Grains Report 11/09/2026

DJ U.S. Corn, Soybean Production Estimates — Survey
NEW YORK–The following are analysts’ estimates for 2026 U.S. corn and soybean production in millions of bushels, as compiled by The Wall Street Journal. Yield estimates are in bushels per acre and harvested acres are in million acres. The U.S. Department of Agriculture is scheduled to release its monthly estimates at noon on Tuesday.
U.S. 2026 Production (million bushels, bushels per acre)
Average Range USDA Oct. USDA 2025
Corn Production 15,944 15,344-16,203 16,034 16,964
Corn Yield 180.5 173.2-185.5 181.2 186.5
Harvested Acres 88.5 88.1-88.6 88.5 90.9
Soybean Production 4,601 4,566-4,725 4,562 4,261
Soybean Yield 53.6 53.1-55.0 53.1 53.0
Harvested Acres 85.9 85.5-85.9 85.9 80.4
Corn Harvested Soybean Harvested
Production Yield Acres Production Yield Acres
Allendale 15,913 179.8 88.5 4,569 53.1 85.9
Doane 15,344 173.2 88.5 4,577 53.3 85.9
Grain Cycles 15,905 179.7 88.5 4,603 53.6 85.9
Linn Group 15,934 180.0 4,587 53.4
Sid Love Consulting 15,858 180.0 88.1 4,566 53.4 85.5
Marex 16,050 181.3 88.5 4,628 54.0 85.9
Midland Research 15,910 179.6 88.5 4,595 53.5 85.9
Midwest Market Solutions 16,072 181.5 88.6 4,570 53.2 85.9
Northstar 15,985 180.6 88.5 4,604 53.6 85.9
Ocean State Research 16,054 181.2 88.6 4,639 54.0 85.9
Prime Ag 16,034 181.2 88.5 4,587 53.4 85.9
StoneX 16,203 183.1 88.5 4,725 55.0 85.9
US Commodities 16,019 185.5 88.5 4,596 53.5 85.9
Vantage RM 16,004 180.9 88.5 4,577 53.3 85.9
Zaner Ag Hedge 15,877 179.4 88.5 4,587 53.4 85.9

DJ U.S. November Grain, Soybean Stockpiles Estimates — Survey
NEW YORK–The following are analysts’ estimates in millions of bushels for U.S. ending stockpiles for 2026-27, as compiled by The Wall Street Journal. The U.S. Department of Agriculture is scheduled to release updated supply and demand tables on Tuesday at noon ET.
U.S. Stockpiles (millions)
2026-27
Average Range USDA Oct.
Corn 1,826 1,698-1,956 1,849
Soybeans 336 280-363 315
Wheat 747 730-769 740
2026-27
Corn Soybeans Wheat
Allendale 1,956 321 769
Doane 1,709 280 756
Grain Cycles 1,770 359 740
Linn Group 1,800 340 740
Sid Love Consulting 1,698 334 740
Marex 1,900 350 750
Midland Research 1,775 340 755
Midwest Market Solutions 1,896 320 740
Northstar 1,820 335 740
Ocean State Research 1,870 363 765
Prime Ag 1,849 330 740
StoneX 1,918 363 730
US Commodities 1,870 349 745
Vantage RM 1,815 330 740
Zaner Ag Hedge 1,742 325 750

