Grains Report 10/26/2026

WHEAT:
General Comments: Wheat was lower in both markets once again last week as planting and emergence of Winter Wheat was ahead of normal with improved weather in the Great Plains. The weekly export sales report showed average demand. Both sides in the Russia-Ukraine war have reported an export pace more than 50% less than a year ago. The US Winter Wheat planting was 63% complete last week and was 39% emerged. Conditions are mixed in the US Midwest. 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 get scattered showers in all areas.
Overnight News:
Chart Analysis: Trends in Chicago are down. Support is at 618, 611, and 591 December, with resistance at 662, 681 and 689 December. Trends in Kansas City are down. Support is at 657, 645, and 642 December, with resistance at 711, 725, and 738 December. Trends in Minneapolis are not available

COT — Supplemental Report – Option and Futures Combined Positions as of October 20, 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 637,923
: Positions :
: 64,164 140,549 241,342 151,067 147,820 143,028 70,729 599,600 600,439: 38,323 37,484
: Changes from: October 13, 2026 (Change in open interest: 28,968) :
: 1,005 12,698 22,492 4,318 -13,529 1,918 5,054 29,733 26,715: -765 2,253
: Percent of Open Interest Represented by Each Category of Trader :
: 10.1 22.0 37.8 23.7 23.2 22.4 11.1 94.0 94.1: 6.0 5.9
: Total Traders: 434 Number of Traders in Each Category :
: 130 109 147 101 117 44 24 357 323:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of October 20, 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 355,093
: Positions :
: 39,638 64,240 127,404 72,874 123,308 93,478 14,748 333,394 329,700: 21,699 25,393
: Changes from: October 13, 2026 (Change in open interest: 11,620) :
: -2,543 3,845 7,033 8,338 -1,856 -1,941 -93 10,887 8,929: 733 2,690
: Percent of Open Interest Represented by Each Category of Trader :
: 11.2 18.1 35.9 20.5 34.7 26.3 4.2 93.9 92.8: 6.1 7.2
: Total Traders: 271 Number of Traders in Each Category :
: 66 59 83 75 94 35 14 216 216:
——————————————————————————————————————-

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of October 20, 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 74,987 :
: Positions :
: 33,151 45,481 8,689 1,211 838 15,567 11,374 1,394 1,794 836 4,040 :
: Changes from: October 13, 2026 :
: 1,374 -6,127 927 540 112 -840 4,504 331 -80 -379 779 :
: Percent of Open Interest Represented by Each Category of Trader :
: 44.2 60.7 11.6 1.6 1.1 20.8 15.2 1.9 2.4 1.1 5.4 :
: Number of Traders in Each Category Total Traders: 119 :
: 56 42 7 . 5 13 15 6 9 4 9 :
—————————————————————————————————————-

RICE:
General Comments Rice closed higher again last week and made new highs for the move despite reports of farm selling as the overall supply scenario remains tight at home and around the world. The weekly export sales report showed strong demand. Damage to unharvested crops is reported from the hurricane and there are worries about El Nino hurting world production. Brazil prices are strong on ideas of short production and El Nino fears for production on the next crop. Harvest is 97% 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 1700, 1687, and 1670 November and resistance is at 1772, 1784, and 1796 November.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of October 20, 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 16,060 :
: Positions :
: 5,084 10,199 174 137 0 4,282 1,127 25 1,367 1,180 2,009 :
: Changes from: October 13, 2026 :
: 16 155 0 0 0 335 -199 12 -348 68 -141 :
: Percent of Open Interest Represented by Each Category of Trader :
: 31.7 63.5 1.1 0.9 0.0 26.7 7.0 0.2 8.5 7.3 12.5 :
: Number of Traders in Each Category Total Traders: 79 :
: 18 17 . . 0 18 6 . 16 8 8 :
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CORN AND OATS
General Comments: Corn was lower last week on reports of good harvest progress amid warm and dry weather. The weekly export sales report showed strong demand. End user buying and no farm selling continue to support overall. Trends are down on the daily and weekly charts. There is moderating weather in the western and southern Midwest with mostly dry conditions. Harvest has been active in some areas of the Midwest with good but not great yields being reported. Ukraine and Russia are still at war and shipping is very limited in both countries. It should be cooler with drier weather in the Midwest this week. The crop conditions last week were slightly higher from the previous week and below aa year ago. Progress is about normal and the harvest is now 95% mature and 44% complete. Temperatures in the Midwest should be warmer this week amid mostly dry weather. Oats were lower and trends are down on the weekly charts.
Overnight News:
Chart Analysis: Trends in Corn are mixed to down . Support is at 452, 448, and 442 December, and resistance is at 470, 478, and 488 December. Trends in Oats are mixed. Support is at 366, 361, and 352 December, and resistance is at 396, 404, and 409 December.

