Grains Report 04/27/2026

WHEAT
General Comments: Wheat closed higher in both markets last week amid dry conditions. Isolated showers were reported and are forecast in the western Great Plains and this caused some selling to develop on Friday. 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. 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. Support is at 564, 558, and 552 May, with resistance at 616, 625, and 632 May. Trends in Kansas City are mixed to up. Support is at 580, 567, and 560 May, with resistance at 678, 684, and 690 May. Trends in Minneapolis are not available.

COT — Supplemental Report – Option and Futures Combined Positions as of April 21, 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 557,267
: Positions :
: 66,827 127,849 203,729 98,356 138,710 151,790 51,883 520,702 522,171: 36,564 35,096
: Changes from: April 14, 2026 (Change in open interest: -8,013) :
: -8,236 20 5,298 -6,758 -10,576 3,142 -2,146 -6,555 -7,404: -1,458 -609
: Percent of Open Interest Represented by Each Category of Trader :
: 12.0 22.9 36.6 17.6 24.9 27.2 9.3 93.4 93.7: 6.6 6.3
: Total Traders: 412 Number of Traders in Each Category :
: 127 91 136 94 110 47 26 344 302:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of April 21, 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 339,882
: Positions :
: 47,993 57,946 103,092 69,700 139,457 95,852 17,121 316,638 317,617: 23,244 22,265
: Changes from: April 14, 2026 (Change in open interest: 6,208) :
: 3,564 -5,878 1,856 -2,849 11,571 1,594 -646 4,165 6,904: 2,043 -696
: Percent of Open Interest Represented by Each Category of Trader :
: 14.1 17.0 30.3 20.5 41.0 28.2 5.0 93.2 93.4: 6.8 6.6
: Total Traders: 267 Number of Traders in Each Category :
: 54 64 80 75 94 39 16 218 206:
——————————————————————————————————————-

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of April 21, 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 78,480 :
: Positions :
: 27,896 59,146 3,967 189 588 24,100 3,081 1,612 5,607 898 3,004 :
: Changes from: April 14, 2026 :
: -1,423 5,936 1,294 -12 75 1,610 -1,438 -1,016 292 -573 741 :
: Percent of Open Interest Represented by Each Category of Trader :
: 35.5 75.4 5.1 0.2 0.7 30.7 3.9 2.1 7.1 1.1 3.8 :
: Number of Traders in Each Category Total Traders: 102 :
: 44 42 4 . 5 14 10 8 9 5 9 :
—————————————————————————————————————-

RICE:
General Comments Rice closed lower after trading higher early in the week. The daily trends are mixed. 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 but export demand has been less lately.
Overnight News:
Chart Analysis: Trends are mixed. Support is at 1063, 1055, and 1036 May and resistance is at 1127, 1143, and 1156 May.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of April 21, 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 13,799 :
: Positions :
: 6,709 3,332 60 141 0 966 4,443 118 1,258 1,903 2,028 :
: Changes from: April 14, 2026 :
: 194 200 0 8 0 -113 -198 -32 116 70 153 :
: Percent of Open Interest Represented by Each Category of Trader :
: 48.6 24.1 0.4 1.0 0.0 7.0 32.2 0.9 9.1 13.8 14.7 :
: Number of Traders in Each Category Total Traders: 81 :
: 21 18 . . 0 7 16 4 15 10 9 :
—————————————————————————————————————-

CORN AND OATS
General Comments: Corn was higher last week. Farmers were waiting to plant, but some in the central and southern Midwest are planning now and strong demand continues. There were more sales on the flash reports from USDA. It looks drier this week, but not completely dry Chicago has seen a record amount of rain so far this Spring. 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 be generally warm for the next week. Conditions are called good in Argentina and big production is expected there. Oats were lower and trends are still down on the weekly charts.
Overnight News:
Chart Analysis: Trends in Corn are mixed. Support is at 438, 435, and 432 May, and resistance is at 460, 470, and 474 May. Trends in Oats are down. Support is at 312, 300, and 288 May, and resistance is at 353, 360, and 380 May

COT — Supplemental Report – Option and Futures Combined Positions as of April 21, 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 2,380,698
: Positions :
: 280,765 210,021 759,523 663,854 1,045,153 483,285 115,855 2,187,427 2,130,551: 193,271 250,147
: Changes from: April 14, 2026 (Change in open interest: 23,070) :
: 8,710 6,577 16,710 -11,711 5,112 14,936 -4,433 28,646 23,966: -5,575 -896
: Percent of Open Interest Represented by Each Category of Trader :
: 11.8 8.8 31.9 27.9 43.9 20.3 4.9 91.9 89.5: 8.1 10.5
: Total Traders: 889 Number of Traders in Each Category :
: 225 124 218 396 400 57 33 780 686:
——————————————————————————————————————-

SOYBEANS
General Comments: Soybeans and Soybean Oil were higher and Soybean Meal was lower last week as the weather is too wet for planting in the Midwest. 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 generally warm 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 1184, 1216, and 1234 May. Trends in Soybean Meal are mixed. Support is at 323.00, 318.00, and 315.00 May, and resistance is at 336.00, 342.00,and 348.00 May. Trends in Soybean Oil are up. Support is at 6420, 6250, and 6280 May, with resistance at 7260, 7320, and 7380 May.

