Grains Report 09/21/2026

WHEAT:
General Comments: Wheat was a little higher in both markets yesterday as the FED raised interest rates yesterday but 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 planting is 12% complete. Spring Wheat is being harvested and the harvest is almost over. 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 to down. Support is at 706, 685, and 677 December, with resistance at 743, 763, and 767 December. Trends in Kansas City are mixed to down. Support is at 773, 747, and 730 December, with resistance at 807, 828, and 8a58 December. Trends in Minneapolis are not available

COT — Supplemental Report – Option and Futures Combined Positions as of September 15, 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 603,066
: Positions :
: 69,138 111,235 231,941 125,151 169,553 136,370 54,166 562,601 566,895: 40,465 36,171
: Changes from: September 8, 2026 (Change in open interest: -3,034) :
: -7,887 16,964 4,296 816 -8,701 -1,437 -15,097 -4,212 -2,538: 1,177 -497
: Percent of Open Interest Represented by Each Category of Trader :
: 11.5 18.4 38.5 20.8 28.1 22.6 9.0 93.3 94.0: 6.7 6.0
: Total Traders: 446 Number of Traders in Each Category :
: 133 109 142 89 130 42 24 344 335:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of September 15, 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 347,391
: Positions :
: 58,881 54,146 114,718 53,727 143,278 98,116 13,614 325,442 325,757: 21,949 21,635
: Changes from: September 8, 2026 (Change in open interest: 4,520) :
: -1,821 10,737 5,799 499 -2,279 39 -8,823 4,516 5,434: 4 -914
: Percent of Open Interest Represented by Each Category of Trader :
: 16.9 15.6 33.0 15.5 41.2 28.2 3.9 93.7 93.8: 6.3 6.2
: Total Traders: 294 Number of Traders in Each Category :
: 76 65 83 72 103 35 11 224 225:
——————————————————————————————————————-

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of September 15, 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 80,409 :
: Positions :
: 32,005 63,080 6,702 571 547 24,896 2,676 1,240 1,775 769 3,200 :
: Changes from: September 8, 2026 :
: -537 -1,869 159 421 -38 -118 -13 101 -220 -350 325 :
: Percent of Open Interest Represented by Each Category of Trader :
: 39.8 78.4 8.3 0.7 0.7 31.0 3.3 1.5 2.2 1.0 4.0 :
: Number of Traders in Each Category Total Traders: 118 :
: 54 44 7 . 5 20 6 7 9 4 6 :
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RICE:
General Comments Rice closed slightly higher last week but encountered some selling tied to good harvest progress. Brazil prices are strong on ideas of short production and El Nino fears for production on the next crop. Harvest is active in most states and is 50% 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 turning down on the daily charts and are up on the weekly charts,
Overnight News:
Chart Analysis: Trends are mixed to down. Support is at 1550, 1510, and 1465 November and resistance is at 1622, 1634, and 1646 November.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of September 15, 2026
: Reportable Positions :
:————————————————————————————————————- :
: Producer/Merchant : : : :
: Processor/User : Swap Dealers : Managed Money : Other Reportables :
: Long : Short : Long : Short :Spreading: Long : Short :Spreading: Long : Short :Spreading :
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ROUGH RICE – CHICAGO BOARD OF TRADE (CONTRACTS OF 200,000 POUNDS) :
CFTC Code #039601 Open Interest is 13,853 :
: Positions :
: 4,472 8,822 259 0 0 3,669 1,677 4 1,456 1,181 1,114 :
: Changes from: September 8, 2026 :
: 169 254 0 0 0 144 -49 -1 29 77 83 :
: Percent of Open Interest Represented by Each Category of Trader :
: 32.3 63.7 1.9 0.0 0.0 26.5 12.1 0.0 10.5 8.5 8.0 :
: Number of Traders in Each Category Total Traders: 81 :
: 18 19 . 0 0 17 8 . 13 9 7 :
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CORN AND OATS
General Comments: Corn was lower last week in response reports of an expanding harvest and as the Fed raised interest rates to fight inflation. Some farmer selling was noted. 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 some wet weather in the Midwest this week. The crop conditions were steady last week and below aa year ago. Progress is about normal and the harvest is now 6% complete. Anecdotal report indicate that the harvest has started in the southern Midwest. Temperatures in the Midwest should be cooler this week amid wet weather. Oats were higher. The harvest is complete.
Overnight News:
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 394, 377, and 364 December, and resistance is at 414, 420, and 426 December.

COT — Supplemental Report – Option and Futures Combined Positions as of September 15, 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 2,662,009
: Positions :
: 387,624 95,671 851,325 708,233 1,315,046 524,797 149,727 2,471,979 2,411,768: 190,031 250,241
: Changes from: September 8, 2026 (Change in open interest: 65,117) :
: -3,835 -4,891 34,898 48,401 38,579 -15,554 3,835 63,910 72,422: 1,207 -7,304
: Percent of Open Interest Represented by Each Category of Trader :
: 14.6 3.6 32.0 26.6 49.4 19.7 5.6 92.9 90.6: 7.1 9.4
: Total Traders: 970 Number of Traders in Each Category :
: 238 140 225 391 455 51 22 773 764:
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SOYBEANS
General Comments: Soybeans and Soybean Meal were higher and Soybean Oil was lower after the FED raised interest rates to fight inflation. China is expected to buy more cargoes of US Soybeans before the US-China summit meetings in the coming weeks. The harvest Hs started. It is still hot and dry in the south but cool and wet in the north.. Condition is below a year ago and unchanged from the previous week. Cooler temperatures and wet weather in northern areas are expected for the next week in the Midwest. Southern areas are hot and dry. There is some concern that El Nono could affect South American Soybeans production this year.
Overnight News:
Analysis: Trends in Soybeans are mixed. Support is at 1290, 1256, and 1244 November, and resistance is at 1335, 1348, and 1360 September. Trends in Soybean Meal are mixed to up. Support is at 351.00, 345.00, and 341.00 October, and resistance is at 372.00, 3675.00,and 378.00 October. Trends in Soybean Oil are mixed to down. Support is at 6770, 6630, and 6570 October, with resistance at 7170, 7280, and 7370 October.

