Midday

All prices as of 10:30 am Central Time

• Corn is trading significantly higher and has only faded slightly from this morning’s highs after yesterday’s crop progress showed continued deterioration of the crop.
• December corn traded at its highest levels in 7 months earlier this morning after crop progress showed good to excellent ratings in corn falling to 55% from 61% last week, far worse than analyst expectations.
• The 7-day forecast still looks dry for the I-states and conditions are reportedly the worst since 1988. The NOAA has indicated that 6-15 inches of rain would be needed to move out of drought in eastern Nebraska.
• The subsoil moisture in Illinois was revealed to be 85% short to very short, which is 9 points higher than the drought year of 2012.

• Soybeans are higher today with support from big gains in soybean meal, but lower soybean oil after the EPA’s biofuel mandate announcement showed lower requirements for the coming years.
• Soybean good to excellent ratings fell to 54% from 59% last week and compared to 68% at this time a year ago. The poor to very poor rating for the crop also increased by 3 points to 12%.
• The 10-day forecast is dry for the Corn Belt with temperatures higher than average, and Illinois and Michigan have subsoil moisture levels recorded at 83% and 89% respectively.
• Soybean inspections were poor for last week at just 6.8 mb, which put total inspections down 4% from a year ago. Brazil is in control of the soybean market now, and their soy sales to China have increased by 40% from a year ago.

• US winter wheat harvest is 15% complete vs 8% last week. However, this is behind the average of 20%, as rainfall in the southern Plains is delaying harvest.
• Spring wheat was rated 51% good to excellent vs 60% last week (and 59% last year). Winter wheat condition was left unchanged from last week at 38% good to excellent.
• Export inspections were delayed until after yesterday’s close. Wheat inspections of 8.7 mb brings total 23/24 inspections to 20 mb (which is down 44% from last year).
• The US Dollar Index has moved lower for the day, which is offering some support to wheat, but exports are still a challenge as Russia continues to undercut the market with cheap 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. 

All prices as of 10:30 am Central Time

• Corn gapped higher on last night’s open but faded after that as funds began taking profit and producers made cash sales, and Dec corn is sitting just slightly higher at midday.
• Rain over the weekend was limited and spotty, but the southwestern Corn Belt had better chances and more coverage. The 5-day forecast shows very light rainfall for the I states.
• Today’s Crop Progress report will be released at 3pm central and is expected to show worsening conditions. Last week’s good to excellent rating was 61% which was already worse than 2012 for that time of year.
• July corn futures in Brazil fell yesterday by 1.7% despite areas of Parana that may have been hit by frost, and the crop overall appears to be doing well.

• Soybeans gapped higher along with corn last night but then faded along with both soy products. The soy complex has since turned higher with July beans and soybean meal leading the way.
• Rainfall over the weekend was spotty with Iowa, Illinois, and Indiana missing out on important rains, but soybeans are not in the danger zone yet and have plenty of time to wait for rains.
• Some support is coming from Secretary of State Anthony Blinken’s visit to China to meet with President Xi Jinping which apparently went well and soothed tensions.
• The EPA is slated to make their announcement regarding renewable diesel mandates tomorrow which could have a big impact on profitability.

• Wheat is mixed with Chicago and KC trading higher but Minn lower. Wheat growing areas have benefitted from better weather than corn and soybeans for the most part.
• The winter wheat harvest was seen at 8% complete last Monday and is still underway, but recent rains may have slowed progress.
• Spring wheat areas have been a bit drier and today’s Crop Progress report may show a decline in good to excellent ratings from last week.
• Russia’s spring wheat areas and northern Europe remain in need of rains, while in Canada parts of Alberta and Saskatchewan received heavy rains over the weekend.

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, June 19, in observance of Juneteenth

All prices as of 10:30 am Central Time

• Grain markets are sharply higher again at midday as the weather forecast looks to remain mostly dry for the corn belt, and funds appear to be bailing out of short positions.
• Yesterday, December corn closed above the 100 day moving average for the first time since November. Currently it is above the 200 day moving average (which is at 5.84).
• There is no longer a risk of frost in Brazil (for now), and there were no widespread issues for the crop, despite the recent cold temperatures.
• July corn on Brazil’s Bovespa Exchange is trading around the equivalent of $4.84 per bushel. Export values are still cheaper compared to the US.

