Jack Scoville
Jack Scoville is an often quoted market analyst in the grain and soft commodities sectors. You will find his commentary throughout the Reuters, Wall Street Journal, Dow Jones, Bloomberg, and Barron's publications. Contact Mr. Scoville at (312) 264-4322
Grains Report 07/20/2026
WHEAT:
General Comments: Wheat closed sharply higher in both markets last week. The rally is tied to increased tensions in the Black Sea with Russia unable to ship anything through th4 Azov Sea and to the USDA reports and world weather found new footing. The harvest has been interrupted by too much rain in Texas and harvest yield reports remain low 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 moderate temperatures after a got week last week.
Overnight News:
Chart Analysis: Trends in Chicago are up. Support is at 660, 647, and 629 September, with resistance at 700, 712, and 724 September. Trends in Kansas City are up. Support is at 691, 679, and 659 September, with resistance at 734, 758, and 770 September. Trends in Minneapolis are not available
COT — Supplemental Report – Option and Futures Combined Positions as of July 14, 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 528,698
: Positions :
: 72,880 111,731 162,007 122,465 139,573 132,632 78,248 489,984 491,559: 38,714 37,138
: Changes from: July 7, 2026 (Change in open interest: 36,728) :
: 6,517 -24,235 17,558 3,523 35,555 6,987 7,686 34,586 36,566: 2,141 162
: Percent of Open Interest Represented by Each Category of Trader :
: 13.8 21.1 30.6 23.2 26.4 25.1 14.8 92.7 93.0: 7.3 7.0
: Total Traders: 399 Number of Traders in Each Category :
: 115 96 125 97 111 45 26 323 296:
——————————————————————————————————————-
COT — Supplemental Report – Option and Futures Combined Positions as of July 14, 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 300,969
: Positions :
: 53,451 57,549 83,839 61,884 114,588 80,757 22,816 279,931 278,793: 21,038 22,176
: Changes from: July 7, 2026 (Change in open interest: 4,071) :
: 555 -10,403 3,077 -990 11,083 363 960 3,005 4,718: 1,066 -647
: Percent of Open Interest Represented by Each Category of Trader :
: 17.8 19.1 27.9 20.6 38.1 26.8 7.6 93.0 92.6: 7.0 7.4
: Total Traders: 265 Number of Traders in Each Category :
: 55 59 73 71 96 34 15 199 209:
——————————————————————————————————————-
Disaggregated Commitments of Traders- Options and Futures Combined Positions as of July 14, 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 90,026 :
: Positions :
: 49,534 44,651 2,815 1,815 1,065 19,562 25,274 4,802 1,561 580 1,980 :
: Changes from: July 7, 2026 :
: 639 4,597 150 -673 -95 1,675 -246 646 -411 -1,054 365 :
: Percent of Open Interest Represented by Each Category of Trader :
: 55.0 49.6 3.1 2.0 1.2 21.7 28.1 5.3 1.7 0.6 2.2 :
: Number of Traders in Each Category Total Traders: 113 :
: 57 36 5 . . 12 19 10 8 . 5 :
—————————————————————————————————————-
RICE:
General Comments Rice closed higher last week. USDA said that Rice planted and harvested area is estimated to be sharply lower this year, leading to much lower production and tighter ending stocks estimates. 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 1416, 1428, and 1440 September.
Disaggregated Commitments of Traders- Options and Futures Combined Positions as of July 14, 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 14,233 :
: Positions :
: 4,884 7,569 418 0 0 2,798 2,639 105 1,477 1,461 1,345 :
: Changes from: July 7, 2026 :
: 147 623 -4 0 0 495 -165 3 -173 -38 -73 :
: Percent of Open Interest Represented by Each Category of Trader :
: 34.3 53.2 2.9 0.0 0.0 19.7 18.5 0.7 10.4 10.3 9.4 :
: Number of Traders in Each Category Total Traders: 80 :
: 22 21 . 0 0 14 8 4 16 8 8 :
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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 faded once again It should be warm with showers in the north 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 cooler this week. Oats were higher last week and trends are up on the weekly charts and are up on the daily charts.
Overnight News: Colombia bought 100,000 tons of US Corn.
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 364, 370, and 376 September.
COT — Supplemental Report – Option and Futures Combined Positions as of July 14, 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 2,326,231
: Positions :
: 252,658 290,574 780,277 666,852 890,940 436,087 144,398 2,135,874 2,106,189: 190,357 220,041
: Changes from: July 7, 2026 (Change in open interest: -18,652) :
: -4,750 -34,244 -8,971 1,637 25,061 -2,192 -2,032 -14,276 -20,186: -4,376 1,534
: Percent of Open Interest Represented by Each Category of Trader :
: 10.9 12.5 33.5 28.7 38.3 18.7 6.2 91.8 90.5: 8.2 9.5
: Total Traders: 882 Number of Traders in Each Category :
: 188 144 193 386 396 54 28 723 673:
——————————————————————————————————————-
SOYBEANS
General Comments: Soybeans and Soybean Oil were higher and Soybean Meal was lower last week on reports of improved conditions in the Midwest and no new China demand news. Rapid emergence progress was shown by USDA this week and reports of good conditions continue. Condition is rated high by USDA in the latest reports. Warmer temperatures and wet weather in northern areas are expected for the next week in the Midwest. The big South American harvests are also weighing on prices.
