Grains Report 04/29/2026

WHEAT
General Comments: Wheat closed higher in both markets yesterday as dry conditions in the Great Plains continue. Isolated showers were reported and are forecast in the western Great Plains, but these re not enough to solve any problems. New highs for the move were hit. Conditions are too dry in much of the US Great Plains but remain wet in the US Midwest and in western Europe for best 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 623, 613, and 602 May, with resistance at 650, 656, and 662 May. Trends in Kansas City are mixed to up. Support is at 645, 629, and 605 May, with resistance at 696, 702, and 708 May. Trends in Minneapolis are not available.

RICE:
General Comments Rice closed lower yesterday on long liquidation before First Notic Day. The daily trends are down. 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 down. Support is at 1055, 1035, and 1016 May and resistance is at 1075, 1098, and 1121 May.

DJ USDA World Market Rice Prices – Apr 29
USDA today announced the prevailing world market prices
of milled and rough rice, adjusted for U.S. milling yields
and location, and the resulting marketing loan gain (MLG)
and loan deficiency payment LDP) rates. Source: USDA
—–World Price—– MLG/LDP Rate
Milled Value Rough Rough
($/cwt) ($/cwt) ($/cwt)
Long Grain 13.16 8.21 0.00
Medium/Short Grain 12.86 8.48 0.00
Brokens 9.31 —- —-
This week’s prevailing world market prices and MLG/LDP
rates are based on the following U.S. milling yields and
the corresponding loan rates:
U.S. Milling Yields Loan Rate
Whole/Broken ($/cwt)
(lbs/cwt)
Long Grain 49.06/18.81 6.88
Medium Grain/Short Grain 57.70/11.40 6.82

CORN AND OATS
General Comments: Corn was higher again 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 457, 453, and 446 May, and resistance is at 470, 474, and 476 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 lower yesterday as the weather is too wet for planting in the Midwest. There is talk that more Soybeans could be planted if the weather does not improve for Corn planting soon. The big South American harvests are also weighing on prices. The Iran war continues and the strait of Hormuz remains closed, drive 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 342.00, 348.00,and 354.00 May. Trends in Soybean Oil are mixed to up. Support is at 6420, 6250, and 6280 May, with resistance at 7320, 7380, and 7440 May.

PALM OIL AND CANOLA
General Comments: Palm Oil futures were higher today in part on fears that El Nino will cause production disruptions later this year. 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 29
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
May 1195.00 +10.00 Unquoted – –
Jun 1197.50 +10.00 Unquoted – –
Jul/Aug/Sep 1200.00 +10.00 Unquoted – –
Oct/Nov/Dec 1207.50 +10.00 Unquoted – –
Jan/Feb/Mar 1210.00 +10.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
May 1200.00 +10.00 Unquoted – –
Jun 1202.50 +10.00 Unquoted – –
Jul/Aug/Sep 1205.00 +10.00 Unquoted – –
Oct/Nov/Dec 1212.50 +10.00 Unquoted – –
Jan/Feb/Mar 1215.00 +10.00 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
May 1150.00 +05.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
May 1062.50 +02.50 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
May 4,560.00 +30.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
May 467.00 +01.00 Unquoted – –
($1=MYR3.9495)

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