• The EPA announcement on biofuel mandates is set for next week (after being rescheduled). There is some anticipation that it will be friendly to the soybean oil market.
• Weather issues in Malaysia are supporting palm oil prices, which may be offering some support to soybean oil and soybeans as well.
• The most recent drought monitor map shows worsening conditions in soybean growing regions, with 51% of the crop said to be in drought (vs 39% last week).
• NOPA May crush came in at 177.9 mb. This was well above the trade’s anticipated 175.8 mb and was also a record for May.

• July Chicago wheat is higher for the sixth out of the past seven days. Funds remain net short and are likely exiting positions, helping wheat to rally.
• Paris milling wheat futures gapped higher and are currently trading about 6-7 Euros per ton above yesterday’s close.
• This week, Russian export prices were said to hit a low of $230 per metric ton vs $240 last week. At these levels, they will continue to dominate on the export front. This does go against the recent reports that their government established a floor at $240.
• The Black Sea grain deal is set to expire in mid July. At this point it seems unlikely that they will extend the deal again, but traders have heard that before.

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, June 19, in observance of Juneteenth

All prices as of 10:30 am Central Time

• The USDA reported an increase of 10.8 mb of corn export sales for 22/23 and an increase of 0.8 mb for 23/24.
• Both the European and American weather forecast models have a drier forecast over the next 10 days. If the pressure ridge breaks down, it should allow moisture from the Gulf of Mexico into the Corn Belt, but weather should be dry for at least another week.
• Chinese corn production still looks to be on track at 11.0 billion bushels. Also, on their Dalian Exchange, November corn is near one-year lows.
• Brazil has not had reports of significant frost damage to their crop, despite the recent cold temperatures.

• The USDA reported an increase of 17.6 mb of soybean export sales for 22/23, and an increase of 1.8 mb for 23/24.
• The Rosario Grain Exchange reduced their estimate of the 22/23 Argentina soybean crop by 1 mmt (to 20.5 mmt).
• July soybean oil closed above the 100 day moving average yesterday. This is the first time this has occurred in 2023.
• Malaysian palm oil futures are higher for the third day in a row, giving a boost to soybean oil (and soybeans).
• Today, the market will get NOPA crush data. Expectations are for May crush at 175.8 mb.

• The USDA reported an increase of 6.1 mb of wheat export sales for 23/24.
• There will be some rains in France and Germany, which is pressuring both Matif rapeseed and wheat futures.
• Higher corn and soybeans are offering a boost to the wheat market. At midday, all three US wheat futures classes have double digit gains.
• The Russian government reportedly set an export floor price for wheat at $240 per ton, for July – August.
• Taiwan flour millers are reported to have purchased 56,000 mt of US milling 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. 

All prices as of 10:30 am Central Time

• The EU weather model has turned a little bit more wet, offering some resistance to the grain complex. However, parts of Wisconsin, Illinois, Iowa, and Indiana still look mostly dry on that model.
• At today’s FOMC meeting the Fed may raise interest rates by 25 basis points. There is some speculation that they will pause the rate increase, however, especially after CPI data showed some easing of inflation.
• Yesterday, December corn rallied but found resistance at the 100-day moving average. Currently at midday it is trading below that average, which is around 5.56.
• There is reportedly another frost risk for Brazil, but so far there is no indication of harm to their corn crop. They are still looking for record corn production at this time.

• Soybean export premiums in Brazil continue to be on the decline. As long as they have enough supply, this may reduce the amount of US soybeans sold.
• China may issue a stimulus package to help their economy. This offers some hope that their economy will improve and help commodity prices. It remains to be seen if this is just a “band-aid” to cover bigger issues, though.
• July soybean oil gained 1.45 cents yesterday, with support from higher crude oil, as well as world vegetable oils.
• July soybeans on China’s Dalian Exchange are around the equivalent of $15.45 per bushel (and near a 1-month high).

• This year’s US winter wheat harvest may be one of the smallest in 50 years due to poor growing conditions in the southern Plains.
• Dry conditions in western Canada’s wheat growing regions may get some relief with chances of rain for Alberta and Saskatchewan in the coming days.
• Low Russian export prices are pressuring the wheat complex, and the EU is also exporting record amounts of wheat, offering resistance as well.
• Soil moisture in Argentina is not optimal, and frost / freezing conditions over the next few days could slow germination for their winter 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. 

All prices as of 10:30 am Central Time

• The USDA rated the corn crop 61% good to excellent (down 3% from last week).
• The western corn belt has rain in the forecast later this week, but it is expected to remain scattered and spotty.
• Brazil has a frost risk this week, but still looks like they will produce a record corn crop of 132 mmt.
• December corn futures have gained roughly 70 cents since the May 18 low. The Dec contract did gap higher yesterday indicating market strength; however, that gap could be filled down the road.
• As reported by CNBC, one vessel left Ukraine over the weekend, hauling 69,000 mt of corn to Spain.

