Grains Report 07/27/2026

WHEAT:
General Comments: Chicago Wheat closed higher last week and Kansas City was lower last week on speculative long liquidation that took both markets from new weekly highs. The recent rally was tied to increased tensions in the Black Sea with Russia unable to ship anything through the Azov Sea and to the USDA reports and world weather. The selling on Friday came fraom reports that Turkey was moving to intervene and get Wheat from ports in both countries moving again. The export sales report showed demand was at the lower end of expectations. The harvest has been interrupted by too much rain in Texas and harvest yield reports remain low The crop harvest us now about three quarters complete. Spring Wheat has been heading and is rated 53% good to excellent. 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 moderate temperatures after a got week last week. The Great Plains should stay hot and dry except for Texas which could see more rains.
Overnight News:
Chart Analysis: Trends in Chicago are up. Support is at 660, 647, and 629 September, with resistance at 712, 724, and 736 September. Trends in Kansas City are up. Support is at 691, 679, and 659 September, with resistance at 770, 782, and 794 September. Trends in Minneapolis are not available

COT — Supplemental Report – Option and Futures Combined Positions as of July 21, 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 578,236
: Positions :
: 60,857 94,030 207,405 127,087 152,028 145,662 82,667 541,010 536,130: 37,226 42,106
: Changes from: July 14, 2026 (Change in open interest: 49,539) :
: -12,023 -17,701 45,399 4,621 12,455 13,030 4,419 51,027 44,571: -1,488 4,968
: Percent of Open Interest Represented by Each Category of Trader :
: 10.5 16.3 35.9 22.0 26.3 25.2 14.3 93.6 92.7: 6.4 7.3
: Total Traders: 414 Number of Traders in Each Category :
: 118 107 137 92 116 47 25 332 316:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of July 21, 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 345,541
: Positions :
: 51,592 49,482 118,824 64,206 129,392 89,142 24,619 323,763 322,316: 21,778 23,225
: Changes from: July 14, 2026 (Change in open interest: 44,572) :
: -1,860 -8,067 34,984 2,322 14,803 8,385 1,803 43,832 43,524: 741 1,048
: Percent of Open Interest Represented by Each Category of Trader :
: 14.9 14.3 34.4 18.6 37.4 25.8 7.1 93.7 93.3: 6.3 6.7
: Total Traders: 273 Number of Traders in Each Category :
: 54 62 78 70 101 34 15 204 218:
——————————————————————————————————————-

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of July 21, 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 89,732 :
: Positions :
: 46,174 52,154 3,726 636 946 21,492 18,967 4,642 1,402 812 2,676 :
: Changes from: July 14, 2026 :
: -3,360 7,504 911 -1,179 -119 1,930 -6,307 -160 -159 232 696 :
: Percent of Open Interest Represented by Each Category of Trader :
: 51.5 58.1 4.2 0.7 1.1 24.0 21.1 5.2 1.6 0.9 3.0 :
: Number of Traders in Each Category Total Traders: 118 :
: 59 42 7 . 4 13 15 10 9 . 6 :
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RICE:
General Comments Rice closed a little lower last week on what appeared to be speculative selling and weaker export sales. USDA said that Rice planted and harvested area is estimated to be sharply lower this year, leading to much lower production and tighter ending stocks estimates. Emergence is about average, and condition has deteriorated 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 1381, 1340, and 1292 September and resistance is at 1449, 1452, and 1464 September.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of July 21, 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 14,510 :
: Positions :
: 4,836 7,982 416 0 0 2,888 2,282 118 1,462 1,318 1,645 :
: Changes from: July 14, 2026 :
: -48 413 -2 0 0 90 -357 13 -15 -143 300 :
: Percent of Open Interest Represented by Each Category of Trader :
: 33.3 55.0 2.9 0.0 0.0 19.9 15.7 0.8 10.1 9.1 11.3 :
: Number of Traders in Each Category Total Traders: 76 :
: 18 20 . 0 0 14 9 4 15 5 6 :
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CORN AND OATS
General Comments: Corn was higher last week on buying as the rally tied to too much rain in northern Midwest growing areas and hot and dry weather in the western Midwest and in Europe The export sales report showed that demand was at the lower end of expectations. It should be warm with showers in the northern Midwest this week but other areas should stay mostly dry. The crop conditions are strong but unchanged from last week and below aa year ago. Dough is starting and progress is ahead of normal. Temperatures in the Midwest should be cooler this week. Oats were lower last week on worries about new tariffs on Canada weakening prices but trends are up on the weekly charts and are mixed on the daily charts.
Overnight News: again
Chart Analysis: Trends in Corn are up. Support is at 436, 427, and 421 September, and resistance is at 472, 478, and 484 September. Trends in Oats are up. Support is at 328, 318, and 307 September, and resistance is at 364, 370, and 376 September.

