Grains Report 03/02/2026

DJ CBOT Delivery Intentions: Totals – Mar 2
Source: CME Group
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
SOYBEAN MEAL March Mar 03, 2026 102 Feb 17, 2026
ROUGH RICE March Mar 03, 2026 336 Feb 27, 2026
CORN March Mar 03, 2026 448 Feb 05, 2026
SOYBEAN March Mar 03, 2026 158 Feb 24, 2026

WHEAT
General Comments: Wheat closed higher last week on reports of potential weather related production problems in the US and in Europe. Conditions are too dry in much of the US and too wet in western Europe for best production and quality potential. There is talk that Argentine Wheat is being sold into the southeastern US. There are higher prices paid in overseas markets and on drier weather in the Great Plains. The weather is now averaging above normal temperatures and some light precipitation is forecast for parts of the Great Plains and Midwest. Temperatures were cold enough a couple of weeks ago to promote Winterkill. Many parts of the Great Plains are too dry for best yield potential, but USDA has recently rated the crops in good condition. Russia has been cold as well, but no losses have been reported although some damage is possible.
Overnight News:
Chart Analysis: Trends in Chicago are up. Support is at 583, 576, and 570 May, with resistance at 602, 608, and 614 May. Trends in Kansas City are mixed to up. Support is at 567, 567, and 554 May, with resistance at 591, 597, and 603 May. Trends in Minneapolis are not available.

RICE:
General Comments Rice was lower most of last week, but closed much higher on Friday. Trends are mixed. The weekly export sales report was considered neutral. Traders anticipate less production this year in the US and around the world due to low prices. Asian Rice prices are under pressure now due to a weaker Indian Rupee that forced costs for Indian Rice lower. Trends are mixed as demand remains moderate for US Rice.
Overnight News:
Chart Analysis: Trends are mixed. Support is at 1036, 1016, and 993 May and resistance is at 1085, 1093, and 1107 May.

CORN AND OATS
General Comments: Corn was higher and trends are turning up again. Some of the buying came in response to rallies in Wheat markets. There are still excessive supplies as seen in the recent USDA reports after prices were trending higher on strong demand. Temperatures in the Midwest should average near to above normal next week. Conditions are called good in Argentina and big production is expected there. The Safrinha Corn crop in Brazil is getting planted behind the Soybeans harvest and progress is a little behind normal. Oats were lower and trends are still mixed to up on the daily and weekly charts.
Overnight News:
Chart Analysis: Trends in Corn are up. Support is at 445, 441, and 437 May, and resistance is at 456, 459, and 462 May. Trends in Oats are mixed. Support is at 317, 314, and 308 May, and resistance is at 329, 333, and 339 May.

SOYBEANS
General Comments: Soybeans and Soybean Meal were higher on the rallies in Wheat and despite the big South American crops were being harvested. Soybean Oil was higher. South American sources said that the Brazil crops are now more than 30% harvested. There are still ideas of additional Chinese demand soon that were fueled by statements by President Trump that he and Xi had talked and that the president had pushed him for more Soybeans purchases as both sides work to reduce trade tensions between the countries. It will be up to the Chinese government to buy as US Soybeans are too high priced for commercial demand from commercial users in China and almost anywhere else. The tariff wars between the two countries add another layer of cost onto the Soybeans. Temperatures will average near to above normal in the Midwest next week.
Overnight News:
Analysis: Trends in Soybeans are mixed. Support is at 1137, 1129, and 1120 May, and resistance is at 1173, 1178, and 1190 May. Trends in Soybean Meal are up. Support is at 316.00, 309.00, and 307.00 May, and resistance is at 328.00, 330.00, and 339.00 May. Trends in Soybean Oil are up. Support is at 5970, 5850, and 5800 May, with resistance at 6200, 6260, and 6320 May.

PALM OIL AND CANOLA
General Comments: Palm Oil futures were lower last week on speculative trading tied to ideas of weak demand for Palm Oil but highe4r today as the US attacked Iran.. Ideas of increasing seasonal demand and 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 a little lower last week. The selling seen came ideas of big crops in South America.
Overnight News:
Chart Analysis: Trends in Canola are mixed to up. Support is at 682.00, 673.00, and 667.00 May, with resistance at 686.00, 692.00, and 698.00 May. Trends in Palm Oil are up. Support is at 3990, 3930, and 3870 May, with resistance at 4100, 4160, and 4200 May.

DJ Malaysia Feb. 1-28 Palm Oil Exports Fell 25% on Month to 1,025,449 Tons, AmSpec Says
By Ying Xian Wong
Malaysia’s palm oil exports during the February 1-28 period are estimated down 25% on month at 1,025,449 metric tons, cargo surveyor AmSpec Agri Malaysia said Monday.
The following are the major items in the AmSpec estimate:
(All figures in metric tons)
Feb. 1-28 Jan. 1-31
RBD Palm Olein 186，164 314,758
RBD Palm Oil 102，894 138,704
RBD Palm Stearin 102，531 92,453
Crude Palm Oil 281，720 448,702
Total* 1,025,449 1,375,718
*Palm oil product volumes don’t add up to total as some products aren’t included.

DJ Malaysian PM Cash Market Prices for Palm Oil – March 2
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
Mar 1087.50 +07.50 Unquoted – –
Apr/May/Jun 1090.00 +10.00 Unquoted – –
Jul/Aug/Sep 1090.00 +07.50 Unquoted – –
Oct/Nov/Dec 1087.50 +05.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Mar 1092.50 +07.50 Unquoted – –
Apr/May/Jun 1095.00 +10.00 Unquoted – –
Jul/Aug/Sep 1095.00 +07.50 Unquoted – –
Oct/Nov/Dec 1092.50 +05.00 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Mar 1055.00 +10.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Mar 1035.00 +05.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Mar 4,090.00 +40.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Ofer Change Bid Change Traded
Mar 434.00 +05.00 Unquoted – –
($1=MYR3.9335)

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