Grains Report 05/13/2026

DJ USDA Supply/Demand: Crop Summary – May 12
U.S. ending stocks in million bushels, except soyoil in million pounds,
cotton in million (480 pound) bales and rice in million cwt. Exports and
Production in million metric tons except cotton in million (480 pound) bales.
Projections based on trends and analysts’ judgments, not survey
date. Source: USDA’s World Agricultural Outlook Board.
======U.S.====== ================WORLD=======================
Ending Stocks Exports Production
26/27 25/26 24/25: 26/27 25/26 24/25: 26/27 25/26 24/25
Soybeans 310.0 340.0 325.0:189.22 186.57 184.17:441.54 427.60 427.89
Brazil na na na:117.50 115.00 103.14:186.00 180.00 172.50
Argentina na na na: 6.00 8.25 7.87: 50.00 48.00 51.11
China na na na: 0.10 0.12 0.07: 21.00 20.90 20.65
Soyoil 1,897 1,857 1,747: 14.39 14.13 15.26: 74.70 71.81 70.06
Corn 1,957 2,142 1,551:206.91 213.61 187.32: 1,295 1,313 1,232
China na na na: 0.02 0.02 0.00:307.00 301.24 294.92
Argentina na na na: 38.00 43.00 29.07: 55.00 59.00 49.00
S.Africa na na na: 2.00 2.70 2.00: 16.50 17.70 17.27
Cotton(a) 3.90 4.40 4.00: 43.34 43.78 42.43:116.04 122.64 119.34
All Wheat 762 935 855:211.70 223.68 210.47:819.06 843.84 799.31
China na na na: 1.00 1.00 1.02:141.00 140.07 140.10
European
Union na na na: 31.00 30.50 27.92:136.00 145.11 121.06
Canada na na na: 28.00 30.00 29.35: 35.00 39.96 35.94
Argentina na na na: 14.50 18.50 13.31: 21.00 27.92 18.51
Australia na na na: 23.00 26.00 23.65: 30.00 36.00 34.11
Russia na na na: 47.00 46.00 43.00: 86.00 90.30 81.60
Ukraine na na na: 13.00 12.50 15.75: 23.00 24.10 23.40
Sorghum 34.0 37.0 40.0: na na na: na na na
Barley 66.0 63.0 69.0: na na na: na na na
Oats 27.0 30.0 28.0: na na na: na na na
Rice 42.3 54.3 53.9: 63.01 60.28 61.52:537.82 542.82 542.02

DJ USDA Report: Summary for U.S. Agriculture Supply, Demand
WASHINGTON–The following are key numbers from USDA’s crop report and
how the government’s estimates compared to analysts’ forecasts in a
Wall Street Journal survey.
U.S. Corn, Soybean Production (million bushels)
Tuesday’s
Estimate Average Range
Corn 15,995 15,948 15,819-16,011
Soybean 4,435 4,450 4,405-4,521
***
U.S. Stockpiles (million bushels)
2025-26 Tuesday’s
Estimate Average Range USDA April
Corn 2,142 2,140 2,077-2,267 2,127
Soybeans 340 347 320-370 350
Wheat 935 933 912-862 938
2026-27 Tuesday’s
Estimate Average Range USDA April
Corn 1,957 1,960 1,776-2,110 na
Soybeans 310 353 300-475 na
Wheat 762 841 760-955 na
***
World Stockpiles (million metric tons)
2025-26 Tuesday’s
Estimate Average Range USDA April
Corn 297.0 296.5 293.0-300.4 294.8
Soybeans 125.1 125.6 123.7-127.0 124.8
Wheat 279.2 283.0 282.0-284.0 283.1
2026-27 Tuesday’s
Estimate Average Range USDA April
Corn 277.5 286.7 268.0-301.0 na
Soybeans 124.8 126.3 122.1-132.6 na
Wheat 275.0 281.2 275.0-291.0 na
***
2026-27 Wheat Production (million bushels)
Tuesday’s Average Range
Estimate
All Wheat x,xxx 1,731 1,653-1,833
Winter Wheat x,xxx 1,201 1,130-1,375
Hard Red Winter x,xxx 633 572-775
Soft Red Winter x,xxx 334 315-353
White Winter x,xxx 234 204-248
***
2025-26 Brazil Production (million metric tons)
Tuesday’s
Estimate Average Range USDA April
Corn 135.0 133.7 130.0-137.0 132.0
Soybeans 180.0 180.4 180.0-181.6 180.0
2025-26 Argentina Production (million metric tons)
Tuesday’s
Estimate Average Range USDA April
Corn 59.0 56.2 52.0-60.0 52.0
Soybeans 48.0 48.5 48.0-49.0 48.0

DJ CBOT Delivery Intentions: Totals – May 13
Source: CME Group
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
ROUGH RICE May May 14, 2026 22 May 12, 2026
CORN May May 14, 2026 36 May 06, 2026

WHEAT
General Comments: Wheat closed sharply higher in both markets yesterday as dry weather returned to the Great Plains and USDA made dramatic cuts to production estimates. Ending stocks were also scaled back due to the reduced production. The data pushed futures to new highs for the move. President Trump announced he was pausing Operation Freedom to give the US and Iran a chance to work out o cease fire deal but rejected a de3al with Iran over the weekend. USDA showed deteriorating crop conditions yesterday. Conditions are too dry in much of the US Great Plains but remain wet in the US Midwest and in western Europe for best quality potential. The weather is now featuring precipitation is forecast for parts of the Midwest along with variable temperatures. It has been cold in Russia and frosts were reported. Some frosts are possible in Europe this week. The strait of Hormuz remains closed.
Overnight News:
Chart Analysis: Trends in Chicago are up. Support is at 650, 619, and 602 July, with resistance at 684, 696, and 708 July. Trends in Kansas City are up. Support is at 691, 678, and 665 July, with resistance at 732, 744, and 756 July. Trends in Minneapolis are not available.

