Grains Report 11/06/2027

DJ U.S. Corn, Soybean Production Estimates — Survey
NEW YORK–The following are analysts’ estimates for 2026 U.S. corn and soybean production in millions of bushels, as compiled by The Wall Street Journal. Yield estimates are in bushels per acre and harvested acres are in million acres. The U.S. Department of Agriculture is scheduled to release its monthly estimates at noon on Tuesday.
U.S. 2026 Production (million bushels, bushels per acre)
Average Range USDA Oct. USDA 2025
Corn Production 15,944 15,344-16,203 16,034 16,964
Corn Yield 180.5 173.2-185.5 181.2 186.5
Harvested Acres 88.5 88.1-88.6 88.5 90.9
Soybean Production 4,601 4,566-4,725 4,562 4,261
Soybean Yield 53.6 53.1-55.0 53.1 53.0
Harvested Acres 85.9 85.5-85.9 85.9 80.4
Corn Harvested Soybean Harvested
Production Yield Acres Production Yield Acres
Allendale 15,913 179.8 88.5 4,569 53.1 85.9
Doane 15,344 173.2 88.5 4,577 53.3 85.9
Grain Cycles 15,905 179.7 88.5 4,603 53.6 85.9
Linn Group 15,934 180.0 4,587 53.4
Sid Love Consulting 15,858 180.0 88.1 4,566 53.4 85.5
Marex 16,050 181.3 88.5 4,628 54.0 85.9
Midland Research 15,910 179.6 88.5 4,595 53.5 85.9
Midwest Market Solutions 16,072 181.5 88.6 4,570 53.2 85.9
Northstar 15,985 180.6 88.5 4,604 53.6 85.9
Ocean State Research 16,054 181.2 88.6 4,639 54.0 85.9
Prime Ag 16,034 181.2 88.5 4,587 53.4 85.9
StoneX 16,203 183.1 88.5 4,725 55.0 85.9
US Commodities 16,019 185.5 88.5 4,596 53.5 85.9
Vantage RM 16,004 180.9 88.5 4,577 53.3 85.9
Zaner Ag Hedge 15,877 179.4 88.5 4,587 53.4 85.9

DJ U.S. November Grain, Soybean Stockpiles Estimates — Survey
NEW YORK–The following are analysts’ estimates in millions of bushels for U.S. ending stockpiles for 2026-27, as compiled by The Wall Street Journal. The U.S. Department of Agriculture is scheduled to release updated supply and demand tables on Tuesday at noon ET.
U.S. Stockpiles (millions)
2026-27
Average Range USDA Oct.
Corn 1,826 1,698-1,956 1,849
Soybeans 336 280-363 315
Wheat 747 730-769 740
2026-27
Corn Soybeans Wheat
Allendale 1,956 321 769
Doane 1,709 280 756
Grain Cycles 1,770 359 740
Linn Group 1,800 340 740
Sid Love Consulting 1,698 334 740
Marex 1,900 350 750
Midland Research 1,775 340 755
Midwest Market Solutions 1,896 320 740
Northstar 1,820 335 740
Ocean State Research 1,870 363 765
Prime Ag 1,849 330 740
StoneX 1,918 363 730
US Commodities 1,870 349 745
Vantage RM 1,815 330 740
Zaner Ag Hedge 1,742 325 750