COT — Supplemental Report – Option and Futures Combined Positions as of October 20, 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 2,539,295
: Positions :
: 228,115 176,918 877,037 774,992 1,108,578 465,088 150,977 2,345,232 2,313,510: 194,063 225,786
: Changes from: October 13, 2026 (Change in open interest: 19,625) :
: -31,634 31,711 42,632 17,404 -63,626 -8,033 9,645 20,369 20,362: -744 -738
: Percent of Open Interest Represented by Each Category of Trader :
: 9.0 7.0 34.5 30.5 43.7 18.3 5.9 92.4 91.1: 7.6 8.9
: Total Traders: 925 Number of Traders in Each Category :
: 193 147 230 444 420 50 24 808 715:
——————————————————————————————————————-

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of October 20, 2026
: Reportable Positions :
:————————————————————————————————————- :
: Producer/Merchant : : : :
: Processor/User : Swap Dealers : Managed Money : Other Reportables :
: Long : Short : Long : Short :Spreading: Long : Short :Spreading: Long : Short :Spreading :
—————————————————————————————————————-
OATS – CHICAGO BOARD OF TRADE (CONTRACTS OF 5,000 BUSHELS) :
CFTC Code #004603 Open Interest is 4,131 :
: Positions :
: 406 2,240 0 0 0 1,362 64 0 287 553 305 :
: Changes from: October 13, 2026 :
: . . . . . . . . . . . :
: Percent of Open Interest Represented by Each Category of Trader :
: 9.8 54.2 0.0 0.0 0.0 33.0 1.5 0.0 6.9 13.4 7.4 :
: Number of Traders in Each Category Total Traders: 20 :
: 5 7 0 0 0 6 . 0 . . . :
—————————————————————————————————————-

SOYBEANS
General Comments: Soybeans and the products were a little lower last week on great harvest progress and despite big new buying from China. China is expected to buy more cargoes of US Soybeans in the coming weeks but the tariffs will remain high. The weekly export sales report showed very strong demand. The harvest was 64% complete last week. Condition was unchanged from the previous week. Cooler and dry weather is likely in the north.
Overnight News:
Chart Analysis: Trends in Soybeans are mixed to down. Support is at 1232, 1220, and 1213 November, and resistance is at 1266, 1278, and 1298 September. Trends in Soybean Meal are down. Support is at 343.00, 337.00, and 329.00 December, and resistance is at 353.00, 361.00,and 369.00 December. Trends in Soybean Oil are mixed to down. Support is at 6540, 6480, and 6420 December, with resistance at 6740, 6880, and 7010 December.

COT — Supplemental Report – Option and Futures Combined Positions as of October 20, 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 1,367,303
: Positions :
: 217,924 70,604 403,193 473,638 745,133 216,937 64,115 1,311,693 1,283,045: 55,611 84,258
: Changes from: October 13, 2026 (Change in open interest: 37,821) :
: -29,668 1,647 23,495 34,833 2,824 10,953 11,377 39,613 39,343: -1,792 -1,522
: Percent of Open Interest Represented by Each Category of Trader :
: 15.9 5.2 29.5 34.6 54.5 15.9 4.7 95.9 93.8: 4.1 6.2
: Total Traders: 657 Number of Traders in Each Category :
: 139 129 201 227 303 50 21 528 560:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of October 20, 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 641,926
: Positions :
: 80,646 54,078 178,141 209,874 356,892 137,633 29,801 606,294 618,912: 35,631 23,014
: Changes from: October 13, 2026 (Change in open interest: 3,696) :
: -13,392 14,004 8,973 9,242 -20,980 1,564 1,395 6,387 3,391: -2,691 304
: Percent of Open Interest Represented by Each Category of Trader :
: 12.6 8.4 27.8 32.7 55.6 21.4 4.6 94.4 96.4: 5.6 3.6
: Total Traders: 333 Number of Traders in Each Category :
: 90 64 105 95 101 39 18 270 252:
——————————————————————————————————————-

