Midday

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.

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 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. 

All prices as of 10:30 am Central Time

• Corn prices have weakened at midday on beneficial rainfall in Argentina and weakness in the soy complex.
• Weekly corn export sales came in at 60 mb, which was on the high end of trade expectations. Year-to-date commitments total 1.762 bb, up 28% from a year ago.
• The USDA confirmed the sale of 330,000 mt of U.S. corn to Mexico yesterday for delivery in 25/26.

• Soybeans have drifted into the red at midday on tensions between China and the U.S. regarding tariffs.
• Weekly soybean export sales came in at the low end of expectations at 14 mb. Year-to-date commitments total 1.582 bb, up 12% from a year ago.
• China reportedly filed a World Trade Organization (WTO) complaint against the U.S. amid the ongoing tariff situation.

• Wheat remains higher at midday on support from low soil moisture levels in Ukraine and limited precipitation for the U.S. Plains states.
• Weekly wheat export sales came in at 18 mb, which was in line with expectations. Year-to-date commitments total 683 mb, up 8% from a year ago.
• A lower dollar index over the past three days has also helped to support wheat prices at midday.

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 are trading lower at midday, following a pause in tariffs from Canada and Mexico, alongside a continued decline in the U.S. dollar.
• Dr. Cordonnier has reduced his Brazil corn estimate by 2 mt, now projecting 123 mt, compared to the USDA’s estimate of 127 mt. This adjustment is due to 30-40% of the safrinha corn crop being planted outside of the ideal window.
• Weather in Argentina is expected to be moderate over the next couple of weeks, but dry conditions will persist, posing an ongoing threat to corn. With low confidence in any significant rainfall, drought conditions are likely to worsen, which will remain unfavorable for corn development.
• USDA confirms 330,000 tons of U.S. corn for delivery to Mexico in 25/26.

• Soybean prices are trading lower at midday as tariff negotiations with China continue, with implementation expected on February 10th causing uncertainty within the market. Soybeans, soybean meal, and soybean oil are all experiencing declines.
• Brazil’s 24/25 soybean crop is projected to reach a record 174 mmt, assuming favorable weather conditions, according to agribusiness consultancy Celeres.
• China’s demand for U.S. soybeans is expected to drop as the Brazil harvest increases. However, this will be heavily influenced by the ongoing harvest in Brazil, where heavy rains in key areas have caused significant delays to the soybean harvest.

• Wheat prices are trading mixed at midday, despite growing concerns of winterkill in the central U.S. due to a recent cold snap.
• Ukraine’s wheat is under stress as moisture levels have reached their lowest point in the past seven seasons.
• Up to 10 Chinese cargoes of Australian wheat, totaling 600,000 tons, have either been delayed at ports or redirected to other Asian buyers due to China’s bumper wheat crop this year.
• India’s wheat planted this season is expected to rise to 32.49 million hectares, compared to 31.83 last year.
• The 6-10 day forecast for the U.S. Plains indicates normal precipitation chances, with cold weather moving into the area, raising the risk of potential winterkill.

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 on South American rainfall which will further slow the planting pace in the region.
• AgRural reported that Brazil’s corn planting currently sits at 9% complete while IMEA reported that the Mato Grasso area is just 6.3% planted, well behind the 5-year average of 22.2% complete.
• StoneX raised their corn production estimate for Brazil to 129.4 mmt which if realized would be 6.9% above last year.
• Corn used for ethanol in December fell to 473.2 mmt which is down 2.3% from a year ago.

• Soybeans have reversed higher at midday on hopes that President Trump and China’s Xi can make a deal on tariffs.
• The December crush report from yesterday afternoon showed a new all-time high of 217.7 mb which was 6.6% higher than in November.
• Soybean harvest continues to lag behind last year’s pace at just 9% complete compared to 16% at this time last year. Mato Grosso harvest is 12.2% done compared to the 5-year average of 25.3% complete.

• Wheat prices are back in the green at midday on mixed winter wheat ratings and a cold and dry forecast for the Plains states over the next 6-10 days.
• Winter wheat ratings were mixed with Kansas improving 3% to 50% good-to-excellent while Oklahoma fell 5% and Texas down 1%.
• SovEcon raised their Russian wheat export forecast 2 mmt to 38.4 mmt. They also lowered Ukraine exports slightly from 16.4 mmt to 16.2 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 futures are higher at midday after Mexico’s president announced a one-month pause on tariffs following discussions with President Trump. As part of the agreement, Mexico has committed to increasing border security.
• Corn export inspections remained strong last week, nearly matching the previous week’s levels. Year-to-date, corn export inspections are running 33% ahead of last year.
• Managed money funds hold a significant long position in the corn market, with over 350,000 contracts as of last Tuesday. This large position presents a risk, as any signs of technical weakness could trigger rapid fund liquidation.

• Soybean futures are sharply higher at midday, rallying back to overhead resistance at the 200-day moving average.
• U.S. soybean export inspections rebounded last week but remain seasonally weak. Year-to-date, soybean export inspections are up 16% compared to last year.
• Weather outlooks show a drier stretch over the next seven days, which should improve harvest progress in northern and central Brazil. Meanwhile, portions of Argentina are expected to receive beneficial moisture.

• Wheat futures are following other grains higher at midday after the announcement of the tariff pause with Mexico.
• The U.S. Dollar Index is higher at midday but well off of its overnight lows. The dollar is working on its fifth day in a row higher.
• A lack of snow cover in Russia and the U.S. Southern Plains raises concerns over potential winterkill if future cold snaps occur.

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 decline midday, driven by growing concerns over tariffs.
• Argentina’s weather is expected to improve next week, with potential rainfall in the forecast. This could help stabilize crop conditions in some of the drier areas.
• Despite the forecast the Buenos Aries Exchange lowered Argentine’s corn good/excellent crop conditions to 28% down from 30% last week.
• President Trump confirmed that a 25% tariff will be imposed on Mexico, the U.S.’s largest corn buyer. In response, Mexico is likely to retaliate, with agricultural products potentially being included in those countermeasures.

• Soybeans are trading higher at midday, influenced by the upcoming weather in South America and the tariffs set to take effect this weekend. Both soybeans and soybean oil are seeing gains, while soybean meal is trading lower.
• The Buenos Aries Grain Exchange lowered Argentina’s good/excellent soybean crop conditions to 20%, down 2% from last week.
• Heavy rain showers in central Brazil continue to disrupt soybean harvests. As the crop remains in the field longer, concerns about quality are growing, along with transportation challenges.
• Analyst expected U.S. soybean crush to have reached a record in December at 217.6 mb, ahead of Mondays USDA’s monthly Grain Crushing’s report.

• Wheat prices continue to decline at midday, pressured by a strong U.S. dollar and escalating tariff concerns.
• The wheat markets are struggling to gain momentum, hindered by stiff export competition and a strong U.S. dollar, which is making U.S. grain more expensive compared to other global producers.
• Dry weather conditions are causing tightening Black Sea supply, a situation that is likely to provide underlying support on breaks.
• India’s wheat crop is now on the radar as temperatures in January have been hotter than expected and more of the warm weather is expected for February, which could lead to crop stress.

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

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