Grains Report 05/26/2026

WHEAT
General Comments: Wheat closed higher in Chicago but lower in Kansas City last week on forecasts and reports for improving weather in Wheat areas and as the stalemate continues in the Iran war. The crop condition ratings are now the lowest in over 30 years in HRW areas and have provided support for prices in KC. USDA showed deteriorating crop conditions last week. Conditions are too dry in much of the US Great Plains but have been improving with scattered showers now appearing in the region. Conditions remain wet in the US Midwest and in western Europe for best quality potential. The weather is now featuring precipitation for parts of the Midwest along with variable temperatures. The strait of Hormuz remains closed.
Overnight News:
Chart Analysis: Trends in Chicago are mixed. Support is at 631, 628, and 606 July, with resistance at 680, 688, and 700 July. Trends in Kansas City are mixed to up. Support is at 678, 664, and 649 July, with resistance at 722, 750, and 762 July. Trends in Minneapolis are not available.

COT — Supplemental Report – Option and Futures Combined Positions as of May 19, 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 608,859
: Positions :
: 75,727 127,216 210,451 107,839 168,073 174,833 64,504 568,851 570,245: 40,008 38,614
: Changes from: May 12, 2026 (Change in open interest: 22,162) :
: 2,476 -5,789 5,830 4,690 21,268 12,303 3,771 25,300 25,080: -3,138 -2,919
: Percent of Open Interest Represented by Each Category of Trader :
: 12.4 20.9 34.6 17.7 27.6 28.7 10.6 93.4 93.7: 6.6 6.3
: Total Traders: 426 Number of Traders in Each Category :
: 132 110 128 85 108 47 29 338 309:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of May 19, 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 355,102
: Positions :
: 58,524 70,846 111,180 63,130 130,921 98,776 17,445 331,610 330,392: 23,492 24,710
: Changes from: May 12, 2026 (Change in open interest: -1,236) :
: 806 10,204 -4,311 3,488 -5,110 2,029 1,179 2,012 1,962: -3,247 -3,198
: Percent of Open Interest Represented by Each Category of Trader :
: 16.5 20.0 31.3 17.8 36.9 27.8 4.9 93.4 93.0: 6.6 7.0
: Total Traders: 266 Number of Traders in Each Category :
: 58 61 77 77 92 36 20 214 209:
——————————————————————————————————————-

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of May 19, 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 83,611 :
: Positions :
: 35,340 68,484 3,429 0 590 29,957 5,653 2,197 6,124 664 3,864 :
: Changes from: May 12, 2026 :
: 4,489 -507 -1,724 0 317 -1,799 1,206 -332 -275 -666 84 :
: Percent of Open Interest Represented by Each Category of Trader :
: 42.3 81.9 4.1 0.0 0.7 35.8 6.8 2.6 7.3 0.8 4.6 :
: Number of Traders in Each Category Total Traders: 118 :
: 49 46 6 0 4 20 11 9 14 . 10 :
—————————————————————————————————————-

RICE:
General Comments Rice closed higher again las week and at the highest level since last July in reaction to ideas of sharply reduced planted and harvested area in the US. Production was cut back mostly due to reduced planted and harvested area. Yields were actually held high in the USDA estimates. 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 and export demand was improved last week.
Overnight News:
Chart Analysis: Trends are up. Support is at 1237, 1215, and 1178 July and resistance is at 1323, 1324, and 1333 July.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of May 19, 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 14,440 :
: Positions :
: 3,876 6,389 560 0 0 2,090 2,640 100 2,316 1,755 2,022 :
: Changes from: May 12, 2026 :
: 673 1,878 290 0 0 682 -345 -69 373 472 68 :
: Percent of Open Interest Represented by Each Category of Trader :
: 26.8 44.2 3.9 0.0 0.0 14.5 18.3 0.7 16.0 12.2 14.0 :
: Number of Traders in Each Category Total Traders: 88 :
: 18 21 . 0 0 11 11 . 23 7 11 :
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CORN AND OATS
General Comments: Corn was a little higher last week on demand ideas and despite strong planting and emergence progress in reports released by USDA and on forecasts for improved growing conditions in the Midwest. 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 variable for the next week. Conditions are called good in Argentina and big production is expected there. The export sales report was positive. Oats were lower and trends are down on the daily and weekly charts.
Overnight News:
Chart Analysis: Trends in Corn are mixed. Support is at 452, 449, and 446 July, and resistance is at 487, 493, and 500 July. Trends in Oats are mixed. Support is at 351, 339, and 330 July, and resistance is at 370, 377, and 387 July

