Midday

All prices as of 10:30 am Central Time

All prices as of 10:30 am Central Time

Corn MAR ’25 493.5 -4.5 JUL ’25 511.5 -5.25 DEC ’25 476 -3.5 Soybeans MAR ’25 1040 -5.5 JUL ’25 1073 -4.75 NOV ’25 1059.25 -2 Chicago Wheat MAR ’25 589.25 3.75 JUL ’25 617.5 3.5 JUL ’26 659.5 2.5 K.C. Wheat MAR ’25 611.5 4 JUL ’25 637 5 JUL ’26 666 0 Mpls Wheat MAR ’25 633 0.25 JUL ’25 661 0.75 SEP ’25 671.25 1.75 S&P 500 MAR ’25 6103.75 -32.75 Crude Oil APR ’25 70.89 -1.59 Gold APR ’25 2947.2 -8.9

Corn prices remain weaker at midday on chances of rainfall next week in Argentina. Weekly corn export sales came in at 57 mb, which was in line with trade estimates. Year-to-date commitments total 1.885 billion bushels, up 29% from a year ago. The Buenos Aires Grain Exchange reported that corn conditions in Argentina improved 3% from last week to 19% good-to-excellent. Ag lender, CoBank, sees corn acreage in the US at 94.55 million acres, up from 90.6 last year.

Soybeans continue to trade lower at midday on improving harvest progress in Brazil and chances of rain next week in Argentina. Weekly soybean export sales totaled 18 mb, which was on the high end of expectations. Year-to-date commitments total 1.607 billion bushels, up 13% from last year. CoBank projects lower planted acres for soybeans compared to last year at 84 million acres. Argentina’s crush for January came in above expectations at 2.896 mmt, but was well below December’s 3.649 mmt.

Wheat prices are firm at midday on expected dry conditions in the Plains states over the next two weeks. Weekly wheat export sales came in above trade expectations at 23 mb. Year-to-date commitments total 726 mb, up 11% from a year ago. The International Grains Council has raised their global wheat production estimate by 1 mmt to 797 mmt.

Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.   Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing by Stewart-Peterson and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Stewart-Peterson Inc. Reproduction of this information without prior written permission is prohibited. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. Reproduction and distribution of this information without prior written permission is prohibited. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Total Farm Marketing. Stewart-Peterson Inc., Stewart-Peterson Group Inc., and SP Risk Services LLC are each part of the family of companies within Total Farm Marketing (TFM). Stewart-Peterson Inc. is a publishing company. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of National Futures Association. SP Risk Services LLC is an insurance agency. A customer may have relationships with any or all three companies.

• Corn prices remain weaker at midday on chances of rainfall next week in Argentina.
• Weekly corn export sales came in at 57 mb, which was in line with trade estimates. Year-to-date commitments total 1.885 billion bushels, up 29% from a year ago.
• The Buenos Aires Grain Exchange reported that corn conditions in Argentina improved 3% from last week to 19% good-to-excellent.
• Ag lender, CoBank, sees corn acreage in the US at 94.55 million acres, up from 90.6 last year.

• Soybeans continue to trade lower at midday on improving harvest progress in Brazil and chances of rain next week in Argentina.
• Weekly soybean export sales totaled 18 mb, which was on the high end of expectations. Year-to-date commitments total 1.607 billion bushels, up 13% from last year.
• CoBank projects lower planted acres for soybeans compared to last year at 84 million acres.
• Argentina’s crush for January came in above expectations at 2.896 mmt, but was well below December’s 3.649 mmt.

• Wheat prices are firm at midday on expected dry conditions in the Plains states over the next two weeks.
• Weekly wheat export sales came in above trade expectations at 23 mb. Year-to-date commitments total 726 mb, up 11% from a year ago.
• The International Grains Council has raised their global wheat production estimate by 1 mmt to 797 mmt.

Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.

Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing by Stewart-Peterson and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Stewart-Peterson Inc. Reproduction of this information without prior written permission is prohibited. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. Reproduction and distribution of this information without prior written permission is prohibited. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Total Farm Marketing.

Stewart-Peterson Inc., Stewart-Peterson Group Inc., and SP Risk Services LLC are each part of the family of companies within Total Farm Marketing (TFM). Stewart-Peterson Inc. is a publishing company. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of National Futures Association. SP Risk Services LLC is an insurance agency. A customer may have relationships with any or all three companies. 

