Corn began the day on a higher note but has since slipped, and is trading a few cents lower as a trading range begins to form.
Recent rains in the Corn Belt, along with forecasts for additional rain to come, have pressured prices, but support for December corn seems firm around $4.90.
DTN’s Digital Yield Tour has pegged yields at 197 bpa for Illinois and 194 bpa for Ohio, large improvements from previous trade guesses thanks to the rains.
Friday’s WASDE report will be the focus this week with the average trade guess for yield around 177 bpa, but some private crop scouts estimating between 173 and 174 bpa.
Soybeans also began the day higher in the overnight and have slipped but are still trading higher with both soy products higher as well.
Day two of the DTN yield tour showed estimates of 60.2 bpa for Illinois, 58.8 for Indiana, and 58.7 for Ohio. If the yield estimate for Illinois holds, it would be a new record high.
The export group, ANEC, has pegged Brazil’s August soybean exports at 8.8 mmt versus 5 mmt in August the previous year.
Soybean oil is being supported by census numbers which are showing biodiesel exports at 29% higher than a year ago.
Wheat is trading lower near midday as the US harvest progresses and Russia continues to dominate global export sales.
Russian FOB values have risen by over $20/mt in the past few weeks, but they are still the cheapest offer and had another large sale yesterday of 235,000 mt.
Ukraine’s 23/24 grain exports have totaled 2.76 mmt for far into the June/July season, but exports have been affected since Russia stepped up their attacks on export routes.
The Canadian Prairie is dry along with Argentina and Australia, which may hurt global wheat production. In India, prices rose to a 6-month high with production estimates falling.
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 USDA rated the corn crop at 57% good to excellent, up 2% from last week.
The DTN digital yield tour estimated the national corn yield at 177 bushels per acre.
Heavy rains and flooding in some of China’s main growing regions may cause significant crop damage.
Chinese trade data showed that imports and exports in July fell faster than expected. This may indicate that economic activity is slowing, and this is weighing on commodities in general today.
The USDA rated the soybean crop at 54% good to excellent, up 2% from last week.
The DTN digital yield tour estimated the national soybean yield at 51 bushels per acre.
Malaysian palm oil is near the lowest level in six weeks, offering weakness to the soybean oil market this morning.
September soybeans on China’s Dalian Exchange remain expensive, around the equivalent of $18.19 per bushel.
The USDA rated the spring wheat crop at 41% good to excellent, down 1% from last week.
Russia’s wheat export values continue to be the world’s cheapest offer, despite recent increases.
Dryness in Canada, Argentina, and the interior of Australia are all bullish to the wheat market.
India typically utilizes about 108 mmt of wheat domestically. With talk that their crop could be sub 100 mmt, this lines up with rumors that they may be looking to import about 9 mmt of Russian wheat.
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.
Private exporters reported 251,460 mt of corn for delivery to Mexico during the 23/24 marketing year.
The weather outlook for the next 10 days has rains mostly in the eastern Midwest and temperatures close to the norm.
Recent heavy rains in China have caused flooding and may have also caused significant crop damage.
Brazil’s harvest of the safrinha crop continues to make progress but is expected to be slowed by rain this week in the southern regions. Brazil export values of corn remain below US, offering resistance to the market.
Private exporters reported 132,000 mt of soybeans for delivery to China during the 23/24 marketing year.
Good rains over the weekend hit the Dakotas, Minnesota, Iowa, Illinois, and Indiana. This is likely what is weighing on soybeans this morning, as higher yields become more probable.
September soybeans on China’s Dalian exchange are near the highest level since February, trading around the equivalent of $18.36 per bushel.
Today the DTN digital yield tour will begin, and traders will soon receive national yield estimates for corn and soybeans.
Wheat is rallying after news that Ukraine bombed two bridges that supply Russian troops. A Russian oil tanker was also struck. These attacks are cause for concern that Russia may retaliate.
Reports of an explosion at a Turkish grain elevator is believed to be an isolated incident not related to the war. It was most likely a grain dust explosion.
On Friday’s WASDE report, there is a chance that the USDA will reduce the spring wheat production estimate after crop ratings declined last week.
