Grains Report 09/10/2026

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 corn and soybean production and supply-and-demand report scheduled for release at noon ET on Friday.
U.S. 2026 Production, Yield (million bushels, bushels per acre)
Average Range USDA August USDA 2025
Corn Production 15,768 15,344-16,207 16,013 17,021
Soybean Production 4,492 4,360-4,572 4,519 4,262
Corn Yield 178.1 173.2-182.9 180.7 186.5
Soybean Yield 52.5 51.5-53.3 52.7 53.0
****
U.S. Stockpiles (millions)
2025-26
Average Range USDA August
Corn 1,954 1,895-2,045 1,945
Soybeans 320 300-330 325
2026-27
Average Range USDA August
Corn 1,533 1,359-1,820 1,653
Soybeans 289 200-333 320
Wheat 720 686-742 717
****
World Stockpiles (million metric tons)
2025-26
Average Range USDA August
Corn 298.6 297.4-299.2 298.8
Soybeans 125.1 124.6-125.5 125.1
Wheat 280.2 280.0-281.0 280.2
2026-27
Average Range USDA August
Corn 271.9 269.0-274.6 274.7
Soybeans 123.1 121.0-124.2 124.2
Wheat 273.2 271.3-276.1 273.3

DJ CBOT Delivery Intentions: Totals – Sep 10
Source: CME Group
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
SOYBEAN MEAL September Sep 11, 2026 39 Aug 31, 2026
SOYBEAN OIL September Sep 11, 2026 1 Aug 31, 2026
ROUGH RICE September Sep 11, 2026 30 Sep 09, 2026
CORN September Sep 11, 2026 319 Aug 28, 2026
WHEAT September Sep 11, 2026 3 Aug 28, 2026

WHEAT:
General Comments: Wheat was lower in both markets yesterday on what appeared to be speculative long liquidation as the Ukraine-Russia war continues and threatens any exports from the region. The president of Ukraine has said that his country and Russia would sit down soon to try to find a way for grains exports to resume from both countries, and Russia said yesterday that a proposal by Ukraine was not practical. The US Winter Wheat harvest is over. Spring Wheat is being harvested and is rated 51% good to excellent. Conditions are mixed 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.
Overnight News:
Chart Analysis: Trends in Chicago are mixed. Support is at 728, 706, and 685 December, with resistance at 796, 808, and 820 December. Trends in Kansas City are mixed. Support is at 793, 743, and 747 December, with resistance at 858, 868, and 880 December. Trends in Minneapolis are not available

RICE:
General Comments Rice closed higher and made new highs for the move yesterday in pre report trading and in part on reports of a very weak Indian monsoon that is threatening ag production including Rice and in part on reports of a disappointing harvest in the US. The Indian monsoon has been better lately. Brazil prices are strong on ideas of short production and El Nino fears for production on the next crop. Condition in the US was steady from the previous week. Harvest is active in most states and is 43% complete. Demand remains moderate to poor for US Rice and was moderate last week. El Nino is threatening production in Asia and Indian prices remain high and are going higher, Trends are up on the daily charts and are up on the weekly charts,
Overnight News:
Chart Analysis: Trends are up. Support is at 1541, 1510, and 1465 November and resistance is at 1598, 1604, and 1616 November.

CORN AND OATS
General Comments: Corn was lower yesterday in pre report trading and in response to private estimates released last week and ideas of more potential losses from stressful weather around the world but especially in Europe and Asia. There is still too much hot and dry weather in the western and southern Midwest but moderating conditions in Europe. Ukraine and Russia are back at war again and shipping is very limited in both countries. It should be cooler with drier weather in the Midwest this week. The crop conditions were steady last week and below aa year ago. Progress is ahead of normal and the harvest has started. Temperatures in the Midwest should be cooler this week. Oats were a little higher and USDA said the crop is now almost harvested.
Overnight News:
Chart Analysis: Trends in Corn are mixed to down . Support is at 521, 513, and 497 December, and resistance is at 554, 560, and 566 December. Trends in Oats are mixed to down. Support is at 360, 352, and 347 December, and resistance is at 396, 408, and 420 September.