DJ November World Grain, Soybean Stockpiles Estimates — Survey
NEW YORK–The following are analysts’ estimates in millions of metric tons for world grain and soybean ending stockpiles for 2025-26 and 2026-27, as compiled by The Wall Street Journal. The U.S. Department of Agriculture is scheduled to release updated supply and demand tables on Tuesday at noon ET.
World Stockpiles (million metric tons)
2025-26
Average Range USDA Oct.
Corn 307.3 307.0-307.9 307.2
Soybeans 125.0 124.9-125.3 124.9
Wheat 281.8 281.6-282.0 281.6
2026-27
Average Range USDA Oct.
Corn 281.5 280.0-283.7 280.4
Soybeans 125.3 124.4-126.2 124.3
Wheat 277.1 276.0-278.6 276.0
2025-26 2026-27
Corn Soybeans Wheat Corn Soybeans Wheat
Allendale 283.7 124.4 276.2
Linn 280.0 125.0 276.0
Marex 307.0 125.0 282.0 282.0 125.5 277.0
Midwest Market Solutions 307.9 125.3 281.9 280.9 125.0 276.7
Northstar 307.0 124.9 281.6 282.0 125.0 276.0
Ocean State Research 307.5 125.0 282.0 281.0 126.0 278.0
Prime Ag 281.0 125.0 277.0
StoneX 283.4 125.6 278.1
US Commodities 280.0 125.0 277.0
Zaner Ag Hedge 307.2 124.9 281.6 280.6 126.2 278.6

DJ CBOT Delivery Intentions: Totals – Nov 9
Source: CME Group
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
ROUGH RICE November Nov 10, 2026 3 Nov 05, 2026
SOYBEAN November Nov 10, 2026 2 Oct 26, 2026

WHEAT:
General Comments: Wheat was lower in both markets last week despite stronger than epect3ed weekly export sales. The emergence of Winter Wheat are ahead of normal with improved weather in the Great Plains. 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 83% complete last week and Winter Wheat was 65% emerged. Condition is rated 4% good to excellent. 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. President Trump said on Friday that he expects an agreement to be signed very soon in the Russia-Ukraine conflict that would be beneficial to all sides including all of Europe.
Overnight News:
Chart Analysis: Trends in Chicago are mixed. Support is at 591, 580, and 568 December, with resistance at 621, 645 and 662 December. Trends in Kansas City are mixed. Support is at 628, 616, and 608 December, with resistance at 676, 711, and 725 December. Trends in Minneapolis are not available

COT — Supplemental Report – Option and Futures Combined Positions as of November 03, 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 657,727
: Positions :
: 64,502 157,332 246,347 174,627 136,599 133,380 78,934 618,856 619,211: 38,872 38,517
: Changes from: October 27, 2026 (Change in open interest: 28,858) :
: 350 9,685 18,816 10,535 -4,424 -270 4,430 29,431 28,507: -573 350
: Percent of Open Interest Represented by Each Category of Trader :
: 9.8 23.9 37.5 26.6 20.8 20.3 12.0 94.1 94.1: 5.9 5.9
: Total Traders: 443 Number of Traders in Each Category :
: 140 113 159 105 109 43 25 368 334:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of November 03, 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 370,232
: Positions :
: 39,013 74,667 134,661 88,777 117,290 88,366 17,999 350,817 344,616: 19,415 25,616
: Changes from: October 27, 2026 (Change in open interest: 8,844) :
: 688 4,648 3,300 3,312 -3,225 1,607 2,895 8,907 7,617: -63 1,226
: Percent of Open Interest Represented by Each Category of Trader :
: 10.5 20.2 36.4 24.0 31.7 23.9 4.9 94.8 93.1: 5.2 6.9
: Total Traders: 269 Number of Traders in Each Category :
: 63 70 87 71 80 36 15 217 209:
——————————————————————————————————————-

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of November 3, 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 82,653 :
: Positions :
: 39,815 38,852 8,850 1,813 993 14,410 24,145 1,416 1,736 1,243 4,634 :
: Changes from: October 27, 2026 :
: 2,109 -3,229 -436 67 70 -571 5,451 281 229 149 653 :
: Percent of Open Interest Represented by Each Category of Trader :
: 48.2 47.0 10.7 2.2 1.2 17.4 29.2 1.7 2.1 1.5 5.6 :
: Number of Traders in Each Category Total Traders: 120 :
: 55 39 7 . 5 13 22 7 6 6 8 :
—————————————————————————————————————-

