Grains Report 05/15/2026

DJ CBOT Delivery Intentions: Totals – May 15
Source: CME Group
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
SOYBEAN MEAL May May 18, 2026 1 May 13, 2026
SOYBEAN OIL May May 18, 2026 8 Apr 29, 2026
ROUGH RICE May May 18, 2026 69 May 14, 2026
CORN May May 18, 2026 124 May 14, 2026
SOYBEAN May May 18, 2026 41 May 14, 2026
WHEAT May May 18, 2026 11 May 14, 2026

WHEAT
General Comments: Wheat ran into some profit taking in both markets yesterday and closed mixed to a little lower even 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 719, 702, and 665 July, with resistance at 756, 762, and 768 July. Trends in Minneapolis are not available.

RICE:
General Comments Rice closed higher again yesterday and at the highest level in more than six months in reaction to the USDA reports that were released on Tuesday. 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 1276, 1288, and 1300 July.

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. President Trump is now in China for talks that could include China purchasing US Corn. USDA released its latest supply and demand estimates on Tuesday that 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 Soybean Meal were higher yesterday but Soybean Oil was lower. USDA on Tuesday 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. President Trump is now in China and hopes to make a deal with that country to buy US Soybeans. 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: Italy bought 155,000 tons of US Soybean Meal.
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 338.00, 341.00,and 344.00 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 higher on higher rude Oil prices. 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 to down. Support is at 4350, 4280, and 4220 July, with resistance at 4500, 4740, and 4800 July

DJ Malaysia May 1-15 Palm Oil Exports Fell 16% on Month, AmSpec Says
By Amanda Lee
Malaysia’s palm oil exports during the May 1-15 are estimated to be 16% lower on month at 502,228 metric tons, cargo surveyor AmSpec Agri Malaysia said Friday.
The following are the major items in the AmSpec estimate:
(All figures in metric tons)
May 1- 15 April 1-15
RBD Palm Olein 115,960 105,770
RBD Palm Oil 51,025 36,199
RBD Palm Stearin 43,200 50,045
Crude Palm Oil 98,603 105,845
Total* 502,228 601,401
*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 – May 15
The following are prices for Malaysian palm oil in the cash market at 1000 GMT Friday, 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 1157.50 +02.50 Unquoted – –
Jun 1157.50 +02.50 Unquoted – –
Jul/Aug/Sep 1160.00 +02.50 Unquoted – –
Oct/Nov/Dec 1175.00 -02.50 Unquoted – –
Jan/Feb/Mar 1182.50 -07.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
May 1162.50 +02.50 Unquoted – –
Jun 1162.50 +02.50 Unquoted – –
Jul/Aug/Sep 1165.00 +02.50 Unquoted – –
Oct/Nov/Dec 1180.00 -02.50 Unquoted – –
Jan/Feb/Mar 1187.50 -07.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
May 1125.00 +02.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
May 1060.00 +15.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
May 4,440.00 +20.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
May 465.00 +01.00 Unquoted – –
($1=MYR3.95)

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