COT — Supplemental Report – Option and Futures Combined Positions as of May 19, 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 2,562,271
: Positions :
: 349,086 200,555 812,784 654,762 1,169,202 561,618 122,046 2,378,250 2,304,588: 184,021 257,683
: Changes from: May 12, 2026 (Change in open interest: 29,155) :
: 485 14,712 15,554 22,196 63,968 12,933 12,300 51,169 106,534: -22,013 -77,378
: Percent of Open Interest Represented by Each Category of Trader :
: 13.6 7.8 31.7 25.6 45.6 21.9 4.8 92.8 89.9: 7.2 10.1
: Total Traders: 945 Number of Traders in Each Category :
: 242 131 226 391 423 57 29 798 719:
——————————————————————————————————————-

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of May 19, 2026
: Reportable Positions :
:————————————————————————————————————- :
: Producer/Merchant : : : :
: Processor/User : Swap Dealers : Managed Money : Other Reportables :
: Long : Short : Long : Short :Spreading: Long : Short :Spreading: Long : Short :Spreading :
—————————————————————————————————————-
OATS – CHICAGO BOARD OF TRADE (CONTRACTS OF 5,000 BUSHELS) :
CFTC Code #004603 Open Interest is 4,525 :
: Positions :
: 954 3,207 124 0 0 664 0 0 775 366 200 :
: Changes from: May 12, 2026 :
: . . . . . . . . . . . :
: Percent of Open Interest Represented by Each Category of Trader :
: 21.1 70.9 2.7 0.0 0.0 14.7 0.0 0.0 17.1 8.1 4.4 :
: :
: Number of Traders in Each Category Total Traders: 21 :
: 7 11 . 0 0 . 0 0 4 . . :
—————————————————————————————————————-

SOYBEANS
General Comments: Soybeans and Soybean Oil were higher last week and Soybean Meal was lower on rapid planting progress shown by USDA and on forecasts for improving conditions. Futures were also lower on the lack of news on China and Iran. Temperatures have been cool in the Midwest but planting is ahead of normal and temperatures will turn to near normal over the weekend. Near normal temperatures are expected for the next week. 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.
Overnight News: Unknown destinations bought 252000 tons of US Soybean Meal.
Analysis: Trends in Soybeans are mixed. Support is at 1183, 1172, and 1168 July, and resistance is at 1235, 1251, and 1262 July. Trends in Soybean Meal are mixed. Support is at 322.00, 310.00, and 304.00 July, and resistance is at 335.00, 338.00,and 342.00 July. Trends in Soybean Oil are mixed to up. Support is at 7420, 7320, and 7140 July, with resistance at 7630, 7680, and 7740 July.

