Grains Report 05/19/2026

WHEAT
General Comments: Wheat closed higher in both markets yesterday as the White House announced that China had agreed to purchase up to 17 billion dollars of US Ag goods in addition to Soybeans. China has not commented on the reports. The higher close came despite selling tied to the US China summit late last week. 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.

RICE:
General Comments Rice closed higher again yesterday and at the highest level since last July in reaction to strength in other CBT markets. 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.

CORN AND OATS
General Comments: Corn was higher yesterday as the White House announced that China had agreed to purchase up to 17 billion dollars of US Ag goods in addition to Soybeans. China has not commented on the reports. 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 variable for the next week. Conditions are called good in Argentina and big production is expected there. Oats were higher 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 374, 380, and 386 July

SOYBEANS
General Comments: Soybeans and the products were higher as the White House announced that China had agreed to purchase up to 17 billion dollars of US Ag goods in addition to Soybeans. China has not commented on the reports. Temperatures have been cool in the Midwest but planting is ahead of normal. Variable 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.

PALM OIL AND CANOLA
General Comments: Palm Oil was higher today and Canola was closed.
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 4740, 4800, and 4870 July

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