Grains Report 02/12/2026

DJ USDA Report: Summary for U.S. Agriculture Supply, Demand
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. 2025-26 Stockpiles (million bushels)
Tuesday’s
Estimate Average Range USDA January
Corn 2,127.0 2,260 2,177-2,452 2,227
Soybeans 350.0 348 265-375 350
Wheat 931.0 916 876-926 926
***
World 2025-26 Stockpiles (million metric tons)
Tuesday’s
Estimate Average Range USDA January
Corn 289.0 291.3 288.3-294.6 290.9
Soybeans 125.5 125.5 123.2-127.0 124.4
Wheat 277.5 278.3 277.1-279.0 278.3
***
Brazil Production (million metric tons)
2025-26
Tuesday’s
Estimate Average Range USDA January
Corn 131.0 132.6 131.0-135.5 131.0
Soybeans 180.0 179.2 178.0-181.6 178.0
Argentina Production (million metric tons)
2025-26
Tuesday’s
Estimate Average Range USDA January
Corn 53.0 52.9 51.5-55.0 53.0
Soybeans 48.5 48.1 47.0-48.5 48.5

DJ U.S. Export Sales: Weekly Sales Totals-Feb 12
For the week ended Feb 5, in thousand metric tons, except cotton in
thousand running bales. Net changes in commitments are gross sales,
less cancellations, buy-backs and other downward adjustments. Total
commitments are total export shipments plus total sales.
The marketing year for wheat and barley began Jun 1, cotton and
and rice Aug 1, corn, soybeans and sorghum Sep 1, and soymeal and
soyoil Oct 1. Source: USDA
wk’s net chg total
in commitments commitments undlvd sales
this yr next yr this yr last yr this yr next yr
wheat 488.0 13.9 22310.3 19124.4 5209.6 192.6
hrw 198.6 0.0 8006.9 4539.1 1588.8 52.4
srw 50.5 4.5 2945.6 2852.6 732.8 64.4
hrs 126.6 0.0 5706.7 6155.6 1267.3 21.5
white 112.3 9.4 5122.1 5218.3 1440.6 36.3
durum 0.0 0.0 528.7 358.7 180.0 18.0
corn 2069.6 60.0 60804.6 46415.8 26070.7 940.7
soybeans 281.8 1.3 34572.3 43002.9 11513.5 133.5
soymeal 357.0 0.0 11000.9 10079.8 4888.8 60.8
soyoil 2.1 0.0 338.6 671.3 119.2 4.0
upland cotton 231.0 50.9 8034.4 9130.9 4023.2 713.8
pima cotton 4.5 0.0 268.2 273.0 87.5 0.5
sorghum 261.3 0.0 3941.5 1176.3 2411.3 0.0
barley 1.1 0.0 72.9 35.5 33.4 0.0
rice 77.1 0.0 1685.5 2124.6 515.4 0.0

WHEAT
General Comments: Wheat closed higher yesterday after trading lower earlier in the day on the weather that has moderated to above normal temperatures. Temperatures were cold enough a couple of weeks ago to promote Winterkill. The snow came after the cold weather was a factor. Concerns on the condition of the Winter Wheat crops moving forward are growing as there is little snow cover and some very cold temperatures are occurring that could have created Winterkill over the weekend again. Many parts of the Great Plains are too dry for best yield potential.
Overnight News:
Chart Analysis: Trends in Chicago are mixed. Support is at 519, 502, and 510 March, with resistance at 545, 555, and 563 March. Trends in Kansas City are mixed. Support is at 525, 516, and 508 March, with resistance at 550, 553, and 559 March. Trends in Minneapolis are not available.

