Grains Report 03/11/2026

DJ USDA Supply/Demand: Crop Summary – Mar 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
25/26 24/25 23/24 : 25/26 24/25 23/24 : 25/26 24/25 23/24
Soybeans 350.0 325.0 342.0 :187.17 184.22 177.84 : 427.18 427.19 396.40
Brazil na na na :114.00 103.14 104.19 : 180.00 171.50 154.50
Argentina na na na : 8.25 7.87 5.11 : 48.00 51.11 48.21
China na na na : 0.10 0.07 0.07 : 20.90 20.65 20.84
Soyoil 1,782 1,747 1,551 : 13.90 15.19 11.81 : 71.40 70.07 63.99
Corn 2,127 1,551 1,763 :206.85 187.38 192.65 : 1,297 1,231 1,231
China na na na : 0.02 0.00 0.00 : 301.24 294.92 288.84
Argentina na na na : 37.00 29.00 36.26 : 52.00 50.00 51.60
S.Africa na na na : 2.20 1.90 2.27 : 16.50 17.06 13.43
Cotton 4.40 4.00 3.15 : 43.91 42.41 44.06 : 120.99 118.54 112.23
All Wheat 931 855 696 :222.16 210.47 222.23 : 842.12 800.43 791.53
China na na na : 1.00 1.02 1.01 : 140.07 140.10 136.59
European
Union na na na : 30.50 27.92 38.00 : 144.00 122.15 135.38
Canada na na na : 29.00 29.31 25.44 : 39.96 35.94 33.41
Argentina na na na : 19.50 13.31 8.23 : 27.80 18.51 15.85
Australia na na na : 27.00 23.65 19.84 : 36.00 34.11 25.96
Russia na na na : 43.50 43.00 55.50 : 89.50 81.60 91.50
Ukraine na na na : 13.50 15.75 18.58 : 24.00 23.40 23.00
Sorghum 37.0 40.0 33.0 : na na na : na na na
Barley 69.0 69.0 78.0 : na na na : na na na
Oats 30.0 28.0 36.0 : na na na : na na na
Rice 50.3 53.9 39.8 : 61.95 61.47 56.75 : 541.28 541.65 523.93

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. Stockpiles (million bushels)
Tuesday’s
2025-26 Estimate Average Range USDA February
Corn 2,127.0 2,155 2,077-2,428 2,127
Soybeans 350.0 343 265-350 350
Wheat 931.0 923 900-956 931
***
World Stockpiles (million metric tons)
2025-26
Tuesday’s
Estimate Average Range USDA February
Corn 292.8 289.3 287.1-290.2 289.0
Soybeans 125.3 125.0 123.3-126.0 125.5
Wheat 277.0 277.3 276.0-278.0 277.5
***
Brazil Production (million metric tons)
2025-26
Tuesday’s
Estimate Average Range USDA February
Corn 132.0 132.3 130.0-136.0 131.0
Soybeans 180.0 179.3 177.8-181.0 180.0
Argentina Production (million metric tons)
2025-26
Tuesday’s
Estimate Average Range USDA February
Corn 52.0 52.9 51.5-54.0 53.0
Soybeans 48.0 48.1 47.0-49.0 48.5

DJ CBOT Delivery Intentions: Totals – Mar 11
Source: CME Group
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
SOYBEAN OIL March Mar 12, 2026 200 Feb 27, 2026
ROUGH RICE March Mar 12, 2026 2 Mar 10, 2026
CORN March Mar 12, 2026 552 Mar 10, 2026
HARD RED SPRING WHEAT FUT March Mar 12, 2026 15 Mar 10, 2026

WHEAT
General Comments: Wheat closed lower yesterday as all markets fell in response to news that many countries will open strategic oil reserves in response to the 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 reports of 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. USDA made no changes in the domestic WASDE data and minor changes in the world data.
Overnight News:
Chart Analysis: Trends in Chicago are mixed to up. Support is at 583, 564, and 558 May, with resistance at 642, 648, and 665 May. Trends in Kansas City are mixed to up. Support is at 595, 580, and 567 May, with resistance at 657, 660, and 666 May. Trends in Minneapolis are not available.

