Grains Report 03/09/2026

DJ USDA Report: Recap for U.S. Agriculture Supply, Demand
The following table of analysts’ estimates is provided as a service to The Wall Street Journal subscribers in conjunction with the U.S. Department of Agriculture’s monthly supply-and-demand report scheduled for release at noon ET on Tuesday.
U.S. Stockpiles (million bushels)
2025-26
Average Range USDA February USDA 2024-2025
Corn 2,155 2,077-2,428 2,127 1,551
Soybeans 343 265-350 350 325
Wheat 923 900-956 931 855
World 2025-26 Stockpiles (million metric tons)
2025-26
Average Range USDA February USDA 2024-25
Corn 289.3 287.1-290.2 289.0 294.4
Soybeans 125.0 123.3-126.0 125.5 123.7
Wheat 277.3 276.0-278.0 277.5 259.8
Brazil Corn, Soybean Production (million metric tons)
2025-26
Average Range USDA February USDA 2024-25
Corn 132.3 130.0-136.0 131.0 136.0
Soybeans 179.3 177.8-181.0 180.0 171.5
Argentina Corn, Soybean Production (million metric tons)
2025-26
Average Range USDA February USDA 2024-25
Corn 52.9 51.5-54.0 53.0 50.0
Soybeans 48.1 47.0-49.0 48.5 51.1

DJ CBOT Delivery Intentions: Totals – Mar 9
Source: CME Group
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
ROUGH RICE March Mar 10, 2026 13 Mar 06, 2026
CORN March Mar 10, 2026 241 Feb 24, 2026
HARD RED SPRING WHEAT FUT March Mar 10, 2026 28 Feb 20, 2026

WHEAT
General Comments: Wheat closed higher in Chicago and in KC last week as all markets rallied in response to th4e war in Iran. Middle eastern countries are big buyers of world Wheat and many have been bombed by Iran now. 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 564, 558, and 552 May, with resistance at 614, 620, and 626 May. Trends in Kansas City are up. Support is at 567, 553, and 547 May, with resistance at 626, 632, and 638 May. Trends in Minneapolis are not available.

COT — Supplemental Report – Option and Futures Combined Positions as of March 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 515,115
: Positions :
: 63,691 122,995 179,574 82,669 117,608 153,510 57,506 479,444 477,683: 35,672 37,433
: Changes from: February 24, 2026 (Change in open interest: -1,083) :
: -15,278 -7,099 11,659 -2,573 -6,012 3,313 1,433 -2,878 -18: 1,795 -1,065
: Percent of Open Interest Represented by Each Category of Trader :
: 12.4 23.9 34.9 16.0 22.8 29.8 11.2 93.1 92.7: 6.9 7.3
: Total Traders: 374 Number of Traders in Each Category :
: 94 95 131 86 102 45 25 299 295:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of March 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 317,720
: Positions :
: 56,184 79,446 85,975 57,623 112,895 100,907 17,958 300,689 296,274: 17,032 21,446
: Changes from: February 24, 2026 (Change in open interest: -8,852) :
: -7,722 -670 76 -968 -7,907 772 -991 -7,841 -9,492: -1,011 640
: Percent of Open Interest Represented by Each Category of Trader :
: 17.7 25.0 27.1 18.1 35.5 31.8 5.7 94.6 93.2: 5.4 6.8
: Total Traders: 261 Number of Traders in Each Category :
: 46 71 70 72 87 37 15 198 204:
——————————————————————————————————————-

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of March 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 69,463 :
: Positions :
: 29,596 36,812 1,620 1,618 655 19,328 15,365 1,765 4,321 1,369 3,119 :
: Changes from: February 24, 2026 :
: -4,303 7,851 -167 -909 -72 6,422 -7,413 -376 -2,149 354 254 :
: Percent of Open Interest Represented by Each Category of Trader :
: 42.6 53.0 2.3 2.3 0.9 27.8 22.1 2.5 6.2 2.0 4.5 :
: Number of Traders in Each Category Total Traders: 111 :
: 44 37 . . . 14 18 9 10 6 7 :
—————————————————————————————————————-

RICE:
General Comments Rice closed higher last week. Trends are up after a big war related rally as world supplies and trade in Rice could be disrupted, especially in the region near Iran. Traders anticipate less production this year in the US and around the world due to low prices. Asian Rice prices are higher due to war concerns. 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 1129, 1152, and 1164 May.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of March 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 13,016 :
: Positions :
: 6,522 2,473 60 144 0 1,341 5,641 122 1,426 1,858 1,282 :
: Changes from: February 24, 2026 :
: -188 -814 60 -6 0 217 794 -71 229 343 -331 :
: Percent of Open Interest Represented by Each Category of Trader :
: 50.1 19.0 0.5 1.1 0.0 10.3 43.3 0.9 11.0 14.3 9.9 :
: Number of Traders in Each Category Total Traders: 87 :
: 21 13 . . 0 8 21 5 17 10 10 :
—————————————————————————————————————-

CORN AND OATS
General Comments: Corn was higher last week. The buying came on the back of the Iran war that has rallied petroleum prices and increase demand for ethanol. 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 for the next week. Conditions are called good in Argentina and big production is expected there. Oats were higher and trends are up on the daily and weekly charts.
Overnight News:
Chart Analysis: Trends in Corn are up. Support is at 444, 441, and 437 May, and resistance is at 462, 465, and 468 May. Trends in Oats are mixed. Support is at 314, 307, and 301 May, and resistance is at 346, 349, and 352 May