There is talk that India’s wheat crop could be below 100 mmt, when it was previously estimated at 105 mmt. India is also believed to be in talks with Russia to purchase 9 mmt of wheat.
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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.
Corn is finally trading higher after eight consecutively lower closes after Ukraine attacked a Russian warship near a Black Sea port overnight, which temporarily shut the port down.
Last night’s attack by the Ukrainians was the first time in the war that a Russian port was attacked and has traders concerned that Russian exports could be affected.
Today’s gains may be dampened by the increasingly friendly looking 7 day and 2-week forecasts for the entire Corn Belt, and essentially all corn growing areas, but with the crop having been so stressed, it is unclear how much some of the worst hit areas can improve.
Next week on August 11, the USDA will release their updated yield estimates. StoneX recently put out their own private estimate at 177 bpa which seems a bit high.
Soybeans are higher today, but have backed significantly off their overnight highs, which were caused by the attack on the Russian warship. Soybean meal is lower, while soybean oil is higher, along with crude oil.
Malaysian palm oil futures are trading higher after a sharp selloff over the last week, which was due to surging palm oil stocks as production reached the highest levels in 7 months.
Yesterday, the USDA reported a new sale of 4.9 mb of US soybeans to China, and export sales for last week were an impressive 97 mb of new crop beans with primary destinations to China and unknown destinations.
While the US has finally picked up on some of the export action, Brazil still dominates globally with 12 mmt of soybeans exported in July compared to 7.5 mmt a year ago.
Wheat futures are mixed at midday and have come well off their highs from the escalation in the Black Sea region. Chicago wheat and Minn are still higher, but KC wheat has backed off and is now lower on the day.
Russia has recently sold 300,000 mt of wheat to Egypt and covered a large portion of an 800,000 mt sale to Algeria, but Russian wheat prices have been inching higher.
Russia recently said that it would offer cheaper wheat to “friendly” countries, ones that have not imposed sanctions, which is further proof that Russia is using food as a leveraging tool in the war.
Heavy rains in northern France and Germany have slowed harvest and raised concerns about quality. Germany’s crop is 40% harvested, while France is 87% complete. Ukraine has harvested 12.5 mmt so far but may not be able to export it.
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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.
Corn is trading lower for the eighth consecutively lower day on favorable August weather forecasts and poor export sales that were released this morning.
The USDA reported an increase of 4.2 mb of corn export sales for 22/23, which was down 66% from the previous week and down from the prior 4-week average. There was an increase of 13.7 mb for 23/24, and exports of 24.7 mb were up 52% from the previous week and 26% from the prior 4-week average.
Yesterday evening, StoneX revised their estimates for US corn yields higher to 177 bpa, a lofty estimate, but below the USDA’s last estimate of 177.5 bpa.
Although the USDA predicted that Brazil would overtake the US as the world’s leading exporter of corn, the National Corn Growers Association has said that Brazil’s growth this season may not be sustainable in the coming years.
Soybeans are trading higher today despite the favorable August weather forecasts after export sales were released and saw good activity, as well as the report of another flash sale today.
Private exporters reported sales of 134,000 mt of soybeans for delivery to China during the 23/24 marketing year. China and unknown destinations have been active buyers of US soybeans over the past week.
The USDA reported an increase of 3.3 mb of soybean export sales for 22/23, which was down 54% from the previous week and 16% from the prior 4-week average. There was an increase of 96.7 mb for the 23/24 marketing year, and exports were 12.7 mb, which was down 9% from the previous week but up 30% from the prior 4-week average.
Crop trader Bunge is expecting tightness in US soybean oil as renewable diesel usage ramps up and increases demand for the product.
Wheat is lower again today and has been pulled down by disappointing export sales as well as Paris milling wheat futures that are lower for the eighth consecutive day.
The USDA reported an increase of 15.5 mb of wheat export sales for 23/24, which was up 81% from the previous week and 40% from the prior 4-week average but increases for 24/25 were just 0.5 mb. Exports of 18.6 mb were above the 14.4 mb needed each week to meet the USDA’s export estimate.
India is seeking to import 9 mmt of wheat from Russia in an attempt to boost their domestic stockpiles and fight rising prices in the country.
