Grains Report 06/29/2026

DJ USDA Report: Recap for Quarterly Grain, Soybean Stockpiles & U.S. Planted Acreage
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 June 1 Quarterly Grain, Soybean Stockpiles and U.S. Grain, Soybean Planted Acreage reports scheduled for release at noon ET on Tuesday.
U.S. Stockpiles on June 1, 2026 (million bushels)
USDA USDA
Average Range June 1,2025 March 2026
Corn 5,392 5,090-5,500 4,643 9,024
Soybeans 1,051 1,009-1,117 1,008 2,105
Wheat 935 911-955 855 1,300
***
U.S. Grain, Soybean Planted Acreage USDA USDA
(million acres) Average Range March 2025
Corn 94.937 94.0-96.3 95.338 98.788
Soybeans 85.370 84.3-86.0 84.700 81.215
All Wheat 43.834 43.4-44.5 43.775 45.328
Winter Wheat 32.410 32.1-33.1 32.410 33.153
Spring Wheat 9.438 9.2-9.7 9.415 9.990
Durum Wheat 1.969 1.9-2.1 1.950 2.185

WHEAT:
General Comments: Wheat closed lower in both markets last week as the harvest continues and as harvest yield reports remain low. Forecasts and reports for improving weather in Wheat areas continue. The crop condition ratings are still among 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 40% done. USDA showed mostly stable crop conditions this week. Spring Wheat progress is about normal, and conditions are rated as stable from the previous week. Conditions are good in the US Midwest, but Europe has been too hot. 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 mixed to up. Support is at 571, 566, and 560 July, with resistance at 601, 618, and 632 July. Trends in Kansas City are mixed to up. Support is at 602, 596, and 590 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 23, 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 534,792
: Positions :
: 61,762 141,218 177,217 115,395 114,993 142,846 64,952 497,220 498,380: 37,571 36,411
: Changes from: June 16, 2026 (Change in open interest: -19,358) :
: -1,512 -2,472 -7,883 -8,022 -6,506 -314 -571 -17,732 -17,433: -1,626 -1,925
: Percent of Open Interest Represented by Each Category of Trader :
: 11.5 26.4 33.1 21.6 21.5 26.7 12.1 93.0 93.2: 7.0 6.8
: Total Traders: 406 Number of Traders in Each Category :
: 107 107 123 101 105 47 25 323 301:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of June 23, 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 300,776
: Positions :
: 46,261 73,435 77,770 62,281 100,694 92,626 24,215 278,938 276,114: 21,838 24,661
: Changes from: June 16, 2026 (Change in open interest: -21,647) :
: -1,940 5,601 -12,362 -6,616 -11,845 -640 -3,023 -21,558 -21,629: -89 -18
: Percent of Open Interest Represented by Each Category of Trader :
: 15.4 24.4 25.9 20.7 33.5 30.8 8.1 92.7 91.8: 7.3 8.2
: Total Traders: 263 Number of Traders in Each Category :
: 57 65 73 76 84 37 19 211 204:
——————————————————————————————————————-

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of June 23, 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 81,523 :
: Positions :
: 41,029 43,123 3,801 1,697 629 19,028 18,098 3,820 2,364 1,464 2,917 :
: Changes from: June 16, 2026 :
: -1,978 -7,477 40 -82 -32 -1,315 3,906 -343 95 400 710 :
: Percent of Open Interest Represented by Each Category of Trader :
: 50.3 52.9 4.7 2.1 0.8 23.3 22.2 4.7 2.9 1.8 3.6 :
: Number of Traders in Each Category Total Traders: 120 :
: 56 43 6 . 4 13 21 14 11 5 9 :
—————————————————————————————————————-