DJ November World Grain, Soybean Stockpiles Estimates — Survey
NEW YORK–The following are analysts’ estimates in millions of metric tons for world grain and soybean ending stockpiles for 2025-26 and 2026-27, as compiled by The Wall Street Journal. The U.S. Department of Agriculture is scheduled to release updated supply and demand tables on Tuesday at noon ET.
World Stockpiles (million metric tons)
2025-26
Average Range USDA Oct.
Corn 307.3 307.0-307.9 307.2
Soybeans 125.0 124.9-125.3 124.9
Wheat 281.8 281.6-282.0 281.6
2026-27
Average Range USDA Oct.
Corn 281.5 280.0-283.7 280.4
Soybeans 125.3 124.4-126.2 124.3
Wheat 277.1 276.0-278.6 276.0
2025-26 2026-27
Corn Soybeans Wheat Corn Soybeans Wheat
Allendale 283.7 124.4 276.2
Linn 280.0 125.0 276.0
Marex 307.0 125.0 282.0 282.0 125.5 277.0
Midwest Market Solutions 307.9 125.3 281.9 280.9 125.0 276.7
Northstar 307.0 124.9 281.6 282.0 125.0 276.0
Ocean State Research 307.5 125.0 282.0 281.0 126.0 278.0
Prime Ag 281.0 125.0 277.0
StoneX 283.4 125.6 278.1
US Commodities 280.0 125.0 277.0
Zaner Ag Hedge 307.2 124.9 281.6 280.6 126.2 278.6

DJ Global Food Prices Ease on Cheaper Grains, Dairy and Meat, UN Says
By Giulia Petroni
Cheaper grain, dairy and meat pulled global food prices lower in October from the previous month, offsetting a sharp sugar rally driven by weather-related supply disruptions in major producing regions, the United Nations’ Food and Agriculture Organization said.
The FAO’s food price index–which tracks a basket of internationally traded food commodities–averaged 133.9 points last month, down 1.2% from its revised September level but 5.9% higher than a year earlier.
Cereal prices fell 4.5% to their lowest level in a year. Wheat was pressured by subdued international demand, better production prospects in Argentina, and expectations of easing constraints in Black Sea exports. Maize prices also fell, weighed down by U.S. harvest pressure and expectations of ample supplies in South America. Barley and sorghum prices followed the broader grain market lower.
Dairy was down 1.1%, driven by lower butter and cheese prices, as ample supplies and subdued buying interest–particularly in the European Union–more than offset increases in milk powder. By contrast, skim milk powder prices rose on firm import demand and limited supplies for prompt delivery.
Meat prices fell 1.2% in October, though they remained above year-earlier levels. Pork weakened due to abundant EU supplies, limited export opportunities and subdued global demand. Sheep meat prices eased as seasonal Australian supplies increased, while beef faced pressure from intensifying competition in global markets. Poultry remained largely unchanged, as steady international demand offset ample supplies, with Brazilian exports holding up despite trade restrictions following Newcastle disease outbreaks.
Sugar prices, instead, climbed 6.6% last month–marking their fourth consecutive monthly increase and reaching their highest level since December 2024–as heavy rainfall disrupted sugarcane harvesting and processing in Brazil’s key Centre-South region. Prices were also supported by concerns over India’s production outlook following uneven monsoon rainfall and forecasts of lower output in the EU and Thailand in the 2026-2027 season.
Vegetable-oil prices edged up 0.3% as rising soybean and sunflower oil prices more than offset declines in rapeseed oil, while palm oil prices were largely unchanged. Soybean oil climbed to its highest level since late 2022 on firm biofuel demand and seasonally tighter South American supplies, while sunflower oil recovered on limited Black Sea export availability and logistical disruptions. Palm oil prices remained elevated, supported by strong import demand and expectations of lower production in Southeast Asia. Rapeseed oil prices instead fell on seasonal supply increases and weaker-than-expected biodiesel demand, particularly in the EU.

