Grains Report 06/08/2026

WHEAT
General Comments: Wheat closed sharply lower in both markets last week on forecasts and reports for improving weather in Wheat areas and despite stronger weekly export sales. The crop condition ratings are the lowest in over 30 years in HRW areas and have provided some support for prices. Crop conditions should start to show some improvement soon but were mostly stable last week. The Winter Wheat harvest has started. USDA showed deteriorating crop conditions this year as rains are now occurring in the central areas of the Great Plains and are forecast to continue.. Spring Wheat progress is ahead of normal, and conditions are rated as better than Winter Wheat but still not real good. Conditions are good in the US Midwest and in much of Europe, but Russia has been too cols. The weather is now featuring mostly dry conditions for parts of the Midwest along with warming temperatures.
Overnight News:
Chart Analysis: Trends in Chicago are down. Support is at 578, 572, and 566 July, with resistance at 661, 679, and 688 July. Trends in Kansas City are down. Support is at 614, 608, and 602 July, with resistance at 688, 722, and 750 July. Trends in Minneapolis are not available.

COT — Supplemental Report – Option and Futures Combined Positions as of June 02, 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 580,385
: Positions :
: 62,605 138,458 195,543 115,405 134,852 162,535 70,100 536,087 538,952: 44,297 41,433
: Changes from: May 26, 2026 (Change in open interest: -3,952) :
: -10,096 7,495 1,235 14,055 -21,914 -11,992 6,881 -6,798 -6,303: 2,845 2,351
: Percent of Open Interest Represented by Each Category of Trader :
: 10.8 23.9 33.7 19.9 23.2 28.0 12.1 92.4 92.9: 7.6 7.1
: Total Traders: 415 Number of Traders in Each Category :
: 122 107 134 96 103 45 27 344 302:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of June 02, 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 346,354
: Positions :
: 46,240 68,635 106,116 71,657 123,939 97,799 22,509 321,812 321,199: 24,542 25,155
: Changes from: May 26, 2026 (Change in open interest: -2,767) :
: -9,467 -3,175 2,303 3,815 -8,056 186 5,057 -3,163 -3,872: 397 1,105
: Percent of Open Interest Represented by Each Category of Trader :
: 13.4 19.8 30.6 20.7 35.8 28.2 6.5 92.9 92.7: 7.1 7.3
: Total Traders: 267 Number of Traders in Each Category :
: 56 65 77 78 91 36 21 214 214:
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Disaggregated Commitments of Traders- Options and Futures Combined Positions as of June 2, 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 94,533 :
: Positions :
: 38,513 64,376 3,733 462 686 26,802 8,446 3,776 5,498 1,521 3,421 :
: Changes from: May 26, 2026 :
: 3,196 -3,121 825 462 -122 -2,881 2,365 726 -813 509 -556 :
: Percent of Open Interest Represented by Each Category of Trader :
: 40.7 68.1 3.9 0.5 0.7 28.4 8.9 4.0 5.8 1.6 3.6 :
: Number of Traders in Each Category Total Traders: 125 :
: 55 50 5 . 4 18 13 14 15 4 10 :
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RICE:
General Comments Rice closed lower last week on fund selling tied to good weather in growing areas 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 but slipped a little last week. Demand remains moderate to poor for US Rice.
Overnight News:
Chart Analysis: Trends are mixed. Support is at 1215, 1188, and 1176 July and resistance is at 1277, 1301, and 1308 July.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of June 2, 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 14,898 :
: Positions :
: 3,576 6,718 682 0 0 2,700 2,340 157 2,185 1,972 2,439 :
: Changes from: May 26, 2026 :
: 33 -92 -138 0 0 -52 -219 56 -169 72 106 :
: Percent of Open Interest Represented by Each Category of Trader :
: 24.0 45.1 4.6 0.0 0.0 18.1 15.7 1.1 14.7 13.2 16.4 :
: Number of Traders in Each Category Total Traders: 93 :
: 16 20 . 0 0 13 12 4 23 10 15 :
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CORN AND OATS
General Comments: Corn was sharply lower last week as crop conditions are strong in the Midwest and on news of lower petroleum prices because of the Iran war. Strong planting and emergence progress are reported in reports released by USDA last week and on forecasts for good growing conditions in the Midwest. Planting has been very active in all of the Midwest and is now almost done. Emergence is ahead of normal and last year. Condition is rated to be very good It looks dry this week. Temperatures in the Midwest should be turn warmer for the next week. Conditions are called good in Argentina and big production is expected there. Oats were sharply lower and trends are down on the weekly charts.
Overnight News: Japan bought 103,000- tons of US Corn.
Chart Analysis: Trends in Corn are mixed to down. Support is at 416, 413, and 410 July, and resistance is at 449, 452, and 455 July. Trends in Oats are mixed to down. Support is at 307, 301, and 295 July, and resistance is at 367, 377, and 387 July.

