Grains Report 06/11/2026

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 Thursday.
U.S. 2026 Production (million bushels, bushels per acre)
Average Range USDA May USDA 2025
Corn Production 15,991 15,852-16,082 15,995 17,021
Corn Yield 183.0 181.5-184.0 183.0 186.5
Soybean Production 4,433 4,405-4,436 4,435 4,262
Soybean Yield 53.0 52.5-53.0 53.0 53.0
****
U.S. Stockpiles (millions)
2025-26
Average Range USDA May
Corn 2,146 2,087-2,297 2,142
Soybeans 336 320-350 340
Wheat 942 924-980 935
2026-27
Average Range USDA May
Corn 1,957 1,857-2,119 1,957
Soybeans 309 293-342 310
Wheat 760 734-796 762
****
World Stockpiles (million metric tons)
2025-26
Average Range USDA May
Corn 298.1 296.0-300.0 297.0
Soybeans 125.7 124.5-127.0 125.1
Wheat 279.4 278.7-280.0 279.2
2026-27
Average Range USDA May
Corn 278.5 275.0-281.0 277.5
Soybeans 125.3 124.0-127.0 124.8
Wheat 274.8 272.3-276.8 275.0
****
2026-27 WHEAT PRODUCTION
Average Range USDA May USDA 2025-26
All Wheat 1,554 1,525-1,603 1,561 1,985
Winter Wheat 1,040 1,015-1,071 1,048 1,402
Hard Red Winter 507 485-525 515 804
Soft Red Winter 302 291-315 301 353
White Winter 230 222-233 232 244
****
2025-26 Brazil Corn, Soybean Production (million metric tons)
Average Range USDA May
Corn 135.7 135.0-137.0 135.0
Soybeans 180.4 180.0-182.0 180.0
2025-26 Argentina Corn, Soybean Production (million metric tons)
Average Range USDA May
Corn 61.3 60.0-62.0 59.0
Soybeans 48.6 48.0-49.5 48.0

DJ US Export Sales: Weekly Sales Totals-Jun 11
For the week ended Jun 4, in thousand metric tons, except cotton in
thousand running bales. Net changes in commitments are gross sales,
less cancellations, buy-backs and other downward adjustments. Total
commitments are total export shipments plus total sales.
The marketing year for cotton and rice begins Aug 1. The
marketing year for corn, soybeans and sorghum begins Sep 1. The
marketing year for soymeal and soyoil begins Oct 1.
For wheat and barley, “this year” is the 2026-2027 marketing
year, which began Jun 1, while “last year” is 2025-2026.
Source: USDA
wk’s net change total
in commitments commitments undlvd sales
this year next year this yr last yr this yr next yr
wheat 964.8-a 666.3 23706.5 21280.9 298.6 4325.9
hrw 413.6-b 234.1 8422.9 5455.5 179.5 928.3
srw 146.9-c 93.8 3244.0 3126.4 53.1 734.2
hrs 172.5-d 147.7 6103.0 6607.3 24.7 1313.6
white 229.8-e 188.6 5248.0 5739.1 41.3 1235.1
durum 2.0-f 2.0 621.8 352.5 0.0 114.7
corn 1000.4 926.9 82767.0 65929.4 18268.6 4124.1
soybeans 211.3 141.5 40159.2 48589.7 4163.4 1031.9
soymeal 395.7 30.4 16344.2 14003.3 4140.0 492.3
soyoil 0.8 0.0 373.3 1053.3 29.5 0.3
upland cotton 207.0 298.7 11540.2 11525.3 2357.5 2120.1
pima cotton 7.6 0.1 474.2 453.7 108.1 70.7
sorghum 113.0 0.0 4923.6 1588.4 729.2 0.0
barley 22.4-g 11.2 69.1 24.3 11.2 36.1
rice 13.2 12.0 660.3 601.7 161.7 15.9
-a: Includes new sales activity for May 29-Jun 4 which resulted
in a net increase of 666.3 thousand metric tons. Also includes
298.6 thousand metric tons of undelivered sales carried over from
2025-2026.
-b: Includes new sales activity for May 29-Jun 4 which resulted
in a net increase of 234.1 thousand metric tons. Also includes
179.5 thousand metric tons of undelivered sales carried over from
2025-2026.
-c: Includes new sales activity for May 29-Jun 4 which resulted
in a net increase of 93.8 thousand metric tons. Also includes
53.1 thousand metric tons of undelivered sales carried over from
2025-2026.
-d: Includes new sales activity for May 29-Jun 4 which resulted
in a net increase of 147.7 thousand metric tons. Also includes
24.7 thousand metric tons of undelivered sales carried over from
2025-2026.
-e: Includes new sales activity for May 29-Jun 4 which resulted
in a net increase of 188.6 thousand metric tons. Also includes
41.3 thousand metric tons of undelivered sales carried over from
2025-2026.
-f: Includes new sales activity for May 29-Jun 4 which resulted
in a net increase of 2.0 thousand metric tons. Also includes
0.0 thousand metric tons of undelivered sales carried over from
2025-2026.
-g: Includes new sales activity for May 29-Jun 4 which resulted
in a net increase of 11.2 thousand metric tons. Also includes
11.2 thousand metric tons of undelivered sales carried over from
2025-2026.

