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All prices as of 6:30 am Central Time

• Corn is trading lower again today following steep losses in yesterday’s session as funds continue piling onto their short positions with weather remaining beneficial.
• Yesterday’s Crop Progress report saw the good to excellent rating for corn rising to 71% which was above the average trade guess and compared to 69% last week. 87% of the crop is now emerged which compares to 78% a week ago and the average of 87%.
• This Thursday, the USDA will release its WASDE report, and early estimates see corn production slightly lower from last month but relatively unchanged. Ending stocks are expected to fall slightly to 1.789 bb.

• Soybeans are mixed again today with the two front months trading higher while the deferred months are lower. While the rest of the grain complex sold off sharply yesterday, soybeans were only slightly lower. Soybean meal is currently lower while soybean oil is higher.
• The trade talks between the US and China yesterday reportedly went well but a deal is has not yet been released. Trade deals with Japan, India, Vietnam, and South Korea are reportedly very close.
• Yesterday’s Crop Progress saw the good to excellent rating for soybeans up 1 point from last week at 68%. This was on par with trade estimates. Iowa is leading the pack with ratings of 80%. 90% of the soybean crop is planted and 75% is emerged.

• All three wheat classes are trading lower again today after sharp losses posted yesterday. Paris milling wheat is lower again and has been dragging US futures down with it. Improving crop ratings have been bearish as well.
• Sov Econ has just increased their estimates for the Russian wheat crop by 1.8 mmt to 82.8 mmt and has also increased export estimates. Russian FOB values are cheap around $225/mt.
• Yesterday’s Crop Progress saw the spring wheat good to excellent rating improve by 3% to 53% while winter wheat was up 2 points to 54%. 4% of the winter wheat crop is now harvested and 82% of spring wheat is emerged.

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 6:30 am Central Time

• Corn is trading slightly lower this morning in relatively quiet trade following four consecutively higher closes. Weather forecasts are wet over the next week before they are expected to turn drier this summer.
• This Thursday, the USDA will release its WASDE report, and early estimates see corn production slightly lower from last month but relatively unchanged. Ending stocks are expected to fall slightly to 1.789 bb.
• Friday’s CFTC report saw funds sell a whopping 53,283 contracts of corn which left them with a net short position of 154,043 contracts.

• Soybeans are mixed this morning with the July contract trading higher while deferred contracts are lower. Today would be a fifth consecutive higher close if momentum improves. Soybean meal is trading lower while soybean oil is higher.
• Today, trade officials from the US and China are meeting in London to discuss the trade dispute. After last week’s call between Trump and Xi that was described as productive, things seem to be moving in a positive direction.
• Friday’s CFTC report saw funds as sellers of soybeans by 28,096 contracts which left them with a long position of 8,601 contracts. They sold 21,998 contracts of oil and 2,932 contracts of meal.

• All three wheat classes are trading lower this morning as funds continue to pile into their massive short position. Global weather and escalations between Ukraine and Russia remain bullish fundamentally.
• Last week, Russia retaliated on Ukraine for the attack that wiped out a large portion of Russia’s air force. This retaliation is causing fears that crucial Black Sea grain exporting infrastructure will be damaged which would be friendly for prices.
• Friday’s CFTC report saw funds as buyers of Chicago wheat by 654 contracts leaving them short 100,572 contracts. They bought back 1,333 contracts of KC wheat which left them short 78,028 contracts.

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 6:30 am Central Time

• Corn is trading lower to start the day following yesterday’s gains in the deferred contracts. In counter seasonal fashion, the July contract has been losing value against new crop contracts.
• The Buenos Aires Grain exchange has released a crop progress report showing that the corn harvest has advanced to 43.8% from 40.5% last week with rains slowing progress. Estimated production was unchanged at 49.0 mmt.
• Yesterday’s export sales report came in below the average estimate for corn at 1,102k tons but was up from last week’s 948k tons. Primary destinations were to Mexico, Japan, and South Korea.