COT — Supplemental Report – Option and Futures Combined Positions as of July 21, 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 2,425,879
: Positions :
: 248,409 251,696 834,819 673,287 955,945 479,067 153,073 2,235,583 2,195,533: 190,296 230,346
: Changes from: July 14, 2026 (Change in open interest: 99,648) :
: -4,249 -38,879 54,542 6,436 65,005 42,980 8,675 99,709 89,343: -61 10,305
: Percent of Open Interest Represented by Each Category of Trader :
: 10.2 10.4 34.4 27.8 39.4 19.7 6.3 92.2 90.5: 7.8 9.5
: Total Traders: 884 Number of Traders in Each Category :
: 187 150 206 385 401 53 26 729 690:
——————————————————————————————————————-

SOYBEANS
General Comments: Soybeans and the products were higher last week on reports of improved conditions in the Northern Midwest but hot and dry weather in other areas and on no new China demand news. The weekly export sales report showed that demand was at the lower end of expectations Rapid blooming and setting pods progress was shown by USDA this week and reports of good conditions continue. Condition is rated high by USDA in the latest reports but unchanged from last week and below a year ago. Warmer temperatures and wet weather in northern areas are expected for the next week in the Midwest.
Overnight News: China bought 132,000 tons of US Soybeans and unj=known destinations bought 126,000 tons of US Soybeans/
Analysis: Trends in Soybeans are mixed to up. Support is at 1208, 1185, and 1170 August, and resistance is at 1250, 1256, and 1268 August. Trends in Soybean Meal are up. Support is at 315.00, 309.00, and 305.00 August, and resistance is at 346.00, 344.00,and 356.00 August. Trends in Soybean Oil are mixed. Support is at 7310, 7170, and 6940 August, with resistance at 7680, 7810, and 7940 August.

COT — Supplemental Report – Option and Futures Combined Positions as of July 21, 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 1,300,374
: Positions :
: 149,207 78,751 402,912 455,061 690,970 237,012 46,149 1,244,192 1,218,782: 56,182 81,592
: Changes from: July 14, 2026 (Change in open interest: 69,189) :
: 27,767 -19,002 34,797 -12,988 49,707 16,086 2,563 65,661 68,065: 3,528 1,124
: Percent of Open Interest Represented by Each Category of Trader :
: 11.5 6.1 31.0 35.0 53.1 18.2 3.5 95.7 93.7: 4.3 6.3
: Total Traders: 673 Number of Traders in Each Category :
: 165 116 198 215 292 52 18 534 540:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of July 21, 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 779,213
: Positions :
: 127,505 38,609 208,914 273,979 470,989 129,248 31,545 739,646 750,059: 39,567 29,154
: Changes from: July 14, 2026 (Change in open interest: 31,259) :
: 8,284 2,532 10,865 6,139 18,535 5,356 -1,560 30,644 30,372: 615 888
: Percent of Open Interest Represented by Each Category of Trader :
: 16.4 5.0 26.8 35.2 60.4 16.6 4.0 94.9 96.3: 5.1 3.7
: Total Traders: 345 Number of Traders in Each Category :
: 118 51 104 102 105 41 21 304 246:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of July 21, 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 684,247
: Positions :
: 123,057 53,670 164,328 198,442 406,651 143,703 29,260 629,529 653,909: 54,718 30,338
: Changes from: July 14, 2026 (Change in open interest: 25,931) :
: 10,668 -16,001 16,863 -7,070 23,412 6,989 2 27,450 24,277: -1,519 1,654
: Percent of Open Interest Represented by Each Category of Trader :
: 18.0 7.8 24.0 29.0 59.4 21.0 4.3 92.0 95.6: 8.0 4.4
: Total Traders: 335 Number of Traders in Each Category :
: 94 48 92 120 118 40 16 296 241:
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PALM OIL AND CANOLA
General Comments: Palm Oil closed higher last week on demand from India and tight supplies. Futures were lower today on weakness in outside markets. Canola was higher last week.
Overnight News
Chart Analysis: Trends in Canola are mixed to up. Support is at 813.00, 797.00, and 780.00 November, with resistance at 848.00, 860.00, and 872.00 November. Trends in Palm Oil are mixed. Support is at 4530, 4490, and 4430 October, with resistance at 4560, 4740, and 4780 October.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of July 21, 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 49,708 :
: Positions :
: 44,156 36,848 960 4,955 2,572 120 4,295 0 1,160 338 690 :
: Changes from: July 14, 2026 :
: 2,260 2,991 0 -1,191 259 0 560 0 80 0 -280 :
: Percent of Open Interest Represented by Each Category of Trader :
: 88.8 74.1 1.9 10.0 5.2 0.2 8.6 0.0 2.3 0.7 1.4 :
: Number of Traders in Each Category Total Traders: 28 :
: 9 10 . 5 5 . . 0 . . . :
—————————————————————————————————————-

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of July 21, 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 325,181 :
: Positions :
: 140,269 163,779 8,396 24,513 2,178 106,192 50,724 30,417 13,143 27,797 21,239 :
: Changes from: July 14, 2026 :
: -3,898 21,379 1,613 2,249 200 8,442 -7,400 2,257 6,377 -3,212 114 :
: Percent of Open Interest Represented by Each Category of Trader :
: 43.1 50.4 2.6 7.5 0.7 32.7 15.6 9.4 4.0 8.5 6.5 :
: Number of Traders in Each Category Total Traders: 517 :
: 51 144 5 10 7 68 33 24 60 178 64 :
—————————————————————————————————————-

DJ Malaysian PM Cash Market Prices for Palm Oil – July 27
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
Aug 1155.00 -05.00 Unquoted – –
Sep 1165.00 -05.00 Unquoted – –
Oct/Nov/Dec 1185.00 -12.50 Unquoted – –
Jan/Feb/Mar 1202.50 -07.50 Unquoted – –
Apr/May/June 1202.50 -07.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Aug 1160.00 -05.00 Unquoted – –
Sep 1170.00 -05.00 Unquoted – –
Oct/Nov/Dec 1190.00 -12.50 Unquoted – –
Jan/Feb/Mar 1207.50 -07.50 Unquoted – –
Apr/May/Jun 1207.50 -07.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Aug 1115.00 -12.50 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Aug 1065.00 -10.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Aug 4,560.00 -50.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Aug 488.00 -03.00 Unquoted – –
($1=MYR4.0835)

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