Grains Report 07/13/2026

DJ USDA Report: Summary for U.S. Agriculture Supply, Demand Report
WASHINGTON–The following are key numbers from USDA’s crop report
and how the government’s estimates compared to analysts’ forecasts in a
Wall Street Journal survey.
U.S. 2026 Production, Yield (million bushels, bushels per acre)
Friday’s
Estimate Average Range USDA June
Corn Production 16,000 15,967 15,852-16,000 15,995
Soybean Production 4,475 4,457 4,430-4,481 4,435
Friday’s
Estimate Average Range USDA June
Corn Yield 183.0 * 182.7 181.5-183.0 183.0
Soybean Yield 53.0 ** 52.9 52.5-53.0 53.0
***
U.S. Stockpiles (million bushels)
2025-26
Friday’s
Estimate Average Range USDA June
Corn 2,020 2,077 1,990-2,151 2,145
Soybeans 330 337 312-350 340
Wheat 920 927 920-945 935
2026-27
Friday’s
Estimate Average Range USDA June
Corn 1,790 1,855 1,542-1,963 1,960
Soybeans 310 324 270-358 310
Wheat 722 710 680-744 744
***
World Stockpiles (million metric tons)
2025-26
Friday’s
Estimate Average Range USDA June
Corn 298.7 302.9 301.7-304.0 303.4
Soybeans 125.3 125.7 125.4-126.0 125.5
Wheat 279.0 279.6 278.5-280.0 280.0
2026-27
Friday’s
Estimate Average Range USDA June
Corn 275.3 279.0 271.0-283.0 281.2
Soybeans 124.2 125.2 124.0-126.2 124.9
Wheat 272.8 273.2 270.0-275.1 275.4
***
2026-27 Wheat Production (million bushels)
Friday’s
Estimate Average Range USDA June
All Wheat 1,536 1,524 1,498-1,568 1,561
Winter Wheat 990 1,002 968-1,030 1,030
Hard Red Winter 471 480 445-496 497
Soft Red Winter 287 293 279-300 300
White Winter 232 229 209-235 233
Other Spring 475 454 430-499 N/A
Durum 71 75 70-85 N/A
2025-26 Brazil Corn, Soybean Production (million metric tons)
Friday’s
Estimate Average Range USDA June
Corn 138.0 138.3 137.5-139.0 138.0
Soybeans 180.0 180.3 180.0-182.1 180.0
2025-26 Argentina Corn, Soybean Production (million metric tons)
Friday’s
Estimate Average Range USDA June
Corn 63.0 61.5 60.5-62.0 61.0
Soybeans 50.0 50.1 50.0-51.0 50.0

DJ USDA Supply/Demand: Crop Summary – Jul 10
U.S. ending stocks in million bushels, except soyoil in million pounds,
cotton in million (480 pound) bales and rice in million cwt. Exports and
Production in million metric tons except cotton in million (480 pound) bales.
Projections based on trends and analysts’ judgments, not survey
date. Source: USDA’s World Agricultural Outlook Board.
======U.S.====== ================WORLD=======================
Ending Stocks Exports Production
26/27 25/26 24/25: 26/27 25/26 24/25: 26/27 25/26 24/25
Soybeans 310.0 330.0 325.0:190.41 187.08 184.33:441.70 429.46 428.05
Brazil na na na:118.00 115.00 103.14:186.00 180.00 172.50
Argentina na na na: 6.20 9.00 7.87: 50.00 50.00 51.11
China na na na: 0.10 0.12 0.07: 21.00 20.90 20.65
Soyoil 1,877 1,837 1,747: 14.69 14.49 15.25: 74.90 72.36 70.06
Corn 1,790 2,020 1,551:209.88 220.66 187.48: 1,297 1,328 1,234
China na na na: 0.02 0.02 0.00:307.00 301.24 294.92
Argentina na na na: 38.00 45.00 29.07: 55.00 63.00 49.00
S.Africa na na na: 2.20 3.30 2.05: 16.50 18.00 17.27
Cotton(a) 4.10 4.20 4.00: 43.34 44.84 42.43:117.26 121.91 119.34
All Wheat 722 920 855:213.05 227.08 210.54:819.97 843.77 799.68
China na na na: 1.00 1.00 1.02:141.00 140.07 140.10
European
Union na na na: 31.00 31.50 27.92:136.00 145.11 121.06
Canada na na na: 27.50 30.00 29.35: 34.00 39.96 35.94
Argentina na na na: 15.00 18.50 13.31: 21.00 27.92 18.51
Australia na na na: 22.00 25.00 23.65: 28.00 35.99 34.11
Russia na na na: 47.50 48.00 43.00: 88.50 90.30 81.60
Ukraine na na na: 14.50 14.00 15.75: 24.00 24.10 23.40
Sorghum 37.0 37.0 40.0: na na na: na na na
Barley 63.0 66.0 69.0: na na na: na na na
Oats 32.0 32.0 28.0: na na na: na na na
Rice 30.9 51.8 53.9: 62.78 60.33 61.51:537.18 545.73 542.35

