Grains Report 04/28/2026

WHEAT
General Comments: Wheat closed higher in both markets yesterday amid dry conditions. Isolated showers were reported and are forecast in the western Great Plains. 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. The strait of Hormuz remains closed and the Iraan war continues.
Overnight News:
Chart Analysis: Trends in Chicago are mixed. Support is at 564, 558, and 552 May, with resistance at 625, 632, and 638 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.

RICE:
General Comments Rice closed a little lower yesterday. The daily trends are still 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.

CORN AND OATS
General Comments: Corn was higher yesterday as the Iran war continues and that strait of Hormuz remains closed. Farmers were waiting to plant, but some in the central and southern Midwest are planning now and strong demand continues. It looks drier this week, but not completely dry and Chicago has seen more rain 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

SOYBEANS
General Comments: Soybeans and the products were higher yesterday as the weather is too wet for planting in the Midwest. The Iran war continues and the strait of Hormuz remains closed, drivi g up costs 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 to up. 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 mixed to up. Support is at 6420, 6250, and 6280 May, with resistance at 7260, 7320, and 7380 May.

PALM OIL AND CANOLA
General Comments: Palm Oil futures were a little higher today in consolidation trading. The war threat will not go away and demand ideas remain strong. Canola was mixed to higher yesterday.
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 4450, 4350, and 4280 July, with resistance at 4740, 4800, and 4870 July

DJ Malaysian PM Cash Market Prices for Palm Oil – Apr 28
The following are prices for Malaysian palm oil in the cash market at 1000 GMT Tuesday, 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 1185.00 -05.00 Unquoted – –
Jun 1187.50 -02.50 Unquoted – –
Jul/Aug/Sep 1190.00 +02.50 Unquoted – –
Oct/Nov/Dec 1197.50 00.00 Unquoted – –
Jan/Feb/Mar 1200.00 +02.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
May 1190.00 -05.00 Unquoted – –
Jun 1192.50 -02.50 Unquoted – –
Jul/Aug/Sep 1195.00 +02.50 Unquoted – –
Oct/Nov/Dec 1202.50 00.00 Unquoted – –
Jan/Feb/Mar 1205.00 +02.50 Unquoted – –

RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
May 1145.00 -02.50 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
May 1060.00 -15.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
May 4,530.00 00.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
May 468 -06.00 Unquoted – –
($1=MYR3.9495)

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