Grains Report 07/01/2026

DJ USDA Report: Summary for U.S. Quarterly Grain Stocks
The following are key numbers from the USDA’s Quarterly Grain, Soybean Stockpiles and how the government’s estimates compared with analysts’ forecasts in a Wall Street Journal survey.
U.S. Stockpiles on June 1, 2026 (million bushels)
Tuesday’s USDA USDA
Estimate Average Range June 1 2025 Mar 2026
Corn 5,295 5,392 5,090- 5,500 4,643 9,030
Soybeans 1,061 1,051 1,009- 1,117 1,008 2,123
Wheat 920 935 911- 955 855 1,303

DJ CBOT Delivery Intentions: Totals – Jul 1
Source: CME Group
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
SOYBEAN OIL July Jul 02, 2026 661 Jun 26, 2026
ROUGH RICE July Jul 02, 2026 642 Jun 30, 2026
CORN July Jul 02, 2026 325 Jun 05, 2026
KC HRW WHEAT July Jul 02, 2026 346 Jun 30, 2026
OATS July Jul 02, 2026 48 Jun 30, 2026
SOYBEAN July Jul 02, 2026 31 Jun 18, 2026
WHEAT July Jul 02, 2026 25 Jun 26, 2026

WHEAT:
General Comments: Wheat closed higher in both markets yesterday as the harvest continues and as harvest yield reports remain low. USDA said that Winter Wheat planted area was 31.52 million acres and that harvested area was just 21.210 million acres. Spring Wheat planted area was 9.290 million acres and harvested are will be 9.075 million acres. Durum planted area was estimated at 1.830 million acres, with 1.778 million likely to be harvested. Forecasts and reports for improving weather in Wheat areas continue after a very hot week last week. 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 down. Support is at 574, 568, and 562 September, with resistance at 609, 626, and 641 September. Trends in Kansas City are mixed to down. Support is at 597, 586, and 580 September, with resistance at 639, 647, and 664 September. Trends in Minneapolis are not available

RICE:
General Comments Rice closed higher again yesterday and closed at new highs for the move as the market continues to recover. USDA said that Rice planted area is estimated at 2.017 million acres and harvested area is estimated at 1.979 million acres. Long grain planted area is 1.395 million acres and harvested area is 1.375 million. . 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 1330, 1302, and 1268 September and resistance is at 1392, 1404, and 1416 September.

DJ USDA World Market Rice Prices – Jul 1
USDA today announced the prevailing world market prices
of milled and rough rice, adjusted for U.S. milling yields
and location, and the resulting marketing loan gain (MLG)
and loan deficiency payment (LDP) rates. Source: USDA
—–World Price—– MLG/LDP Rate
Milled Value Rough Rough
($/cwt) ($/cwt) ($/cwt)
Long Grain 14.09 8.79 0.00
Medium/Short Grain 13.78 9.09 0.00
Brokens 9.97 —- —-
This week’s prevailing world market prices and MLG/LDP
rates are based on the following U.S. milling yields and
the corresponding loan rates:
U.S. Milling Yields Loan Rate
Whole/Broken ($/cwt)
(lbs/cwt)
Long Grain 49.06/18.81 6.88
Medium Grain/Short Grain 57.70/11.40 6.82

CORN AND OATS
General Comments: Corn was higher yesterday. USDA showed that stocks were a little less than trade expectations, but planted and harvested area were a little higher. Corn planted area was estimated at 95.343 million acres and that harvested area is estimated at 87.4 million acres. It should be hot and dry 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 higher and trends are still down on the weekly charts Oats planted area was estimated at 2.424 million acres and harvested area was estimated at 877 million acres;
Overnight News:
Chart Analysis: Trends in Corn are mixed to down. Support is at 406, 404, and 401 September, and resistance is at 427, 430, and 432 September. Trends in Oats are mixed to down. Support is at 302, 296, and 290 September, and resistance is at 333, 337, and 345 September.

SOYBEANS
General Comments: Soybeans were higher and the products were lower yesterday in reaction to the USDA reports on reports of improved conditions in the Midwest and no new China demand news. The quarterly stocks report was neutral. Planted area was estimated at 85.4 million acre and harvested area Was estimated at 84.4 million. 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 mixed. Support is at 1107, 1092, and 1080 August, and resistance is at 1140, 1145, and 1154 August. Trends in Soybean Meal are mixed. Support is at 301.00, 299.00, and 296.00 August, and resistance is at 306.00, 309.00,and 311.00 August. Trends in Soybean Oil are mixed. Support is at 6600, 6440, and 6320 August, with resistance at 7110, 7310, and 7460 August.

PALM OIL AND CANOLA
General Comments: Palm Oil closed hjigher today as Indonesia implemented its Baaa50 biofuels program.. Canola was lower yesterday on increased planted area as shown by StatsCan.
Overnight News
Chart Analysis: Trends in Canola are mixed. Support is at 728.00, 710.00, and 704.00 November, with resistance at 740.00, 756.00, and 770.00 November. Trends in Palm Oil are mixed. Support is at 4610, 4510, and 4470 September, with resistance at 4710, 4740, and 4820 September.

DJ Malaysian PM Cash Market Prices for Palm Oil – July 1
The following are prices for Malaysian palm oil in the cash market at 1000 GMT Wednesday, 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 1140.00 -02.50 Unquoted – –
Jul/Aug/Sep 1140.00 -02.50 Unquoted – –
Oct/Nov/Dec 1160.00 -02.50 Unquoted – –
Jan/Feb/Mar 1175.00 -02.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
July 1145.00 -02.50 Unquoted – –
Jul/Aug/Sep 1145.00 -02.50 Unquoted – –
Oct/Nov/Dec 1165.00 -02.50 Unquoted – –
Jan/Feb/Mar 1180.00 -02.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
July 1105.00 -05.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
July 1060.00 -05.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
July 4,520.00 +20.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
July 455.00 -01.00 Unquoted – –
($1=MYR4.0925)

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