COT — Supplemental Report – Option and Futures Combined Positions as of March 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 2,018,287
: Positions :
: 186,455 241,940 593,533 614,349 870,153 448,586 108,155 1,842,923 1,813,782: 175,364 204,505
: Changes from: February 24, 2026 (Change in open interest: 22,421) :
: 23,323 -51,209 18,984 -30,541 51,498 14,446 -2,060 26,212 17,212: -3,792 5,208
: Percent of Open Interest Represented by Each Category of Trader :
: 9.2 12.0 29.4 30.4 43.1 22.2 5.4 91.3 89.9: 8.7 10.1
: Total Traders: 811 Number of Traders in Each Category :
: 139 151 200 351 382 53 24 667 652:
——————————————————————————————————————-

SOYBEANS
General Comments: Soybeans and Soybean Oil were higher on the war with Iran and despite the big South American crops were being harvested and ideas that Chinese buying could be interrupted due to the Iran war. Soybean Meal was higher as well. South American sources said that the Brazil crops are now more than 50% harvested. The tariff wars between the US and other countries add to cost of US Soybeans. Temperatures will average near to above normal in the Midwest this week.
Overnight News:
Analysis: Trends in Soybeans are up. Support is at 1137, 1129, and 1120 May, and resistance is at 1204, 1216, and 1228 May. Trends in Soybean Meal are up. Support is at 309.00, 307.00, and 304.00 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 6720, 6780, and 6840 May.

COT — Supplemental Report – Option and Futures Combined Positions as of March 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 1,241,062
: Positions :
: 196,689 73,225 379,280 352,596 653,651 256,979 41,609 1,185,545 1,147,765: 55,516 93,297
: Changes from: February 24, 2026 (Change in open interest: 50,594) :
: 10,824 11,775 29,186 -6,339 9,302 18,972 3,409 52,643 53,672: -2,049 -3,078
: Percent of Open Interest Represented by Each Category of Trader :
: 15.8 5.9 30.6 28.4 52.7 20.7 3.4 95.5 92.5: 4.5 7.5
: Total Traders: 673 Number of Traders in Each Category :
: 156 135 205 187 285 50 21 503 560:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of March 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 877,183
: Positions :
: 97,163 91,360 279,951 288,948 427,564 169,267 48,818 835,329 847,692: 41,854 29,491
: Changes from: February 24, 2026 (Change in open interest: 23,567) :
: 2,125 -4,124 20,471 -2,345 6,785 3,654 2,219 23,905 25,351: -338 -1,784
: Percent of Open Interest Represented by Each Category of Trader :
: 11.1 10.4 31.9 32.9 48.7 19.3 5.6 95.2 96.6: 4.8 3.4
: Total Traders: 377 Number of Traders in Each Category :
: 97 103 123 93 112 41 20 304 288:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of March 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 584,419
: Positions :
: 110,036 63,889 115,766 181,806 351,906 127,199 23,110 534,806 554,671: 49,614 29,749
: Changes from: February 24, 2026 (Change in open interest: 27,502) :
: 11,159 -2,919 15,368 -6,696 14,460 10,239 873 30,070 27,782: -2,567 -280
: Percent of Open Interest Represented by Each Category of Trader :
: 18.8 10.9 19.8 31.1 60.2 21.8 4.0 91.5 94.9: 8.5 5.1
: Total Traders: 343 Number of Traders in Each Category :
: 86 62 96 118 120 36 15 288 251:
——————————————————————————————————————-

PALM OIL AND CANOLA
General Comments: Palm Oil futures higher last week and are higher today. 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 caused by the war. Production is expected to drop in the short term. Canola was higher yesterday on hopes for new Chinese demand from the Carney-Xi meetings and the u war with Iran. 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 7\38.00, 744.00, and 740.00 May. Trends in Palm Oil are up. Support is at 3990, 3930, and 3870 May, with resistance at 4380, 4440, and 4500 May.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of March 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 29,686 :
: Positions :
: 24,412 20,993 1,340 5,939 1,844 430 0 430 950 240 240 :
: Changes from: February 24, 2026 :
: 578 -563 -140 595 0 -370 0 90 -30 0 -120 :
: Percent of Open Interest Represented by Each Category of Trader :
: 82.2 70.7 4.5 20.0 6.2 1.4 0.0 1.4 3.2 0.8 0.8 :
: Number of Traders in Each Category Total Traders: 25 :
: 9 9 4 4 4 . 0 . . . . :
—————————————————————————————————————-

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of March 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 346,017 :
: Positions :
: 165,309 209,130 13,656 8,226 7,651 94,859 33,520 23,929 13,545 34,720 25,250 :
: Changes from: February 24, 2026 :
: -3,272 33,659 4,204 2,253 809 23,787 -9,358 2,438 2,083 192 5,351 :
: Percent of Open Interest Represented by Each Category of Trader :
: 47.8 60.4 3.9 2.4 2.2 27.4 9.7 6.9 3.9 10.0 7.3 :
: Number of Traders in Each Category Total Traders: 423 :
: 55 106 6 4 7 70 33 22 61 117 80 :
—————————————————————————————————————-

DJ Malaysian PM Cash Market Prices for Palm Oil – March 9
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 1190.00 +60.00 Unquoted – –
Apr/May/Jun 1192.50 +57.50 Unquoted – –
Jul/Aug/Sep 1180.00 +47.50 Unquoted – –
Oct/Nov/Dec 1170.00 +42.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Mar 1195.00 +60.00 Unquoted – –
Apr/May/Jun 1197.50 +57.50 Unquoted – –
Jul/Aug/Sep 1185.00 +47.50 Unquoted – –
Oct/Nov/Dec 1175.00 +42.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Mar 1162.50 +77.50 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Mar 1120.00 +65.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Mar 4,500.00 +240.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Mar 475.00 +25.00 Unquoted – –
($1=MYR3.9665)

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