Grains Report 09/28/2026

DJ USDA Report: Recap for U.S. Grain Stocks, Small Grains
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 Grain Stocks and Small Grains reports scheduled for release at noon ET on Wednesday.
U.S. Stockpiles on Sept. 1, 2026 (million bushels) USDA USDA
Average Range June 2026 Sept. 2025
Corn 1,924 1,860-2,005 5,295 1,551
Soybeans 323 305-335 1,061 325
Wheat 1,849 1,790-1,955 920 2,134
***
2026 Wheat Production
USDA USDA
Average Range August 2025
All Wheat 1,527 1,498-1,543 1,531 1,985
Winter Wheat 987 965-1,003 990 1,402
Hard Red Winter 462 455-475 463 804
Soft Red Winter 287 281-290 287 353
White Winter 238 228-242 240 244
Other Spring 473 463-490 474 497
Durum 66 63-70 66 86

China to cut tariffs on US farm goods, but list excludes soybeans
By Ella Cao, Naveen Thukral and Lewis Jackson
28 Sep 2026 02:56:56 AM
Open in LSEG Workspace
• List covers corn, wheat, sorghum, meat, dairy, vegetable oils and meals
• US soybeans still face additional 10% tariff; traders warn private crushers cannot absorb it
• State buyers have bought over 12 million metric tons of US soybeans, nearly half White House target

WHEAT:
General Comments: Wheat was lower in both markets Friday at the US-China summit wrapped with no new sales announcements and as the Ukraine-Russia war continues and threatens any exports from the region. Both sides have reported an export pace more than 50% less than a year ago. The markets trimmed the losses after opening on the lows. The US Winter Wheat planting is 19% complete. The Spring Wheat harvest is now over. Conditions are mixed in the US Midwest. 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 get big rains in southern areas.
Overnight News:
Chart Analysis: Trends in Chicago are mixed to down. Support is at 685, 677, and 665 December, with resistance at 730, 736, and 742 December. Trends in Kansas City are mixed to down. Support is at 742, 730, and 712 December, with resistance at 800, 807, and 819 December. Trends in Minneapolis are not available

COT — Supplemental Report – Option and Futures Combined Positions as of September 22, 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 595,400
: Positions :
: 62,813 114,690 223,486 130,152 165,430 138,536 56,637 554,987 560,243: 40,413 35,158
: Changes from: September 15, 2026 (Change in open interest: -7,665) :
: -6,326 3,455 -8,454 5,001 -4,123 2,166 2,471 -7,613 -6,652: -52 -1,013
: Percent of Open Interest Represented by Each Category of Trader :
: 10.5 19.3 37.5 21.9 27.8 23.3 9.5 93.2 94.1: 6.8 5.9
: Total Traders: 443 Number of Traders in Each Category :
: 138 98 139 94 131 43 24 343 333:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of September 22, 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 346,013
: Positions :
: 55,590 55,250 116,889 53,008 138,507 97,945 14,021 323,431 324,667: 22,582 21,346
: Changes from: September 15, 2026 (Change in open interest: -1,379) :
: -3,292 1,104 2,170 -719 -4,771 -171 407 -2,011 -1,090: 632 -288
: Percent of Open Interest Represented by Each Category of Trader :
: 16.1 16.0 33.8 15.3 40.0 28.3 4.1 93.5 93.8: 6.5 6.2
: Total Traders: 290 Number of Traders in Each Category :
: 75 65 82 71 101 35 13 221 224:
——————————————————————————————————————-

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of September 22, 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 81,944 :
: Positions :
: 32,322 64,550 6,637 0 547 24,562 3,165 1,629 1,775 867 3,651 :
: Changes from: September 15, 2026 :
: 317 1,470 -65 -571 0 -334 489 389 -1 98 451 :
: Percent of Open Interest Represented by Each Category of Trader :
: 39.4 78.8 8.1 0.0 0.7 30.0 3.9 2.0 2.2 1.1 4.5 :
: Number of Traders in Each Category Total Traders: 121 :
: 56 47 6 0 4 20 8 9 12 5 9 :
—————————————————————————————————————-

