Grains Report 03/30/2026

DJ USDA Report: Recap for Quarterly Grain, Soybean Stockpiles & U.S. Planting
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 March 1 Quarterly Grain, Soybean Stockpiles and 2026 U.S. Grain, Soybean Planting reports scheduled for release at noon ET on Tuesday.
U.S. Stockpiles on March 1, 2026 (million bushels)
USDA USDA
Average Range Mar. 25 Dec. 2025
Corn 9,088 8,575-9,378 8,147 13,282
Soybeans 2,077 1,925-2,125 1,911 3,290
Wheat 1,305 1,270-1,336 1,237 1,675
****
U.S. Grain, Soybean Planting (million acres)
Average Range USDA 2025
Corn 94.481 92.6-96.0 98.788
Soybeans 85.463 84.0-86.5 81.215
All Wheat 44.605 43.1-46.6 45.328
Winter Wheat 32.732 31.9-33.3 33.153
Spring Wheat 9.681 8.2-11.0 9.990
Durum Wheat 2.037 1.6-2.3 2.185

WHEAT
General Comments: Wheat closed higher in both markets last week, but failed to make any upside progress in response to what President Trump said about the war in Iran. Trump said that he was talking to Iran and was pausing some of the of the bombing Middle eastern countries are big buyers of world Wheat and many have been bombed by Iran now. Iran has denied the talks are happening, but the president announced a two week extension of the pause in hostilities to give negotiations more time to work. Conditions are too dry in much of the US Great Plains and too wet in the US Midwest and in western Europe for best production and quality potential. Expected rain systems this week in the Great Plains could bring relief to crops produced there. The weather is now featuring precipitation is forecast for parts of the Midwest along with variable temperatures.
Overnight News:
Chart Analysis: Trends in Chicago are mixed to up. Support is at 578, 564, and 558 May, with resistance at 642, 648, and 665 May. Trends in Kansas City are mixed to up. Support is at 591, 580, and 567 May, with resistance at 657, 660, and 666 May. Trends in Minneapolis are not available.

COT — Supplemental Report – Option and Futures Combined Positions as of March 24, 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 595,809
: Positions :
: 70,194 136,297 211,791 109,553 148,193 168,468 64,455 560,005 560,737: 35,804 35,072
: Changes from: March 17, 2026 (Change in open interest: 14,973) :
: 959 -905 2,259 8,164 10,596 4,642 4,251 16,024 16,200: -1,051 -1,227
: Percent of Open Interest Represented by Each Category of Trader :
: 11.8 22.9 35.5 18.4 24.9 28.3 10.8 94.0 94.1: 6.0 5.9
: Total Traders: 406 Number of Traders in Each Category :
: 118 100 136 97 107 50 25 341 302:

COT — Supplemental Report – Option and Futures Combined Positions as of March 24, 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 341,739
: Positions :
: 47,712 68,849 105,323 71,427 125,697 97,226 19,528 321,689 319,397: 20,050 22,341
: Changes from: March 17, 2026 (Change in open interest: 5,407) :
: -3,727 1,356 4,140 4,958 -247 -246 1,680 5,125 6,930: 282 -1,523
: Percent of Open Interest Represented by Each Category of Trader :
: 14.0 20.1 30.8 20.9 36.8 28.5 5.7 94.1 93.5: 5.9 6.5
: Total Traders: 264 Number of Traders in Each Category :
: 51 63 77 75 93 38 16 212 204:
——————————————————————————————————————-

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of March 24, 2026
: Reportable Positions :
:————————————————————————————————————- :
: Producer/Merchant : : : :
: Processor/User : Swap Dealers : Managed Money : Other Reportables :
: Long : Short : Long : Short :Spreading: Long : Short :Spreading: Long : Short :Spreading :
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WHEAT-HRSpring – MIAX FUTURES EXCHANGE (CONTRACTS OF 5,000 BUSHELS) :
CFTC Code #001626 Open Interest is 73,184 :
: Positions :
: 29,646 50,607 1,768 2,287 558 20,327 4,369 2,873 6,063 890 2,451 :
: Changes from: March 17, 2026 :
: -1,358 368 308 403 47 513 -159 523 -829 -41 -609 :
: Percent of Open Interest Represented by Each Category of Trader :
: 40.5 69.2 2.4 3.1 0.8 27.8 6.0 3.9 8.3 1.2 3.3 :
: Number of Traders in Each Category Total Traders: 106 :
: 46 40 . . . 17 11 10 10 . 7 :
—————————————————————————————————————-