RICE:
General Comments Rice closed higher last week and closed at new highs for the move as the market continues to recover. USDA said that Rice planted area would be about 12% less in the coming year. Emergence is about average, and condition was slightly improved from last week. Demand remains moderate to poor for US Rice and was moderate last week.
Overnight News:
Chart Analysis: Trends are mixed to down. Support is at 1232, 1176, and 1164 July and resistance is at 1301, 1308, and 1320 July.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of June 23, 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 13,388 :
: Positions :
: 4,910 5,161 438 0 0 1,289 2,555 121 1,914 1,634 2,228 :
: Changes from: June 16, 2026 :
: 129 114 23 0 0 -415 -56 -147 60 -251 29 :
: Percent of Open Interest Represented by Each Category of Trader :
: 36.7 38.6 3.3 0.0 0.0 9.6 19.1 0.9 14.3 12.2 16.6 :
: Number of Traders in Each Category Total Traders: 75 :
: 15 19 . 0 0 11 7 4 21 5 10 :
—————————————————————————————————————-

CORN AND OATS
General Comments: Corn was a little lower last week and filled a long open chart gap around 404 July and despite big rains in parts of the Midwest that are causing flooding in some fields. It should be drier this week. The crop conditions are strong but unchanged last week in the Midwest and news of lower petroleum prices because of the Iran war continues. Forecasts for good growing conditions continue in the Midwest. Silking is starting. It looks drier this week. Temperatures in the Midwest should be cool for the next week. Oats were sharply lower and trends are still down on the weekly charts.
Overnight News:
Chart Analysis: Trends in Corn are mixed. Support is at 407, 404, and 401 July, and resistance is at 449, 452, and 455 July. Trends in Oats are mixed. Support is at 277, 271, and 265 July, and resistance is at 367, 377, and 387 July.

COT — Supplemental Report – Option and Futures Combined Positions as of June 23, 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 2,639,787
: Positions :
: 238,430 390,977 919,790 768,483 925,227 507,013 167,487 2,433,717 2,403,481: 206,070 236,306
: Changes from: June 16, 2026 (Change in open interest: -22,132) :
: 13,450 37,354 -758 -9,794 -45,817 -8,666 2,616 -5,768 -6,606: -16,364 -15,527
: Percent of Open Interest Represented by Each Category of Trader :
: 9.0 14.8 34.8 29.1 35.0 19.2 6.3 92.2 91.0: 7.8 9.0
: Total Traders: 916 Number of Traders in Each Category :
: 204 144 212 426 405 54 30 787 704:
——————————————————————————————————————-

SOYBEANS
General Comments: Soybeans and Soybean Meal were higher last week despite reports of improved conditions in the Midwest and no new China demand news. Soybean Oil was lower. 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. Futures were also lower on the lack of news on China. Cooler temperatures and wet weather are expected for the next week in the Midwest. 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. There is more talk of Chinese buying interest in US Soybeans this morning but there has not been any actual news.
Overnight News:
Analysis: Trends in Soybeans are down. Support is at 1102, 1090, and 1072 July, and resistance is at 1157, 1173, and 1205 July. Trends in Soybean Meal are down. Support is at 299.00, 296.00, and 293.00 July, and resistance is at 309.00, 316.00,and 326.00 July. Trends in Soybean Oil are mixed to down. Support is at 6880, 6680, and 6620 July, with resistance at 7270, 7470, and 7600 July.