Vladimir Putin seems to be floating the idea of reinstating the Black Sea grain deal, but only if their requirements are met, but last time they renewed the deal they still made it difficult for Ukraine to get ships moving.
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 is trading lower near midday after retreating from gains made overnight due to Russia attacking a Ukrainian port on the Danube River. Trade is mostly focused on the favorable 2-week forecast.
December corn has fallen by 67 cents in the past seven days, as weather turned from hot and dry to a forecast of cooler and wetter. Today, heavy rains have fallen in Nebraska, Iowa, Missouri, and southern Illinois.
The June Crushings report showed that corn used in ethanol production was 441.5 mb, up slightly from May and in line with expectations. Ethanol margins have improved since June.
While Brazil has dominated global export sales in corn, China purchased 11 mmt of Ukrainian corn last year, and they will likely have to turn to the US to make up some of that grain.
Soybeans are lower again today, along with lower soybean meal, but soybean oil is bull spread with the front two contracts higher and deferred contracts lower. Favorable weather forecasts are pressuring soybeans.
November soybeans have lost approximately $1.05 in the past 7 days as a result of recent rains, along with a good looking forecast for the next two weeks, which shows steady rains and temperatures in the 80’s for the Corn Belt.
June soybean crush was released and showed 174.6 mb crushed, slightly higher than a year ago, but below trade expectations.
Following the recent selloff, US FOB soybean meal is currently $4/ton cheaper than Argentine offers, but no new sales have been reported.
Wheat is trading lower and has shown the biggest reversal from overnight highs as a result of the Russian attack on Ukraine’s Danube River port.
Traders have become a bit numb to attacks on Ukrainian ports at this point, and although the market might rally, focus quickly turns back to winter wheat harvest and weather.
There has been some supportive news as Canada’s spring wheat areas have been drier than normal, while Argentina’s topsoil and subsoil moisture are very short with no rain in the forecast.
The quarterly Flour Milling report was released and all wheat ground for flour was at 222 mb, down 2% from the first quarter grind and down 4% from the second quarter of 2022.
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 is trading relatively unchanged at midday, but has seen a 10-cent range throughout the day. Crop conditions worsened yesterday, but that was expected, and the upcoming forecast includes more moisture.
Yesterday’s crop ratings showed corn’s good to excellent rating slip by 2 points to 55% vs the average trade guess of 56%. 84% of the crop is silking compared to 68% last week and 77% a year ago at this time.
This crop is currently the fifth lowest rated crop since 1988, but if this August forecast holds up with cooler temperatures and more rain, conditions could come back.
US corn inspections were a bit better last week at 20.3 mb, but are still 33% below a year ago, as Brazil keeps control of the world export market.
Soybeans have been trading either side of unchanged so far today, but are currently slightly higher with support from soybean meal, while soybean oil is lower.
Crop progress data showed good to excellent ratings, falling by 2 points from last week to 52%, which was below the average trade guess and below 60% a year ago. 83% of the crop is blooming and 50% is setting pods.
The 6 to 10-day forecast is showing showers for Iowa, Minnesota, and the Dakotas, with expectations for 1 to 3 inches of rain between Sunday and Tuesday.
Brazilian 2024 soybean meal production is expected to reach 42.3 mmt, 3% above the previous year. Total soy crushing is seen at 55 mmt for 2024.
Wheat is trading lower despite a bigger than expected drop in good to excellent ratings and is being pressured by Paris milling wheat, which is lower for the sixth consecutive day.
The spring wheat crop is reportedly 2% harvested with a good to excellent rating that fell by 7 points to 42%, which compares to 70% a year ago. Winter wheat harvest was slightly above trade expectations at 80% harvested compared with 68% a week ago.
SovEcon raised the Russian wheat crop forecast to 87.1 mmt, as yields are now expected to improve. The previous projection for the Russian crop was 86.8 mmt.
Ukraine is reportedly discussing using Croatian ports for grain exports on the Danube River and the Adriatic Sea.
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 is trading lower near midday after the December contract gapped down overnight on weather forecasts that are trending cooler and wetter over the next seven days.
Over the weekend, rains fell near Wisconsin and Michigan, and today, those storms are moving into Nebraska, South Dakota, Missouri, and Arkansas. While there are bullish arguments to be made, it appears that traders are focusing on weather forecasts for now.