RICE:
General Comments Rice closed higher last week and at new highs for the move. Less domestic production this year is reported 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. Demand remains moderate for US Rice and was moderate to good last week. El Nino is threatening production in Asia and Indian prices remain high and are going higher, Trends are mixed on the daily charts and are up on the weekly charts,
Overnight News:
Chart Analysis: Trends are mixed. Support is at 1755, 1735, and 1710 January and resistance is at 1833, 1856, and 1868 January.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of November 3, 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 15,043 :
: Positions :
: 4,867 10,729 245 137 0 4,582 962 3 1,640 1,017 1,046 :
: Changes from: October 27, 2026 :
: -519 301 -6 0 0 159 23 3 201 -202 -511 :
: Percent of Open Interest Represented by Each Category of Trader :
: 32.4 71.3 1.6 0.9 0.0 30.5 6.4 0.0 10.9 6.8 7.0 :
: Number of Traders in Each Category Total Traders: 79 :
: 15 15 . . 0 19 6 . 18 7 7 :
—————————————————————————————————————-

CORN AND OATS
General Comments: Corn was lower last week on reports of good harvest progress amid warm and dry weather. Ideas are that USDA will show increased production potential in its reports net week. Trends are down on the daily and weekly charts. There is moderating weather in the western and southern Midwest with mostly dry conditions. Harvest has been active in most 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. Progress is below normal and the harvest is now 74% complete. Oats were lower and trends are down on the weekly charts.
Overnight News: Mexico bought 110000 tons of US Corn.
Chart Analysis: Trends in Corn are mixed to down . Support is at 436, 430, and 424 December, and resistance is at 470, 478, and 488 December. Trends in Oats are mixed to down. Support is at 330, 327, and 324 December, and resistance is at 370, 383, and 405 December.

COT — Supplemental Report – Option and Futures Combined Positions as of November 03, 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 2,576,752
: Positions :
: 170,301 263,586 928,391 823,603 1,024,091 434,981 147,138 2,357,276 2,363,206: 219,476 213,546
: Changes from: October 27, 2026 (Change in open interest: 82,599) :
: -19,428 49,273 61,815 41,196 -21,511 -11,405 408 72,177 89,985: 10,422 -7,386
: Percent of Open Interest Represented by Each Category of Trader :
: 6.6 10.2 36.0 32.0 39.7 16.9 5.7 91.5 91.7: 8.5 8.3
: Total Traders: 922 Number of Traders in Each Category :
: 189 154 226 452 406 49 24 807 711:
——————————————————————————————————————-

SOYBEANS
General Comments: Soybeans and the products were lower last week on great harvest progress and on ideas that USDA will show increased production potential in its reports net week. Crude Oil futures were lower last week and the selling spilled into Soybeans and the products. The weekly chart trends are down in Soybeans and Soybean Meal and are mixed to down in Soybean Oil. China is expected to buy more cargoes of US Soybeans in the coming weeks but the tariffs will remain high. Lula was elected president of Brazil recently It was a surprise to the market and hurt the Real against the Dollar and Ag prices generally, especially those featuring selling from Brazil. The harvest was 88% complete last week. Cooler and dry weather is likely in the north.
Overnight News:
Chart Analysis: Trends in Soybeans are mixed to down. Support is at 1180, 1171, and 1160 January, and resistance is at 1250, 1262, and 1276 January. Trends in Soybean Meal are down. Support is at 314.00, 311.00, and 308.00 December, and resistance is at 353.00, 361.00,and 369.00 December. Trends in Soybean Oil are mixed to down. Support is at 6170, 6060, and 6000 December, with resistance at 6740, 6880, and 7010 December.

