,846 251,043
: Changes from: April 7, 2026 (Change in open interest: 7,408) :
: 21,782 42,658 -16,581 20,075 -23,693 -28,821 5,658 -3,546 8,042: 10,954 -634
: Percent of Open Interest Represented by Each Category of Trader :
: 11.5 8.6 31.5 28.7 44.1 19.9 5.1 91.6 89.4: 8.4 10.6
: Total Traders: 892 Number of Traders in Each Category :
: 229 123 215 387 401 54 30 772 683:
——————————————————————————————————————-

SOYBEANS
General Comments: Soybean closed a little higher and Soybean Oil was higher and Soybean Meal was unchanged last week as the weather is too wet for planting in the US. 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 the Iran war and new import rules imposed by China. 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 generally warm 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 1184, 1216, and 1234 May. Trends in Soybean Meal are mixed. Support is at 328.00, 318.00, and 315.00 May, and resistance is at 336.00, 342.00,and 348.00 May. Trends in Soybean Oil are up. Support is at 6420, 6250, and 6280 May, with resistance at 6960, 7020, and 7080 May.

COT — Supplemental Report – Option and Futures Combined Positions as of April 14, 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 1,271,026
: Positions :
: 170,073 71,442 365,644 424,377 699,783 248,540 36,723 1,208,634 1,173,593: 62,392 97,433
: Changes from: April 7, 2026 (Change in open interest: 7,739) :
: -5,033 -6,388 3,938 14,660 8,027 -9,686 680 3,879 6,257: 3,860 1,482
: Percent of Open Interest Represented by Each Category of Trader :
: 13.4 5.6 28.8 33.4 55.1 19.6 2.9 95.1 92.3: 4.9 7.7
: Total Traders: 650 Number of Traders in Each Category :
: 156 117 193 211 285 51 18 522 527:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of April 14, 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 892,433
: Positions :
: 138,483 41,153 279,098 280,276 491,191 154,334 49,489 852,191 860,931: 40,242 31,502
: Changes from: April 7, 2026 (Change in open interest: -30,724) :
: 2,142 4,154 -23,379 -4,085 -9,137 52 -2,738 -25,269 -31,100: -5,455 377
: Percent of Open Interest Represented by Each Category of Trader :
: 15.5 4.6 31.3 31.4 55.0 17.3 5.5 95.5 96.5: 4.5 3.5
: Total Traders: 360 Number of Traders in Each Category :
: 110 69 114 101 109 43 21 308 267:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of April 14, 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 683,714
: Positions :
: 144,551 43,126 157,696 177,260 437,123 152,714 18,196 632,221 656,141: 51,493 27,573
: Changes from: April 7, 2026 (Change in open interest: 14,571) :
: 25,992 -5,392 -1,143 -17,402 23,306 9,218 619 16,664 17,390: -2,093 -2,819
: Percent of Open Interest Represented by Each Category of Trader :
: 21.1 6.3 23.1 25.9 63.9 22.3 2.7 92.5 96.0: 7.5 4.0
: Total Traders: 355 Number of Traders in Each Category :
: 108 49 98 121 130 39 16 309 259:
——————————————————————————————————————-

PALM OIL AND CANOLA
General Comments: Palm Oil futures was higher today on rallies in Crude Oil futures. Demand ideas are in a state of flux right now due to the war. Canola was lower yesterday.
Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 701.00, 682.00, and 669.00 May, with resistance at 736.00, 743.00, and 758.00 May. Trends in Palm Oil are mixed. Support is at 4540, 4450, and 4350 July, with resistance at 4740, 4800, and 4870 July

DJ Malaysia April 1-20 Palm Oil Exports Fell 25.57% on Month to 868,281 Tons, AmSpec Says
By Ronnie Harui
Malaysia’s palm oil exports during the April 1-20 period are estimated down 25.57% on month at 868,281 metric tons, cargo surveyor AmSpec Agri Malaysia said Monday.
The following are the major items in the AmSpec estimate:
(All figures in metric tons)
April 1-20 March 1-20
RBD Palm Olein 137,140 263,640
RBD Palm Oil 66,429 152,553
RBD Palm Stearin 82,605 107,365
Crude Palm Oil 185,075 217,327
Total* 868,281 1,166,586
*Palm oil product volumes don’t add up to total as some products aren’t included.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of April 14, 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 47,380 :
: Positions :
: 43,457 37,294 1,640 7,518 423 240 1,105 600 910 420 0 :
: Changes from: April 7, 2026 :
: 1,390 1,475 0 -591 120 40 326 0 -160 60 0 :
: Percent of Open Interest Represented by Each Category of Trader :
: 91.7 78.7 3.5 15.9 0.9 0.5 2.3 1.3 1.9 0.9 0.0 :
: Number of Traders in Each Category Total Traders: 25 :
: 9 10 . 4 4 . . . . . 0 :
—————————————————————————————————————-

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of April 14, 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 343,554 :
: Positions :
: 160,164 203,470 6,167 13,435 6,120 100,301 27,472 34,665 9,413 30,118 25,071 :
: Changes from: April 7, 2026 :
: 3,261 -27,074 233 -292 20 -22,067 3,589 -1,925 -1,589 4,321 -4,794 :
: Percent of Open Interest Represented by Each Category of Trader :
: 46.6 59.2 1.8 3.9 1.8 29.2 8.0 10.1 2.7 8.8 7.3 :
: Number of Traders in Each Category Total Traders: 427 :
: 56 116 7 4 9 62 32 22 51 140 74 :
—————————————————————————————————————-

DJ Malaysian PM Cash Market Prices for Palm Oil – Apr 20
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
May 1172.50 +07.50 Unquoted – –
Jun 1175.00 +07.50 Unquoted – –
Jul/Aug/Sep 1175.00 +10.00 Unquoted – –
Oct/Nov/Dec 1170.00 +15.00 Unquoted – –
Jan/Feb/Mar 1162.50 +07.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
May 1177.50 +07.50 Unquoted – –
Jun 1180.00 +07.50 Unquoted – –
Jul/Aug/Sep 1180.00 +10.00 Unquoted – –
Oct/Nov/Dec 1175.00 +15.00 Unquoted – –
Jan/Feb/Mar 1167.50 +07.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
May 1145.00 — Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
May 1090.00 — Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
May 4,500.00 — Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
May 484 — Unquoted – –
($1=MYR3.9525)

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