RICE:
General Comments Rice was lower again yesterday and trends are mixed to up. Futures have been recovering for the last month after a very long and sizable down move. Traders anticipate less production this year in the US and around the world due to low prices. Weaker world prices are expected by the FAO in the coming year. Asian Rice prices are under pressure now due to a weaker Indian Rupee that forced costs for Indian Rice lower. USDA cut export demand for Long Grain Rice and increased ending stocks in the reports. Trends are up in the market but demand remains moderate for US Rice.
Overnight News:
Chart Analysis: Trends are up. Support is at 1090 1087, and 1069 March and resistance is at 1139, 1145, and 1154 March.

CORN AND OATS
General Comments: Corn was mostly higher yesterday after trading lower early in the day. Trends are mixed due to excessive supplies as seen in the recent USDA reports after trending higher in recent weeks to the recent demand based rally and after production was increased in the annual report. USDA increased production in the annual reports and the increased supplies have made it hard for prices to rally at all despite reports of strong demand. USDA increased export demand and slightly cut ending stocks in the reports released this week. Temperatures in the Midwest should average above normal next week. Oats were lower and trends are mixed.
Overnight News:
Chart Analysis: Trends in Corn are down. Support is at 417, 414, and 411 March, and resistance is at 445, 453, and 465 March. Trends in Oats are mixed to up. Support is at 284, 278, and 27\5 March, and resistance is at 317, 320, and 326 March.

SOYBEANS
General Comments: Soybeans and Soybean Meal were a little higher and Soybean Oil was a little lower in choppy trading yesterday as the big South American crops were in the news. South American sources said that the Brazil crops are now 16% harvested. There are ideas of additional Chinese demand soon but it will be up to the government to buy as US Soybeans are too high priced for commercial demand from China or almost anywhere else. The tariff wars between the two countries add another layer of cost onto the Soybeans. It still seems that the market is now more concerned about big supplies coming soon from South America with the Soybeans harvest there now underway. Temperatures will average above normal in the Midwest next week.
Overnight News: Egypt bought 108,000 tons of US Soybeans.
Analysis: Trends in Soybeans are mixed. Support is at 1082, 1070, and 1064 March, and resistance is at 1138, 1150, and 1162 March. Trends in Soybean Meal are mixed. Support is at 286.00, 283.00, and 280.00 March, and resistance is at 311.00, 316.00, and 321.00 March. Trends in Soybean Oil are up. Support is at 5490, 5410, and 5340 March, with resistance at 5760, 5800, and 5860 March.

PALM OIL AND CANOLA
General Comments: Palm Oil futures were lower today on reports and ideas of weaker demand and on weaker outside markets. Ideas of increasing seasonal demand and on ideas that Palm Oil is relatively cheap in the world market are still around. Demand ideas are in a state of flux right now with some looking for weaker demand and others looking for improved demand. Production is expected to drop in the short term. Canola was lower yesterday on mostly speculative selling amid strong demand ideas. The selling came in response to price action in Chicago and ideas of big crops in South America. Canada and China reached agreement on a new trade deal which is expected to result in part in new sales of Canola to China
Overnight News:
Chart Analysis: Trends in Canola are mixed to up. Support is at 638.00, 634.00, and 623.00 March, with resistance at 668.00, 674.00, and 680.00 March. Trends in Palm Oil are up. Support is at 4150, 4070, and 4010 April, with resistance at 4350, 4420, and 4540 April.

DJ Malaysian PM Cash Market Prices for Palm Oil – Feb. 12
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
Feb 1072.50 -02.50 Unquoted – –
Mar 1072.50 -07.50 Unquoted – –
Apr/May/Jun 1075.00 -10.00 Unquoted – –
Jul/Aug/Sep 1072.50 -10.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Feb 1077.50 -02.50 Unquoted – –
Mar 1077.50 -07.50 Unquoted – –
Apr/May/Jun 1080.00 -10.00 Unquoted – –
Jul/Aug/Sep 1077.50 -10.00 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Feb 1035.00 -15.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Feb 1030.00 -10.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Feb 4,050.00 -70.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Feb 442.00 -01.00 Unquoted – –
($1=MYR3.9065)

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