DJ CBOT Delivery Intentions: Totals – Nov 6
Source: CME Group
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
ROUGH RICE November Nov 09, 2026 13 Nov 05, 2026
SOYBEAN November Nov 09, 2026 2 Oct 23, 2026

WHEAT:
General Comments: Wheat was higher in both markets yesterday in part on stronger than epect3ed weekly export sales. The emergence of Winter Wheat are ahead of normal with improved weather in the Great Plains. 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 83% complete last week and Winter Wheat was 65% emerged. Condition is rated 4% good to excellent. 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. President Trump says he expects an agreement to be signed very soon in the Russia-Ukraine conflict that would be beneficial to all sides including all of Europe.
Overnight News:
Chart Analysis: Trends in Chicago are mixed. Support is at 591, 580, and 568 December, with resistance at 621, 645 and 662 December. Trends in Kansas City are mixed. Support is at 628, 616, and 608 December, with resistance at 676, 711, and 725 December. Trends in Minneapolis are not available

RICE:
General Comments Rice closed higher yesterday and at new highs for the move. Less domestic production this year is reported 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. Demand remains moderate for US Rice and was moderate to good 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 mixed. Support is at 1755, 1735, and 1710 January and resistance is at 1833, 1856, and 1868 January.

CORN AND OATS
General Comments: Corn was lower yesterday on reports of good harvest progress amid warm and dry weather. Ideas are that USDA will show increased production potential in its reports net week. Trends are mixed to 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 most 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. Progress is below normal and the harvest is now 74% complete. Oats were lower and trends are down on the weekly charts.
Overnight News: Unknown destinations bought 101,000 tons of US Corn.
Chart Analysis: Trends in Corn are mixed to down . Support is at 436, 430, and 424 December, and resistance is at 470, 478, and 488 December. Trends in Oats are mixed to down. Support is at 330, 327, and 324 December, and resistance is at 370, 383, and 405 December.

SOYBEANS
General Comments: Soybeans and the products were lower yesterday on great harvest progress and on ideas that USDA will show increased production potential in its reports net week. Crude Oil futures were sharply lower yesterday and the selling spilled into Soybeans and the products. The weekly chart trends are down in Soybeans and Soybean Meal and are mixed to down in Soybean Oil. China is expected to buy more cargoes of US Soybeans in the coming weeks but the tariffs will remain high. Lula was elected president of Brazil over the previous weekend It was a surprise to the market and hurt the Real against the Dollar and Ag prices generally, especially those featuring selling from Brazil. The harvest was 88% complete last week. Cooler and dry weather is likely in the north.
Overnight News: China bought 136,000 tons of US Soybeans.
Chart Analysis: Trends in Soybeans are mixed to down. Support is at 1180, 1171, and 1160 January, and resistance is at 1250, 1262, and 1276 January. Trends in Soybean Meal are down. Support is at 314.00, 311.00, and 308.00 December, and resistance is at 353.00, 361.00,and 369.00 December. Trends in Soybean Oil are mixed to down. Support is at 6170, 6060, and 6000 December, with resistance at 6740, 6880, and 7010 December.

PALM OIL AND CANOLA
General Comments: Palm Oil was lower today on weakness in outside markets. Canola was lower and trends are still generally down on the daily and weekly charts.
Overnight News
Chart Analysis: Trends in Canola are mixed to down. Support is at 747.00, 750.00, and 734.00 January, with resistance at 796.00, 818.00, and 829.00 January. Trends in Palm Oil are mixed to down. Support is at 4320, 4260, and 4200 January, with resistance at 4780, 4\850, and 4890 January.

DJ Malaysian PM Cash Market Prices for Palm Oil – Nov 6
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
Nov 1047.50 -35.00 Unquoted – –
Dec 1070.00 -32.50 Unquoted – –
Jan/Feb/Mar 1110.00 -30.00 Unquoted – –
Apr/May/Jun 1147.50 -30.00 Unquoted – –
Jul/Aug/Sep 1142.50 -30.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Nov 1052.50 -35.00 Unquoted – –
Dec 1075.00 -32.50 Unquoted – –
Jan/Feb/Mar 1115.00 -30.00 Unquoted – –
Apr/May/Jun 1152.50 -30.00 Unquoted – –
Jul/Aug/Sep 1147.50 -30.00 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Nov 1030.00 -20.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Nov 980.00 -07.50 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Nov 4,100.00 -120.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Nov 385.00 -09.00 Unquoted – –
($1=MYR4.057)

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