All prices as of 10:30 am Central Time

• Corn prices continue to trade higher at midday on support from yesterday’s news that the Thai feed industry was considering purchasing $2.8 billion worth of US agriculture commodities.
• Argentina corn production is forecasted slightly higher to 47.9 mmt due to favorable rainfall throughout the region.
• Nutrien Ag Solutions estimates that corn acreage is up to 93 million acres, up from 90.6 million acres a year ago. They suggest a record fertilizer sales year could be on the way.

• Soybean prices remain firm at midday, getting support from lowered production forecasts globally.
• The International Grains Council has lowered the global soybean production estimate from 420 mmt to 418 mmt.
• Agroconsult lowered their estimate for Brazil’s soybean output by 1.1 mmt to 171.3 mmt. Despite the large cut in production, Brazil is still expected to see a record

• Wheat prices have turned lower at midday on warmer weather next week for the Midwest and Plains states.
• According to the French Agriculture Ministry, French farmers have planted 6.35 million hectares of wheat, up 7.2% from last year.
• Russia’s grain exports are expected to reach 55-57 mmt, down from 71 mmt last year.

Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.

Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing by Stewart-Peterson and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Stewart-Peterson Inc. Reproduction of this information without prior written permission is prohibited. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. Reproduction and distribution of this information without prior written permission is prohibited. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Total Farm Marketing.

Stewart-Peterson Inc., Stewart-Peterson Group Inc., and SP Risk Services LLC are each part of the family of companies within Total Farm Marketing (TFM). Stewart-Peterson Inc. is a publishing company. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of National Futures Association. SP Risk Services LLC is an insurance agency. A customer may have relationships with any or all three companies. 

All prices as of 10:30 am Central Time

• Corn prices trade higher at midday, supported by increased demand for U.S. corn and a new wave of buying driven by inflation concerns.
• Recent rains and cooler temperatures have provided much-needed relief to drought-stressed corn crops in Argentina, with additional rainfall expected over the next 15 days in key growing regions.
• Safrinha corn planting remains behind schedule but is expected to accelerate as ongoing dry weather facilitates progress in the soybean harvest.
• The Thai feed mill industry is exploring the import of $2.8 billion worth of U.S. agricultural commodities, including a significant amount of corn, in an effort to bypass tariffs.

• Soybeans trade higher at midday, along with corn. While soybean and soybean meal prices are gaining, soybean oil is trending lower. Traders worry if prices will hold up to growing harvest pressure in Brazil.
• Continued dry weather in Brazil is helping advance the soybean harvest, although it remains behind schedule. Meanwhile, rains in southern Brazil and Argentina are slowing the crop decline, though heat and drought stress have already inflicted some irreversible damage.
• A large Brazilian harvest is expected to slow U.S. soybean exports to China, with 72% of Brazil’s bean crop destined for the country, compared to 53% of the U.S. crop. U.S. exports are likely to decline this spring as China is expected to favor South American beans due to tariffs.
• The Rosario Grain Exchange states the core Argentine crop region production is expected to be down to 16.5 mt vs the early season estimates of 19.5.

• Wheat prices trade lower at midday, pressured by a stronger U.S. dollar and uncertainties surrounding weather conditions in major wheat-producing regions.
• Well-below-normal temperatures in the U.S. Plains are expected to persist through Friday, with little to no snow in the forecast. Overnight temperatures are anticipated to drop to the -20s to -30s, raising concerns among traders about whether the current snow cover is sufficient to protect crops from potential winterkill damage.
• Wheat markets continue to receive support from a recent uptick in import demand, along with persistent cold weather in both the Black Sea region and the U.S. Temperatures in Russia remain low, with little to no snow cover.
• Reuters reported that Russian exporters will be able to deliver no more than 8.1 mmt of wheat by the end of the 2024/25 season, significantly below their permitted quota. The Russian government is allowing traders to export as much wheat as possible during the first half of the season, from July to February, but impose export restrictions through quotas in the second half.

Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.

Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing by Stewart-Peterson and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Stewart-Peterson Inc. Reproduction of this information without prior written permission is prohibited. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. Reproduction and distribution of this information without prior written permission is prohibited. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Total Farm Marketing.