COT — Supplemental Report – Option and Futures Combined Positions as of June 02, 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 2,454,804
: Positions :
: 240,941 237,614 794,823 679,578 988,004 518,723 126,090 2,234,066 2,146,531: 220,738 308,273
: Changes from: May 26, 2026 (Change in open interest: 21,834) :
: -55,133 28,438 41,622 25,411 -111,231 -28,013 11,961 -16,113 -29,211: 37,947 51,045
: Percent of Open Interest Represented by Each Category of Trader :
: 9.8 9.7 32.4 27.7 40.2 21.1 5.1 91.0 87.4: 9.0 12.6
: Total Traders: 884 Number of Traders in Each Category :
: 218 132 225 371 383 57 31 750 684:
——————————————————————————————————————-

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of June 2, 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 4,659 :
: Positions :
: 1,325 3,118 111 0 0 595 0 0 602 290 379 :
: Changes from: May 26, 2026 :
: 157 -226 -15 0 0 -106 0 0 -166 -72 105 :
: Percent of Open Interest Represented by Each Category of Trader :
: 28.5 66.9 2.4 0.0 0.0 12.8 0.0 0.0 12.9 6.2 8.1 :
: Number of Traders in Each Category Total Traders: 23 :
: 7 11 . 0 0 4 0 0 . . 4 :

SOYBEANS
General Comments: Soybeans NSD Soybean Meal were sharply lower and Soybean Oil was lower last week on reports of improved conditions in the Midwest. Rapid planting and emergence progress was shown by USDA last week and forecasts for good conditions continue. Condition is rated high by USDA in the latest reports. Futures were also lower on the lack of news on China and Iran although the war in Iran was hotter over the weekend. Temperatures have been cool in the Midwest. Warm 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.
Overnight News: Unknown destinations bought 264,000 tons of US Soybeans.
Analysis: Trends in Soybeans are down. Support is at 1112, 1090, and 1072 July, and resistance is at 1157, 1173, and 1205 July. Trends in Soybean Meal are down. Support is at 310.00, 307.00, and 304.00 July, and resistance is at 326.00, 331.00,and 335.00 July. Trends in Soybean Oil are mixed to down. Support is at 7440, 7300, and 7020 July, with resistance at 7840, 7970, and 8080 July.

