Key Takeaways
- • Wheat closed higher in both markets on consolidation trading, but Chicago and Kansas City trends are down, with Chicago December support at 591 and resistance at 621.
- • Corn fell on speculative selling and good harvest progress, with the national harvest now 81% complete and yields described as good but not great.
- • Soybeans rose on follow-through buying as the US harvest wraps up (92% complete), though China's tariffs are expected to remain high despite anticipated purchases.
- • Rice closed slightly higher on El Nino production worries in Asia, reduced US domestic output, and strong Brazilian prices, while USDA set world rough rice prices at $9.41/cwt for long grain.
- • Palm oil rose in Malaysian cash markets, with November refined palm oil offered at $1,080.00 per metric ton, up $7.50.
Summary
Grain and oilseed markets were mixed in the session reported for November 12, 2026, according to the Jack Scoville grains report distributed through CME and Dow Jones channels. Wheat was higher in both Chicago and Kansas City markets amid consolidation trading. Winter wheat emergence is running ahead of normal following improved weather in the Great Plains, and both Russia and Ukraine have reported export paces more than 50% below a year earlier. Chart trends remain down, with Chicago December support at 591, 580 and 568 and resistance at 621, 645 and 662; Kansas City December support sits at 628, 616 and 610 with resistance at 676, 711 and 725.
Corn declined on speculative selling and reports of good harvest progress despite cool, dry weather in parts of the Midwest. The harvest is 81% complete and progressing below normal, with good but not great yields reported. Oats also fell and trends are down on the weekly charts. Corn chart trends are mixed, with December support at 436, 430 and 424 and resistance at 470, 478 and 488.
Soybeans and products closed mostly higher on follow-through buying as the US harvest approaches completion, reported at 92% complete the prior week. China is expected to buy more US soybean cargoes in coming weeks, although tariffs will remain high. The report also noted that Lula's election as Brazil's president over the prior weekend surprised the market, weakened the real against the dollar, and pressured agricultural prices, particularly those tied to Brazilian selling. Soybean trends are mixed to down, with January support at 1210, 1184 and 1172.
Rough rice closed a little higher, supported by reduced domestic production and concerns that El Nino will hurt world output, particularly in Asia, where Indian prices remain high. Brazilian prices are firm on expectations of short production. US rice demand was moderate. According to USDA, the prevailing world market prices were $16.14/cwt for milled long grain and $15.86/cwt for milled medium and short grain, with marketing loan gain and loan deficiency payment rates at zero for the rough rice categories.
Palm oil was higher, with Malaysian cash market refined, bleached and deodorized palm oil offered at $1,080.00 per metric ton for November delivery, up $7.50, and January/February/March offered at $1,150.00, up $12.50, according to Matthes & Porton Bhd. Canola was near unchanged, with trends mixed to down.
Corn declined on speculative selling and reports of good harvest progress despite cool, dry weather in parts of the Midwest. The harvest is 81% complete and progressing below normal, with good but not great yields reported. Oats also fell and trends are down on the weekly charts. Corn chart trends are mixed, with December support at 436, 430 and 424 and resistance at 470, 478 and 488.
Soybeans and products closed mostly higher on follow-through buying as the US harvest approaches completion, reported at 92% complete the prior week. China is expected to buy more US soybean cargoes in coming weeks, although tariffs will remain high. The report also noted that Lula's election as Brazil's president over the prior weekend surprised the market, weakened the real against the dollar, and pressured agricultural prices, particularly those tied to Brazilian selling. Soybean trends are mixed to down, with January support at 1210, 1184 and 1172.
Rough rice closed a little higher, supported by reduced domestic production and concerns that El Nino will hurt world output, particularly in Asia, where Indian prices remain high. Brazilian prices are firm on expectations of short production. US rice demand was moderate. According to USDA, the prevailing world market prices were $16.14/cwt for milled long grain and $15.86/cwt for milled medium and short grain, with marketing loan gain and loan deficiency payment rates at zero for the rough rice categories.
Palm oil was higher, with Malaysian cash market refined, bleached and deodorized palm oil offered at $1,080.00 per metric ton for November delivery, up $7.50, and January/February/March offered at $1,150.00, up $12.50, according to Matthes & Porton Bhd. Canola was near unchanged, with trends mixed to down.
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