Grains Report 09/11/2026

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 corn and soybean production and supply-and-demand report scheduled for release at noon ET on Friday.
U.S. 2026 Production, Yield (million bushels, bushels per acre)
Average Range USDA August USDA 2025
Corn Production 15,768 15,344-16,207 16,013 17,021
Soybean Production 4,492 4,360-4,572 4,519 4,262
Corn Yield 178.1 173.2-182.9 180.7 186.5
Soybean Yield 52.5 51.5-53.3 52.7 53.0
****
U.S. Stockpiles (millions)
2025-26
Average Range USDA August
Corn 1,954 1,895-2,045 1,945
Soybeans 320 300-330 325
2026-27
Average Range USDA August
Corn 1,533 1,359-1,820 1,653
Soybeans 289 200-333 320
Wheat 720 686-742 717
****
World Stockpiles (million metric tons)
2025-26
Average Range USDA August
Corn 298.6 297.4-299.2 298.8
Soybeans 125.1 124.6-125.5 125.1
Wheat 280.2 280.0-281.0 280.2
2026-27
Average Range USDA August
Corn 271.9 269.0-274.6 274.7
Soybeans 123.1 121.0-124.2 124.2
Wheat 273.2 271.3-276.1 273.3

DJ U.S. Export Sales: Weekly Sales Totals-Sep 11
For the week ended Sep 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 wheat and barley began Jun 1. The
marketing year for rice and cotton began Aug 1. The
marketing year for soymeal and soyoil will begin Oct 1.
For corn, soybeans and sorghum, “this year” is the 2026-2027
marketing year, which began Sep 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 194.2 2.5 8775.0 12723.1 3374.0 29.4
hrw 14.7 0.0 1931.0 5250.2 529.6 0.0
srw 28.4 0.0 1329.4 1789.1 439.6 0.0
hrs 42.3 2.5 2567.1 3172.3 1120.7 2.5
white 107.9 0.0 2706.9 2301.8 1225.7 26.9
durum 0.8 0.0 240.6 209.7 58.4 0.0
corn 2922.0-a 1928.7 87007.6 70251.1 993.3 15597.2
soybeans 3310.0-b 2637.3 41679.2 50873.0 672.7 18748.8
soymeal 42.6 284.5 18044.4 15673.8 2038.5 3411.7
soyoil 0.1 0.0 375.9 1096.5 14.7 8.8
upland cotton 73.9 2.5 4432.8 3786.7 3522.1 342.4
pima cotton 10.0 0.0 180.1 100.9 148.7 0.0
sorghum 22.4-c 11.7 5096.2 1785.0 10.7 32.7
barley 0.8 0.0 47.4 48.9 32.6 0.0
rice 51.3 0.0 731.9 673.8 534.9 0.0
-a: Includes new sales activity for Sep 1-4 which
resulted in a net increase of 1928.7 thousand metric tons. Also includes
993.3 thousand metric tons of undelivered sales carried over from
2025-2026.
-b: Includes new sales activity for Sep 1-4 which resulted in a
a net increase of 2637.3 thousand metric tons. Also includes
672.7 thousand metric tons of undelivered sales carried over from
2025-2026.
-c: Includes new sales activity for Sep 1-4 which resulted in
a net increase of 11.7 thousand metric tons. Also includes
10.7 thousand metric tons of undelivered sales carried over from
2025-2026.

DJ CBOT Delivery Intentions: Totals – Sep 11
Source: CME Group
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
SOYBEAN MEAL September Sep 14, 2026 3 Aug 31, 2026
SOYBEAN OIL September Sep 14, 2026 134 Sep 03, 2026
ROUGH RICE September Sep 14, 2026 55 Sep 10, 2026
CORN September Sep 14, 2026 163 Aug 28, 2026
KC HRW WHEAT September Sep 14, 2026 27 Aug 28, 2026
OATS September Sep 14, 2026 27 Sep 10, 2026
SOYBEAN September Sep 14, 2026 1 Sep 04, 2026
WHEAT September Sep 14, 2026 1 Aug 31, 2026

WHEAT:
General Comments: Wheat was higher in both markets yesterday as the Ukraine-Russia war continues and threatens any exports from the region. The president of Ukraine has said that his country and Russia would sit down soon to try to find a way for grains exports to resume from both countries, and Russia said yesterday that a proposal by Ukraine was not practical. The US Winter Wheat harvest is over. Spring Wheat is being harvested and is rated 51% good to excellent. Conditions are mixed 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. The Great Plains should stay hot and dry.
Overnight News:
Chart Analysis: Trends in Chicago are mixed. Support is at 723, 706, and 685 December, with resistance at 796, 808, and 820 December. Trends in Kansas City are mixed. Support is at 793, 743, and 747 December, with resistance at 858, 868, and 880 December. Trends in Minneapolis are not available