• Soybeans are trading lower to start the day following three consecutive days of gains which brought prices back above the 100-day moving average. A close firmly above the 100-day would be technically bullish. Soybean meal is lower while bean oil is trading higher.
• In Argentina, the yields for soybeans are now being forecast above previous estimates as wet soil slows harvest efforts. The crop is now 80.7% harvested compared to 80.7% last week, and production estimates are unchanged so far at 50.0 mmt.
• Yesterday’s export sales were below the average trade guesses for soybeans at 198k tons which compared to 179k tons last week. Primary destinations were to Bangladesh, Norway, and Taiwan.

• All three wheat classes are trading lower this morning after two consecutive days of gains but are now nearly 40 cents off last month’s low in the July contract. 
• In China, the drought happening in the wheat belt is expected to cause a decrease in wheat production. Areas in the Henan providence have received as little as 30mm over the past three months and yield will likely be impacted.
• Yesterday’s export sales were below the average trade estimates at 396k tons and compared to the previous week’s 583k tons. Top buyers were Nigeria, unknown destinations, and Mexico.

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 6:30 am Central Time

• Corn is trading higher again this morning following yesterday’s strength and is on track for a third consecutively higher close after nearing contract lows earlier this week.
• Near-term forecasts remain wet across much of the Corn Belt, but the 8-14 day and extended outlooks into late June are trending hotter and drier than normal, raising concerns for crop development.
• Estimates for today’s export sales report see corn sales in a range between 800k and 1,600k tons with an average guess of 1,156k tons. This would compare to 948k last week and 1,294k a year ago at this time.

• Soybeans are trading lower this morning following yesterday’s gains that saw the July contract close just above the 50-day moving average but has now slipped below it. Both meal and bean oil are lower and pressuring soybeans.
• Soybean oil stocks as of May 1 were reported 18% below last year’s levels. This drawdown comes despite sluggish biofuel demand so far in 2025, as political uncertainty continues to cloud the sector’s outlook.
• Estimates for today’s export sales report see soybean sales in a range between 100k and 600k tons with an average guess of 278k tons. This would compare to 179k last week and 263k a year ago at this time.

• All three wheat classes are trading higher to start the day and may see continued support as a result of dry global weather and improved demand.
• In China, the drought happening in the wheat belt is expected to cause a decrease in wheat production. Areas in the Henan providence have received as little as 30mm over the past three months and yield will likely be impacted.
• Estimates for today’s export sales report see wheat sales in a  range between 100k and 800k tons with an average guess of 531k tons. This would compare to 583k last week and 388k a year ago at this time.

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 6:30 am Central Time

• Corn is trading higher this morning as futures attempt to build on yesterday’s reversal from multi-month lows.
• Near-term forecasts remain wet across much of the Corn Belt, but extended outlooks into late June are trending hotter and drier than normal, raising concerns for crop development.
• July corn futures briefly hit a new 2025 low on Tuesday before recovering to close slightly higher. The market remains technically oversold and is hovering near a key support level that has attracted buying interest in recent months.

• Soybeans are trading higher early Wednesday, building on Tuesday’s rebound that ended a four-day losing streak.
• Market sentiment is finding some support from the White House’s continued optimism that President Trump and China’s President Xi will hold direct talks, offering hope for improved trade relations.
• Soybean oil stocks as of May 1 were reported 18% below last year’s levels. This drawdown comes despite sluggish biofuel demand so far in 2025, as political uncertainty continues to cloud the sector’s outlook.

• Wheat futures are slightly higher this morning, supported by strength in corn and soybean markets.
• Dry conditions persist across key global production areas, including the Black Sea region and much of China’s primary wheat-growing provinces, adding underlying concern.
• Domestically, wheat condition ratings improved last week for both winter and spring varieties. Notably, North Dakota’s spring wheat showed a strong rebound from its historically low initial rating.

