Grains Report 05/12/2026

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 Tuesday.
U.S. Corn, Soybean Production (million bushels)
Average Range USDA 2025
Corn Production 15,948 15,819-16,011 17,021
Soybean Production 4,450 4,405-4,521 4,262
****
U.S. 2025-26 Stockpiles (millions)
Average Range USDA April
Corn 2,140 2,077-2,267 2,127
Soybeans 347 320-370 350
Wheat 933 912-962 938
U.S. 2026-27 Stockpiles (millions)
Average Range USDA April
Corn 1,960 1,776-2,110 N/A
Soybeans 353 300-475 N/A
Wheat 841 760-955 N/A
****
World Stockpiles (million metric tons)
2025-26
Average Range USDA April
Corn 296.5 293.0-300.4 294.8
Soybeans 125.6 123.7-127.0 124.8
Wheat 283.0 282.0-284.0 283.1
World Stockpiles (million metric tons)
2026-27
Average Range USDA April
Corn 286.7 268.0-301.0 N/A
Soybeans 126.3 122.1-132.6 N/A
Wheat 281.2 275.0-291.0 N/A
****
2026-27 WHEAT PRODUCTION
Average Range USDA 2025-26
All Wheat 1,731 1,653-1,833 1,985
Winter Wheat 1,201 1,130-1,375 1,402
Hard Red Winter 633 572-775 804
Soft Red Winter 334 315-353 353
White Winter 234 204-248 244
****
2025-26 Brazil Corn, Soybean Production (million metric tons)
Average Range USDA April
Corn 133.7 130.0-137.0 132.0
Soybeans 180.4 180.0-181.6 180.0
2025-26 Argentina Corn, Soybean Production (million metric tons)
Average Range USDA April
Corn 56.2 52.0-60.0 52.0
Soybeans 48.5 48.0-49.0 48.0

DJ USDA Grain Inspections for Export in Metric Tons – May 11
WA_GR101
Washington, DC Mon May 11, 2026 USDA Market News
COUNTRY OF DESTINATION IS REPORTED AS KNOWN AT THE TIME OF EXPORTATION.
INFORMATION CONTAINED IN THIS REPORT REFLECTS EXPORTED GRAIN INSPECTED
AND WEIGHED THROUGH THE AUTHORITY UNDER THE U.S. GRAIN STANDARDS ACT.
NO ADDITIONAL ANALYSIS, COMPILATIONS OR DATA IS AVAILABLE
GRAINS INSPECTED AND/OR WEIGHED FOR EXPORT
REPORTED IN WEEK ENDING MAY 07, 2026
— METRIC TONS —
————————————————————————-
CURRENT PREVIOUS
———– WEEK ENDING ———- MARKET YEAR MARKET YEAR
GRAIN 05/07/2026 04/30/2026 05/08/2025 TO DATE TO DATE
BARLEY 0 0 49 7,145 10,307
CORN 1,690,626 2,039,386 1,300,112 57,184,132 43,824,185
FLAXSEED 200 24 24 824 456
MIXED 0 0 0 0 122
OATS 0 0 0 5,785 647
RYE 0 0 0 0 0
SORGHUM 78,093 143,302 11,199 3,732,741 1,684,336
SOYBEANS 655,294 505,468 439,814 33,980,204 43,941,280
SUNFLOWER 0 0 0 40 0
WHEAT 511,436 502,502 405,170 22,874,536 20,318,693
Total 2,935,649 3,190,682 2,156,368 117,785,407 109,780,026
CROP MARKETING YEARS BEGIN JUNE 1 FOR WHEAT, RYE, OATS, BARLEY AND
FLAXSEED; SEPTEMBER 1 FOR CORN, SORGHUM, SOYBEANS AND SUNFLOWER SEEDS.
INCLUDES WATERWAY SHIPMENTS TO CANADA

DJ CBOT Delivery Intentions: Totals – May 12
Source: CME Group
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
ROUGH RICE May May 13, 2026 14 May 11, 2026
KC HRW WHEAT May May 13, 2026 6 Apr 30, 2026
WHEAT May May 13, 2026 2 Apr 30, 2026

WHEAT
General Comments: Wheat closed higher in both markets yesterday as dry weather returned to the Great Plains. President Trump announced he was pausing Operation Freedom to give the US and Iran a chance to work out o cease fire deal but rejected a de3al with Iran over the weekend. USDA showed deteriorating crop conditions yesterday. 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. It has been cold in Russia and frosts were reported. Some frosts are possible in Europe this week. The strait of Hormuz remains closed.
Overnight News:
Chart Analysis: Trends in Chicago are mixed. Support is at 619, 602, and 591 July, with resistance at 635, 650, and 671 July. Trends in Kansas City are mixed. Support is at 654, 645, and 629 July, with resistance at 704, 718, and 724 July. Trends in Minneapolis are not available.