RICE:
General Comments Rice closed higher and made new highs for the move yesterday in pre report trading and in part on reports of a very weak Indian monsoon that is threatening ag production including Rice and in part on reports of a disappointing harvest in the US. The Indian monsoon has been better lately. Brazil prices are strong on ideas of short production and El Nino fears for production on the next crop. Condition in the US was steady from the previous week. Harvest is active in most states and is 43% complete. Demand remains moderate to poor for US Rice and was moderate last week. El Nino is threatening production in Asia and Indian prices remain high and are going higher, Trends are up on the daily charts and are up on the weekly charts,
Overnight News:
Chart Analysis: Trends are up. Support is at 1584, 1550, and 1510 November and resistance is at 1622, 1634, and 1646 November.

CORN AND OATS
General Comments: Corn was higher yesterday on strength in world petroleum prices and in response to private estimates released last week and ideas of more potential losses from stressful weather around the world but especially in Europe and Asia. There is still too much hot and dry weather in the western and southern Midwest but moderating conditions in Europe. Ukraine and Russia are back at war again and shipping is very limited in both countries. It should be cooler with drier weather in the Midwest this week. The crop conditions were steady last week and below aa year ago. Progress is ahead of normal and the harvest has started. Temperatures in the Midwest should be cooler this week. Oats were a little higher and USDA said the crop is now almost harvested.
Overnight News: Mexico bought 264,000 tons of US Corn.
Chart Analysis: Trends in Corn are mixed . Support is at 521, 513, and 497 December, and resistance is at 554, 560, and 566 December. Trends in Oats are mixed. Support is at 360, 352, and 347 December, and resistance is at 384, 396, and 408 September.

SOYBEANS
General Comments: Soybeans and the products were higher on renewed buying from China and other countries and an increase in the war between Iran and the US. World petroleum prices were also higher and were a cause for buying in the ag markets.. It is still mostly hot and dry in the southern and western Midwest. Leaves are dropping according to USDA this week. Condition is below a year ago and steady from the previous week. Cooler temperatures and drier weather in northern areas are expected for the next week in the Midwest. Southern areas should stay hot and dry
Overnight News:
Analysis: Trends in Soybeans are mixed to up. Support is at 1304, 1290, and 1256 November, and resistance is at 1340, 1352, and 1364 September. Trends in Soybean Meal are up. Support is at 341.00, 336.00, and 333.00 October, and resistance is at 351.00, 360.00,and 366.00 October. Trends in Soybean Oil are mixed. Support is at 6900, 6780, and 6630 October, with resistance at 7280, 7370, and 7470 October.

PALM OIL AND CANOLA
General Comments: Palm Oil was a little lower today on ideas of weakening demand and strong supply. Canola was higher last week.
Overnight News
Chart Analysis: Trends in Canola are mixed to up. Support is at 819.00, 807.00, and 793.00 November, with resistance at 844.00, 856.00, and 868.00 November. Trends in Palm Oil are mixed. Support is at 4850, 4800, and 4750 November, with resistance at 5030, 5090, and 5150 November.

DJ Malaysia’s August Palm Oil Exports 1.29M Tons; Down 7.5%, MPOB Says
Malaysia’s palm oil exports were down 7.5% on month at 1.29 million metric tons in August, the Malaysian Palm Oil Board said.
The following are details of the August crop data and revised numbers for July, issued by MPOB:
August July Change
On Month
Crude Palm Oil Output 1,817,499 1,792,596 Up 1.39%
Palm Oil Exports 1,294,664 1,399,579 Dn 7.5%
Palm Kernel Oil Exports 112,879 82,261 Up 37.22%
Palm Oil Imports 49,524 49,566 Dn 0.09%
Closing Stocks 2,824,488 2,627,898 Up 7.48%
Crude Palm Oil 1,645,570 1,428,478 Up 15.2%
Processed Palm Oil 1,178,918 1,199,420 Dn 1.71%

DJ Malaysian PM Cash Market Prices for Palm Oil – Sep 11
The following are prices for Malaysian palm oil in the cash market at 1000 GMT Friday, 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
Sep 1180.00 +02.50 Unquoted – –
Oct/Nov/Dec 1220.00 -15.00 Unquoted – –
Jan/Feb/Mar 1297.50 -12.50 Unquoted – –
Apr/May/June 1325.00 -05.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Sep 1185.00 +02.50 Unquoted – –
Oct/Nov/Dec 1225.00 -15.00 Unquoted – –
Jan/Feb/Mar 1302.50 -12.50 Unquoted – –
Apr/May/Jun 1330.00 -05.00 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Sep 1130.50 -10.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Sep 1082.50 -07.50 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Sep 4,620.00 -30.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Sep 483.00 -01.00 Unquoted – –
($1=MYR4.0695)

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