COT — Supplemental Report – Option and Futures Combined Positions as of September 15, 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 1,416,904
: Positions :
: 249,891 76,910 413,531 447,526 774,474 247,373 67,461 1,358,321 1,332,376: 58,583 84,527
: Changes from: September 8, 2026 (Change in open interest: 38,684) :
: 10,240 -126 24,565 32,442 8,515 -29,891 2,771 37,356 35,725: 1,328 2,958
: Percent of Open Interest Represented by Each Category of Trader :
: 17.6 5.4 29.2 31.6 54.7 17.5 4.8 95.9 94.0: 4.1 6.0
: Total Traders: 674 Number of Traders in Each Category :
: 163 125 182 220 296 52 19 532 541:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of September 15, 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 698,355
: Positions :
: 102,842 36,066 179,918 235,969 431,825 144,193 28,999 662,923 676,809: 35,432 21,546
: Changes from: September 8, 2026 (Change in open interest: -876) :
: -4,004 -4,514 4,763 -5,583 1,781 4,964 -722 140 1,308: -1,016 -2,184
: Percent of Open Interest Represented by Each Category of Trader :
: 14.7 5.2 25.8 33.8 61.8 20.6 4.2 94.9 96.9: 5.1 3.1
: Total Traders: 340 Number of Traders in Each Category :
: 106 54 104 98 106 42 21 285 253:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of September 15, 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 783,555
: Positions :
: 179,634 26,721 220,348 178,004 495,223 149,867 13,991 727,853 756,284: 55,702 27,271
: Changes from: September 8, 2026 (Change in open interest: 31,636) :
: 25,330 -7,115 10,137 -9,329 25,277 2,292 1,031 28,429 29,330: 3,207 2,306
: Percent of Open Interest Represented by Each Category of Trader :
: 22.9 3.4 28.1 22.7 63.2 19.1 1.8 92.9 96.5: 7.1 3.5
: Total Traders: 366 Number of Traders in Each Category :
: 130 41 96 118 130 39 10 325 250:
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PALM OIL AND CANOLA
General Comments: Palm Oil was lower today but higher last week. Daily chart trends are down. Canola was higher last week and trends are mixed on the daily charts and up on the weekly charts.
Overnight News
Chart Analysis: Trends in Canola are mixed. Support is at 807.00, 793.00, and 780.00 November, with resistance at 844.00, 856.00, and 868.00 November. Trends in Palm Oil are mixed to down. Support is at 4850, 4800, and 4750 December, with resistance at 4950, 5000, and 5050 December.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of September 15, 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 42,842 :
: Positions :
: 35,198 33,335 1,246 550 3,141 520 4,021 220 1,042 120 1,455 :
: Changes from: September 8, 2026 :
: -2,606 -1,700 806 -394 -307 0 394 -100 100 0 0 :
: Percent of Open Interest Represented by Each Category of Trader :
: 82.2 77.8 2.9 1.3 7.3 1.2 9.4 0.5 2.4 0.3 3.4 :
: Number of Traders in Each Category Total Traders: 27 :
: 10 11 . . . . . . 4 . . :
—————————————————————————————————————-

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of September 15, 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 407,825 :
: Positions :
: 175,765 252,325 8,242 21,647 4,502 130,205 22,935 34,140 15,134 31,684 36,436 :
: Changes from: September 8, 2026 :
: 1,391 7,206 2,327 -1,953 895 3,915 4,641 -487 2,306 231 2,482 :
: Percent of Open Interest Represented by Each Category of Trader :
: 43.1 61.9 2.0 5.3 1.1 31.9 5.6 8.4 3.7 7.8 8.9 :
: Number of Traders in Each Category Total Traders: 528 :
: 53 148 8 9 8 75 27 22 70 172 65 :
—————————————————————————————————————-

DJ Malaysian PM Cash Market Prices for Palm Oil – Sep 21
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
Oct 1202.50 — Unquoted – –
Nov 1202.50 — Unquoted – –
Dec 1202.50 — Unquoted – –
Jan/Feb/Mar 1260.00 -02.50 Unquoted – –
Apr/May/June 1285.00 -07.50 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Oct 1207.50 — Unquoted – –
Nov 1207.50 — Unquoted – –
Dec 1207.50 — Unquoted – –
Jan/Feb/Mar 1265.00 -02.50 Unquoted – –
Apr/May/Jun 1290.00 -07.50 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Oct 1137.50 — Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Oct 1080.00 — Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Oct 4,700.00 — Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Oct 468.00 — Unquoted – –
($1=MYR4.0755)

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