Grains Report 07/09/2026

DJ USDA Report: Recap for U.S. Agriculture Supply, Demand
The following table of analysts’ estimates is provided as a service to The Wall Street Journal subscribers in conjunction with the U.S. Department of Agriculture’s monthly supply-and-demand report scheduled for release at noon ET on Friday.
U.S. 2026 Production (million bushels, bushels per acre)
Average Range USDA June USDA 2025
Corn Production 15,967 15,852-16,000 15,995 17,021
Soybean Production 4,457 4,430-4,481 4,435 4,262
Corn Yield 182.7 181.5-183.0 183.0 186.5
Soybean Yield 52.9 52.5-53.0 53.0 53.0
****
U.S. Stockpiles (millions)
2025-26
Average Range USDA June
Corn 2,077 1,990-2,151 2,145
Soybeans 337 312-350 340
Wheat 927 920-945 935
2026-27
Average Range USDA June
Corn 1,855 1,542-1,963 1,960
Soybeans 324 270-358 310
Wheat 710 680-744 744
****
World Stockpiles (million metric tons)
2025-26
Average Range USDA June
Corn 302.9 301.7-304.0 303.4
Soybeans 125.7 125.4-126.0 125.5
Wheat 279.6 278.5-280.0 280.0
2026-27
Average Range USDA June
Corn 279.0 271.0-283.0 281.2
Soybeans 125.2 124.0-126.2 124.9
Wheat 273.2 270.0-275.1 275.4
****
2026-27 Wheat Production
Average Range USDA June USDA 2025-26
All Wheat 1,524 1,498-1,568 1,561 1,985
Winter Wheat 1,002 968-1,030 1,030 1,402
Hard Red Winter 480 445-496 497 804
Soft Red Winter 293 279-300 300 353
White Winter 229 209-235 233 244
Other Spring 454 430-499 N/A 497
Durum 75 70-85 N/A 86
****
Brazil Corn, Soybean Production (million metric tons)
2025-26
Average Range USDA June
Corn 138.3 137.5-139.0 138.0
Soybeans 180.3 180.0-182.1 180.0
Argentina Corn, Soybean Production (million metric tons)
Average Range USDA June
Corn 61.5 60.5-62.0 61.0
Soybeans 50.1 50.0-51.0 50.0

DJ U.S. Export Sales: Weekly Sales Totals-Jul 9
For the week ended Jul 2, in thousand metric tons, except cotton in
thousand running bales. Net changes in commitments are gross sales,
less cancellations, buy-backs and other downward adjustments. Total
commitments are total export shipments plus total sales.
The marketing year for wheat and barley began Jun 1, cotton and
and rice Aug 1, corn, soybeans and sorghum Sep 1, and soymeal and
soyoil Oct 1. Source: USDA
wk’s net chg total
in commitments commitments undlvd sales
this yr next yr this yr last yr this yr next yr
wheat 313.1 0.0 6110.4 7745.9 4489.5 26.9
hrw 102.7 0.0 1524.3 2919.4 967.0 0.0
srw 10.7 0.0 895.8 1283.6 674.4 0.0
hrs 125.7 0.0 1785.8 2258.3 1332.6 0.0
white 71.5 0.0 1712.7 1156.1 1350.5 26.9
durum 2.5 0.0 191.9 128.6 165.0 0.0
corn 565.8 401.7 85965.0 69369.3 14494.8 6548.4
soybeans 54.3 408.3 41135.6 50375.9 3407.4 2828.9
soymeal 225.5 96.0 17245.8 14771.4 3616.7 912.2
soyoil 0.9 0.0 375.7 1071.6 25.2 0.3
upland cotton 66.4 87.0 11916.6 11719.7 1733.9 2506.7
pima cotton 2.6 17.5 487.3 454.8 65.2 92.1
sorghum 0.0 0.0 5053.9 1686.8 370.7 0.0
barley 0.0 0.0 38.6 57.2 33.9 0.0
rice 23.9 1.0 2634.9 3073.0 311.7 193.4

DJ CBOT Delivery Intentions: Totals – Jul 9
Source: CME Group
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
SOYBEAN OIL July Jul 10, 2026 59 Jun 30, 2026
ROUGH RICE July Jul 10, 2026 26 Jul 08, 2026
CORN July Jul 10, 2026 88 Jun 29, 2026
OATS July Jul 10, 2026 7 Jul 08, 2026
WHEAT July Jul 10, 2026 25 Jun 29, 2026