Stewart-Peterson Inc., Stewart-Peterson Group Inc., and SP Risk Services LLC are each part of the family of companies within Total Farm Marketing (TFM). Stewart-Peterson Inc. is a publishing company. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of National Futures Association. SP Risk Services LLC is an insurance agency. A customer may have relationships with any or all three companies. 

All prices as of 10:30 am Central Time

• Corn is trading higher at midday, supported by a tighter global supply outlook.
• The corn market, previously focused on the improving weather conditions in South America, is now shifting its attention to the strong demand for U.S. corn. This shift is driven by the potential influence of President Trump in persuading global buyers to ‘Buy American.’ Additionally, the recent decline in the U.S. dollar has sparked a surge in demand for U.S. corn exports.
• AgRural reports that safrinha corn planting is 36% complete, compared to 59% at this time last year, due to a delayed soybean harvest caused by wet weather. This delay is leaving producers scrambling to get the corn planted within the ideal climate window.
• Recent strength in the corn markets suggests that traders believe tariffs on Mexico can be avoided by March 1st and that U.S. exports will not be significantly impacted.

• Soybeans are trending higher at midday, with the entire soy complex gaining support from declining U.S. exports and improved weather conditions in South America.
• Much-needed rains fell across Argentina over the weekend, with the 6-10 day forecast indicating the possibility of additional rainfall. This has brought much-needed relief to the soybean crop in the region.
• Brazil’s weather looks to be mostly dry until late in next week. AgRural says Brazil’s soybean harvest is 23% complete compared to 32% a year ago. IMEA reports the Mato Gasso harvest is 50% done.
• With soybean exports declining and weather conditions improving in South America, the potential for significant price increases in soybeans is likely to be limited.

• Wheat is trading higher at midday, supported by the recent decline in the U.S. dollar and the strengthening of global grain prices.
• Polar temperatures have moved into the U.S. Plains, but snow from recent and upcoming storms is expected to insulate the crops, preventing further winterkill damage—except in South Dakota, where snow cover is lacking. The weather in the Plains is forecasted to dramatically warm up after this week.
• Russia is expecting another cold snap this week, but upcoming storms are expected to bring snow that will help insulate the crops. According to IKAR, Russian wheat export prices have risen by $2 this week, reaching $247 per ton. Russian wheat exports have increased for the fourth consecutive week.

Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.

Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing by Stewart-Peterson and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Stewart-Peterson Inc. Reproduction of this information without prior written permission is prohibited. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. Reproduction and distribution of this information without prior written permission is prohibited. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Total Farm Marketing.

Stewart-Peterson Inc., Stewart-Peterson Group Inc., and SP Risk Services LLC are each part of the family of companies within Total Farm Marketing (TFM). Stewart-Peterson Inc. is a publishing company. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of National Futures Association. SP Risk Services LLC is an insurance agency. A customer may have relationships with any or all three companies. 

The CME and Total Farm Marketing offices will be closed Monday, February 17, in observance of Presidents Day

 

All prices as of 10:30 am Central Time

• Corn continues higher at midday as it continues to gain support from a tightening global supply outlook.
• USDA confirms the sale of 100,000 tons of U.S. corn for delivery to Colombia in 24/25.
• A slow soybean harvest in Brazil is delaying the planting of safrinha corn, and a reduced corn crop in Argentina is improving the outlook for U.S. corn exports.
• Rains in Argentina are helping to slow the decline in crop conditions, though some crops may be too far gone as the country continues to lower crop ratings.

• Soybean prices continue to climb at midday, supported by drier weather in Argentina and a weaker U.S. dollar, which hit a new two-month low overnight. Soybeans and soybean meal are trading higher, while soybean oil is experiencing some losses.
• Rain has returned to Brazil, causing delays in the soybean harvest. However, the forecast for next week calls for more isolated showers, which should help resume harvest progress.
• Weekly soybean export sales were weak yesterday, and the trend is expected to persist as harvested supplies become more available in South America.
• The market continues to respond to tariff news, as President Trump announced yesterday that reciprocal tariffs will not take effect until April, allowing time for negotiations.