Crop progress will be released this afternoon, and good to excellent ratings for corn are expected to slip between 1 and 3% after last week’s heat wave. Last week’s good-to-excellent rating was 57%.
Black Sea ports are now reportedly blockaded, and the waters could be mined, and Russia attacked another Black Sea grain storage facility in Kherson, Ukraine over the weekend.
November soybeans gapped lower last night on better weather forecasts, and the next area of resistance is the 200-day moving average at 13.35.
Both soybean meal and oil are lower as Brazilian meal production estimates increase, Malaysian palm oil exports rise, and Chinese soybean meal fell by 9 dollars a ton today.
Export demand showed signs of life last week with 32 mb of old crop sales, which were to China and unknown destinations, but so far China has only booked less than 80 mb of new crop soybeans.
Brazilian 2024 soybean meal production is expected to reach 42.3 mmt, 3% above the previous year. Total soy crushing is seen at 55 mmt for 2024.
All three wheat contracts are trading lower today with Partis milling wheat futures down for the fifth straight day and US contracts down 4 out of the last 5 days.
The Wheat Quality Tour has put out yield numbers that were higher than expected which has been the main bearish influence despite the conflict in Ukraine.
SovEcon raised the Russian wheat crop forecast to 87.1 mmt as yields are now expected to improve. The previous projection for the Russian crop was 86.8 mmt.
With Ukraine essentially out of commission for grain exports, it was thought that demand may pick up more for US and EU wheat, but so far Russia has maintained control over exports.
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.
About 59% of the US corn crop is still said to be experiencing drought conditions.
Some weather premium might be taken out of the marketplace, with the forecast looking for better conditions next week in the Midwest.
September corn on Brazil’s Bovespa exchange is trading near the equivalent of $5.11 per bushel, which is close to the lowest level in two years.
Argentina recently announced a new corn / peso exchange rate incentive to increase farmer selling. This could pressure futures as more supply enters the export market.
About 53% of the US soybean crop is still said to be experiencing drought conditions.
Private exporters reported 325,000 mt of soybeans for delivery to China, 171,460 mt for delivery to Mexico, and 413,000 mt for delivery to unknown (all during the 23/24 marketing year).
April biofuel use by soybean oil was a record 927 million pounds (up 10% from last year).
Malaysian palm oil is down for the fourth session in a row, however, soybean oil is trading higher at midday.
About 43% of the US spring wheat crop, and 47% of the winter wheat crop are still said to be experiencing drought conditions.
Due to dryness, the Canadian wheat crop could be closer to 30 mmt (vs the USDA at 35 mmt).
The final yield of the spring wheat tour in North Dakota came out at 47.4 bpa. The average is 40, last year was 49.1, and the USDA is currently using a yield of 47.
Paris milling wheat futures are headed for a fourth lower close in a row, and a gap remains below the market that may eventually be filled. French soft wheat harvest is reported to be 83% complete.
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 USDA reported corn export sales of 12.4 mb for 22/23 and 13.2 mb for 23/24.
The Fed did raise interest rates yesterday, however, they did not say anything about what they may do down the road. This has traders wondering what they might do in September in terms of pausing or issuing another increase.
Hot temperatures will hit the Corn Belt today, with 90-100 degrees in South Dakota, Iowa, and Illinois.
European nations have said they will help Ukraine to export their grain via truck and railway, but there is question as to how much can be transported this way.
The USDA reported soybean export sales of 7.3 mb for 22/23 and 20.0 mb for 23/24.
Private exporters reported sales of 256,000 mt of soybeans for delivery to unknown during the 23/24 marketing year.
Chinese Dalian soybean meal prices are making new contract highs.
Lower palm oil continues to weigh on US soybean oil futures.
The USDA reported wheat export sales of 8.6 mb for 23/24.
Overnight, Russia launched missiles from a submarine into the Odesa port, keeping the wheat market volatile.
Day two of the spring wheat tour in North Dakota found a yield of 45.7 bpa (the USDA is projecting 47 bpa for North Dakota).
Taiwan Flour Millers booked 108,000 mt of US milling wheat overnight.
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