RICE:
General Comments Rice closed near unchanged Friday in consolidation trading and has put together strong rally this week. Brazil prices are strong on ideas of short production and El Nino fears for production on the next crop. Harvest is active in most states and is 70% 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 turning down on the daily charts and are up on the weekly charts,
Overnight News:
Chart Analysis: Trends are up. Support is at 1549, 1514, and 1465 November and resistance is at 1670, 1699, and 1712 November.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of September 22, 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 13,989 :
: Positions :
: 4,555 8,904 259 0 0 3,612 1,772 2 1,497 1,172 1,133 :
: Changes from: September 15, 2026 :
: 83 82 0 0 0 -57 95 -2 41 -9 19 :
: Percent of Open Interest Represented by Each Category of Trader :
: 32.6 63.7 1.9 0.0 0.0 25.8 12.7 0.0 10.7 8.4 8.1 :
: Number of Traders in Each Category Total Traders: 77 :
: 17 20 . 0 0 15 7 . 15 6 7 :
—————————————————————————————————————-

CORN AND OATS
General Comments: Corn was lower Friday on selling at the end of the US-China summit and no real hopes for positive demand news from the China summit. There is moderating weather in the western and southern Midwest. Ukraine and Russia are back at war again and shipping is very limited in both countries. It should be cooler with some wet weather in the Midwest this week. The crop conditions were steady last week and below aa year ago. Progress is about normal and the harvest is now 10% complete. Anecdotal report indicate that the harvest has started in the southern Midwest. Temperatures in the Midwest should be cooler this week amid mostly dry weather. Big tains are likely in ther south. Oats were higher. The harvest is complete.
Overnight News:
Chart Analysis: Trends in Corn are mixed . Support is at 515, 510, and 497 December, and resistance is at 549, 554, and 560 December. Trends in Oats are mixed to up. Support is at 406, 403, and 392 December, and resistance is at 426, 432, and 438 December.

COT — Supplemental Report – Option and Futures Combined Positions as of September 22, 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 2,675,976
: Positions :
: 372,394 104,702 876,311 697,042 1,301,515 536,670 145,551 2,482,417 2,428,078: 193,559 247,898
: Changes from: September 15, 2026 (Change in open interest: 13,967) :
: -15,230 9,031 24,986 -11,191 -13,531 11,873 -4,176 10,439 16,310: 3,529 -2,343
: Percent of Open Interest Represented by Each Category of Trader :
: 13.9 3.9 32.7 26.0 48.6 20.1 5.4 92.8 90.7: 7.2 9.3
: Total Traders: 960 Number of Traders in Each Category :
: 236 140 229 389 451 51 23 774 758:
——————————————————————————————————————-

SOYBEANS
General Comments: Soybeans and Soybean Oil were higher Friday on hopes for positive demand news from the China summit now over and on ideas of higher world petroleum prices longer term from the wars. Soybean Meal was lower. China is expected to buy more cargoes of US Soybeans before the US-China summit meetings in the coming weeks. The harvest is now 8% complete. It is still hot and dry in the south but cool and wet in the north. Moderating weather is expected in southern areas this week with precipitation and cooler temperatures. Condition is below a year ago and unchanged from the previous week. Cooler temperatures and wet weather are expected for the next week in the Midwest. Big rains are likely in the south. There is some concern that El Nono could affect South American Soybeans production this year.
Overnight News:
Analysis: Trends in Soybeans are mixed. Support is at 1290, 1256, and 1244 November, and resistance is at 1335, 1348, and 1360 September. Trends in Soybean Meal are mixed to up. Support is at 360.00, 352.00, and 347.00 October, and resistance is at 378.00, 381.00,and 384.00 October. Trends in Soybean Oil are mixed to down. Support is at 6610, 6570, and 6500 October, with resistance at 6900, 7060, and 7170 October.