Overnight News: Unknown destinations bought 110,000 tons od US Soybeans. China bought 264,000 tons of US Soybeans.
Analysis: Trends in Soybeans are mixed to up. Support is at 1163, 1154, and 1149 August, and resistance is at 1220, 1232, and 1244 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 7460, 7580, and 7700 August.
COT — Supplemental Report – Option and Futures Combined Positions as of July 14, 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 1,231,185
: Positions :
: 121,440 97,753 368,115 468,050 641,263 220,926 43,586 1,178,531 1,150,718: 52,654 80,468
: Changes from: July 7, 2026 (Change in open interest: 28,432) :
: 5,107 -8,896 21,645 9,324 18,863 -10,185 -3,478 25,891 28,135: 2,541 298
: Percent of Open Interest Represented by Each Category of Trader :
: 9.9 7.9 29.9 38.0 52.1 17.9 3.5 95.7 93.5: 4.3 6.5
: Total Traders: 656 Number of Traders in Each Category :
: 159 111 190 217 290 50 18 523 527:
——————————————————————————————————————-
COT — Supplemental Report – Option and Futures Combined Positions as of July 14, 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 747,953
: Positions :
: 119,221 36,077 198,050 267,840 452,454 123,892 33,106 709,002 719,687: 38,951 28,266
: Changes from: July 7, 2026 (Change in open interest: 10,136) :
: 17,063 -8,675 -3,495 -6,568 23,781 1,820 -717 8,820 10,894: 1,316 -758
: Percent of Open Interest Represented by Each Category of Trader :
: 15.9 4.8 26.5 35.8 60.5 16.6 4.4 94.8 96.2: 5.2 3.8
: Total Traders: 343 Number of Traders in Each Category :
: 109 54 105 99 105 42 22 299 248:
——————————————————————————————————————-
COT — Supplemental Report – Option and Futures Combined Positions as of July 14, 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 658,316
: Positions :
: 112,388 69,670 147,464 205,512 383,239 136,714 29,258 602,079 629,632: 56,237 28,684
: Changes from: July 7, 2026 (Change in open interest: 2,559) :
: 1,066 -20,899 5,923 -7,906 17,960 2,227 -1,285 1,310 1,698: 1,250 861
: Percent of Open Interest Represented by Each Category of Trader :
: 17.1 10.6 22.4 31.2 58.2 20.8 4.4 91.5 95.6: 8.5 4.4
: Total Traders: 327 Number of Traders in Each Category :
: 90 54 92 110 112 40 16 283 240:
——————————————————————————————————————-
PALM OIL AND CANOLA
General Comments: Palm Oil was higher last week and closed higher today. Canola was also higher last week.
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 4530, 4490, and 4430 October, with resistance at 4560, 4740, and 4780 October.
Disaggregated Commitments of Traders- Options and Futures Combined Positions as of July 14, 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 47,369 :
: Positions :
: 41,896 33,857 960 6,146 2,313 120 3,735 0 1,080 338 970 :
: Changes from: July 7, 2026 :
: -2,318 -2,459 0 -189 168 0 240 0 -110 0 90 :
: Percent of Open Interest Represented by Each Category of Trader :
: 88.4 71.5 2.0 13.0 4.9 0.3 7.9 0.0 2.3 0.7 2.0 :
: Number of Traders in Each Category Total Traders: 30 :
: 11 10 . 5 4 . . 0 . . . :
—————————————————————————————————————-
Disaggregated Commitments of Traders- Options and Futures Combined Positions as of July 14, 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 309,292 :
: Positions :
: 144,167 142,400 6,782 22,264 1,978 97,750 58,124 28,160 6,766 31,009 21,125 :
: Changes from: July 7, 2026 :
: -5,144 24,238 -450 2,241 -844 19,169 -7,754 2,810 -277 -5,267 2,330 :
: Percent of Open Interest Represented by Each Category of Trader :
: 46.6 46.0 2.2 7.2 0.6 31.6 18.8 9.1 2.2 10.0 6.8 :
: Number of Traders in Each Category Total Traders: 496 :
: 53 140 5 10 7 65 36 26 49 171 63 :
—————————————————————————————————————-
DJ Malaysian PM Cash Market Prices for Palm Oil – Jul 20
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.
Offer Change Bid Change Traded
Aug 1155.00 00.00 Unquoted – –
Sep 1165.00 00.00 Unquoted – –
Oct/Nov/Dec 1177.50 00.00 Unquoted – –
Jan/Feb/Mar 1200.00 +02.50 Unquoted – –
Apr/May/Jun 1200.00 +02.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Aug 1160.00 00.00 Unquoted – –
Sep 1170.00 00.00 Unquoted – –
Oct/Nov/Dec 1182.50 00.00 Unquoted – –
Jan/Feb/Mar 1205.00 +02.50 Unquoted – –
Apr/May/Jun 1205.00 +02.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Aug 1122.50 +07.50 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Aug 1072.50 +02.50 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Aug 4,580.00 +10.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Aug 500.00 +01.00 Unquoted – –
($1=MYR4.0885)
Questions? Ask Jack Scoville today at 312-264-4322