COT — Supplemental Report – Option and Futures Combined Positions as of May 19, 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 1,288,117
: Positions :
: 178,248 70,471 346,547 405,728 726,698 298,430 51,554 1,228,953 1,195,270: 59,165 92,847
: Changes from: May 12, 2026 (Change in open interest: 51,336) :
: -11,930 12,504 8,163 46,312 45,177 20,083 4,299 62,627 70,143: -11,291 -18,807
: Percent of Open Interest Represented by Each Category of Trader :
: 13.8 5.5 26.9 31.5 56.4 23.2 4.0 95.4 92.8: 4.6 7.2
: Total Traders: 665 Number of Traders in Each Category :
: 170 112 171 207 286 54 20 518 517:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of May 19, 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 871,317
: Positions :
: 151,499 38,772 238,949 274,057 515,108 162,109 47,284 826,614 840,114: 44,703 31,203
: Changes from: May 12, 2026 (Change in open interest: 12,150) :
: 88 -592 657 16,095 17,489 -1,850 977 14,991 18,532: -2,841 -6,382
: Percent of Open Interest Represented by Each Category of Trader :
: 17.4 4.4 27.4 31.5 59.1 18.6 5.4 94.9 96.4: 5.1 3.6
: Total Traders: 354 Number of Traders in Each Category :
: 113 59 106 95 113 42 21 300 258:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of May 19, 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 685,554
: Positions :
: 154,770 46,905 147,571 167,157 445,769 159,437 15,835 628,936 656,080: 56,618 29,473
: Changes from: May 12, 2026 (Change in open interest: 34,279) :
: 7,489 -1,007 16,473 6,454 31,228 4,823 -652 35,239 46,043: -961 -11,764
: Percent of Open Interest Represented by Each Category of Trader :
: 22.6 6.8 21.5 24.4 65.0 23.3 2.3 91.7 95.7: 8.3 4.3
: Total Traders: 341 Number of Traders in Each Category :
: 115 37 92 114 114 39 11 305 225:
——————————————————————————————————————-

PALM OIL AND CANOLA
General Comments: Palm Oil was a little higher yesterday and today on ideas of tighter supplies and Canola was higher in recovery trading yesterdy.
Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 741.00, 729.00, and 709.00 July, with resistance at 769.00, 772.00, and 775.00 July. Trends in Palm Oil are mixed. Support is at 4350, 4320, and 4290 July, with resistance at 4540, 4720, and 4800 July

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of May 19, 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 47,559 :
: Positions :
: 43,703 36,004 1,200 8,039 586 280 2,170 400 1,310 360 0 :
: Changes from: May 12, 2026 :
: -1,002 -417 0 -660 26 -40 515 -200 480 0 0 :
: Percent of Open Interest Represented by Each Category of Trader :
: 91.9 75.7 2.5 16.9 1.2 0.6 4.6 0.8 2.8 0.8 0.0 :
: Number of Traders in Each Category Total Traders: 27 :
: 10 10 . 5 . . . . 4 . 0 :
—————————————————————————————————————-

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of May 19, 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 343,272 :
: Positions :
: 180,399 184,387 4,817 16,507 3,992 90,613 44,734 31,606 8,393 37,003 21,999 :
: Changes from: May 12, 2026 :
: -418 -13,679 2,802 -136 -131 -11,572 2,333 -1,185 -626 1,725 -1,604 :
: Percent of Open Interest Represented by Each Category of Trader :
: 52.6 53.7 1.4 4.8 1.2 26.4 13.0 9.2 2.4 10.8 6.4 :
: Number of Traders in Each Category Total Traders: 446 :
: 60 125 7 5 7 64 28 21 47 148 75 :
—————————————————————————————————————-

DJ Malaysian PM Cash Market Prices for Palm Oil – May 26
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
Jun 1170.00 +05.00 Unquoted – –
Jul/Aug/Sep 1172.50 +05.00 Unquoted – –
Oct/Nov/Dec 1192.50 +05.50 Unquoted – –
Jan/Feb/Mar 1202.50 +02.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Jun 1175.00 +05.00 Unquoted – –
Jul/Aug/Sep 1177.50 +05.00 Unquoted – –
Oct/Nov/Dec 1197.50 +05.00 Unquoted – –
Jan/Feb/Mar 1207.50 +02.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Jun 1130.00 +02.50 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Jun 1052.50 +07.50 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jun 4,470.00 +20.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jun 458.00 00.00 Unquoted – –
($1=MYR3.964)

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