COT — Supplemental Report – Option and Futures Combined Positions as of June 23, 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 1,277,543
: Positions :
: 89,323 127,271 394,563 460,528 607,463 282,477 64,624 1,226,891 1,193,921: 50,652 83,622
: Changes from: June 16, 2026 (Change in open interest: -27,944) :
: -14,189 597 1,202 -10,095 -27,653 -298 1,795 -23,380 -24,059: -4,564 -3,885
: Percent of Open Interest Represented by Each Category of Trader :
: 7.0 10.0 30.9 36.0 47.5 22.1 5.1 96.0 93.5: 4.0 6.5
: Total Traders: 641 Number of Traders in Each Category :
: 139 124 189 230 281 53 20 523 528:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of June 23, 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 805,184
: Positions :
: 118,125 45,825 243,561 265,549 435,300 138,183 48,047 765,418 772,732: 39,766 32,451
: Changes from: June 16, 2026 (Change in open interest: -20,186) :
: -10,912 1,918 3,266 -5,279 -19,171 -6,793 714 -19,718 -13,273: -468 -6,913
: Percent of Open Interest Represented by Each Category of Trader :
: 14.7 5.7 30.2 33.0 54.1 17.2 6.0 95.1 96.0: 4.9 4.0
: Total Traders: 354 Number of Traders in Each Category :
: 108 63 114 97 106 42 20 302 262:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of June 23, 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 695,583
: Positions :
: 104,805 101,191 154,552 233,113 377,542 148,821 30,640 641,291 663,925: 54,292 31,658
: Changes from: June 16, 2026 (Change in open interest: -21,967) :
: -291 4,325 -5,634 -2,206 -14,522 -2,221 46 -10,352 -15,785: -11,615 -6,182
: Percent of Open Interest Represented by Each Category of Trader :
: 15.1 14.5 22.2 33.5 54.3 21.4 4.4 92.2 95.4: 7.8 4.6
: Total Traders: 337 Number of Traders in Each Category :
: 87 64 92 124 111 38 17 293 248:
——————————————————————————————————————-

PALM OIL AND CANOLA
General Comments: Palm Oil closed lower last week despite reports of strong exports. Futures closed higher oday. Canola was a little higher last week as conditions remain hot and dry in the Prairies but are starting to improve and on weakness in the outside markets.
Overnight News
Chart Analysis: Trends in Canola are mixed. Support is at 724.00, 715.00, and 709.00 July, with resistance at 746.00, 759.00, and 782.00 July. Trends in Palm Oil are mixed. Support is at 4610, 4510, and 4470 September, with resistance at 4710, 4740, and 4820 September.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of June 23, 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 51,935 :
: Positions :
: 46,640 38,355 1,220 7,271 1,845 200 3,664 0 1,470 280 520 :
: Changes from: June 16, 2026 :
: 2,932 2,656 0 156 120 0 120 0 0 0 160 :
: Percent of Open Interest Represented by Each Category of Trader :
: 89.8 73.9 2.3 14.0 3.6 0.4 7.1 0.0 2.8 0.5 1.0 :
: Number of Traders in Each Category Total Traders: 28 :
: 10 9 . 6 4 . . 0 . . . :
—————————————————————————————————————-

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of June 23, 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 322,043 :
: Positions :
: 170,738 155,028 10,964 19,567 4,295 76,931 54,385 26,662 4,941 31,880 25,943 :
: Changes from: June 16, 2026 :
: -6,381 -32,705 1,905 303 340 -20,211 1,836 -1,351 -2,209 2,900 1,472 :
: Percent of Open Interest Represented by Each Category of Trader :
: 53.0 48.1 3.4 6.1 1.3 23.9 16.9 8.3 1.5 9.9 8.1 :
: Number of Traders in Each Category Total Traders: 472 :
: 62 136 6 6 7 54 43 28 29 176 66 :
—————————————————————————————————————-

DJ Malaysian PM Cash Market Prices for Palm Oil – June 29
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
July 1160.00 +12.50 Unquoted – –
Jul/Aug/Sep 1160.00 +12.50 Unquoted – –
Oct/Nov/Dec 1172.50 +07.50 Unquoted – –
Jan/Feb/Mar 1185.00 +07.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
July 1165.00 +12.50 Unquoted – –
Jul/Aug/Sep 1165.00 +12.50 Unquoted – –
Oct/Nov/Dec 1177.50 +07.50 Unquoted – –
Jan/Feb/Mar 1190.00 +07.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
July 1122.50 +10.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
July 1075.00 +15.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
July 4,550.00 +20.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
July 459.00 +06.00 Unquoted – –
($1=MYR4.069)

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