COT — Supplemental Report – Option and Futures Combined Positions as of June 02, 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 1,293,079
: Positions :
: 147,974 94,963 342,743 416,168 692,326 303,845 52,552 1,210,730 1,182,584: 82,349 110,495
: Changes from: May 26, 2026 (Change in open interest: 41,324) :
: -18,877 19,678 19,880 14,290 -20,845 1,540 3,012 16,833 21,726: 24,491 19,598
: Percent of Open Interest Represented by Each Category of Trader :
: 11.4 7.3 26.5 32.2 53.5 23.5 4.1 93.6 91.5: 6.4 8.5
: Total Traders: 640 Number of Traders in Each Category :
: 151 114 181 211 275 56 22 511 514:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of June 02, 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 879,979
: Positions :
: 156,655 41,898 244,004 272,330 502,956 161,393 51,437 834,383 840,295: 45,596 39,683
: Changes from: May 26, 2026 (Change in open interest: 34,510) :
: 7,358 -5,372 23,712 -4,845 1,546 6,131 5,838 32,356 25,724: 2,154 8,786
: Percent of Open Interest Represented by Each Category of Trader :
: 17.8 4.8 27.7 30.9 57.2 18.3 5.8 94.8 95.5: 5.2 4.5
: Total Traders: 376 Number of Traders in Each Category :
: 121 69 112 93 115 44 22 311 275:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of June 02, 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 725,328
: Positions :
: 150,035 46,124 157,720 198,859 467,125 160,767 18,700 667,382 689,669: 57,946 35,659
: Changes from: May 26, 2026 (Change in open interest: 34,789) :
: 72 -3,437 16,909 19,655 15,456 -547 41 36,089 28,969: -1,301 5,820
: Percent of Open Interest Represented by Each Category of Trader :
: 20.7 6.4 21.7 27.4 64.4 22.2 2.6 92.0 95.1: 8.0 4.9
: Total Traders: 347 Number of Traders in Each Category :
: 112 40 89 119 119 41 12 311 232:
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PALM OIL AND CANOLA
General Comments: Palm Oil was a little higher last week and higher again today along with outside markets and Canola was a little higher after trading much higher early in the week as conditions remain hot and dry in the Prairies.
Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 770.00, 762.00, and 751.00 July, with resistance at 796.00, 802.00, and 808.00 July. Trends in Palm Oil are mixed. Support is at 4390, 4320, and 4270 August, with resistance at 4550, 4580, and 4680 August.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of June 2, 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 41,197 :
: Positions :
: 36,761 29,373 1,220 7,854 806 280 2,284 400 1,410 240 240 :
: Changes from: May 26, 2026 :
: -5,700 -2,650 -100 -2,264 40 0 -636 0 120 -120 120 :
: Percent of Open Interest Represented by Each Category of Trader :
: 89.2 71.3 3.0 19.1 2.0 0.7 5.5 1.0 3.4 0.6 0.6 :
: Number of Traders in Each Category Total Traders: 29 :
: 11 10 . 5 . . . . 4 . . :
—————————————————————————————————————-

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of June 2, 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 375,856 :
: Positions :
: 185,567 218,800 9,716 17,641 4,231 105,722 44,086 28,767 12,266 32,673 25,810 :
: Changes from: May 26, 2026 :
: 2,502 37,885 1,769 745 99 17,590 -1,301 -2,563 4,714 -8,980 2,122 :
: Percent of Open Interest Represented by Each Category of Trader :
: 49.4 58.2 2.6 4.7 1.1 28.1 11.7 7.7 3.3 8.7 6.9 :
: Number of Traders in Each Category Total Traders: 488 :
: 60 135 6 6 7 73 28 25 63 154 68 :
—————————————————————————————————————-

DJ Malaysian PM Cash Market Prices for Palm Oil – June 8
The following are prices for Malaysian palm oil in the cash market at 1000 GMT Monday, 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 1152.50 -02.50 Unquoted – –
Jul/Aug/Sep 1157.50 -05.00 Unquoted – –
Oct/Nov/Dec 1180.00 -05.00 Unquoted – –
Jan/Feb/Mar 1197.50 -02.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Jun 1157.50 -02.50 Unquoted – –
Jul/Aug/Sep 1162.50 -05.00 Unquoted – –
Oct/Nov/Dec 1185.00 -05.00 Unquoted – –
Jan/Feb/Mar 1202.50 -02.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Jun 1125.00 -02.50 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Jun 1047.50 -05.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jun 4,520.00 00.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jun 442.00 -04.00 Unquoted – –
($1=MYR4.0685)

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