WHEAT:
General Comments: Wheat closed higher in both markets again yesterday on ideas that futures were oversold and despite forecasts and reports for improving weather in Wheat areas. 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 lower last week. The Winter Wheat harvest is more than 10% done. 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 the previous week. 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 576, 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.

RICE:
General Comments Rice closed lower again yesterday on 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. Emergence is ahead of average, and condition 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.

CORN AND OATS
General Comments: Corn was a little higher again yesterday in consolidation trading and ideas that futures were very oversold. The 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 forecasts for good growing conditions continue in the Midwest. Planting has been very active in all of the Midwest and is now almost done. Emergence is about normal. Condition is rated to be very good and about the same as the previous week. 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 a little higher and trends are down on the weekly charts.
Overnight News: Unknown destinations bought 120,000- tons of US Corn.
Chart Analysis: Trends in Corn are mixed to down. Support is at 410, 407, and 404 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.

SOYBEANS
General Comments: Soybeans and Soybean Oil were higher and Soybean Meal was lower yesterday on reports of improved conditions in the Midwest. Rapid planting and emergence progress was shown by USDA this week and reports of good conditions continue. Condition is rated high by USDA in the latest reports, but down a stick from the previous week. 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:
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 304.00, 301.00, and 298.00 July, and resistance is at 326.00, 331.00,and 335.00 July. Trends in Soybean Oil are mixed to down. Support is at 7290, 7100, and 7020 July, with resistance at 7840, 7970, and 8080 July.

PALM OIL AND CANOLA
General Comments: Palm Oil was higher today along on strength in outsider markets and Canola was higher as conditions remain hot and dry in the Prairies.
Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 745.00, 736.00, and 729.00 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 4580, 4680, and 4730 August.

DJ Malaysian PM Cash Market Prices for Palm Oil – June 11
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 1150.00 00.00 Unquoted – –
Jul/Aug/Sep 1155.00 00.00 Unquoted – –
Oct/Nov/Dec 1182.50 +02.50 Unquoted – –
Jan/Feb/Mar 1197.50 -02.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Jun 1155.00 00.00 Unquoted – –
Jul/Aug/Sep 1160.00 00.00 Unquoted – –
Oct/Nov/Dec 1187.50 +02.50 Unquoted – –
Jan/Feb/Mar 1202.50 -02.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Jun 1117.50 +05.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Jun 1040.00 +02.50 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jun 4,520.00 +20.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jun 431.00 00.00 Unquoted – –
($1=MYR4.0685)

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