COT — Supplemental Report – Option and Futures Combined Positions as of November 03, 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 1,132,599
: Positions :
: 162,903 61,144 332,660 403,199 613,827 183,825 53,718 1,082,587 1,061,350: 50,012 71,249
: Changes from: October 27, 2026 (Change in open interest: -917) :
: -27,325 3,904 40,168 1,211 -43,728 -12,791 3,789 1,263 4,134: -2,180 -5,051
: Percent of Open Interest Represented by Each Category of Trader :
: 14.4 5.4 29.4 35.6 54.2 16.2 4.7 95.6 93.7: 4.4 6.3
: Total Traders: 633 Number of Traders in Each Category :
: 132 128 184 201 281 47 19 476 535:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of November 03, 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 680,324
: Positions :
: 60,149 64,359 215,524 231,927 339,738 138,099 32,587 645,698 652,208: 34,626 28,116
: Changes from: October 27, 2026 (Change in open interest: 35,919) :
: -7,187 7,983 27,601 15,673 -4,980 2,466 1,867 38,553 32,471: -2,634 3,449
: Percent of Open Interest Represented by Each Category of Trader :
: 8.8 9.5 31.7 34.1 49.9 20.3 4.8 94.9 95.9: 5.1 4.1
: Total Traders: 340 Number of Traders in Each Category :
: 88 75 116 98 101 39 20 280 266:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of November 03, 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 689,697
: Positions :
: 104,598 34,806 211,952 170,320 393,216 148,356 16,676 635,226 656,650: 54,471 33,047
: Changes from: October 27, 2026 (Change in open interest: -20,004) :
: -45,587 -562 28,042 10,876 -48,181 -14,101 958 -20,769 -19,744: 765 -260
: Percent of Open Interest Represented by Each Category of Trader :
: 15.2 5.0 30.7 24.7 57.0 21.5 2.4 92.1 95.2: 7.9 4.8
: Total Traders: 335 Number of Traders in Each Category :
: 91 54 106 116 123 37 16 290 262:
——————————————————————————————————————

PALM OIL AND CANOLA
General Comments: Palm Oil was lower last week on weakness in outside markets. The market was closed today. Canola was lower and trends are still generally down on the daily and weekly charts.
Overnight News
Chart Analysis: Trends in Canola are mixed to down. Support is at 747.00, 750.00, and 734.00 January, with resistance at 796.00, 818.00, and 829.00 January. Trends in Palm Oil are mixed to down. Support is at 4320, 4260, and 4200 January, with resistance at 4780, 4\850, and 4890 January.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of November 3, 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 37,586 :
: Positions :
: 29,080 33,074 4,236 240 2,235 120 1,257 0 1,135 20 760 :
: Changes from: October 27, 2026 :
: -5,022 -2,005 1,135 60 -601 -80 -1,572 -370 350 -100 40 :
: Percent of Open Interest Represented by Each Category of Trader :
: 77.4 88.0 11.3 0.6 5.9 0.3 3.3 0.0 3.0 0.1 2.0 :
: Number of Traders in Each Category Total Traders: 27 :
: 11 9 5 . 4 . . 0 5 . . :
—————————————————————————————————————-

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of November 3, 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 285,382 :
: Positions :
: 149,731 127,930 1,575 15,690 4,046 70,773 42,491 30,509 7,437 42,636 19,964 :
: Changes from: October 27, 2026 :
: 16,269 2,772 96 -2,267 40 -18,488 -350 1,286 1,506 -664 450 :
: Percent of Open Interest Represented by Each Category of Trader :
: 52.5 44.8 0.6 5.5 1.4 24.8 14.9 10.7 2.6 14.9 7.0 :
: Number of Traders in Each Category Total Traders: 341 :
: 49 77 7 7 8 48 44 33 42 90 38 :
—————————————————————————————————————-

DJ Malaysian PM Cash Market Prices for Palm Oil – Nov 6
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 1047.50 -35.00 Unquoted – –
Dec 1070.00 -32.50 Unquoted – –
Jan/Feb/Mar 1110.00 -30.00 Unquoted – –
Apr/May/Jun 1147.50 -30.00 Unquoted – –
Jul/Aug/Sep 1142.50 -30.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Nov 1052.50 -35.00 Unquoted – –
Dec 1075.00 -32.50 Unquoted – –
Jan/Feb/Mar 1115.00 -30.00 Unquoted – –
Apr/May/Jun 1152.50 -30.00 Unquoted – –
Jul/Aug/Sep 1147.50 -30.00 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Nov 1030.00 -20.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Nov 980.00 -07.50 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Nov 4,100.00 -120.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Nov 385.00 -09.00 Unquoted – –
($1=MYR4.057)

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