Grains Report 11/11/2026

DJ USDA Supply/Demand: Crop Summary – Nov 10
U.S. ending stocks in million bushels, except soyoil in million pounds,
cotton in million (480 pound) bales and rice in million cwt. Exports and
Production in million metric tons except cotton in million (480 pound) bales.
Projections based on trends and analysts’ judgments, not survey
date. Source: USDA’s World Agricultural Outlook Board.
======U.S.====== ================WORLD=======================
Ending Stocks Exports Production
26/27 25/26 24/25: 26/27 25/26 24/25: 26/27 25/26 24/25
Soybeans 300.0 315.0 325.0:192.55 186.63 184.33:442.50 429.26 428.23
Brazil na na na:118.00 114.46 103.14:186.00 180.50 172.50
Argentina na na na: 6.75 8.95 7.87: 50.00 49.26 51.11
China na na na: 0.10 0.13 0.07: 21.00 20.90 20.65
Soyoil 1,698 1,458 1,747: 15.10 15.55 15.26: 75.29 73.62 70.08
Corn 1,758 2,095 1,551:209.38 215.36 187.58: 1,292 1,335 1,235
China na na na: 0.02 0.02 0.00:307.00 301.24 294.92
Argentina na na na: 40.00 45.00 29.07: 57.00 64.00 49.00
S.Africa na na na: 2.20 3.10 2.05: 15.00 18.40 17.35
Cotton(a) 3.70 4.15 4.00: 44.82 45.90 42.37:117.48 122.03 119.53
All Wheat 743 920 855:208.66 226.03 210.86:827.51 844.03 799.02
China na na na: 1.00 1.10 1.02:141.00 140.07 140.10
European
Union na na na: 31.00 31.72 27.92:133.00 145.14 121.06
Canada na na na: 30.50 29.73 29.35: 36.50 40.56 35.94
Argentina na na na: 16.50 19.10 13.31: 23.00 27.89 18.51
Australia na na na: 24.50 22.54 23.65: 32.50 35.99 34.11
Russia na na na: 39.00 48.00 43.00: 88.00 90.30 81.60
Ukraine na na na: 11.50 14.10 15.75: 26.50 24.10 23.40
Sorghum 34.0 35.0 40.0: na na na: na na na
Barley 57.0 66.0 69.0: na na na: na na na
Oats 33.0 32.0 28.0: na na na: na na na
Rice 39.9 58.4 53.9: 60.23 58.20 61.43:533.19 545.65 542.08

DJ USDA Report: Summary for U.S. Agriculture Supply, Demand Report
Following are key numbers from the USDA’s crop report and how the government’s estimates compared to analysts’ forecasts in a Wall Street Journal survey.
U.S. 2026 Corn, Soybean Production (million bushels)
Tuesday’s Average USDA
USDA Est. Forecast Range Oct.
Corn Production 15,893.0 15,944 15,344-16,203 16,034
Corn Yield 179.6 180.5 173.2-185.5 181.2
Harvested Acres 88.5 88.5 88.1-88.6 88.5
Soybean Production 4,574.0 4,601 4,566-4,725 4,562
Soybean Yield 53.3 53.6 53.1-55.0 53.1
Harvested Acres 85.9 85.9 85.5-85.9 85.9
****
U.S. 2026-27 Stockpiles (millions)
Tuesday’s Average USDA
USDA Est. Forecast Range Oct.
Corn 1,758.0 1,826 1,698,1,956 1,849
Soybeans 300.0 336 280-363 315
Wheat 743.0 747 730-769 740
****
World Stockpiles (million metric tons)
2025-26
Tuesday’s Average USDA
USDA Est. Forecast Range Oct.
Corn 308.3 307.3 307.0-307.9 307.2
Soybeans 125.0 125.0 124.9-125.3 124.9
Wheat 282.9 281.8 281.6-282.0 281.6
2026-27
Tuesday’s Average USDA
USDA Est. Forecast Range Oct.
Corn 281.9 281.5 280.0-283.7 280.4
Soybeans 123.5 125.3 124.4-126.2 124.3
Wheat 280.8 277.1 276.0-278.6 276.0

DJ CBOT Delivery Intentions: Totals – Nov 11
Source: CME Group
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
ROUGH RICE November Nov 12, 2026 10 Nov 09, 2026