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 6:30 am Central Time

• Corn is trading slightly higher this morning as prices recover from lower trade yesterday and lows made overnight that brought July futures down to $4.35. If corn closes higher today, it would break a streak of 7 lower closes.
• It has been reported that Vietnam is expected to sign trade deals with Washington to buy more than 2 billion dollars worth of US agriculture and vowed to remove all tariffs on US imports. Vietnam is the world’s third largest buyer of US corn.
• Yesterday’s Crop Progress report saw crop ratings for corn improve slightly by 1 point to 68% good to excellent. This was on par with trade guesses. 93% of the crop is planted and 78% is emerged.

• Soybeans are trading higher this morning but remain under all major moving averages in the July and November futures. The move lower has come despite strong crush numbers and an ending stocks number which is estimated to be just 295 mb. Soybean meal is higher while bean oil is lower.
• Yesterday’s census crush report showed a record month for soybean crush in April at 202.3 million bushels that was 14% higher than the previous year and puts total crush 6% higher than a year ago.
• The Crop Progress report saw 67% of the soybean crop rated good to excellent which was a point lower than the average trade guess and was the first soybean rating this year. 84% of the crop is planted and 63% is emerged.

• All three wheat classes are trading lower with Minneapolis wheat leading the way lower and Chicago wheat only down slightly. Both the Chinese wheat belt and Black Sea Regions are to dry which should support wheat further.
• Yesterday’s Crop Progress report for spring wheat saw good to excellent ratings improving by 5 points from last week at 50% which was also above trade estimates. 95% of the crop is now planted and 73% is emerged.
• Crop Progress for winter wheat saw the crop rating improve by 2 points to 52% good to excellent which was also above the trade guess. 83% of the crop and 3% is harvested which compares to 5% at this time last year.

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading higher this morning to kick off the month with support from a higher wheat complex. Corn prices are near their lowest levels of the year due to beneficial rains that have set the crops up well for a potentially hot and dry summer.
• Friday’s CFTC report saw funds as buyers of corn. The bought back 2,450 contracts which decreased their net short position to 100,760 contracts as of May 27.
• Last week’s export sales report saw corn sales falling from the previous week at 948k tons compared to 1,409k last week. This also compared to 998k a year ago. Top buyers were Mexico, Japan, and Colombia. 

• Soybeans are trading lower this morning despite gains in corn and wheat after President Trump’s negotiations with China appeared not to go anywhere last week frustrating traders. Soybean meal is lower while soybean oil is following crude oil’s sharp move higher.
• Friday’s CFTC report saw funds as buyers of soybeans by 24,043 contracts which left them with a net long position of 36,697 contracts. They sold 3,321 contracts of bean oil and bought back 13,681 contracts of meal.
• Estimates for the US April soybean crush ahead of the USDA report see soybean crush at 202 million bushels which would be up 13.8% from 177.6 mb a year ago at this time. Corn used in ethanol is expected to be higher year over year.

• All three wheat classes are trading higher to start the month with KC wheat leading the way higher. Poor crop ratings for both spring and winter wheat have been supportive along with a reported increase in feed demand at these lower prices.
• Friday’s CFTC report saw funds as buyers of Chicago wheat by 13,681 contracts which left them net short 101,226 contracts. They also bought back 7,667 contracts of KC wheat leaving them short 79,361 contracts.
• The southern plains saw another week of wet conditions along with other hard red areas which could have a positive impact on crop ratings. Crop progress will be released this afternoon with new figures.

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 6:30 am Central Time

• Corn is mixed to start the day with the July contract slightly higher and the deferred months lower. Ethanol production rose 20,000 barrels from a week ago and ethanol stocks fell.
• Estimates for today’s export sales report see corn sales in a range between 800k and 1,600k tons with an average guess of 1,75k tons. This would compare to 1,409k a week ago and would indicate good demand.
• Pressure has come from necessary rains over the past week and more in the forecast throughout the the Corn Belt. Although longer term forecasts maybe hot and dry, these rains are a big benefit.

• Soybeans are trading lower to start the day and are at the bottom of their trading range after falling through the 100-day moving average yesterday and then recovering. Soybean meal is higher while soybean oil is down significantly pulling the complex lower.
• Estimates for today’s export sales report see soybean sales in a range between 150k and 700k tons with an average guess of 353k tons. This would compare to 323k a week ago and 336k tons a year ago at this time.
• Yesterday it was announced that the US trade court ruled that the tariffs imposed on China by President Trump were not legal which could remove the tariffs placed on soybeans and improve demand.