RICE:
General Comments Rice closed a little higher yesterday and at the highest level in the last four months. 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. Planting and emergence are ahead of average and condition is rated high. Demand remains moderate for US Rice but export demand has been less lately.
Overnight News:
Chart Analysis: Trends are up. Support is at 1188, 1178, and 1152 July and resistance is at 1225, 1236, and 1248 July.

CORN AND OATS
General Comments: Corn was higher yesterday as the Iran war continues and that strait of Hormuz remains closed. President Trump announced he was pausing Operation Freedom to give the US and Iran a chance to work out o cease fire deal but rejected a deal with Iran over the weekend. Planting has been very active in all of the Midwest and is now over half done. It looks drier this week, but not completely dry. Temperatures in the Midwest should be generally cool 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.
Overnight News:
Chart Analysis: Trends in Corn are down. Support is at 470, 481, and 452 July, and resistance is at 477, 487, and 493 July. Trends in Oats are mixed. Support is at 337, 330, and 324 July, and resistance is at 362, 368, and 374 July

SOYBEANS
General Comments: Soybeans and Soybean Meal were higher yesterday, but Soybean Oil was lower. President Trump announced he was pausing Operation Freedom to give the US and Iran a chance to work out o cease fire deal. The two sides are apparently close to signing a memorandum of understanding about a deal but new hostilities were reported between the US and Iran on Friday and Iran was also bombing the Gulf states. Temperatures have been cool in the Midwest but planting is ahead of normal. 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. 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 harvested. The tariff wars between the US and other countries add to cost of US Soybeans. Temperatures will be generally cool in the Midwest for the next week.
Overnight News:
Analysis: Trends in Soybeans are mixed. Support is at 1168, 1157, and 1144 July, and resistance is at 1221, 1230, and 1251 July. Trends in Soybean Meal are mixed. Support is at 316.00, 313.00, and 310.00 July, and resistance is at 331.00, 335.00,and 338.00 July. Trends in Soybean Oil are mixed to up. Support is at 7150, 6940, and 6690 July, with resistance at 7680, 7740, and 7800 July.

PALM OIL AND CANOLA
General Comments: Palm Oil followed the Dalian market lower. Futures were higher today. Canola was also lower.
Overnight News:
Chart Analysis: Trends in Canola are down. Support is at 733.00, 729.00, and 709.00 July, with resistance at 758.00, 769.00, and 772.00 July. Trends in Palm Oil are mixed. Support is at 4450, 4350, and 4280 July, with resistance at 4740, 4800, and 4870 July

DJ Malaysia’s April Palm Oil Exports 1.30M Tons; Down 14%, MPOB Says
Malaysia’s palm oil exports were down 14% on month at 1.30 million metric tons in April, the Malaysian Palm Oil Board said.
The following are details of the April crop data and revised numbers for March, issued by MPOB:
April March Change
On Month
Crude Palm Oil Output 1,629,801 1,376,849 Up 18.37%
Palm Oil Exports 1,302,979 1,521,098 Dn 14.34%
Palm Kernel Oil Exports 110,711 79,278 Up 39.65%
Palm Oil Imports 75,846 66,801 Up 13.54%
Closing Stocks 2,309,474 2,270,574 Up 1.71%
Crude Palm Oil 1,264,175 1,257,331 Up 0.54%
Processed Palm Oil 1,045,299 1,013,243 Up 3.16%

DJ Malaysian PM Cash Market Prices for Palm Oil – May 12
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 1172.50 -12.50 Unquoted – –
Jun 1175.00 -10.00 Unquoted – –
Jul/Aug/Sep 1182.50 -07.50 Unquoted – –
Oct/Nov/Dec 1195.00 -05.00 Unquoted – –
Jan/Feb/Mar 1202.50 00.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
May 1177.50 -12.50 Unquoted – –
Jun 1180.00 -10.00 Unquoted – –
Jul/Aug/Sep 1187.50 -07.50 Unquoted – –
Oct/Nov/Dec 1200.00 -05.00 Unquoted – –
Jan/Feb/Mar 1207.50 00.00 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
May 1140.00 -15.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
May 1065.00 +05.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
May 4,510.00 -30.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
May 471.00 -02.00 Unquoted – –
($1=MYR3.9315)

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