RICE:
General Comments Rice closed lower yesterday. Trends are still 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. USDA made no significant changes in the domestic and world WASDE data.
Overnight News:
Chart Analysis: Trends are mixed. Support is at 1105, 1093, and 1063 May and resistance is at 1131, 1152, and 1164 May.

DJ USDA World Market Rice Prices – Mar 11
USDA today announced the prevailing world market prices
of milled and rough rice, adjusted for U.S. milling yields
and location, and the resulting marketing loan gain (MLG)
and loan deficiency payment LDP) rates. Source: USDA
—–World Price—– MLG/LDP Rate
Milled Value Rough Rough
($/cwt) ($/cwt) ($/cwt)
Long Grain 12.84 8.01 0.00
Medium/Short Grain 12.54 8.27 0.00
Brokens 9.09 —- —-
This week’s prevailing world market prices and MLG/LDP
rates are based on the following U.S. milling yields and
the corresponding loan rates:
U.S. Milling Yields Loan Rate
Whole/Broken ($/cwt)
(lbs/cwt)
Long Grain 49.06/18.81 6.88
Medium Grain/Short Grain 57.70/11.40 6.82

CORN AND OATS
General Comments: Corn was lower yesterday on more news that many countries are opening strategic reserves of petroleum to combat soaring prices and news that President Trump has said the war will end shortly . Early 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. USDA made no significant changes in the WASDE reports.
Overnight News:
Chart Analysis: Trends in Corn are up. Support is at 444, 441, and 437 May, and resistance is at 477, 480, and 483 May. Trends in Oats are mixed. Support is at 314, 307, and 301 May, and resistance is at 352, 355, and 358 May

SOYBEANS
General Comments: Soybeans and Soybean Meal were higher as many countries are opening strategic reserves of oil to help combat the high petroleum prices caused by the war with Iran. Soybean Oil was lower. Big South American crops are being harvested and ideas are that Chinese buying could be interrupted due to the Iran war. 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 1188 1171, and 1158 May, and resistance is at 1246, 1258, and 1270 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.

PALM OIL AND CANOLA
General Comments: Palm Oil futures were 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 lower yesterday on hopes for new Chinese demand from the Carney-Xi meetings and the u war with Iran that could be over soon. The selling seen also 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 758.00, 764.00, and 770.00 May. Trends in Palm Oil are up. Support is at 4330, 3990, and 3870 May, with resistance at 4500, 4560, and 4620 May.

DJ Malaysia’s February Palm Oil Exports 1.13M Tons; Down 22%, MPOB Says
Malaysia’s palm oil exports were down 22% on month at 1.13 million metric tons in February, the Malaysian Palm Oil Board said.
The following are details of the February crop data and revised numbers for January, issued by MPOB:
February January Change
On Month
Crude Palm Oil Output 1,284,699 1,577,233 Dn 18.55%
Palm Oil Exports 1,127,605 1,454,625 Dn 22.48%
Palm Kernel Oil Exports 45,845 55,288 Dn 17.08%
Palm Oil Imports 76,276 32,316 Up 136.03%
Closing Stocks 2,704,286 2,815,348 Dn 3.94%
Crude Palm Oil 1,477,393 1,672,635 Dn 11.67%
Processed Palm Oil 1,226,893 1,142,713 Up 7.37%

DJ Malaysian PM Cash Market Prices for Palm Oil – March 1
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
Mar 1177.50 +15.00 Unquoted – –
Apr/May/Jun 1182.50 +17.50 Unquoted – –
Jul/Aug/Sep 1167.50 +10.00 Unquoted – –
Oct/Nov/Dec 1152.50 +07.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Mar 1182.50 +15.00 Unquoted – –
Apr/May/Jun 1187.50 +17.50 Unquoted – –
Jul/Aug/Sep 1172.50 +10.00 Unquoted – –
Oct/Nov/Dec 1157.50 +07.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Mar 1142.50 +07.50 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Mar 1135.00 +15.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Mar 4,440.00 +70.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Mar 463.00 00.00 Unquoted – –
($1=MYR3.915)

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