WHEAT:
General Comments: Wheat was a little higher in both markets yesterday as the WASDE reports showed a smaller increase in ending stcks levels than the market expected. The emergence of Winter Wheat is 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 89% complete last week and Winter Wheat was 76% emerged. Condition is rated 49% 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 580, 568, and 556 December, with resistance at 621, 645 and 662 December. Trends in Kansas City are mixed. Support is at 616, 608, and 596 December, with resistance at 676, 711, and 725 December. Trends in Minneapolis are not available

RICE:
General Comments Rice closed a little lower yesterday as the WASDE reports showed little changed supply and demand ideas. There wa a downtick in all Rice and lomng grain production and a downtick in ending stocks estimates to 39.9 million cwt from 40.0 million before. 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.

CORN AND OATS
General Comments: Corn was higher yesterday on trading that responded to the USDA reports later today. USDA showed production potential of 15.893 billion bushels with a yield of 179.6 bu/acre. This was less than last month and well below trade expectations. Demand ideas were trimmed but ending stocks still fell to 1.758 billion bushels. Trends are mixed on the daily 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 81% complete. Oats were higher and trends are mixed on the charts.
Overnight News: USDA said that 312,700 tons of Corn were received for delivery to Mexico.
Chart Analysis: Trends in Corn are mixed . 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.

SOYBEANS
General Comments: Soybeans and the products were higher yesterday in trading in response to the USDA reports. USDA showed production of 4.578 billion bushels of Soybeans with yield estimated at 53.3 bu/acre. Both are an increase from last month that called for production of 4a.562 billion bushels and a yield of 53.1 bu/acre but both are below trade estimates. The daily chart trends are mired in Soybeans and both products. China is expected to buy more cargoes of US Soybeans in the coming weeks but the tariffs will remain high. The harvest was 91% complete last week. Cooler and dry weather is likely in the north.
Overnight News
Chart Analysis: Trends in Soybeans are mixed. Support is at 1180, 1171, and 1160 January, and resistance is at 1250, 1262, and 1276 January. Trends in Soybean Meal are mixed to up. 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. Support is at 6150, 6060, and 6000 December, with resistance at 6740, 6880, and 7010 December.

PALM OIL AND CANOLA
General Comments: Palm Oil was higher today on the price action in ChicGO. Canola was higher and trends are still generally mixed on the daily 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.

DJ Malaysia’s October Palm Oil Exports 1.71M Tons; Up 56%, MPOB Says
Malaysia’s palm oil exports were up 56% on month at 1.71 million metric tons in October, the Malaysian Palm Oil Board said.
The following are details of the October crop data and revised numbers for September, issued by MPOB:
October September Change
On Month
Crude Palm Oil Output 2,153,701 2,116,950 Up 1.74%
Palm Oil Exports 1,708,670 1,097,074 Up 55.75%
Palm Kernel Oil Exports 73,395 74,865 Dn 1.96%
Palm Oil Imports 26,207 58,064 Dn 54.86%
Closing Stocks 3,621,164 3,510,554 Up 3.15%
Crude Palm Oil 2,324,211 2,162,832 Up 7.46%
Processed Palm Oil 1,296,953 1,347,722 Dn 3.77%

DJ Malaysian PM Cash Market Prices for Palm Oil – Nov 11
The following are prices for Malaysian palm oil in the cash market at 1000 GMT Wednesday, 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 1072.50 +22.50 Unquoted – –
Dec 1092.50 +30.00 Unquoted – –
Jan/Feb/Mar 1137.50 +22.50 Unquoted – –
Apr/May/Jun 1187.50 +25.00 Unquoted – –
Jul/Aug/Sep 1172.50 +15.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Nov 1077.50 +22.50 Unquoted – –
Dec 1097.50 +30.00 Unquoted – –
Jan/Feb/Mar 1142.50 +22.50 Unquoted – –
Apr/May/Jun 1192.50 +25.00 Unquoted – –
Jul/Aug/Sep 1177.50 +15.00 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Nov 1032.50 +07.50 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Nov 982.50 +02.50 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Nov 4,170.00 +90.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Nov 407.00 +22.00 Unquoted – –
($1=MYR4.0715)

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