WHEAT:
General Comments: Wheat closed lower in both markets yesterday on what appeared o be profit taking from the rally tied to the USDA reports and world weather. The harvest continues and harvest yield reports remain low. USDA said that Winter Wheat planted area was 31.52 million acres and that harvested area was just 21.210 million acres. Spring Wheat planted area was 9.290 million acres and harvested will be 9.075 million acres. Durum planted area was estimated at 1.830 million acres, with 1.778 million likely to be harvested. Wheat stocks were 920 million bushels, below most trade expectations but above the previous year. Wheat export sales were a moderate 300,000 tons. Forecasts and reports for improving weather in Wheat areas continue after a very hot week last week. The crop condition ratings are still among 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 lower last week. The Winter Wheat harvest is more than 50% done. USDA showed mostly stable crop conditions this week. Spring Wheat progress is about normal, and conditions are rated as stable from the previous week. Conditions are good in the US Midwest, but Europe has been too hot. The weather is now featuring scattered showers for parts of the Midwest along with cool temperatures.
Overnight News:
Chart Analysis: Trends in Chicago are mixed to up. Support is at 600, 594, and 582 September, with resistance at 626, 641, and 646 September. Trends in Kansas City are mixed. Support is at 627, 611, and 597 September, with resistance at 664, 674, and 692 September. Trends in Minneapolis are not available

RICE:
General Comments Rice closed a little lower yesterday on apparent profit taking by speculators. USDA said that Rice planted area is estimated at 2.017 million acres and harvested area is estimated at 1.979 million acres. Long grain planted area is 1.395 million acres and harvested area is 1.375 million. . Emergence is about average, and condition was slightly improved from last week. Demand remains moderate to poor for US Rice and was moderate to poor last week.
Overnight News:
Chart Analysis: Trends are mixed. Support is at 1340, 1292, and 1268 September and resistance is at 1391, 1404, and 1416 September.

CORN AND OATS
General Comments: Corn was lower yesterday on profit taking from the rally tied to too much rain in many Midwest growing areas and hot and dry weather in Europe. USDA showed that stocks were a little less than trade expectations at 5.295 billion bushels, but planted and harvested area were a little higher. Corn planted area was estimated at 95.343 million acres and that harvested area is estimated at 87.4 million acres. The export sales report showed decreased volume from recent months. It should be cool with showers around this week. The crop conditions are strong but unchanged last week in the Midwest and news of lower petroleum prices because of the Iran war continues. Forecasts for good growing conditions continue in the Midwest. Silking is starting. It looks drier this week. Temperatures in the Midwest should be cool for the next week. Oats were higher yesterday and trends are still down on the weekly charts, but are up on the daily charts. Oats planted area was estimated at 2.424 million acres and harvested area was estimated at 877 million acres;
Overnight News:
Chart Analysis: Trends in Corn are up. Support is at 406, 404, and 401 September, and resistance is at 454, 459, and 465 September. Trends in Oats are mixed. Support is at 328, 318, and 307 September, and resistance is at 345, 348, and 361 September.

SOYBEANS
General Comments: Soybeans and Soybean Meal were lower on profit taking form the rally tied to the USDA reports on reports of improved conditions in the Midwest and new China demand news. Soybean Oil was higher as the Iran war could be turning hot again. Soybeans stocks were estimated at 1.861 billion bales and ere slightly above trade estimates. The quarterly stocks report was neutral. Planted area was estimated at 85.4 million acre and harvested area Was estimated at 84.4 million. Rapid planting and emergence progress was shown by USDA this week and reports of good conditions continue. Condition is rated high by USDA in the latest reports. Futures were also higher of news of China demand. Cooler temperatures and wet weather are expected for the next week in the Midwest. 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. There is more talk of Chinese buying interest in US Soybeans this morning but there has not been any actual news.
Overnight News: USDA confirmed sales of 136,000 tons of US Soybeans. Unknown destinations bought 120,000 tons of US Soybeans.
Analysis: Trends in Soybeans are up. Support is at 1163, 1154, and 1149 August, and resistance is at 1208, 1220, and 1232 August. Trends in Soybean Meal are up. Support is at 309.00, 305.00, and 301.00 August, and resistance is at 317.00, 321.00,and 323.00 August. Trends in Soybean Oil are mixed. Support is at 6540, 6440, and 6320 August, with resistance at 7120, 7310, and 7460 August.

PALM OIL AND CANOLA
General Comments: Palm Oil were lower today. Canola was higher on Chicago price action.
Overnight News
Chart Analysis: Trends in Canola are mixed to up. Support is at 740.00, 728.00, and 710.00 November, with resistance at 791.00, 797.00, and 803.00 November. Trends in Palm Oil are mixed. Support is at 4470, 4410, and 4290 September, with resistance at 4710, 4740, and 4820 September.

DJ Malaysian PM Cash Market Prices for Palm Oil – July 9
The following are prices for Malaysian palm oil in the cash market at 1000 GMT Thursday, 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
July 1150.00 00.00 Unquoted – –
Aug/Sep 1157.50 00.00 Unquoted – –
Oct/Nov/Dec 1175.00 00.00 Unquoted – –
Jan/Feb/Mar 1190.00 00.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
July 1155.00 00.00 Unquoted – –
Aug/Sep 1162.50 00.00 Unquoted – –
Oct/Nov/Dec 1180.00 00.00 Unquoted – –
Jan/Feb/Mar 1195.00 00.00 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
July 1110.00 -10.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
July 1067.50 -05.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
July 4,530.00 00.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
July 470.00 +07.00 Unquoted – –
($1=MYR4.0735)

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