Grains Report 04/06/2026

WHEAT
General Comments: Wheat closed lower in Chicago and in Kansas City last week and 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 for a couple of weeks. However, he said on Wednesday that he would bomb Iran heavily Iran does not make a deal. 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 31, 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 593,425
: Positions :
: 78,048 136,913 208,268 102,644 154,985 166,891 57,513 555,852 557,680: 37,573 35,745
: Changes from: March 24, 2026 (Change in open interest: -2,384) :
: 7,854 616 -3,523 -6,908 6,792 -1,577 -6,942 -4,154 -3,057: 1,770 673
: Percent of Open Interest Represented by Each Category of Trader :
: 13.2 23.1 35.1 17.3 26.1 28.1 9.7 93.7 94.0: 6.3 6.0
: Total Traders: 403 Number of Traders in Each Category :
: 120 96 133 90 110 47 22 330 300:
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COT — Supplemental Report – Option and Futures Combined Positions as of March 31, 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 331,432
: Positions :
: 53,066 62,594 98,434 63,063 129,127 95,605 18,383 310,169 308,539: 21,263 22,894
: Changes from: March 24, 2026 (Change in open interest: -10,306) :
: 5,354 -6,255 -6,889 -8,364 3,429 -1,621 -1,145 -11,519 -10,859: 1,213 553
: Percent of Open Interest Represented by Each Category of Trader :
: 16.0 18.9 29.7 19.0 39.0 28.8 5.5 93.6 93.1: 6.4 6.9
: Total Traders: 261 Number of Traders in Each Category :
: 60 56 80 67 92 38 17 210 202:
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Disaggregated Commitments of Traders- Options and Futures Combined Positions as of March 31, 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 80,315 :
: Positions :
: 30,480 58,709 2,426 763 614 24,856 3,700 3,334 6,314 827 3,097 :
: Changes from: March 24, 2026 :
: 834 8,102 658 -1,524 56 4,529 -669 461 251 -63 646 :
: Percent of Open Interest Represented by Each Category of Trader :
: 38.0 73.1 3.0 1.0 0.8 30.9 4.6 4.2 7.9 1.0 3.9 :
: Number of Traders in Each Category Total Traders: 109 :
: 46 39 4 . 4 19 10 10 10 5 7 :
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RICE:
General Comments Rice closed higher last week and trends are turning up on the daily and weekly charts. The market failed at resistance 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. USDA said that Rice planted area would be about 12% less in the coming 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 1145, 1152, and 1166 May.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of March 31, 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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ROUGH RICE – CHICAGO BOARD OF TRADE (CONTRACTS OF 200,000 POUNDS) :
CFTC Code #039601 Open Interest is 12,640 :
: Positions :
: 5,817 3,502 60 110 0 1,028 4,200 149 1,351 1,692 1,622 :
: Changes from: March 24, 2026 :
: 17 283 0 -12 0 -10 355 15 150 -106 81 :
: Percent of Open Interest Represented by Each Category of Trader :
: 46.0 27.7 0.5 0.9 0.0 8.1 33.2 1.2 10.7 13.4 12.8 :
: Number of Traders in Each Category Total Traders: 83 :
: 21 17 . . 0 8 18 4 17 6 9 :
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CORN AND OATS
General Comments: Corn was lower last week as the weather is good in the US and early planting is expected. Early planting traditionally leads to large yields. The Trump administration a week ago 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. {resident Trump said on Wednesday that Iran could 3expect heavy bombing if it does not accept the deal. 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. 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 higher and trends are down on the daily charts and mixed to on the weekly charts.
Overnight News:
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 31, 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 2,367,004
: Positions :
: 279,106 146,151 733,462 662,175 1,118,340 501,282 113,419 2,176,025 2,111,371: 190,978 255,632
: Changes from: March 24, 2026 (Change in open interest: -28,785) :
: -4,468 21,558 -10,518 1,270 -35,255 -16,928 -8,365 -30,644 -32,580: 1,859 3,795
: Percent of Open Interest Represented by Each Category of Trader :
: 11.8 6.2 31.0 28.0 47.2 21.2 4.8 91.9 89.2: 8.1 10.8
: Total Traders: 878 Number of Traders in Each Category :
: 223 123 215 375 396 50 25 751 671:
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SOYBEANS
General Comments: Soybeans and Soybean Oil were higher, and Soybean Meal was a little lower last week. 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 but two weeks to give a deal a chance to develop. Trump said on Wednesday that he would resume heavy bombing of Iran if that country did not accept his cease fire terms. The Trump administration a week ago 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 but have been rescheduled for a month forward. 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 the Iran war and new import rules imposed by China. South American sources said that the Brazil crops are now more than 65% harvested. The tariff wars between the US and other countries add to cost of US Soybeans. Temperatures will be variable in the Midwest for the next 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 6960, 7020, and 7080 May.