COT — Supplemental Report – Option and Futures Combined Positions as of April 21, 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 1,256,878
: Positions :
: 182,341 65,287 367,315 399,617 690,667 246,834 39,081 1,196,108 1,162,349: 60,770 94,529
: Changes from: April 14, 2026 (Change in open interest: -14,148) :
: 12,268 -6,155 1,670 -24,760 -9,116 -1,705 2,358 -12,527 -11,244: -1,622 -2,905
: Percent of Open Interest Represented by Each Category of Trader :
: 14.5 5.2 29.2 31.8 55.0 19.6 3.1 95.2 92.5: 4.8 7.5
: Total Traders: 666 Number of Traders in Each Category :
: 183 107 194 216 285 53 20 542 532:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of April 21, 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 946,660
: Positions :
: 163,281 40,715 298,289 283,057 523,613 159,710 51,935 904,337 914,551: 42,324 32,109
: Changes from: April 14, 2026 (Change in open interest: 54,228) :
: 24,798 -438 19,191 2,781 32,422 5,376 2,446 52,146 53,621: 2,082 607
: Percent of Open Interest Represented by Each Category of Trader :
: 17.2 4.3 31.5 29.9 55.3 16.9 5.5 95.5 96.6: 4.5 3.4
: Total Traders: 376 Number of Traders in Each Category :
: 128 61 117 102 115 41 23 326 274:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of April 21, 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 694,342
: Positions :
: 131,501 48,141 151,661 199,828 448,570 157,096 17,126 640,086 665,499: 54,256 28,844
: Changes from: April 14, 2026 (Change in open interest: 10,628) :
: -13,049 5,015 -6,035 22,567 11,447 4,382 -1,069 7,865 9,357: 2,764 1,271
: Percent of Open Interest Represented by Each Category of Trader :
: 18.9 6.9 21.8 28.8 64.6 22.6 2.5 92.2 95.8: 7.8 4.2
: Total Traders: 360 Number of Traders in Each Category :
: 108 51 102 125 131 39 15 316 262:
——————————————————————————————————————-

PALM OIL AND CANOLA
General Comments: Palm Oil futures was higher last week on war concerns. Futures were lower today on weaker export data. The war threat will not go away and demand ideas remain strong. Canola was higher last week.
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

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of April 21, 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 47,490 :
: Positions :
: 43,727 37,424 1,640 7,578 423 240 1,105 600 750 360 0 :
: Changes from: April 14, 2026 :
: 270 130 0 60 0 0 0 0 -160 -60 0 :
: Percent of Open Interest Represented by Each Category of Trader :
: 92.1 78.8 3.5 16.0 0.9 0.5 2.3 1.3 1.6 0.8 0.0 :
: Number of Traders in Each Category Total Traders: 24 :
: 11 10 . 4 4 . . . . . 0 :
—————————————————————————————————————-

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of April 21, 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 333,320 :
: Positions :
: 154,872 195,028 5,042 14,045 6,788 95,532 23,202 36,391 8,012 29,725 25,155 :
: Changes from: April 14, 2026 :
: -5,293 -8,442 -1,125 610 669 -4,769 -4,270 1,726 -1,401 -393 84 :
: Percent of Open Interest Represented by Each Category of Trader :
: 46.5 58.5 1.5 4.2 2.0 28.7 7.0 10.9 2.4 8.9 7.5 :
: Number of Traders in Each Category Total Traders: 433 :
: 59 125 8 . 6 66 27 23 46 145 74 :
—————————————————————————————————————-

DJ Malaysian PM Cash Market Prices for Palm Oil – Apr 27
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
May 1190.00 -02.50 Unquoted – –
Jun 1190.00 -05.00 Unquoted – –
Jul/Aug/Sep 1187.50 -10.00 Unquoted – –
Oct/Nov/Dec 1197.50 -05.00 Unquoted – –
Jan/Feb/Mar 1197.50 -02.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
May 1195.00 -02.50 Unquoted – –
Jun 1195.00 -05.00 Unquoted – –
Jul/Aug/Sep 1192.50 -10.00 Unquoted – –
Oct/Nov/Dec 1202.50 -05.00 Unquoted – –
Jan/Feb/Mar 1202.50 -02.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
May 1147.50 -05.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
May 1075.00 -15.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
May 4,530.00 -40.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
May 474 -02.00 Unquoted – –
($1=MYR3.9515)

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