SOYBEANS
General Comments: Soybeans were a little lower and Soybean Oil was a little higher yesterday despite renewed buying from China and other countries and an increase in the war between Iran and the US. Soybean Meal was mixed. It is still mostly hot and dry in the southern and western Midwest. Leaves are dropping according to USDA this week. Condition is below a year ago and steady from the previous week. Cooler temperatures and drier weather in northern areas are expected for the next week in the Midwest. Southern areas should stay hot and dry
Overnight News: China bought 272,000 tons of US Soybeans and 206,500 tons of Soybeans were delivered for delivery to unknown destinations.
Analysis: Trends in Soybeans are mixed to up. Support is at 1272, 1251, and 1239 November, and resistance is at 1328, 1340, and 1352 September. Trends in Soybean Meal are up. Support is at 333.00, 327.00, and 323.00 October, and resistance is at 352.00, 360.00,and 366.00 October. Trends in Soybean Oil are mixed. Support is at 6780, 6630, and 6570 October, with resistance at 7370, 7470, and 7570 October.

PALM OIL AND CANOLA
General Comments: Palm Oil was a little lower today on ideas of weakening sentiment. Canola was higher last week.
Overnight News
Chart Analysis: Trends in Canola are mixed to up. Support is at 769.00, 754.00, and 749.00 November, with resistance at 844.00, 856.00, and 868.00 November. Trends in Palm Oil are mixed to up. Support is at 4850, 4800, and 4750 November, with resistance at 5030, 5090, and 5150 November.

DJ Malaysia’s August Palm Oil Exports 1.29M Tons; Down 7.5%, MPOB Says
Malaysia’s palm oil exports were down 7.5% on month at 1.29 million metric tons in August, the Malaysian Palm Oil Board said.
The following are details of the August crop data and revised numbers for July, issued by MPOB:
August July Change
On Month
Crude Palm Oil Output 1,817,499 1,792,596 Up 1.39%
Palm Oil Exports 1,294,664 1,399,579 Dn 7.5%
Palm Kernel Oil Exports 112,879 82,261 Up 37.22%
Palm Oil Imports 49,524 49,566 Dn 0.09%
Closing Stocks 2,824,488 2,627,898 Up 7.48%
Crude Palm Oil 1,645,570 1,428,478 Up 15.2%
Processed Palm Oil 1,178,918 1,199,420 Dn 1.71%

DJ Malaysia Sept. 1-10 Palm Oil Exports Fell 17% on Month, AmSpec Says
By Ying Xian Wong
Malaysia’s palm oil exports during the Sept. 1-10 period are estimated down 17% on month at 357,194 metric tons, cargo surveyor AmSpec Agri Malaysia said Thursday.
The following are the major items in the AmSpec estimate:
(All figures in metric tons)
Sept. 1-10 Aug. 1-10
RBD Palm Olein 67,760 89,140
RBD Palm Oil 35,350 44,079
RBD Palm Stearin 24,716 40,419
Crude Palm Oil 161,136 79,501
Total* 357,194 432,742
*Palm oil product volumes don’t add up to total as some products aren’t included.

DJ Malaysian PM Cash Market Prices for Palm Oil – Sep 10
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
Sep 1177.50 -12.50 Unquoted – –
Oct/Nov/Dec 1235.00 -10.00 Unquoted – –
Jan/Feb/Mar 1310.00 -15.00 Unquoted – –
Apr/May/June 1330.00 -17.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Sep 1182.50 -12.50 Unquoted – –
Oct/Nov/Dec 1240.00 -10.00 Unquoted – –
Jan/Feb/Mar 1315.00 -15.00 Unquoted – –
Apr/May/Jun 1335.00 -17.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Sep 1140.50 -10.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Sep 1090.00 -10.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Sep 4,650.00 -30.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Sep 484.00 -04.00 Unquoted – –
($1=MYR4.063)

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