Grains Report 05/28/2026

WHEAT
General Comments: Wheat closed lower in both markets yesterday with Chicago the weaker market 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 some 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 are good in the US Midwest and in much of Europe but Russia has been too cols. 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 606, 598, and 591 July, with resistance at 661, 679, and 688 July. Trends in Kansas City are mixed to up. Support is at 664, 649, and 641 July, with resistance at 688, 722, and 750 July. Trends in Minneapolis are not available.

RICE:
General Comments Rice closed lower yesterday in correction trading and despite 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 mixed. Support is at 1266, 1237, and 1215 July and resistance is at 1323, 1324, and 1333 July.

CORN AND OATS
General Comments: Corn was lower yesterday on strong planting and emergence progress in reports released by USDA last night and on forecasts for good 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 higher and trends are turning up on the daily charts.
Overnight News:
Chart Analysis: Trends in Corn are mixed. Support is at 452, 449, and 446 July, and resistance is at 472, 481, and 484 July. Trends in Oats are mixed to up. Support is at 351, 339, and 330 July, and resistance is at 377, 387, and 393 July

SOYBEANS
General Comments: Soybeans and the products were higher yesterday and Soybean Oil was higher on rapid planting and emergence progress shown by USDA last night and on forecasts for good 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 this week. Near normal temperatures are expected for the next week. There is talk that more Soybeans could be planted as Corn planting is more expensive. The big South American harvests are also weighing on prices. The tariff wars between the US and other countries add to cost of US Soybeans.
Overnight News:
Analysis: Trends in Soybeans are mixed. Support is at 1172, 1168, and 1157 July, and resistance is at 1208, 1220, and 1235 July. Trends in Soybean Meal are mixed. Support is at 326.00, 322.00, and 310.00 July, and resistance is at 335.00, 338.00,and 342.00 July. Trends in Soybean Oil are mixed. Support is at 7140, 6940, and 6690 July, with resistance at 7630, 7680, and 7740 July.

PALM OIL AND CANOLA
General Comments: Palm Oil was a little higher today and Canola was higher in recovery trading yesterday.
Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 736.00, 729.00, and 709.00 July, with resistance at 761.00, 769.00, and 772.00 July. Trends in Palm Oil are mixed. Support is at 4390, 4320, and 4270 August, with resistance at 4550, 4580, and 4680 August

DJ Malaysian PM Cash Market Prices for Palm Oil – May 28
The following are prices for Malaysian palm oil in the cash market at 1000 GMT Thursday, 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 1165.00 -05.00 Unquoted – –
Jul/Aug/Sep 1177.50 +05.00 Unquoted – –
Oct/Nov/Dec 1197.50 +05.50 Unquoted – –
Jan/Feb/Mar 1212.50 +10.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Jun 1170.00 -05.00 Unquoted – –
Jul/Aug/Sep 1182.50 +05.00 Unquoted – –
Oct/Nov/Dec 1202.50 +05.00 Unquoted – –
Jan/Feb/Mar 1217.50 +10.00 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Jun 1140.00 +10.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Jun 1052.50 00.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jun 4,490.00 +20.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jun 455.00 -03.00 Unquoted – –
($1=MYR3.9765)

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