• Wheat prices are moving higher at midday, supported by ongoing winterkill concerns across the U.S. Plains and a decline in the U.S. dollar.
• Traders are closely monitoring the U.S. Plains and the Black Sea region for freeze risks to the winter wheat crop as another cold snap moves through areas already showing signs of winterkilled patches. However, the forecasted snow may provide much-needed protection to the crops.
• World weather uncertainty for 2025 may be providing support to the wheat market, as dry conditions persist in Russia and Ukraine. Additionally, Russia is expected to experience a cold snap next week, which could further stress crops.
• The USDA reduced China’s demand for wheat, corn, and soybeans by 22 mmt, while weekly wheat export sales are estimated to range from 200 to 600 mt, compared to 438 mt last week.

Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.

Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing by Stewart-Peterson and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Stewart-Peterson Inc. Reproduction of this information without prior written permission is prohibited. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. Reproduction and distribution of this information without prior written permission is prohibited. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Total Farm Marketing.

Stewart-Peterson Inc., Stewart-Peterson Group Inc., and SP Risk Services LLC are each part of the family of companies within Total Farm Marketing (TFM). Stewart-Peterson Inc. is a publishing company. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of National Futures Association. SP Risk Services LLC is an insurance agency. A customer may have relationships with any or all three companies. 

The CME and Total Farm Marketing offices will be closed Monday, February 17, in observance of Presidents Day

 

All prices as of 10:30 am Central Time

• Corn prices have rebounded at midday on strong export sales results and slow harvest pace in Brazil.
• Weekly corn export sales came in above trade expectations at 79 mb. Year-to-date commitments total 1.827 bb which is up 28% from the same week last year.
• Conab raised their corn production estimate for Brazil from 119.55 mt in January to 122.01 in February.
• The Rosario Grain Exchange lowered corn production estimate for Argentina by 2 mmt to 46 mmt.

• Soybean prices remain softer at midday on a combination of poor export sales and lowered production estimates for South America.
• Weekly soybean export sales came in below trade expectations at 8 mb. Year-to-date commitments total 1.589 bb which are 12% higher than a year ago.
• Conab lowered their Brazil soybean production estimate from 166.32 mmt last month to 166.01 mmt this month.
• Brazil’s harvest is reportedly just 15% complete compared to 21% done for the same time last year.
• The Rosario Grain Exchange lowered their Argentina soybean production number to 47.5 mmt, which is below the USDA’s 49 mmt estimate.

• Wheat prices continue slightly higher at midday on strong export sales results.  
• Weekly wheat export sales came in at 22 mb which were in line with expectations. Year-to-date commitments total 704 mb, up 9% from last year.
• Yesterday President Trump and Russia’s Putin agreed to have talks on ending the war in Ukraine.
• Conab has raised their wheat crop estimate from 8.06 mmt last month to 9.11 mmt this morning.
• Strategie grains raised their EU SRW production estimate slightly to 127.7 mmt, up from 127.2 mmt in their last forecast.

Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.

Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing by Stewart-Peterson and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Stewart-Peterson Inc. Reproduction of this information without prior written permission is prohibited. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. Reproduction and distribution of this information without prior written permission is prohibited. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Total Farm Marketing.

Stewart-Peterson Inc., Stewart-Peterson Group Inc., and SP Risk Services LLC are each part of the family of companies within Total Farm Marketing (TFM). Stewart-Peterson Inc. is a publishing company. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of National Futures Association. SP Risk Services LLC is an insurance agency. A customer may have relationships with any or all three companies. 

All prices as of 10:30 am Central Time

• Corn is trading higher at midday following the February WASDE report and sharp fall in prices Tuesday.
• The USDA has confirmed the export sale of 130,320 tons of corn, slated for delivery to unspecified destinations during the 24/25 marketing year.
• The USDA has reduced its forecast for Argentina’s corn crop by 1 mmt, now projecting a total of 50 mmt. This adjustment comes as a result of diminished yield prospects due to ongoing heat and dryness in the region.
• With favorable weather conditions, Brazil’s soybean harvest is expected to continue into the weekend, which is likely to accelerate the seeding of the safrinha corn crop, which remains behind schedule.

