Grains Report 06/05/2026

DJ Food Prices Mostly Stable in May But Middle East Conflict Threatens Broader Shock, UN Says — Update
By Giulia Petroni
World food prices were broadly stable in May, with increases in cereal and sugar offset by declines in vegetable oils and dairy products, the United Nations’ Food and Agriculture Organization said.
The FAO’s food price index–which tracks a basket of widely traded food commodities–averaged 130.8 points last month, down 0.2% from its revised April level but still 2.9% higher than a year ago, as supply disruptions in the Middle East and rising fertilizer costs pose a growing threat to global food markets.
The near-total closure of the Strait of Hormuz sent global fertilizer prices sharply higher, raising concerns about a broader shock to the global food system.
The FAO has previously warned the closure could mark the start of a “systemic” agrifood shock that might evolve into a severe global food-price crisis. Farmers are facing increasingly difficult decisions that could shape global food production through 2027, including cutting fertilizer use and accepting lower yields, switching to alternative crops, or absorbing sharply higher costs that could threaten their financial viability, according to the organization.
The risks are compounded by the expected arrival of the El Nino weather system, which could bring drought and disrupt rainfall patterns across key farming regions, further tightening global food supplies.
Cereal prices rose 2.6% last month, with wheat climbing on concerns over shrinking harvests and higher fuel and fertilizer costs, the FAO said Friday. Corn remained supported by strong demand and tighter supplies in Brazil and the U.S., while sorghum and barley increased mainly due to spillover effects. Rice prices also moved higher, lifted by weather worries and rising energy costs in key Asian exporting countries.
Sugar climbed 7.5% in May, the highest level since October of last year, on growing concerns that global supplies could tighten in the months ahead. In Brazil, expectations that more sugarcane would be diverted to ethanol production supported the market, though strong late-April processing helped temper gains. Concerns that El Nino could curb output in India and Thailand next season added to supply concerns and bolstered prices.
Vegetable-oil prices instead fell 4.6%–the first monthly decline since the beginning of the year–dragged by lower palm and soybean oil prices, which outweighed gains in rapeseed and sunflower oils. Palm oil prices fell due to weaker import demand expectations and uncertainty in crude markets, while rapeseed and sunflower oil prices rose on tightening supplies, particularly in the European Union and Ukraine.
Meat prices were almost unchanged, rising by 0.1% from April as higher bovine, ovine, and poultry meat prices were largely offset by lower pig meat prices. Beef and sheep meat gained on strong demand from China and the U.S., while poultry prices edged higher due to firm global demand. In contrast, pig meat prices fell amid abundant supplies and weaker import demand, particularly in the EU. Overall meat prices, however, were still 6.3% higher on year.
Dairy prices fell 0.5% as butter prices continued to decline on improved supply and intensifying competition among exporters, while cheese prices were little changed. Skim milk powder rose on solid import demand from the Middle East, North Africa and Asia, while whole milk powder was mixed, with modest price increases in Oceania offset by lower quotations in Europe.

DJ Canadian Grain Handling Summary – Jun 4
WINNIPEG–The following are Canadian grain handling summary statistics
for the week ended May 31, 2026. Figures in thousands of metric tonnes.
Source: Canadian Grain Commission.
Durum
Wheat Wheat Oats Barley Flax Canola Peas Corn Total*
COMMERCIAL STOCKS
This Week 1853.5 465.8 254.2 288.2 49.5 734.0 253.9 221.6 4646.8
Week Ago 2048.2 485.0 294.5 352.6 53.8 849.3 254.3 195.4 5105.6
Year Ago 1901.4 462.8 265.3 291.6 24.3 970.5 241.9 283.2 4985.7
PRODUCER DELIVERIES
This Week 423.8 101.5 27.9 42.7 6.4 392.1 27.2 24.7 1089.0
Week Ago 338.7 67.9 23.6 43.3 4.7 285.8 20.8 14.9 832.8
To Date 21434.1 5339.6 2022.6 4383.3 196.6 17101.7 2702.8 683.1 58025.5
Year Ago 20880.6 5197.3 2128.6 3100.8 136.3 16746.7 2234.4 657.6 54272.1
TERMINAL RECEIPTS
This Week 603.9 59.0 9.9 15.5 1.7 251.1 40.7 41.0 1041.0
Week Ago 724.6 112.2 13.7 37.4 26.0 229.9 49.6 8.1 1239.7
To Date 21802.8 5926.2 366.6 3033.6 87.7 8103.5 2220.6 901.7 48668.6
Year Ago 20900.0 5676.0 478.3 1806.9 40.9 9211.2 1745.5 2450.6 48021.6
EXPORTS
This Week 514.8 60.3 20.3 20.8 29.1 252.3 12.2 20.2 1010.2
Week Ago 585.2 99.8 12.3 11.1 0.2 139.2 51.1 33.0 943.6
To Date 19008.3 4938.3 878.6 3084.2 72.3 7383.8 2188.1 598.5 43247.5
Year Ago 18442.9 4903.7 1200.8 1755.3 70.2 8523.7 1727.5 2533.4 43947.1
DOMESTIC DISAPPEARANCE
This Week 115.0 35.7 23.1 21.5 1.6 227.5 7.8 20.2 473.2
Week Ago 148.5 19.6 20.6 21.0 1.4 228.1 2.2 33.2 487.8
To Date 3691.4 970.8 705.3 1064.2 55.8 10328.2 198.7 897.9 19374.8
Year Ago 3951.4 607.0 803.1 1291.8 43.8 9611.5 183.7 946.5 19000.2
*Totals include data from other crops not shown including rye, soybeans,
canaryseed, mustard seed, beans, lentils and chickpeas.
Source: Glacier FarmMedia, philfw@farmmedia.com