RICE:
General Comments Rice closed a little lower last week and trends are mixed on the weekly charts. Trends are still up on the daily charts after a big war related rally with the war with Iran and the political problems with China not having much effect on prices. Traders anticipate less production this year in the US and around the world due to low prices. Planted area could be down anywhere from 15% to 35% in the US this year. Asian Rice prices are higher due to war concerns. Demand remains moderate for US Rice.
Overnight News:
Chart Analysis: Trends are mixed to down. Support is at 1090, 1063, and 1055 May and resistance is at 1122, 1145, and 1152 May.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of March 24, 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 12,093 :
: Positions :
: 5,800 3,219 60 122 0 1,037 3,845 134 1,201 1,798 1,541 :
: Changes from: March 17, 2026 :
: 410 170 0 9 0 28 238 0 -299 -65 319 :
: Percent of Open Interest Represented by Each Category of Trader :
: 48.0 26.6 0.5 1.0 0.0 8.6 31.8 1.1 9.9 14.9 12.7 :
: Number of Traders in Each Category Total Traders: 79 :
: 20 14 . . 0 7 17 4 14 9 10 :
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CORN AND OATS
General Comments: Corn was a little lower last week. News that President Trump will hold his Ag Appreciation Day on Friday and was widely expected to announce new blending requirements for bio fuels became a disappointment. The Trump administration on Friday finalized new biofuel blending volumes mandates for the U.S. refining industry, setting the 2026 biofuel obligations at 26.81 billion RINs and the 2027 obligation at 27.02 billion RINs, and requiring large refiners to make up for 70% of volumes waived. The US and Iran were supposed to be talking and Trump has paused some US bombing raids in an effort to get some peace. Iran has denied that talks are happening but the US has extended the pause by two weeks to give any negotiations a chance to work. Shipping has been halted at Hormuz and some ships have been blown up. The Trump administration does not seem to have plans for the war moving forward. The war expanded yesterday when Iran bombed infrastructure in Gulf states Wire reports note that US Corn cash markets had been struggling to follow futures markets higher due to excessive supplies and the weekly export inspections report showed demand was in line with expectations. 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 variable for the next week. Conditions are called good in Argentina and big production is expected there. Oats were lower and trends are down on the daily charts and mixed to on the weekly charts.
Overnight News: Unknown destinations bought 145,000 tons of US Corn.
Chart Analysis: Trends in Corn are mixed. Support is at 444, 441, and 437 May, and resistance is at 477, 480, and 483 May. Trends in Oats are mixed to down. Support is at 314, 307, and 301 May, and resistance is at 380, 383, and 386 May

COT — Supplemental Report – Option and Futures Combined Positions as of March 24, 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 2,395,789
: Positions :
: 283,574 124,593 743,980 660,905 1,153,594 518,210 121,784 2,206,669 2,143,951: 189,119 251,837
: Changes from: March 17, 2026 (Change in open interest: 73,745) :
: 19,583 -35,151 32,581 6,681 58,396 12,420 12,604 71,265 68,431: 2,480 5,314
: Percent of Open Interest Represented by Each Category of Trader :
: 11.8 5.2 31.1 27.6 48.2 21.6 5.1 92.1 89.5: 7.9 10.5
: Total Traders: 879 Number of Traders in Each Category :
: 209 125 206 377 414 52 24 740 680:
——————————————————————————————————————-