• Soybean prices remain lower at midday, continuing to face pressure after the USDA left its forecast for Brazil’s crop unchanged at 169 mmt, contrary to expectations for a 0.4% increase. Soybeans, soybean oil, and soybean meal are all trading lower at midday.
• The USDA has confirmed U.S. export sales of 120,000 tons of soybeans for delivery to unknown destinations in the 24/25 marketing year.
• Central Brazil is expected to experience only scattered showers mixed with sunshine through the upcoming weekend, which will allow for the continued progress of the soybean harvest.
• Rainfall in Argentina has provided much-needed relief to crops, with more rain forecasted through the weekend. The rainfall from last week, along with the expected precipitation, is proving beneficial for soybeans at a critical development stage.

• Wheat trades mixed at midday following a very neutral February WASDE report in respect to wheat.
• Weather in Ukraine and Russia remains dry, with colder temperatures expected to return to Russia next week, putting additional stress on crops. Meanwhile, India continues to experience warm and dry conditions, further stressing the crop.
• Wheat futures remain impacted by the extreme cold snap in the U.S. Plains and the Black Sea region, raising concerns about potential winterkill. Cold temperatures are expected to persist in the Black Sea region into mid-February, which could leave Russia’s and Ukraine’s wheat crops vulnerable to frost following a relatively mild winter so far.
• USDA dropped the global wheat stockpiles at the close of 24/25 more than expected, by trimming its estimate by 0.5% to 257.56 mmt, this is a nine-year low.

Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.

Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing by Stewart-Peterson and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Stewart-Peterson Inc. Reproduction of this information without prior written permission is prohibited. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. Reproduction and distribution of this information without prior written permission is prohibited. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Total Farm Marketing.

Stewart-Peterson Inc., Stewart-Peterson Group Inc., and SP Risk Services LLC are each part of the family of companies within Total Farm Marketing (TFM). Stewart-Peterson Inc. is a publishing company. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of National Futures Association. SP Risk Services LLC is an insurance agency. A customer may have relationships with any or all three companies. 

All prices as of 10:30 am Central Time

• Corn remains firm at midday on shrinking US ending stocks estimates in today’s WASDE report.
• Estimates for today’s WASDE report see US ending stocks slightly lower to 1,526 mb compared to 1,540 mb last month. World ending stocks for corn range from unchanged to slightly higher.
• Export demand continues to be a strong point for the US with Mexico buying 3650,000 mt of US corn yesterday.
• AgRural reported Brazil’s center-south safrina corn planting is 20% complete while harvest for the first crop is just 18% done.

• Soybean prices continue to trend higher at midday ahead of the WASDE report.
• Estimates for today’s WASDE report expect a decline of 3-6 mb for US ending stocks. World ending stocks estimates are expected to be either left unchanged or a slight bump higher from last month.
• AgRural reported Brazil’s soybean harvest is 15% done, up 9% from last week, but down 8% from the same week a year ago.
• Scattered rainfall is expected in Brazil for the next 10 days before warmer and drier weather moves back in during the 11–15-day outlook. The scattered rainfall is not expected to have a dramatic effect on soybean harvest.

• All three wheat contracts remain higher at midday on expected snowfall this week in the Plains states which will limit winterkill concerns.
• Today’s WASDE report is widely expected to not have any major changes to the wheat balance sheet.
• IKAR has lowered their 2025 Russian wheat production forecast by 2 mmt to 82 mmt.
• The Russian Agriculture Ministry has distributed their 2025 wheat export quota among 219 companies. The quota’s total size is 10.60 mmt and will remain in effect from February 15-June 30.

Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.

Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing by Stewart-Peterson and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Stewart-Peterson Inc. Reproduction of this information without prior written permission is prohibited. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. Reproduction and distribution of this information without prior written permission is prohibited. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Total Farm Marketing.

Stewart-Peterson Inc., Stewart-Peterson Group Inc., and SP Risk Services LLC are each part of the family of companies within Total Farm Marketing (TFM). Stewart-Peterson Inc. is a publishing company. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of National Futures Association. SP Risk Services LLC is an insurance agency. A customer may have relationships with any or all three companies. 

All prices as of 10:30 am Central Time

• Corn futures are trending slightly higher at midday, supported by a fresh export sale announcement.
• Brazil’s second crop corn planting progress remains well behind last year, with just 20% planted compared to 38% at the same time in 2023. The optimal planting window for much of the country closes at the end of February.
• The USDA announced the sale of 365,000 tons of corn to Mexico this morning for the 2024/25 marketing year.
• Managed Money traders continue to hold an enormous net long position in CBOT corn futures and options. As of February 4, funds’ gross long positions reached a record 447,897 contracts.