• All three wheat classes are trading higher to start the day and would be the third consecutively higher close following Tuesday’s sharp sell-off. July Chicago wheat is currently down 8 cents on the week.
• Estimates for today’s export sales report see wheat sales in a range between 100k and 800k tons with an average guess of 509k tons. This would compare to 869k last week and 321k a year ago at this time.
• Canadian wheat production is estimated to be lower as a result of dryness in the southern Prairies. Production is estimated to be lowered by 3% to 35.5 mmt as soil moisture conditions deteriorate.

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 6:30 am Central Time

• Corn is trading lower again today after a sharp drop yesterday as well. The July contract has led the way lower losing 13-1/2 cents on the week so far compared to December which has only lost 10 cents.
• Pressure has come from necessary rains over the past week and more in the forecast throughout the the Corn Belt. Although longer term forecasts maybe hot and dry, these rains are a big benefit.
• Estimates for the weekly EIA report see ethanol production higher than last week at 1.05m barrels per day compared to 1.029m last week. The average stockpile estimate is 24.587m bbl which would be down from a week ago.

• Soybeans are trading slightly higher this morning after rough trade yesterday that saw futures fall 14 cents before stopping at support at the 100-day moving average. Soybean meal is slightly lower while bean oil is higher.
• Weather has been a primary factor in soybeans’ inability to rally, but they have been supported by the 100-day moving average since the middle of April along with tight new crop supplies.
• Last night, the US trade court ruled that the tariffs imposed on China by President Trump were not legal which could remove the tariffs placed on soybeans and improve demand.

• All three wheat classes are trading lower again today despite this week’s crop progress report that saw spring wheat crop ratings well below average guesses at 43%.
• Yesterday morning’s rally following the crop progress numbers was quickly jumped on by sellers as funds continue to take any opportunity to sell higher wheat. They currently hold a net short position in Chicago wheat of around 110,000 contracts.
• Canadian wheat production is estimated to be lower as a result of dryness in the southern Prairies. Production is estimated to be lowered by 3% to 35.5 mmt as soil moisture conditions deteriorate.

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 6:30 am Central Time

• Corn is trading higher this morning after yesterday’s lower trade. The first look at crop conditions was poorer than expected adding some support, but July corn has struggled to trade above the 200-day moving average.
• Yesterday’s Crop Progress report saw the first crop ratings of the year at 68% good to excellent which was below the trade guess of 73%. 87% of the crop has been planted and 67% is now emerged. 
• After substantial rains last week, the forecast for this week is very light for most of the Corn Belt which should give producers a good opportunity to get planting wrapped up.

• Soybeans are trading lower to start the day but remain relatively rangebound and above all major moving averages. Yesterday, gains in palm and soybean oil were supportive while export inspections were slightly bearish. Today, soybean meal is lower while bean oil is higher.
• Yesterday’s Crop Progress report saw the soybean crop 76% planted which compared to 66% last week and the 5-year average of 68%. 50% of the crop has emerged, and good to excellent ratings will likely come within a few weeks.
• Yesterday’s export inspections came in at 195k tons for soybeans which compared to 225k tons the previous week and 223k tons a year ago at this time. Primary destinations were to Egypt, Mexico, and Taiwan.

• All three wheat classes are trading higher to start the day after yesterday’s sharp sell-off. Yesterday’s move may have come from rain in China’s previously dry Wheat Belt along with rain in dry parts of the EU.
• Yesterday’s Crop Progress for winter wheat showed crop conditions falling by 2 points to 50% good to excellent which compared to 48% a year ago at this time. 75% of the crop is headed which compared to 64% last week.
• For spring wheat, the first crop ratings were released at 45% good to excellent which was significantly lower than the average estimate of 70%. 87% of the crop has been planted and 60% is not emerged.

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

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