Grains Report 09/14/2026

DJ USDA Report: Summary for U.S. Agriculture Supply, Demand Report
Following are key numbers from the 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 Average USDA
Estimates Forecast Range August
Corn Production 15,800.0 15,768 15,344-16,207 16,013
Soybean Production 4,535.0 4,492 4,360-4,572 4,519
Friday’s Average USDA
Estimates Forecast Range August
Corn Yield 178.5 178.1 173.2-182.9 180.7
Soybean Yield 52.8 52.5 51.5-53.3 52.7
****
U.S. Stockpiles (million bushels)
2025-26
Friday’s Average USDA
Estimates Forecast Range August
Corn 1,922 1,954 1,895-2,045 1,945
Soybeans 325 320 300-330 325
2026-27
Friday’s Average USDA
Estimates Forecast Range August
Corn 1,567 1,533 1,359-1,820 1,653
Soybeans 310 289 200-333 320
Wheat 717 720 686-742 717
****
World Stockpiles (million metric tons)
2025-26
Friday’s Average USDA
Estimates Forecast Range August
Corn 301.4 298.6 297.4-299.2 298.8
Soybeans 125.3 125.1 124.6-125.5 125.2
Wheat 280.6 280.2 280.0-281.0 280.2
2026-27
Friday’s Average USDA
Estimates Forecast Range August
Corn 272.1 271.9 269.0-274.6 274.7
Soybeans 124.0 123.1 121.0-124.2 124.2
Wheat 276.3 273.2 271.3-276.1 273.3

DJ USDA Supply/Demand: Crop Summary – Sep 11
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 310.0 325.0 325.0:191.58 187.23 184.33:442.35 429.41 428.11
Brazil na na na:118.00 115.00 103.14:186.00 180.50 172.50
Argentina na na na: 6.45 9.00 7.87: 50.00 49.50 51.11
China na na na: 0.10 0.13 0.07: 21.00 20.90 20.65
Soyoil 1,877 1,837 1,747: 14.75 14.82 15.26: 75.12 73.36 70.07
Corn 1,567 1,922 1,551:210.08 218.21 187.58: 1,291 1,331 1,235
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 3.40 2.05: 16.50 18.10 17.35
Cotton(a) 3.60 4.15 4.00: 44.22 45.58 42.40:117.32 121.95 119.53
All Wheat 717 920 855:211.77 227.64 210.90:822.43 843.99 799.10
China na na na: 1.00 1.10 1.02:141.00 140.07 140.10
European
Union na na na: 31.00 31.72 27.92:133.80 145.14 121.06
Canada na na na: 30.00 29.79 29.35: 36.00 40.56 35.94
Argentina na na na: 15.50 19.10 13.31: 21.50 27.89 18.51
Australia na na na: 23.50 24.00 23.65: 31.00 35.99 34.11
Russia na na na: 43.00 48.00 43.00: 88.00 90.30 81.60
Ukraine na na na: 12.50 14.10 15.75: 26.00 24.10 23.40
Sorghum 21.0 37.0 40.0: na na na: na na na
Barley 60.0 66.0 69.0: na na na: na na na
Oats 32.0 32.0 28.0: na na na: na na na
Rice 40.4 58.4 53.9: 62.62 59.64 61.46:533.85 545.91 542.30

DJ CBOT Delivery Intentions: Totals – Sep 14
Source: CME Group
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
SOYBEAN MEAL September Sep 15, 2026 1 Sep 08, 2026
SOYBEAN OIL September Sep 15, 2026 2 Sep 10, 2026
ROUGH RICE September Sep 15, 2026 8 Sep 11, 2026
CORN September Sep 15, 2026 35 Sep 11, 2026
OATS September Sep 15, 2026 1 Sep 11, 2026
SOYBEAN September Sep 15, 2026 1 Sep 08, 2026
WHEAT September Sep 15, 2026 1 Sep 02, 2026

WHEAT:
General Comments: Wheat was lower in both markets yesterday in reaction to the USDA reports and as the Ukraine-Russia war continues and threatens any exports from the region. The reports feature no changes to either supply or demand but the average farm price was increased by 20 cents to reflect the market now. 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 dry but less hot.
Overnight News:
Chart Analysis: Trends in Chicago are mixed. Support is at 716, 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

