Grains Report 10/23/2026

WHEAT:
General Comments: Wheat was lower in both markets once again yesterday as planting and emergence of Winter Wheat was ahead of normal with improved weather in the Great Plains. The weekly export sales report showed average demand. Both sides in the Russia-Ukraine war have reported an export pace more than 50% less than a year ago. The US Winter Wheat planting was 63% complete last week and was 39% emerged. 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 scattered showers in all areas.
Overnight News:
Chart Analysis: Trends in Chicago are down. Support is at 618, 611, and 591 December, with resistance at 662, 681 and 689 December. Trends in Kansas City are down. Support is at 657, 645, and 642 December, with resistance at 711, 725, and 738 December. Trends in Minneapolis are not available

RICE:
General Comments Rice closed higher again yesterday and made new highs for the move despite reports of farm selling as the overall supply scenario remains tight at home and around the world. The weekly export sales report showed strong demand. Damage to unharvested crops is reported from the hurricane and there are worries about El Nino hurting world production. Brazil prices are strong on ideas of short production and El Nino fears for production on the next crop. Harvest is 97% 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 1700, 1687, and 1670 November and resistance is at 1772, 1784, and 1796 November.

CORN AND OATS
General Comments: Corn was a little lower again yesterday on reports of good harvest progress. The weekly export sales report showed strong demand. End user buying and no farm selling continue to support overall. Trends are down on the daily charts. There is moderating weather in the western and southern Midwest with mostly dry conditions. Harvest has been active in some areas of the Midwest with good but not great yields being reported. Ukraine and Russia are still at war and shipping is very limited in both countries. It should be cooler with drier weather in the Midwest this week. The crop conditions last week were slightly higher from the previous week and below aa year ago. Progress is about normal and the harvest is now 95% mature and 44% complete. Temperatures in the Midwest should be warmer this week amid mostly dry weather. Oats were near unchanged and trends are turning down on the weekly charts.
Overnight News:
Chart Analysis: Trends in Corn are mixed to down . Support is at 452, 448, and 442 December, and resistance is at 470, 478, and 488 December. Trends in Oats are mixed. Support is at 366, 361, and 352 December, and resistance is at 396, 404, and 409 December.

SOYBEANS
General Comments: Soybeans and the products were higher yesterday on great harvest progress and despite big new buying from China. China is expected to buy more cargoes of US Soybeans in the coming weeks but the tariffs will remain high. The weekly export sales report showed very strong demand. The harvest was 64% complete last week. Condition was unchanged from the previous week. Warm and dry weather is likely in the north.
Overnight News: China bought 202,000 tons of US Soybeans.
Chart Analysis: Trends in Soybeans are mixed to down. Support is at 1232, 1220, and 1213 November, and resistance is at 1266, 1278, and 1298 September. Trends in Soybean Meal are down. Support is at 343.00, 337.00, and 329.00 December, and resistance is at 353.00, 361.00,and 369.00 December. Trends in Soybean Oil are mixed to down. Support is at 6540, 6480, and 6420 December, with resistance at 6740, 6880, and 7010 December.

PALM OIL AND CANOLA
General Comments: Palm Oil was higher today on dtrong export demand. Daily chart trends are mixed and weekly trends are mixed to up. Canola was higher yesterday and trends are still down on the daily charts.
Overnight News
Chart Analysis: Trends in Canola are mixed. Support is at 770.00, 754.00, and 750.00 November, with resistance at 794.00, 805.00, and 815.00 November. Trends in Palm Oil are mixed. Support is at 4550, 4490, and 4430 December, with resistance at 4760, 4800, and 4890 December.

DJ Malaysian PM Cash Market Prices for Palm Oil – Oct 23
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
Nov 1155.00 +05.00 Unquoted – –
Dec 1185.00 +05.00 Unquoted – –
Jan/Feb/Mar 1230.00 00.00 Unquoted – –
Apr/May/Jun 1275.00 +05.00 Unquoted – –
Jul/Aug/Sep 1260.00 +02.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded

Nov 1200.00 +05.00 Unquoted – –
Dec 1190.00 +05.00 Unquoted – –
Jan/Feb/Mar 1235.00 00.00 Unquoted – –
Apr/May/Jun 1280.00 +05.00 Unquoted – –
Jul/Aug/Sep 1265.00 +02.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Nov 1115.00 +05.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Nov 1050.00 00.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Nov 4,550.00 +20.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Nov 438.00 +01.00 Unquoted – –
($1=MYR4.0835)

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