COT — Supplemental Report – Option and Futures Combined Positions as of March 31, 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 1,239,712
: Positions :
: 183,990 62,942 346,100 395,086 696,599 256,152 36,478 1,181,328 1,142,119: 58,384 97,593
: Changes from: March 24, 2026 (Change in open interest: -15,435) :
: 10,007 -2,245 -21,859 -4,623 11,788 457 -3,999 -16,018 -16,315: 583 880
: Percent of Open Interest Represented by Each Category of Trader
: 13.1 4.3 33.6 31.8 53.0 16.7 5.8 95.2 96.7: 4.8 3.3 :
: Total Traders: 649 Number of Traders in Each Category :
: 156 116 181 206 285 52 18 504 524:
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COT — Supplemental Report – Option and Futures Combined Positions as of March 31, 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 937,512
: Positions :
: 122,751 39,968 315,275 297,906 497,116 156,558 54,043 892,489 906,402: 45,023 31,110
: Changes from: March 24, 2026 (Change in open interest: 1,642) :
: 5,239 -8,580 3,552 -16,004 579 5,292 3,543 -1,922 -907: 3,564 2,549
: Percent of Open Interest Represented by Each Category of Trader :
: 13.1 4.3 33.6 31.8 53.0 16.7 5.8 95.2 96.7: 4.8 3.3
: Total Traders: 352 Number of Traders in Each Category :
: 111 66 115 97 110 43 23 304 266:
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COT — Supplemental Report – Option and Futures Combined Positions as of March 31, 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 659,166
: Positions :
: 126,096 48,769 144,416 193,308 416,882 142,097 19,972 605,916 630,039: 53,250 29,127
: Changes from: March 24, 2026 (Change in open interest: 10,861) :
: -4,219 1,826 2,882 11,940 2,592 574 1,821 11,177 9,121: -315 1,741
: Percent of Open Interest Represented by Each Category of Trader :
: 19.1 7.4 21.9 29.3 63.2 21.6 3.0 91.9 95.6: 8.1 4.4
: Total Traders: 337 Number of Traders in Each Category :
: 96 50 92 120 118 39 16 296 240:
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PALM OIL AND CANOLA
General Comments: Palm Oil futures was higher last week as the effects on demand from the Iran war keep bio fuels demand hopes active and Crude Oil futures and other petroleum markets strong. Futures were lower today, Demand ideas are in a state of flux right now due to the war. Canola was higher yesterday on 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 31, 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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USD Malaysian Crude Palm Oil C – CHICAGO MERCANTILE EXCHANGE (CONTRACTS OF 25 METRIC TONS) :
CFTC Code #037021 Open Interest is 47,490 :
: Positions :
: 43,557 36,054 1,320 9,304 663 200 529 660 1,010 240 40 :
: Changes from: March 24, 2026 :
: 7,660 7,054 0 -134 -20 -151 529 331 -180 -120 -280 :
: Percent of Open Interest Represented by Each Category of Trader :
: 91.7 75.9 2.8 19.6 1.4 0.4 1.1 1.4 2.1 0.5 0.1 :
: Number of Traders in Each Category Total Traders: 28 :
: 9 11 4 4 5 . . . . . . :
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Disaggregated Commitments of Traders- Options and Futures Combined Positions as of March 31, 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 385,856 :
: Positions :
: 163,132 248,476 7,034 13,443 6,185 129,502 21,951 35,815 11,885 26,265 30,346 :
: Changes from: March 24, 2026 :
: -3,007 5,150 -964 1,449 -885 5,903 -1,167 -2,183 1,288 -2,139 109 :
: Percent of Open Interest Represented by Each Category of Trader :
: 42.3 64.4 1.8 3.5 1.6 33.6 5.7 9.3 3.1 6.8 7.9 :
: Number of Traders in Each Category Total Traders: 420 :
: 53 113 7 . 7 71 26 22 50 132 70 :
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DJ Malaysian PM Cash Market Prices for Palm Oil – April 6
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 1222.50 +05.00 Unquoted – –
May 1227.50 +05.00 Unquoted – –
Jun 1227.50 00.00 Unquoted – –
Jul/Aug/Sep 1230.00 +02.50 Unquoted – –
Oct/Nov/Dec 1207.50 00.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Apr 1227.50 +05.00 Unquoted – –
May 1232.50 +05.00 Unquoted – –
Jun 1232.50 00.00 Unquoted – –
Jul/Aug/Sep 1235.00 +02.50 Unquoted – –
Oct/Nov/Dec 1212.50 00.00 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Apr 1177.50 +05.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Apr 1120.00 +02.50 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Apr 4,760.00 00.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Apr 530.00 +03.00 Unquoted – –
($1=MYR4.026)

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