• The USDA rated the soybean crop 59% good to excellent (down 3% from last week). This is the worst rating for this time of year since 2013.
• August palm oil futures are up 2.5%, lifting soybean oil, and providing support to soybean futures.
• Tomorrow the EPA will announce biofuel mandates for 2023 – 2025. Depending upon what the ruling is, this could have a large impact on soybean oil and soybean demand as more plants come online.
• Chinese soybean imports to date are ahead of last year, however there is still concern about what their demand will look like down the road if their economy does not pick up.

• The USDA said 8% of the winter wheat crop is harvested (vs 9% average), and that crop is rated 38% good to excellent (up 2% from last week).
• The USDA said 97% of the spring wheat crop is planted (in line with average) and is rated 60% good to excellent (down 4% from last week).
• Though it is early, wheat inspections for 23/24 are only at 12 mb, which is down 50% from last year.
• Russian FOB offers are now said to be as low as $235-$240 per metric ton. Russia is reportedly talking about lowering that floor to as little as $230. This is certain to keep pressure on the US export market.
• India is expected not to export wheat this year despite a large crop (due to tight stocks).

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

• Over the weekend, rainfall in the Midwest was scattered and spotty. Additionally, the week one weather forecast shows a few light showers in the Midwest with temperatures below normal. The second week shows better chances for rain and temperatures warming up.
• Outside markets could be an influence this week. The Fed will come out with their decision on interest rates, and whether or not they will take a pause, or issue another increase.
• Brazil is experiencing some cold temperatures with more in the forecast, which could impact their later planted corn crop.
• Ag Resource has reportedly dropped their US corn yield projection to 177 bpa. The USDA is using a yield of 181.5 bpa.

• At midday, crude oil is down over $3 per barrel. This is likely weighing on soybean oil and limiting upside price movement in soybeans.
• China has been accused of shipping “fake” biodiesel to secure European grants. This could increase US soybean oil demand from Europe if they reduce imports from China.
• According to the Malaysian Palm Oil Board, stocks of palm oil at the end of May were up 13% from the previous month.
• Expectations for this afternoon’s Crop Progress report are to show a decline in the good to excellent rating for soybeans (and corn).  
• On Friday’s report, the USDA lowered Argentina’s soybean crop by 2 mmt to 25 mmt. Argentina’s exchanges, however, are 3 mmt lower at 22 mmt.

• Funds are reported to be net short 122,280 contracts of Chicago wheat.
• Friday’s USDA report showed higher US HRW wheat production on the order of 11 mb. This is interesting, considering the recent challenges faced in the US southern Plains, but is attributed to the recent rains in Texas and Oklahoma.
• Dryness in Spain and northern France could mean lower wheat crops there. One group is estimating a decrease of European wheat production by 2.1 mmt for this reason. This would bring the European wheat crop to 142.4 mmt.
• Alberta, Canada received some rain this weekend, but most of the Canadian prairies remain too dry.
• The USDA raised their estimate of global wheat ending stocks on Friday’s report. This adds to pressure on US futures and may be one reason why wheat is trading mixed to lower 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 is trading lower ahead of today’s WASDE report and is also being pressured by rain in the forecast this weekend for the Midwest.
• Rain is expected this weekend and early next week for the Corn Belt, but Iowa, Illinois, Indiana, and Ohio rain totals are only projected to reach an inch or slightly more.
• The focus of today’s WASDE report will likely be on corn ending stocks which are expected to increase, and Argentina’s production which the USDA will likely decrease.
• Monday’s crop progress will probably show a decline in good to excellent ratings following the dry weather, but ratings could easily jump higher after a week of decent rains.

• Soybeans are trading higher after getting a boost from a reported flash sale. Soybean oil is higher and is being supportive while soybean meal is lower.
• Private exporters reported to the USDA export sales of 197,000 mt of soybeans for delivery to unknown destinations for the 22/23 marketing year. The marketing year for soybeans began on September 1.
• In today’s WASDE report, traders will focus on production cuts for Argentina with estimates of a 3 mmt decline to 24 mmt. Argentina’s real production will likely be closer to 20 mmt.
• Palm oil futures have been a large bearish factor for the soybean oil market and palm oil fell 1.72% today as supplies continue to rise in both Malaysia and Indonesia.