WHEAT
General Comments: Wheat closed lower in both markets again yesterday on forecasts and reports for improving weather in Wheat areas and despite stronger weekly export sales. The crop condition ratings are the lowest in over 30 years in HRW areas and have provided some support for prices. Crop conditions should start to show some improvement soon but were mostly stable last week. The Winter Wheat harvest has started. USDA showed deteriorating crop conditions this year as rains are now occurring in the central areas of the Great Plains and are forecast to continue.. Spring Wheat progress is ahead of normal, and conditions are rated as better than Winter Wheat but still not real good. Conditions are good in the US Midwest and in much of Europe, but Russia has been too cols. The weather is now featuring mostly dry conditions for parts of the Midwest along with warming temperatures.
Overnight News:
Chart Analysis: Trends in Chicago are down. Support is at 578, 572, and 566 July, with resistance at 661, 679, and 688 July. Trends in Kansas City are down. Support is at 614, 608, and 602 July, with resistance at 688, 722, and 750 July. Trends in Minneapolis are not available.

RICE:
General Comments Rice closed lower again yesterday on fund selling tied to good weather in growing areas and despite ideas of sharply reduced planted and harvested area in the US. Production was cut back mostly due to reduced planted and harvested area. Yields were actually held high in the USDA estimates. 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 but slipped a little last week. Demand remains moderate to poor for US Rice.
Overnight News:
Chart Analysis: Trends are mixed. Support is at 1215, 1188, and 1176 July and resistance is at 1277, 1301, and 1308 July.

CORN AND OATS
General Comments: Corn was a little higher yesterday as crop conditions are strong in the Midwest and on news of lower petroleum prices because of the Iran war. Strong planting and emergence progress are reported in reports released by USDA last week and on forecasts for good growing conditions in the Midwest. Planting has been very active in all of the Midwest and is now almost done. Emergence is ahead of normal and last year. Condition is rated to be very good It looks dry this week. Temperatures in the Midwest should be turn warmer 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 weekly charts.
Overnight News: Colombia bought 114,000 tons od US Corn.
Chart Analysis: Trends in Corn are mixed to down. Support is at 422, 419, and 416 July, and resistance is at 449, 452, and 455 July. Trends in Oats are mixed to down. Support is at 307, 301, and 295 July, and resistance is at 367, 377, and 387 July.

SOYBEANS
General Comments: Soybeans were sharply lower and the products were lower again yesterday on reports of improved conditions in the Midwest. Rapid planting and emergence progress was shown by USDA last week and forecasts for good conditions continue. Condition is rated high by USDA in the latest reports. Futures were also lower on the lack of news on China and Iran although the war in Iran was hotter over the weekend. Temperatures have been cool in the Midwest. Warm temperatures are expected for the next week. There is talk that more Soybeans could be planted as Corn planting is more expensive. The big South American harvests are also weighing on prices.
Overnight News: Philippines bought 190,000 tons of US Soybean Meal.
Analysis: Trends in Soybeans are down. Support is at 1112, 1090, and 1072 July, and resistance is at 1157, 1173, and 1205 July. Trends in Soybean Meal are down. Support is at 310.00, 307.00, and 304.00 July, and resistance is at 326.00, 331.00,and 335.00 July. Trends in Soybean Oil are mixed to down. Support is at 7440, 7300, and 7020 July, with resistance at 7840, 7970, and 8080 July.

PALM OIL AND CANOLA
General Comments: Palm Oil was lower today along with outside markets and Canola was much lower yesterday as conditions remain hot and dry in the Prairies.
Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 770.00, 762.00, and 751.00 July, with resistance at 796.00, 802.00, and 808.00 July. Trends in Palm Oil are mixed. Support is at 4390, 4320, and 4270 August, with resistance at 4550, 4580, and 4680 August.

DJ Malaysian PM Cash Market Prices for Palm Oil – June 5
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
Jun 1155.00 -07.50 Unquoted – –
Jul/Aug/Sep 1162.50 -12.50 Unquoted – –
Oct/Nov/Dec 1185.00 -17.50 Unquoted – –
Jan/Feb/Mar 1200.00 -15.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Jun 1160.00 -07.50 Unquoted – –
Jul/Aug/Sep 1167.50 -12.50 Unquoted – –
Oct/Nov/Dec 1190.00 -17.50 Unquoted – –
Jan/Feb/Mar 1205.00 -15.00 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Jun 1127.50 -20.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Jun 1052.50 -10.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jun 4,520.00 -30.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jun 446.00 -03.00 Unquoted – –
($1=MYR4.0285)

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