COT — Supplemental Report – Option and Futures Combined Positions as of September 08, 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 606,100
: Positions :
: 77,026 94,271 227,644 124,336 178,254 137,807 69,263 566,812 569,433: 39,288 36,667
: Changes from: September 1, 2026 (Change in open interest: 9,528) :
: -905 -3,469 5,214 14,877 -2,645 -10,447 13,132 8,740 12,232: 789 -2,704
: Percent of Open Interest Represented by Each Category of Trader :
: 12.7 15.6 37.6 20.5 29.4 22.7 11.4 93.5 94.0: 6.5 6.0
: Total Traders: 451 Number of Traders in Each Category :
: 135 108 146 89 130 45 27 354 338:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of September 08, 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 342,872
: Positions :
: 60,702 43,409 108,919 53,228 145,558 98,077 22,437 320,926 320,323: 21,945 22,549
: Changes from: September 1, 2026 (Change in open interest: -1,680) :
: -2,434 -5,991 4,114 -3,341 129 25 -260 -1,634 -2,007: -45 327
: Percent of Open Interest Represented by Each Category of Trader :
: 17.7 12.7 31.8 15.5 42.5 28.6 6.5 93.6 93.4: 6.4 6.6
: Total Traders: 295 Number of Traders in Each Category :
: 82 61 87 67 102 37 11 225 227:
——————————————————————————————————————-

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of September 8, 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 80,816 :
: Positions :
: 32,542 64,949 6,544 150 585 25,014 2,689 1,139 1,996 1,119 2,875 :
: Changes from: September 1, 2026 :
: 376 1,824 187 0 -23 1,257 -195 177 -166 -158 391 :
: Percent of Open Interest Represented by Each Category of Trader :
: 40.3 80.4 8.1 0.2 0.7 31.0 3.3 1.4 2.5 1.4 3.6 :
: Number of Traders in Each Category Total Traders: 118 :
: 52 45 7 . 5 22 4 6 11 4 5 :
—————————————————————————————————————-

RICE:
General Comments Rice closed lower in response to the USDA reports. USDA showed a slight decrease in harvested area but an uptick in yields for an overall very small decrease in production of All Rice. Beginning stocks and ending stocks were also increased but demand was untouched. Long grain featured increased beginning stocks and decreased production for an increase in ending stocks to 21.4 million cwt from 20.3 million cwt last month.. 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 mixed 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.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of September 8, 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 13,583 :
: Positions :
: 4,303 8,568 259 0 0 3,525 1,726 5 1,427 1,104 1,031 :
: Changes from: September 1, 2026 :
: -71 182 0 0 0 290 -189 -1 -46 -11 -67 :
: Percent of Open Interest Represented by Each Category of Trader :
: 31.7 63.1 1.9 0.0 0.0 26.0 12.7 0.0 10.5 8.1 7.6 :
: Number of Traders in Each Category Total Traders: 74 :
: 16 18 . 0 0 16 7 . 15 5 6 :
—————————————————————————————————————-

CORN AND OATS
General Comments: Corn was higher yesterday in response to the USDA reports and ideas of more potential losses from stressful weather around the world but especially in Europe and Asia. USDA cut back on harvested area and yields for production at 15.800 billion bushels. Feed demand was cut to 5.9aa50 billion bushels and total demand was cut to 16.180 billion bushels. Ending stocks were estimated at 1.567 billion bushels from 1.653 billion last month. 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 lower and USDA made no changes to supply or demand.
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.

COT — Supplemental Report – Option and Futures Combined Positions as of September 08, 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 2,596,892
: Positions :
: 391,458 100,561 816,427 659,832 1,276,466 540,351 145,892 2,408,068 2,339,346: 188,824 257,546
: Changes from: September 1, 2026 (Change in open interest: 2,563) :
: 17,315 -8,512 -6,214 28,023 7,103 -28,404 1,724 10,719 -5,899: -8,156 8,462
: Percent of Open Interest Represented by Each Category of Trader :
: 15.1 3.9 31.4 25.4 49.2 20.8 5.6 92.7 90.1: 7.3 9.9
: Total Traders: 964 Number of Traders in Each Category :
: 232 144 224 378 444 56 26 765 752:
——————————————————————————————————————-

SOYBEANS
General Comments: Soybeans and the products were lower in response to the USDA reports. USDA showed increased harvested area and yields for production increases to 4.535 billion bushels. Exports were higher and ending stocks were cut to 310 million bushels from 320 million last month. 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 are hot and dry
Overnight News:
Analysis: Trends in Soybeans are mixed. Support is at 1290, 1256, and 1244 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.