DJ CBOT Delivery Intentions: Totals – Jul 13
Source: CME Group
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
SOYBEAN MEAL July Jul 14, 2026 45 Jun 26, 2026
SOYBEAN OIL July Jul 14, 2026 304 Jul 08, 2026
ROUGH RICE July Jul 14, 2026 23 Jul 10, 2026
KC HRW WHEAT July Jul 14, 2026 4 Jun 30, 2026
OATS July Jul 14, 2026 1 Jul 10, 2026

WHEAT:
General Comments: Wheat closed higher in both markets last week as the rally tied to the USDA reports and world weather fund new footing. The harvest continues and harvest yield reports remain low. USDA said that Winter Wheat production is below the previous estimat3e at 990 million bushels. Spring Wheat production was estimated higher at 475 million bushels and Durum production was decreased to 71 million bushels. All Wheat production was higher at 1.536 billion bushels. Wheat stocks were 920 million bushels for 2025-26 and 722 million bushels for 2026-27. The crop condition ratings are still among the lowest in over 30 years in HRW areas and have provided some support for prices. Conditions are good in the US Midwest, but Europe has been too hot. The weather is now featuring scattered showers for parts of the Midwest along with cooler temperatures.
Overnight News:
Chart Analysis: Trends in Chicago are up. Support is at 626, 621, and 602 September, with resistance at 660, 674, and 692 September. Trends in Kansas City are up. Support is at 659, 639, and 627 September, with resistance at 692, 708, and 729 September. Trends in Minneapolis are not available

COT — Supplemental Report – Option and Futures Combined Positions as of June 30, 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 478,959
: Positions :
: 62,326 139,665 135,430 112,957 99,438 134,638 68,676 445,351 443,209: 33,607 35,750
: Changes from: June 23, 2026 (Change in open interest: -55,833) :
: 564 -1,554 -41,787 -2,438 -15,555 -8,208 3,724 -51,869 -55,171: -3,964 -662
: Percent of Open Interest Represented by Each Category of Trader :
: 13.0 29.2 28.3 23.6 20.8 28.1 14.3 93.0 92.5: 7.0 7.5
: Total Traders: 390 Number of Traders in Each Category :
: 107 107 119 92 94 44 23 307 286:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of June 30, 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 284,827
: Positions :
: 49,467 69,131 73,656 55,806 95,710 85,163 22,021 264,093 260,518: 20,735 24,309
: Changes from: June 23, 2026 (Change in open interest: -15,948) :
: 3,206 -4,304 -4,114 -6,475 -4,984 -7,463 -2,194 -14,845 -15,596: -1,103 -352
: Percent of Open Interest Represented by Each Category of Trader :
: 17.4 24.3 25.9 19.6 33.6 29.9 7.7 92.7 91.5: 7.3 8.5
: Total Traders: 246 Number of Traders in Each Category :
: 48 66 68 63 79 35 18 186 194:
——————————————————————————————————————-

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of June 30, 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 85,815 :
: Positions :
: 48,891 40,770 3,030 2,900 999 17,014 24,032 3,382 2,337 2,240 1,871 :
: Changes from: June 23, 2026 :
: 7,862 -2,353 -771 1,203 370 -2,014 5,934 -438 -27 776 -1,047 :
: Percent of Open Interest Represented by Each Category of Trader :
: 57.0 47.5 3.5 3.4 1.2 19.8 28.0 3.9 2.7 2.6 2.2 :
: Number of Traders in Each Category Total Traders: 113 :
: 53 40 5 . 4 12 19 11 9 5 6 :
—————————————————————————————————————-

