Grains Report 05/18/2026

DJ CBOT Delivery Intentions: Totals – May 18
Source: CME Group
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
SOYBEAN May May 18, 2026 7 May 14, 2026

DJ Grains Higher After White House Announces $17B of Chinese Purchases — Market Talk
0933 ET – The White House says that China will buy $17 billion worth of U.S. agriculture through 2028, on top of the soybean purchases already announced. This is giving CBOT grain futures a boost. But the reaction may be limited based on some questions about the wording from the White House.

WHEAT
General Comments: Wheat closed higher in both markets last week as dry weather returned to the Great Plains and USDA made dramatic cuts to production estimates. The higher close came despite selling tied to the US China summit late last week. 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 619, 602, and 591 July, with resistance at 684, 696, and 708 July. Trends in Kansas City are up. Support is at 678, 664, and 66 July, with resistance at 756, 762, and 768 July. Trends in Minneapolis are not available.

COT — Supplemental Report – Option and Futures Combined Positions as of May 12, 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 586,697
: Positions :
: 73,250 133,005 204,621 103,149 146,805 162,530 60,734 543,551 545,164: 43,146 41,532
: Changes from: May 5, 2026 (Change in open interest: 46,199) :
: -3,153 2,749 17,323 18,296 10,932 12,201 6,676 44,667 37,680: 1,533 8,520
: Percent of Open Interest Represented by Each Category of Trader :
: 12.5 22.7 34.9 17.6 25.0 27.7 10.4 92.6 92.9: 7.4 7.1
: Total Traders: 420 Number of Traders in Each Category :
: 134 105 130 84 110 49 30 338 308:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of May 12, 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 356,338
: Positions :
: 57,718 60,642 115,491 59,642 136,031 96,747 16,266 329,598 328,430: 26,739 27,908
: Changes from: May 5, 2026 (Change in open interest: 18,942) :
: -599 -1,178 8,986 3,659 3,663 3,413 2,029 15,460 13,501: 3,483 5,441
: Percent of Open Interest Represented by Each Category of Trader :
: 16.2 17.0 32.4 16.7 38.2 27.2 4.6 92.5 92.2: 7.5 7.8
: Total Traders: 270 Number of Traders in Each Category :
: 61 63 82 75 97 36 18 218 215:
——————————————————————————————————————-

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of May 12, 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 90,880 :
: Positions :
: 30,851 68,991 5,153 0 273 31,756 4,447 2,529 6,400 1,330 3,781 :
: Changes from: May 5, 2026 :
: 2,917 2,903 619 0 19 224 1,986 514 267 -409 678 :
: Percent of Open Interest Represented by Each Category of Trader :
: 33.9 75.9 5.7 0.0 0.3 34.9 4.9 2.8 7.0 1.5 4.2 :
: Number of Traders in Each Category Total Traders: 112 :
: 44 45 4 0 . 19 12 10 12 5 9 :
—————————————————————————————————————-

RICE:
General Comments Rice closed higher again last week and at the highest level since last July 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 cwt 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 1289, 1300, and 1312 July.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of May 12, 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 13,851 :
: Positions :
: 3,203 4,511 270 0 0 1,408 2,985 169 1,942 1,283 1,953 :
: Changes from: May 5, 2026 :
: -2,702 542 60 -128 0 297 -1,838 1 -59 -526 101 :
: Percent of Open Interest Represented by Each Category of Trader :
: 23.1 32.6 1.9 0.0 0.0 10.2 21.6 1.2 14.0 9.3 14.1 :
: Number of Traders in Each Category Total Traders: 78 :
: 14 17 . 0 0 9 14 4 23 5 12 :
—————————————————————————————————————-

CORN AND OATS
General Comments: Corn was higher last week despite no new ag deals coming from the US China summit 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 was in China for talks that could have included 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 warm for the next week. Conditions are called good in Argentina and big production is expected there. Oats were lower and trends are up on the daily and weekly charts.
Overnight News:
Chart Analysis: Trends in Corn are mixed to up. Support is at 452, 449, and 446 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 368, 374, and 380 July

COT — Supplemental Report – Option and Futures Combined Positions as of May 12, 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 2,533,115
: Positions :
: 348,601 185,844 797,230 632,566 1,105,234 548,684 109,746 2,327,081 2,198,054: 206,034 335,061
: Changes from: May 5, 2026 (Change in open interest: 17,528) :
: -23,047 20,755 33,029 -7,520 -113,896 -3,638 -739 -1,177 -60,850: 18,705 78,378
: Percent of Open Interest Represented by Each Category of Trader :
: 13.8 7.3 31.5 25.0 43.6 21.7 4.3 91.9 86.8: 8.1 13.2
: Total Traders: 889 Number of Traders in Each Category :
: 230 129 215 349 397 55 26 737 676:
——————————————————————————————————————-

SOYBEANS
General Comments: Soybeans and Soybean Oil were lower last week but Soybean Meal was higher. 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 was in China and hoped to make a deal with that country to buy US Soybeans. Temperatures have been cool in the Midwest but planting is ahead of normal. Warmer temperatures are expected for the next week. 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.
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 344.00, 347.00,and 350.00 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.

