Grains Report 04/09/2026

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 Thursday.
U.S. 2025-26 Stockpiles (millions)
USDA
Average Range USDA March 2024-2025
Corn 2,143 2,052-2,267 2,127 1,551
Soybeans 348 315-375 350 325
Wheat 921 890-941 931 855
****
World 2025-26 Stockpiles (million metric tons)
USDA
Average Range USDA March 2024-25
Corn 293.2 291.2-295.0 292.8 295.8
Soybeans 125.5 124.5-126.0 125.3 123.8
Wheat 277.3 276.1-278.0 277.0 259.6
****
Brazil Corn, Soybean Production (million metric tons)
2025-26
USDA
Average Range USDA March 2024-25
Corn 132.5 132.0-135.7 132.0 136.0
Soybeans 179.8 178.0-181.0 180.0 171.5
Corn Soybeans
Allendale 132.5 180.0
Doane 132.0 178.0
Linn 132.0 180.0
Marex 132.0 180.0
Midland Research 132.0 180.0
Midwest Market Solutions 132.0 179.5
Northstar 133.0 179.0
Ocean State Research 132.0 180.0
Prime Ag 132.0 180.0
StoneX 135.7 179.7
US Commodities 133.0 181.0
Zaner Ag Hedge 132.0 180.0
Argentina Corn, Soybean Production (million metric tons)
2025-26
USDA
Average Range USDA March 2024-25
Corn 52.2 52.0-53.0 52.0 50.0
Soybeans 48.1 47.0-48.5 48.0 51.1
Corn Soybeans
Allendale 52.0 48.0
Doane 53.0 47.0
Linn 52.0 48.0
Marex 52.0 48.0
Midland Research 52.0 48.0
Midwest Market Solutions 52.0 48.5
Northstar 52.3 48.5
Ocean State Research 52.0 48.0
Prime Ag 52.5 48.5
StoneX 53.0 48.5
US Commodities 52.0 48.0
Zaner Ag Hedge 52.0 48.0

DJ U.S. Export Sales: Weekly Sales Totals-Apr 9
For the week ended Apr 2, in thousand metric tons, except cotton in
thousand running bales. Net changes in commitments are gross sales,
less cancellations, buy-backs and other downward adjustments. Total
commitments are total export shipments plus total sales.
The marketing year for wheat and barley began Jun 1, cotton and
and rice Aug 1, corn, soybeans and sorghum Sep 1, and soymeal and
soyoil Oct 1. Source: USDA
wk’s net chg total
in commitments commitments undlvd sales
this yr next yr this yr last yr this yr next yr
wheat 163.6 90.7 24274.0 21336.3 4051.2 1194.8
hrw 42.5 14.8 8607.4 5345.2 1194.3 219.9
srw -2.2 43.0 3302.4 3137.6 520.3 215.0
hrs 67.0 32.8 6354.1 6740.8 1226.9 337.4
white 38.1 0.0 5403.7 5756.6 988.7 352.0
durum 18.2 0.0 606.4 356.1 121.1 70.5
corn 1361.3 11.4 71386.2 55019.3 22424.6 1433.7
soybeans 295.4 0.0 37905.1 46153.7 7389.1 242.6
soymeal 363.6 4.0 13642.5 11711.9 4398.0 218.3
soyoil -1.6 0.0 361.5 945.1 39.8 0.3
upland cotton 319.6 14.1 10247.5 10438.1 3844.6 1148.4
pima cotton 6.5 0.0 363.5 382.8 111.8 0.5
sorghum 113.5 0.0 4379.3 1344.2 1352.8 0.0
barley 0.0 3.1 74.3 39.9 26.9 16.7
rice 4.8 0.3 2174.6 2626.3 695.4 5.9

WHEAT
General Comments: Wheat closed sharply lower in both markets yesterday on improving weather forecasts for the western Great Plains. The forecasts call for some rain in the next week or so. Trump announced a two week cease fire yesterday in the late afternoon. 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 down. Support is at 564, 558, and 552 May, with resistance at 612, 616, and 625 May. Trends in Kansas City are mixed to down. Support is at 580, 567, and 560 May, with resistance at 625, 638, and 648 May. Trends in Minneapolis are not available.

RICE:
General Comments Rice closed lower yesterday and trends are turning down 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. Demand remains moderate for US Rice.
Overnight News:
Chart Analysis: Trends are mixed. Support is at 1090, 1063, and 1055 May and resistance is at 1145, 1152, and 1166 May.

CORN AND OATS
General Comments: Corn was lower yesterday as the weather is good in the US and early planting is expected. Early planting traditionally leads to large yields. President Trump announced a new two week cease fire last nuight 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 mixed on the daily charts and mixed to on the weekly charts.
Overnight News: South Korea bought 136,000 tons of US Corn.
Chart Analysis: Trends in Corn are mixed. Support is at 441, 438, and 435 May, and resistance is at 460, 470, and 474 May. Trends in Oats are mixed to down. Support is at 331, 322, and 312 May, and resistance is at 353, 360, and 380 May

SOYBEANS
General Comments: Soybeans and the products were lower yesterday as the weather for planting is good in the US. President Trump announced a two week cease fire yesterday. 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 1180, 1216, and 1234 May. Trends in Soybean Meal are mixed. Support is at 307.00, 304.00, and 301.00 May, and resistance is at 319.00, 323.00,and 335.00 May. Trends in Soybean Oil are up. Support is at 6420, 6250, and 6280 May, with resistance at 6960, 7020, and 7080 May.

PALM OIL AND CANOLA
General Comments: Palm Oil futures was lower today as the Iran war keep bio fuels demand hopes active but mixed and Crude Oil futures and other petroleum markets weaker. Demand ideas are in a state of flux right now due to the war. Canola was sharpy lower yesterday on the Trump-Iran news.
Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 701.00, 682.00, and 669.00 May, with resistance at 736.00, 743.00, and 758.00 May. Trends in Palm Oil are mixed. Support is at 4540, 4450, and 4350 July, with resistance at 4740, 4800, and 4870 July

DJ Malaysian PM Cash Market Prices for Palm Oil – April 8
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
Apr 1185.00 -25.00 Unquoted – –
May 1187.50 -22.50 Unquoted – –
Jun 1190.00 -27.50 Unquoted – –
Jul/Aug/Sep 1185.00 -35.00 Unquoted – –
Oct/Nov/Dec 1172.50 -22.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Apr 1190.00 -25.00 Unquoted – –
May 1192.50 -22.50 Unquoted – –
Jun 1195.00 -27.50 Unquoted – –
Jul/Aug/Sep 1190.00 -35.00 Unquoted – –
Oct/Nov/Dec 1177.50 -22.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Apr 1160.00 -10.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Apr 1105.00 00.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Apr 4,570.00 -180.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Apr 516.00 -10.00 Unquoted – –
($1=MYR3.976)

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