COT — Supplemental Report – Option and Futures Combined Positions as of September 22, 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 1,428,898
: Positions :
: 262,368 69,192 413,692 451,166 794,067 242,861 65,858 1,370,087 1,342,809: 58,811 86,089
: Changes from: September 15, 2026 (Change in open interest: 11,994) :
: 12,477 -7,718 161 3,640 19,593 -4,512 -1,604 11,766 10,433: 228 1,562
: Percent of Open Interest Represented by Each Category of Trader :
: 18.4 4.8 29.0 31.6 55.6 17.0 4.6 95.9 94.0: 4.1 6.0
: Total Traders: 678 Number of Traders in Each Category :
: 168 125 196 216 297 50 17 533 553:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of September 22, 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 694,696
: Positions :
: 94,775 40,506 184,689 236,830 415,798 141,543 29,662 657,837 670,655: 36,859 24,041
: Changes from: September 15, 2026 (Change in open interest: -3,659) :
: -8,067 4,440 4,771 860 -16,028 -2,650 663 -5,086 -6,154: 1,427 2,495
: Percent of Open Interest Represented by Each Category of Trader :
: 13.6 5.8 26.6 34.1 59.9 20.4 4.3 94.7 96.5: 5.3 3.5
: Total Traders: 333 Number of Traders in Each Category :
: 101 54 111 100 105 41 19 287 252:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of September 22, 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 769,496
: Positions :
: 174,612 30,796 211,458 167,435 484,433 161,541 14,808 715,046 741,495: 54,450 28,000
: Changes from: September 15, 2026 (Change in open interest: -14,059) :
: -5,022 4,075 -8,890 -10,569 -10,790 11,675 817 -12,807 -14,788: -1,252 729
: Percent of Open Interest Represented by Each Category of Trader :
: 22.7 4.0 27.5 21.8 63.0 21.0 1.9 92.9 96.4: 7.1 3.6
: Total Traders: 370 Number of Traders in Each Category :
: 125 47 106 119 135 39 8 327 260:
——————————————————————————————————————-

PALM OIL AND CANOLA
General Comments: Palm Oil was lower today. Daily chart trends are down. Canola was lower Friday and trends are mixed on the daily charts and up on the weekly charts.
Overnight News
Chart Analysis: Trends in Canola are mixed. Support is at 815.00, 807.00, and 793.00 November, with resistance at 844.00, 856.00, and 868.00 November. Trends in Palm Oil are mixed to down. Support is at 4730, 4680, and 4600 December, with resistance at 4800, 4890, and 4960 December.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of September 22, 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 42,777 :
: Positions :
: 35,188 33,450 1,546 250 3,161 520 4,456 320 982 120 960 :
: Changes from: September 15, 2026 :
: -10 115 300 -300 20 0 435 100 -60 0 -495 :
: Percent of Open Interest Represented by Each Category of Trader :
: 82.3 78.2 3.6 0.6 7.4 1.2 10.4 0.7 2.3 0.3 2.2 :
: Number of Traders in Each Category Total Traders: 26 :
: 10 10 4 . . . . . 4 . . :
—————————————————————————————————————-

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of September 22, 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 410,706 :
: Positions :
: 176,368 258,012 6,879 21,676 4,939 137,256 22,050 32,628 14,270 32,315 36,173 :
: Changes from: September 15, 2026 :
: 603 5,688 -1,363 30 437 7,051 -884 -1,512 -864 631 -263 :
: Percent of Open Interest Represented by Each Category of Trader :
: 42.9 62.8 1.7 5.3 1.2 33.4 5.4 7.9 3.5 7.9 8.8 :
: Number of Traders in Each Category Total Traders: 528 :
: 52 154 6 11 8 76 25 23 71 168 69 :
—————————————————————————————————————-

DJ Malaysian PM Cash Market Prices for Palm Oil – Sept 28
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
Oct 1145.00 -20.00 Unquoted – –
Nov 1165.00 00.00 Unquoted – –
Dec 1185.00 +20.00 Unquoted – –
Jan/Feb/Mar 1230.00 +02.50 Unquoted – –
Apr/May/Jun 1275.00 +05.00 Unquoted – –
Jul/Aug/Sep 1260.00 — Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Oct 1150.00 -20.00 Unquoted – –
Nov 1170.00 00.00 Unquoted – –
Dec 1190.00 +20.00 Unquoted – –
Jan/Feb/Mar 1235.00 +02.50 Unquoted – –
Apr/May/Jun 1280.00 +05.00 Unquoted – –
Jul/Aug/Sep 1265.00 — Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Oct 1105.00 -02.50 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Oct 1055.00 +05.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Oct 4,500.00 -30.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Oct 410.00 -05.00 Unquoted – –
($1=MYR4.081)

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