RICE:
General Comments Rice closed higher last week in renewed buying. 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. Yield was increased, but production was cut to 153.3 million cwt and ending stocks were reduced to 30.09 million cwt for All Rice. Emergence is about average, and condition was slightly improved from last week. Demand remains moderate to poor for US Rice and was moderate to poor last week.
Overnight News:
Chart Analysis: Trends are mixed. Support is at 1340, 1292, and 1268 September and resistance is at 1404, 1416, and 1428 September.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of June 30, 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 14,724 :
: Positions :
: 5,216 6,731 416 0 0 2,251 2,710 100 1,638 1,710 1,625 :
: Changes from: June 23, 2026 :
: 306 1,570 -22 0 0 962 155 -21 -276 76 -603 :
: Percent of Open Interest Represented by Each Category of Trader :
: 35.4 45.7 2.8 0.0 0.0 15.3 18.4 0.7 11.1 11.6 11.0 :
: Number of Traders in Each Category Total Traders: 78 :
: 18 18 . 0 0 15 7 4 16 9 10 :
—————————————————————————————————————-

CORN AND OATS
General Comments: Corn was higher last week ss the rally tied to too much rain in many Midwest growing areas and hot and dry weather in Europe continued to fizzle out. USDA showed that stocks were less than trade expectations at 2.020 billion bushels for the current year and 1.790 billion for the coming year on increased feed demand for the current year and increased export demand for the coming year. Corn planted area was estimated at 95.343 million acres and that harvested area is estimated at 87.4 million acres. It should be cool with showers around this week. The crop conditions are strong but below aa year ago. Forecasts for good growing conditions continue in the Midwest. Silking is starting. Temperatures in the Midwest should be cool for the next week. Oats were higher last week and trends are up on the weekly charts, and are up on the daily charts. Oats ending stocks were increased by 6 million bushels to 32 million.
Overnight News:
Chart Analysis: Trends in Corn are up. Support is at 406, 404, and 401 September, and resistance is at 454, 459, and 465 September. Trends in Oats are up. Support is at 328, 318, and 307 September, and resistance is at 361, 364, and 370 September.

COT — Supplemental Report – Option and Futures Combined Positions as of June 30, 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 2,299,954
: Positions :
: 262,836 368,254 733,243 657,938 835,677 449,375 144,789 2,103,392 2,081,963: 196,563 217,991
: Changes from: June 23, 2026 (Change in open interest: -339,833) :
: 24,406 -22,723 -186,548 -110,545 -89,549 -57,638 -22,697 -330,325 -321,518: -9,508 -18,315
: Percent of Open Interest Represented by Each Category of Trader :
: 11.4 16.0 31.9 28.6 36.3 19.5 6.3 91.5 90.5: 8.5 9.5
: Total Traders: 894 Number of Traders in Each Category :
: 192 143 184 387 391 54 28 718 673:
——————————————————————————————————————-

SOYBEANS
General Comments: Soybeans and the products were higher on a the rally tied to the USDA reports on reports of improved conditions in the Midwest and new China demand news. Soybeans stocks were estimated at330 million bushels for the current year and 310 million for the next year and are below trade estimates. 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 higher of news of China demand. 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.
Overnight News: USDA confirmed sales of 136,000 tons of US Soybeans to China.
Analysis: Trends in Soybeans are up. Support is at 1163, 1154, and 1149 August, and resistance is at 1208, 1220, and 1232 August. Trends in Soybean Meal are up. Support is at 315.00, 309.00, and 305.00 August, and resistance is at 325.00, 329.00,and 333.00 August. Trends in Soybean Oil are mixed. Support is at 6540, 6440, and 6320 August, with resistance at 7310, 7460, and 7580 August.