COT — Supplemental Report – Option and Futures Combined Positions as of October 20, 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 745,823
: Positions :
: 184,654 36,300 185,223 153,545 478,481 165,912 14,714 689,335 714,719: 56,489 31,105
: Changes from: October 13, 2026 (Change in open interest: 3,778) :
: -3,396 7,525 470 2,421 -8,529 2,933 2,848 2,428 2,314: 1,350 1,463
: Percent of Open Interest Represented by Each Category of Trader :
: 24.8 4.9 24.8 20.6 64.2 22.2 2.0 92.4 95.8: 7.6 4.2
: Total Traders: 370 Number of Traders in Each Category :
: 115 55 108 114 133 42 13 317 273:
——————————————————————————————————————-

PALM OIL AND CANOLA
General Comments: Palm Oil was higher last week on strong export demand but lower today on ideas of increasing supplies. Daily chart trends are mixed and weekly trends are mixed to up. Canola was lower last week and trends are still down on the daily charts.
Overnight News
Chart Analysis: Trends in Canola are mixed. Support is at 770.00, 754.00, and 750.00 November, with resistance at 794.00, 805.00, and 815.00 November. Trends in Palm Oil are mixed. Support is at 4550, 4490, and 4430 December, with resistance at 4760, 4800, and 4890 December.

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of October 20, 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 42,284 :
: Positions :
: 34,430 35,189 3,023 180 2,796 200 2,789 370 845 360 600 :
: Changes from: October 13, 2026 :
: -1,539 -24 1,475 0 5 0 0 0 40 0 -40 :
: Percent of Open Interest Represented by Each Category of Trader :
: 81.4 83.2 7.1 0.4 6.6 0.5 6.6 0.9 2.0 0.9 1.4 :
: Number of Traders in Each Category Total Traders: 26 :
: 11 10 . . 4 . . . 4 . . :
—————————————————————————————————————-

Disaggregated Commitments of Traders- Options and Futures Combined Positions as of October 20, 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 378,921 :
: Positions :
: 168,613 186,754 1,927 20,004 5,268 112,736 35,035 41,363 4,938 45,673 39,630 :
: Changes from: October 13, 2026 :
: 6,794 -37,080 -1,063 279 -191 -14,293 10,002 8,708 -4,743 13,279 630 :
: Percent of Open Interest Represented by Each Category of Trader :
: 44.5 49.3 0.5 5.3 1.4 29.8 9.2 10.9 1.3 12.1 10.5 :
: Number of Traders in Each Category Total Traders: 482 :
: 61 138 5 10 8 62 37 31 42 170 57 :
—————————————————————————————————————-

DJ Malaysian PM Cash Market Prices for Palm Oil – Oct 26
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
Nov 1150.00 -05.00 Unquoted – –
Dec 1180.00 -05.00 Unquoted – –
Jan/Feb/Mar 1225.00 -05.00 Unquoted – –
Apr/May/Jun 1265.00 -10.00 Unquoted – –
Jul/Aug/Sep 1250.00 -10.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Nov 1155.00 -05.00 Unquoted – –
Dec 1185.00 -05.00 Unquoted – –
Jan/Feb/Mar 1230.00 -05.00 Unquoted – –
Apr/May/Jun 1270.00 -10.00 Unquoted – –
Jul/Aug/Sep 1255.00 -10.00 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Nov 1105.00 -10.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Nov 1045.00 -05.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Nov 4,530.00 -20.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Nov 439.00 +01.00 Unquoted – –
$1=MYR4.0855)

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