RICE:
General Comments Rice closed a little higher yesterday and at the highest level in the last four months in reaction to the USDA reports. Production was cut back mostly due to reduced planted and harvested area. Yields were actually held high. Domestic and export demand were also cut back but less than production and ending stocks were estimated at 42.3 million cwt for all Rice and 28.1 million wt for Long Grain. 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. Planting and emergence are ahead of average and condition is rated high. Demand remains moderate for US Rice but export demand has been less lately.
Overnight News:
Chart Analysis: Trends are up. Support is at 1188, 1178, and 1152 July and resistance is at 1236, 1248, and 1260 July.

DJ USDA World Market Rice Prices – May 13
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) ($/cwt)
Long Grain 13.03 8.13 0.00
Medium/Short Grain 12.74 8.40 0.00
Brokens 9.22 —- —-
This week’s prevailing world market prices and MLG/LDP
rates are based on the following U.S. milling yields and
the corresponding loan rates:
U.S. Milling Yields Loan Rate
Whole/Broken ($/cwt)
(lbs/cwt)
Long Grain 49.06/18.81 6.88
Medium Grain/Short Grain 57.70/11.40 6.82

CORN AND OATS
General Comments: Corn was higher yesterday as the Iran war continues and that strait of Hormuz remains closed. President Trump announced he was pausing Operation Freedom to give the US and Iran a chance to work out o cease fire deal but rejected a deal with Iran over the weekend. USDA released its latest supply and demand estimates showed new crop supply just below 16 billion bushels. Demand was also reduced but less than supply and ending stocks were cut back to 1.857 billion bushels. Planting has been very active in all of the Midwest and is now over half done. It looks drier this week, but not completely dry. Temperatures in the Midwest should be generally cool for the next week. Conditions are called good in Argentina and big production is expected there. Oats were lower and trends are mixed on the daily charts.
Overnight News:
Chart Analysis: Trends in Corn are mixed to up. Support is at 470, 481 and 452 July, and resistance is at 487, 493, and 500 July. Trends in Oats are mixed. Support is at 337, 330, and 324 July, and resistance is at 362, 368, and 374 July

SOYBEANS
General Comments: Soybeans and the products were higher yesterday. USDA showed increased production potential but a sharp increase in demand. Ending stocks were cut to 310 million bushels from 340 million in the current year. The demand ideas seem aggressive to us, especially on the export side. President Trump announced he was pausing Operation Freedom to give the US and Iran a chance to work out o cease fire deal. The two sides are apparently close to signing a memorandum of understanding about a deal but new hostilities were reported between the US and Iran on Friday and Iran was also bombing the Gulf states. Temperatures have been cool in the Midwest but planting is ahead of normal. There is talk that more Soybeans could be planted if the weather does not improve for Corn planting soon. The big South American harvests are also weighing on prices. 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 harvested. The tariff wars between the US and other countries add to cost of US Soybeans. Temperatures will be generally cool in the Midwest for the next week.
Overnight News:
Analysis: Trends in Soybeans are mixed. Support is at 1168, 1157, and 1144 July, and resistance is at 1251, 1262, and 1274 July. Trends in Soybean Meal are mixed. Support is at 316.00, 313.00, and 310.00 July, and resistance is at 331.00, 335.00,and 338.00 July. Trends in Soybean Oil are mixed to up. Support is at 7150, 6940, and 6690 July, with resistance at 7680, 7740, and 7800 July.

PALM OIL AND CANOLA
General Comments: Palm Oil was lower on reports of increasing supplies. Canola was also lower.
Overnight News:
Chart Analysis: Trends in Canola are down. Support is at 733.00, 729.00, and 709.00 July, with resistance at 758.00, 769.00, and 772.00 July. Trends in Palm Oil are mixed. Support is at 4450, 4350, and 4280 July, with resistance at 4740, 4800, and 4870 July

DJ Malaysian PM Cash Market Prices for Palm Oil – May 13
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
May 1167.50 -05.00 Unquoted – –
Jun 1167.50 -07.50 Unquoted – –
Jul/Aug/Sep 1167.50 -15.00 Unquoted – –
Oct/Nov/Dec 1187.50 -07.50 Unquoted – –
Jan/Feb/Mar 1197.50 -05.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
May 1172.50 -05.00 Unquoted – –
Jun 1172.50 -07.50 Unquoted – –
Jul/Aug/Sep 1172.50 -15.00 Unquoted – –
Oct/Nov/Dec 1192.50 -07.50 Unquoted – –
Jan/Feb/Mar 1202.50 -05.00 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
May 1132.50 -07.50 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
May 1052.50 -12.50 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
May 4,450.00 -60.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
May 468.00 -03.00 Unquoted – –
($1=MYR3.9265)

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