COT — Supplemental Report – Option and Futures Combined Positions as of May 12, 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 1,236,781
: Positions :
: 190,178 57,968 338,384 359,416 681,521 278,347 47,255 1,166,326 1,125,127: 70,456 111,654
: Changes from: May 5, 2026 (Change in open interest: 43,812) :
: -15,263 -4,228 17,411 11,939 2,323 19,515 10,085 33,602 25,591: 10,210 18,221
: Percent of Open Interest Represented by Each Category of Trader :
: 15.4 4.7 27.4 29.1 55.1 22.5 3.8 94.3 91.0: 5.7 9.0
: Total Traders: 648 Number of Traders in Each Category :
: 189 98 170 186 276 52 20 505 499:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of May 12, 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 859,167
: Positions :
: 151,411 39,364 238,291 257,962 497,619 163,959 46,307 811,623 821,582: 47,544 37,585
: Changes from: May 5, 2026 (Change in open interest: -2,609) :
: -5,925 1,146 -14,390 12,026 -1,980 752 5,139 -7,537 -10,085: 4,928 7,476
: Percent of Open Interest Represented by Each Category of Trader :
: 17.6 4.6 27.7 30.0 57.9 19.1 5.4 94.5 95.6: 5.5 4.4
: Total Traders: 357 Number of Traders in Each Category :
: 119 60 98 93 112 42 19 299 251:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of May 12, 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 651,275
: Positions :
: 147,281 47,912 131,098 160,703 414,541 154,615 16,487 593,696 610,037: 57,578 41,237
: Changes from: May 5, 2026 (Change in open interest: 17,540) :
: 6,872 -7,223 6,994 -2,359 3,418 2,581 1,423 14,088 4,613: 3,452 12,927
: Percent of Open Interest Represented by Each Category of Trader :
: 22.6 7.4 20.1 24.7 63.7 23.7 2.5 91.2 93.7: 8.8 6.3
: Total Traders: 326 Number of Traders in Each Category :
: 103 43 82 112 105 39 12 293 209:
——————————————————————————————————————-

PALM OIL AND CANOLA
General Comments: Palm Oil was lower last week but higher today and 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

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of May 12, 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 48,295 :
: Positions :
: 44,705 36,421 1,200 8,699 560 320 1,655 600 830 360 0 :
: Changes from: May 5, 2026 :
: 1,020 -1,638 0 2,338 -3 0 340 0 20 0 0 :
: Percent of Open Interest Represented by Each Category of Trader :
: 92.6 75.4 2.5 18.0 1.2 0.7 3.4 1.2 1.7 0.7 0.0 :
: Number of Traders in Each Category Total Traders: 25 :
: 11 10 . 5 . . . . . . 0 :
—————————————————————————————————————-

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of May 12, 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 355,752 :
: Positions :
: 180,817 198,065 2,015 16,642 4,123 102,185 42,401 32,790 9,020 35,279 23,603 :
: Changes from: May 5, 2026 :
: 9,387 -25,666 -871 -548 200 -15,092 14,232 170 -1,402 3,661 -1,244 :
: Percent of Open Interest Represented by Each Category of Trader :
: 50.8 55.7 0.6 4.7 1.2 28.7 11.9 9.2 2.5 9.9 6.6 :
: Number of Traders in Each Category Total Traders: 446 :
: 56 120 7 6 8 71 28 23 50 143 76 :
—————————————————————————————————————-

DJ Malaysian PM Cash Market Prices for Palm Oil – May 18
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
Jun 1177.50 +20.00 Unquoted – –
Jul/Aug/Sep 1180.00 +20.00 Unquoted – –
Oct/Nov/Dec 1190.00 +15.00 Unquoted – –
Jan/Feb/Mar 1200.00 +17.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Jun 1182.50 +20.00 Unquoted – –
Jul/Aug/Sep 1185.00 +20.00 Unquoted – –
Oct/Nov/Dec 1195.00 +15.00 Unquoted – –
Jan/Feb/Mar 1205.00 +17.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Jun 1132.50 00.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Jun 1062.50 00.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jun 4,530.00 00.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jun 466.00 00.00 Unquoted – –
($1=MYR3.9725)

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