SOYBEANS
General Comments: Soybeans and Soybean Meal were lower but Soybean Oil was higher. President Trump has paused bombing Iran as the two sides are talking against news that the administration has invited farmers and refiners to the White House for what is expected to be a bio fuels blending requirement announcement, Iean has denied that the talks are taking place but the US has extended the pause bt two weeks to give a deal a chance o develop. The Trump administration on Friday finalized new biofuel blending volumes mandates for the U.S. refining industry, setting the 2026 biofuel obligations at 26.81 billion RINs and the 2027 obligation at 27.02 billion RINs, and requiring large refiners to make up for 70% of volumes waived. The US-China summit has been postponed at the request of the US and because od the war. There was more news that Iran has laid mines in the straits of Hormuz and it bombed oil infrastructure in Gulf states. Shipping has been halted. The US government apparently has no idea on how to manage risks in the Hormuz or how to end the war. Big South American crops are being harvested and ideas are that Chinese buying could be interrupted due to Iran war. China has imposed new phyto controls on Brazil Soybeans to cut the flow of imports to the country. 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 be variable in the Midwest this week.
Overnight News:
Analysis: Trends in Soybeans are mixed. Support is at 1144 1137, and 1127 May, and resistance is at 1216, 1234, and 1239 May. Trends in Soybean Meal are up. Support is at 307.00, 304.00, and 301.00 May, and resistance is at 332.00, 339.00,and 345.00 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 24, 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 1,255,147
: Positions :
: 173,983 65,187 367,959 399,709 684,811 255,695 40,478 1,197,346 1,158,434: 57,801 96,713
: Changes from: March 17, 2026 (Change in open interest: -30,967) :
: -13,986 -3,454 -27,276 11,588 -404 -1,723 -2,428 -31,396 -33,562: 429 2,595
: Percent of Open Interest Represented by Each Category of Trader :
: 13.9 5.2 29.3 31.8 54.6 20.4 3.2 95.4 92.3: 4.6 7.7
: Total Traders: 648 Number of Traders in Each Category :
: 152 115 191 205 281 54 19 508 528:
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COT — Supplemental Report – Option and Futures Combined Positions as of March 24, 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 935,870
: Positions :
: 117,512 48,549 311,723 313,910 496,538 151,266 50,500 894,411 907,309: 41,458 28,560
: Changes from: March 17, 2026 (Change in open interest: 12,302) :
: -3,525 -6,021 6,333 16,197 11,180 -3,921 1,641 15,083 13,134: -2,781 -832
: Percent of Open Interest Represented by Each Category of Trader :
: 12.6 5.2 33.3 33.5 53.1 16.2 5.4 95.6 96.9: 4.4 3.1
: Total Traders: 359 Number of Traders in Each Category :
: 112 67 117 100 115 43 23 308 273:
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COT — Supplemental Report – Option and Futures Combined Positions as of March 24, 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 648,304
: Positions :
: 130,315 46,943 141,534 181,368 414,290 141,523 18,152 594,739 620,918: 53,565 27,386
: Changes from: March 17, 2026 (Change in open interest: 42,821) :
: 10,195 -13,420 17,502 4,783 39,571 7,910 228 40,389 43,881: 2,432 -1,060
: Percent of Open Interest Represented by Each Category of Trader :
: 20.1 7.2 21.8 28.0 63.9 21.8 2.8 91.7 95.8: 8.3 4.2
: Total Traders: 342 Number of Traders in Each Category :
: 98 52 96 120 116 39 15 298 244:
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PALM OIL AND CANOLA
General Comments: Palm Oil futures was lower last week as the effects on demand from the Iran war keep bio fuels demand hopes active. Demand ideas are in a state of flux right now due to the war. Canola was higher last week despite the price action in Chicago and the new bio fuels blending requirements released by the US government. The selling seen also came ideas of big crops in South America. The Trump administration on Friday finalized new biofuel blending volumes mandates for the U.S. refining industry, setting the 2026 biofuel obligations at 26.81 billion RINs and the 2027 obligation at 27.02 billion RINs, and requiring large refiners to make up for 70% of volumes waived.
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 4510, 4370, and 4310 May, with resistance at 4680, 4800, and 4860 May.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of March 24, 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 40,130 :
: Positions :
: 35,897 29,000 1,320 9,438 683 351 0 329 1,190 360 320 :
: Changes from: March 17, 2026 :
: 3,807 4,018 160 210 0 81 0 -41 0 -180 0 :
: Percent of Open Interest Represented by Each Category of Trader :
: 89.5 72.3 3.3 23.5 1.7 0.9 0.0 0.8 3.0 0.9 0.8 :
: Number of Traders in Each Category Total Traders: 29 :
: 9 11 4 4 4 . 0 . . . . :
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Disaggregated Commitments of Traders- Options and Futures Combined Positions as of March 24, 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 385,676 :
: Positions :
: 166,140 243,326 7,998 11,993 7,070 123,599 23,118 37,998 10,597 28,404 30,237 :
: Changes from: March 17, 2026 :
: 16,419 -4,529 -22 989 10 -12,106 1,008 -3,095 -2,622 4,056 3,885 :
: Percent of Open Interest Represented by Each Category of Trader :
: 43.1 63.1 2.1 3.1 1.8 32.0 6.0 9.9 2.7 7.4 7.8 :
: Number of Traders in Each Category Total Traders: 412 :
: 53 109 7 5 8 69 27 18 40 132 74 :
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DJ Malaysian PM Cash Market Prices for Palm Oil – March 30
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
Apr 1215.00 +35.00 Unquoted – –
May 1217.50 +30.00 Unquoted – –
Jun 1220.00 +32.00 Unquoted – –
Jul/Aug/Sep 1215.00 +37.50 Unquoted – –
Oct/Nov/Dec 1200.00 +32.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Apr 1220.00 +35.00 Unquoted – –
May 1222.50 +30.00 Unquoted – –
Jun 1225.00 +32.50 Unquoted – –
Jul/Aug/Sep 1220.00 +37.50 Unquoted – –
Oct/Nov/Dec 1205.00 +32.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Apr 1170.00 +30.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Apr 1135.00 +25.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Apr 4,700.00 +140.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Apr 505.00 +02.00 Unquoted – –
($1=MYR4.027)

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