• Soybeans are treading water at midday as improved weather forecasts for Brazil and Argentina temper market momentum.
• Brazil’s soybean harvest reached 15% completion late last week, according to AgRural — up 6% from the previous week but still trailing last year’s 23% pace.
• A drier outlook for northern Brazil over the next two weeks should accelerate both soybean harvest and second crop corn planting, which faced delays earlier this month.
• Argentina’s forecast now includes better rain chances over the next 10 days. While recent dryness may have already caused some irreversible crop stress, these rains will provide much-needed relief.

• Wheat futures are lower at midday despite stronger corn prices to start the week.
• Paris milling wheat futures are off to a strong start this week, driven by concerns over slowing wheat exports from the Black Sea region.
• The Trump administration is expected to make a renewed push for a peace agreement between Russia and Ukraine this week. Wheat futures initially surged in 2022 when the conflict began but have spent much of 2024 hovering near pre-war price levels.

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Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing by Stewart-Peterson and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Stewart-Peterson Inc. Reproduction of this information without prior written permission is prohibited. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. Reproduction and distribution of this information without prior written permission is prohibited. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Total Farm Marketing.

Stewart-Peterson Inc., Stewart-Peterson Group Inc., and SP Risk Services LLC are each part of the family of companies within Total Farm Marketing (TFM). Stewart-Peterson Inc. is a publishing company. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of National Futures Association. SP Risk Services LLC is an insurance agency. A customer may have relationships with any or all three companies. 

All prices as of 10:30 am Central Time

• Corn prices traded lower at midday, following reports of much-needed rainfall in the dry regions of Argentina, and as traders prepare for upcoming trade negotiations with China.
• Markets reacted lower this morning after President Trump’s trade chief nominee, Greer, stated that he would review the previous Phase 1 agreement with China and is prepared to enforce it. The agreement includes significant purchases of U.S. corn, though it remains uncertain whether China will agree to such terms amid its ongoing economic challenges.
• Despite having some rainfall, dry weather is expected across central Argentina over the next 15 days, and concerns continue over corn development.
• Mexico in 2024 bought an all-time record high 25.3 million tons of US corn, up 36% year over year.

• Soybeans continue to trade lower at midday, weighed down by ongoing trade tensions between the U.S. and China, as well as weather concerns in South America. While soybean meal follows the downward trend with soybeans, soybean oil sees some gains.
• President Trump’s USTR nominee, Greer, announced plans to review trade agreements with China, Canada, and Mexico. In his remarks, he emphasized that the goal is to prevent significant disruptions in soybean prices, such as those experienced during the previous Trump administration.
• A huge soybean crop in Brazil is still being forecasted, despite the troubles with harvest. They are predicting the crop to total 170 mmt in 2025, up almost 10% compared to 2024.
• Crop conditions overall in Argentina declined 3% last week to 17% good/excellent, down from 31% last year, although parts of the region received some relief with rain.

• Wheat remains lower at midday, following a strong market close yesterday driven by growing dryness in the U.S. Plains, along with cold temperatures moving into the northern Plains and the Black Sea region.
• Expanding dryness in the U.S. Plains, combined with another cold snap moving into the Northern Plains and the Black Sea region, continues to heighten winterkill concerns for the winter wheat crop, as there is little to no ground cover.
• Wheat shipments from the Black Sea are expected to slow significantly in the coming months due to a restrictive export quota imposed by Russia.
• Wheat markets are responding to the potential trade agreement with China, as China fell short of the Phase 1 purchase targets in the previous deal. Traders are awaiting further developments, with President Trump waiting for China to initiate the first move to kickstart negotiations.

Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.

Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing by Stewart-Peterson and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Stewart-Peterson Inc. Reproduction of this information without prior written permission is prohibited. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. Reproduction and distribution of this information without prior written permission is prohibited. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Total Farm Marketing.

Stewart-Peterson Inc., Stewart-Peterson Group Inc., and SP Risk Services LLC are each part of the family of companies within Total Farm Marketing (TFM). Stewart-Peterson Inc. is a publishing company. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of National Futures Association. SP Risk Services LLC is an insurance agency. A customer may have relationships with any or all three companies.