COT — Supplemental Report – Option and Futures Combined Positions as of September 08, 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 1,378,220
: Positions :
: 239,650 77,036 388,966 415,084 765,959 277,264 64,690 1,320,965 1,296,651: 57,255 81,569
: Changes from: September 1, 2026 (Change in open interest: 52,407) :
: 28,014 593 11,578 9,904 24,352 5,069 15,375 54,565 51,897: -2,158 509
: Percent of Open Interest Represented by Each Category of Trader :
: 17.4 5.6 28.2 30.1 55.6 20.1 4.7 95.8 94.1: 4.2 5.9
: Total Traders: 675 Number of Traders in Each Category :
: 173 119 181 206 294 53 18 519 538:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of September 08, 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 699,232
: Positions :
: 106,846 40,580 175,156 241,553 430,044 139,229 29,722 662,784 675,501: 36,448 23,731
: Changes from: September 1, 2026 (Change in open interest: -24,154) :
: -2,133 2,144 -3,253 -12,662 -20,599 -5,195 -2,476 -23,243 -24,184: -911 29
: Percent of Open Interest Represented by Each Category of Trader :
: 15.3 5.8 25.0 34.5 61.5 19.9 4.3 94.8 96.6: 5.2 3.4
: Total Traders: 341 Number of Traders in Each Category :
: 104 53 101 97 103 44 22 283 247:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of September 08, 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 751,919
: Positions :
: 154,305 33,836 210,211 187,332 469,946 147,575 12,960 699,424 726,953: 52,495 24,965
: Changes from: September 1, 2026 (Change in open interest: 21,330) :
: -3,657 -3,340 24,729 2,573 1,691 398 144 24,043 23,224: -2,713 -1,894
: Percent of Open Interest Represented by Each Category of Trader :
: 20.5 4.5 28.0 24.9 62.5 19.6 1.7 93.0 96.7: 7.0 3.3
: Total Traders: 363 Number of Traders in Each Category :
: 114 56 105 123 125 40 11 327 256:
——————————————————————————————————————-

PALM OIL AND CANOLA
General Comments: Palm Oil was higher last week and higher today on production concerns. 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.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of September 8, 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 44,949 :
: Positions :
: 37,804 35,035 440 944 3,448 520 3,627 320 942 120 1,455 :
: Changes from: September 1, 2026 :
: 4,450 6,225 0 -1,585 720 80 -10 -40 -80 -200 120 :
: Percent of Open Interest Represented by Each Category of Trader :
: 84.1 77.9 1.0 2.1 7.7 1.2 8.1 0.7 2.1 0.3 3.2 :
: Number of Traders in Each Category Total Traders: 27 :
: 10 11 . 4 . . . . 4 . . :
—————————————————————————————————————-

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of September 8, 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 393,615 :
: Positions :
: 174,374 245,118 5,915 23,600 3,608 126,290 18,293 34,627 12,827 31,453 33,954 :
: Changes from: September 1, 2026 :
: 2,320 5,839 -1,143 -358 -87 207 -5,666 2,062 388 1,610 3,218 :
: Percent of Open Interest Represented by Each Category of Trader :
: 44.3 62.3 1.5 6.0 0.9 32.1 4.6 8.8 3.3 8.0 8.6 :
: Number of Traders in Each Category Total Traders: 521 :
: 50 147 7 10 9 82 22 27 62 175 62 :
—————————————————————————————————————-

DJ Malaysian PM Cash Market Prices for Palm Oil – Sep 14
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
Sep 1180.00 00.00 Unquoted – –
Oct/Nov/Dec 1217.50 -02.50 Unquoted – –
Jan/Feb/Mar 1290.00 -07.50 Unquoted – –
Apr/May/June 1317.50 -07.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Sep 1185.00 00.00 Unquoted – –
Oct/Nov/Dec 1222.50 -02.50 Unquoted – –
Jan/Feb/Mar 1295.00 -07.50 Unquoted – –
Apr/May/Jun 1322.50 -07.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Sep 1130.00 00.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Sep 1080.00 -02.50 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Sep 4,630.00 +10.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Sep 485.00 +02.00 Unquoted – –
($1=MYR4.074)

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