COT — Supplemental Report – Option and Futures Combined Positions as of June 30, 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 1,082,050
: Positions :
: 86,354 122,121 305,655 401,127 528,468 243,422 46,670 1,036,558 1,002,914: 45,492 79,136
: Changes from: June 23, 2026 (Change in open interest: -195,493) :
: -2,969 -5,150 -88,908 -59,402 -78,994 -39,055 -17,954 -190,333 -191,007: -5,160 -4,486
: Percent of Open Interest Represented by Each Category of Trader :
: 8.0 11.3 28.2 37.1 48.8 22.5 4.3 95.8 92.7: 4.2 7.3
: Total Traders: 619 Number of Traders in Each Category :
: 130 119 179 210 278 50 19 481 519:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of June 30, 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 722,118
: Positions :
: 108,671 51,280 187,028 262,445 420,619 127,650 35,580 685,793 694,507: 36,325 27,611
: Changes from: June 23, 2026 (Change in open interest: -83,065) :
: -9,454 5,455 -56,533 -3,104 -14,681 -10,533 -12,466 -79,625 -78,225: -3,441 -4,840
: Percent of Open Interest Represented by Each Category of Trader :
: 15.0 7.1 25.9 36.3 58.2 17.7 4.9 95.0 96.2: 5.0 3.8
: Total Traders: 341 Number of Traders in Each Category :
: 95 71 108 95 103 40 20 286 253:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of June 30, 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 646,350
: Positions :
: 103,564 104,051 136,225 213,071 349,444 139,915 26,241 592,775 615,961: 53,575 30,389
: Changes from: June 23, 2026 (Change in open interest: -49,233) :
: -1,241 2,860 -18,327 -20,042 -28,098 -8,906 -4,399 -48,516 -47,964: -717 -1,269
: Percent of Open Interest Represented by Each Category of Trader :
: 16.0 16.1 21.1 33.0 54.1 21.6 4.1 91.7 95.3: 8.3 4.7
: Total Traders: 317 Number of Traders in Each Category :
: 80 54 85 115 107 39 16 276 230:
——————————————————————————————————————-

PALM OIL AND CANOLA
General Comments: Palm Oil were a little higher last week after MPOB reported increased stocks levels for June. Prices were higher again today. Canola was higher on Chicago price action.
Overnight News
Chart Analysis: Trends in Canola are mixed to up. Support is at 740.00, 728.00, and 710.00 November, with resistance at 791.00, 797.00, and 803.00 November. Trends in Palm Oil are mixed. Support is at 4470, 4410, and 4290 September, with resistance at 4710, 4740, and 4820 September.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of June 30, 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 54,523 :
: Positions :
: 48,828 40,219 1,220 6,985 2,145 160 3,984 0 1,240 280 910 :
: Changes from: June 23, 2026 :
: 2,188 1,864 0 -286 300 -40 320 0 -230 0 390 :
: Percent of Open Interest Represented by Each Category of Trader :
: 89.6 73.8 2.2 12.8 3.9 0.3 7.3 0.0 2.3 0.5 1.7 :
: Number of Traders in Each Category Total Traders: 29 :
: 10 9 . 6 4 . . 0 . . 4 :
—————————————————————————————————————-

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of June 30, 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 297,665 :
: Positions :
: 162,361 128,395 10,076 19,777 2,356 73,068 62,572 25,814 5,117 37,432 17,323 :
: Changes from: June 23, 2026 :
: -8,377 -26,633 -888 210 -1,939 -3,863 8,187 -848 176 5,552 -8,620 :
: Percent of Open Interest Represented by Each Category of Trader :
: 54.5 43.1 3.4 6.6 0.8 24.5 21.0 8.7 1.7 12.6 5.8 :
: Number of Traders in Each Category Total Traders: 472 :
: 50 134 6 6 7 53 50 24 33 175 58 :
—————————————————————————————————————-

DJ Malaysian PM Cash Market Prices for Palm Oil – July 13
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 1137.50 00.00 Unquoted – –
Aug 1140.00 — Unquoted – –
Sep 1150.00 — Unquoted – –
Oct/Nov/Dec 1162.50 00.00 Unquoted – –
Jan/Feb/Mar 1185.00 00.00 Unquoted – –
Apr/May/Jun 1187.50 — Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
July 1142.50 00.00 Unquoted – –
Aug 1145.00 — Unquoted – –
Sep 1155.00 — Unquoted – –
Oct/Nov/Dec 1167.50 00.00 Unquoted – –
Jan/Feb/Mar 1190.00 00.00 Unquoted – –
Apr/May/Jun 1192.50 — Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
July 1100.00 00.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
July 1057.50 00.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
July 4,480.00 -10.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
July 475.00 +01.00 Unquoted – –
($1=MYR4.073)

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