• Wheat was mixed this morning, but Chicago has turned lower bringing all three products down for the day. Funds remain short as Russia continues to offer wheat for significantly cheaper cash prices.
• The WASDE report estimates from the Dow Jones survey have US wheat ending stocks moving higher by just 8 mb to 606 mb, but adjustments down the line are possible thanks to recent rains.
• Russia continues to keep their grip on the export market making sales to Egypt, and there have been reports of Russian offers for August as low as $226/mt FOB Black Sea for 12.5 protein wheat.
• French wheat conditions have fallen for two straight weeks and went from 93% good to excellent to 88% due to heat and dryness, and China, Australia, and Argentina are having issues with their wheat crops as well.

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 mixed at midday with July higher and deferred contracts lower as the bull spreading continues and forecasts turn wetter.
• The GFS weather model has shown more rain than the European, but the European has slowly been shifting to be more in line with the GFS and added rainfall over the next 10 days in the Midwest.
• Net sales of corn for 22/23 were 172,700 mt and were down 8% from the previous week but up from the prior 4-week average. There were net sales reductions for the 23/24 marketing year of 106,800 mt.
• Corn exports of 1,244,700 mt were down 13% from the previous week and 4% from the prior 4-week average as Brazil continues to sell corn for significantly cheaper.

• The soy complex is mixed alongside corn with front months higher but November slightly lower. Soybean meal is lower while soybean oil is getting support from higher crude oil.
• Palm oil futures have been a large bearish factor for the soybean oil market and palm oil fell 1.72% today as supplies continue to rise in both Malaysia and Indonesia.
• China is ramping up their soy purchases chiefly from Brazil and taken in 12.2 mmt in April, which was an increase of 24% from a year ago. Estimates for their imports in May and June are between 12 and 14 mmt.
• Net soybean sales for 22/23 were 207,200 mt, up 68% from the previous week, and up from the prior 4-week average. Sales for 23/24 were 264,600 mt, and exports of 247,600 mt were up 7% from the previous week.

• Wheat is trading higher today with Minneapolis leading the way and KC following behind. It is possible that ramifications from the Ukrainian dam explosion are supporting the market today.
• Russia continues to keep their grip on the export market making sales to Egypt, and there have been reports of Russian offers for August as low as $226/mt FOB Black Sea for 12.5 protein wheat.
• In tomorrow’s WASDE report traders are expecting a slight increase to US ending stocks for wheat as a result of very sluggish export sales.
• Net sales of wheat for 23/24, which began on June 1, were 234,800 mt, and a total of 877,400 mt in sales were carried over from the 22/23 marketing year. Exports for the period ending May 31 were 87,300 mt, which brought total exports to 17,758,500 mt and down 5% from the previous 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 is trading mixed midday with front month July trading slightly higher, while deferred contracts are lower.
• Forecasts for the Corn Belt trended a bit wetter and cooler overnight which is pressuring new crop, while on-hand supplies remain tight.
• Brazil’s FOB corn offers are reportedly at an 85-cent discount to offers from the US at the equivalent of $4.60 per bushel giving Brazil a clear advantage over exports.
• Corn good to excellent ratings came in at 64% and with recent dryness, ratings could decline further on next week’s report.

• Soybeans are mixed as well, with July higher by a few cents but deferred contracts lower. Front month soybean meal is higher, while soybean oil is lower despite higher crude.
• Scattered showers are falling from Minnesota into the eastern Corn Belt. The 15-day weather forecast is mixed with the GFS model showing more widespread rains and the European models showing modest coverage.
• China’s imports of Brazilian soybeans have increased over the past month due to their significantly cheaper offers.
• August palm oil fell by 1.9% after reports came out that Malaysia may end up with a surge in output of about 4.7%.

• Wheat is trading sharply lower at midday after hovering near unchanged this morning. There are many bullish fundamentals that should be supporting prices, but Russia continues to undercut the market with offers as low as $299/mt.
• The big news yesterday was the explosion of the Ukrainian dam which is causing major flooding in both residential and agricultural land, as well as disruptions to irrigation systems.
• Argentinian wheat is being planted with poor soil moisture, Australia’s 23/24 wheat production was cut to just 26.2 mmt, and China’s wheat crop has been hit with heavy rainfall severely cutting into production.
• In the US, crop ratings are not good but did increase slightly following rains in HRW wheat areas. US spring wheat should be watched for heat and dryness, however.

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

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