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All prices as of 6:30 am Central Time

• Corn is trading higher this morning and though it is technically overbought, it appears to be forming a bull flag which could see prices break out above 5 dollars if it plays out. The US dollar is sharply lower which is likely supporting all grains.
• Strong export demand has helped keep prices supported in corn, and Thursday’s export sales report saw 1,572k tons of corn were exported. Mexico was the top buyer followed by Japan and Spain, China was not a buyer.
• Friday’s CFTC report saw funds as buyers of corn in a big way as of April 15. They bought 70,997 contracts which increased their net long position to 124,573 contracts.

• Soybeans are trading higher this morning along with the rest of the grain complex as a result of the significantly lower dollar which is at its lowest level since March 2022. Both soybean meal and oil are trading higher despite losses in crude oil of $1.50 a barrel.
• In March, it was seen that Chinese soybean imports from the US jumped by 12% from the same period last year, but this was before the tariffs were implemented. Brazil continues to dominate the market to China.
• Friday’s CFTC report saw funds as buyers of soybeans as of April 15. The bought back 76,616 contracts which flipped them to a new net long position of 26,169 contracts. They bought 10,834 contracts of bean oil and 28,030 contracts of meal.

• All three wheat classes are trading higher to start the week despite a rainfall forecast that is expected to be beneficial for HRW wheat areas. There was too much rain in some areas of the southeast Corn Belt over the weekend.
• SovEcon has increased the Russian wheat output estimates for 2025 to 79.7 mmt which would be 1.1 mmt above the previous years production. Russia has said that 90% of the winter crops are in good or satisfactory condition.
• Friday’s CFTC report saw funds as buyers of Chicago wheat by 5,693 contracts which left them net short 96,439 contracts. They bought back 2,462 contracts of KC wheat leaving them short 47,372 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 slightly lower this morning after trading in a quiet range overnight. Export sales have been supportive with a flash sale of corn to Japan earlier this week. Today’s export sales are expected to be good.
• Yesterday’s weekly petroleum report sale ethanol stocks falling by 0.8% to 26.814m bbl compared to the average trade guess of 26.803m. Plant production came in at 1.012m b/d compared to the survey average of 1.004m.
• Estimates for today’s export sales report see corn sales in a range between 800k and 1,800k tons with an average guess of 1,033k tons. This would compare to 1,022k last week and 566k tons a year ago.

• Soybeans are trading higher this morning but have backed off from higher prices overnight. Soybeans have been unable to break significantly above the 200-day moving average which seems to be resistance. Soybean meal is trading higher while bean oil is lower.
• The Buenos Aires Grain Exchange updated their crop progress report which shows 24/25 soybeans now 4.9% harvested which compares to 2.6% last week. Production is still estimated at 48.6 mmt.
• Estimates for today’s export sales report see soybean sales in a range between 300k and 900k tons with an average guess of 586k tons. This would compare to 172k last week and 749k a year ago.

• All three wheat classes are trading higher today with KC wheat leading the way. Wheat remains in an upward trend after making new contract lows in March. The market is trading US weather more closely at this point.
• In Argentina, a bumper wheat harvest could reportedly hit a record if the export tax cuts are extended. The Buenos Aires Grain Exchange is forecasting the second largest wheat production ever for the country.
• Estimates for today’s export sales report see wheat sales in a range between reductions of 100k tons and sales of 500k tons tons with an average guess of 217k tons. This would compare to 215k last week and 129k 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 6:30 am Central Time

• Corn is trading higher this morning and have come back from lower prices in overnight trade. Good export demand has kept prices supported despite the lack of Chinese buying. Forecasts show wetter weather in the Corn Belt over the weekend.
• Estimates for the EIA report see ethanol production lower than last week at 1.004m b/d compared to 1.021m last week. Stockpiles are estimated lower at 26.803m bbl compared to 27.034m a week ago.
• In Ukraine, 25/26 corn production could increase significantly from the previous year to 27.9 mmt. This would be up 14% and would be due to increases in harvested area and an increase in baseline yields.

• Soybeans are trading higher to start the day with support from both soybean meal and oil. Overnight, futures dropped nearly 10 cents to the 50-day moving average before recovering.
• NOPA soybean crush for March was seen at 194.55 million bushels and was below the average estimate of 197.43 mb. This was third straight month that crush declined and compared to 196.40 mb in March last year.
• Brazilian soybean exports are seen at 14.5 mmt for the month of April which compares to a previous estimate of 13.3 mmt. At this point, China is buying virtually all of its soybeans from Brazil and basically none from the US.

• All three wheat classes are trading higher this morning and have recovered from lower prices overnight. Futures have trended lower over the past few days on wetter forecasts in HRW wheat areas, but US wheat remains one of the cheapest in the world.
• In Argentina, a bumper wheat harvest could reportedly hit a record if the export tax cuts are extended. The Buenos Aires Grain Exchange is forecasting the second largest wheat production ever for the country.
• The US dollar is down sharply and is now at levels not seen since April 2022 which makes US wheat more affordable for importing countries.

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 higher to start the day following yesterday afternoon’s Crop Progress report which saw progress slightly behind expectations. May corn has rallied by over 43 cents from its lows at the end of March as demand remains strong despite a lack of Chinese buying.
• Yesterday’s Crop Progress report saw corn plantings at 4% which compares to 6% at this time a year ago and the 5-year average of 5% at this time. Much of the country is on the dry side which could cause delays.
• Yesterday’s export inspections report saw corn inspection above analyst estimates at an impressive 1,829k tons compared to 1,613k the previous week and 1,365k tons the year before.

• Soybeans are trading lower this morning as they are being led lower by both soybean meal and oil. May soybeans failed to close above the 200-day moving average yesterday and are also technically overbought. This combined with product weakness is adding pressure.
• Yesterday, the USDA released the first progress report for soybean plantings. 2% of the crop is reported as planted which compares to 3% last year and the 5-year average of 2% at this time.
• Yesterday’s export inspections saw soybean inspections at 546k tons which was in the range of trade expectations. It compared to 814k tons last week and 448k tons the year before.

• All three wheat classes are trading lower to start the day with KC wheat leading the way lower. Pressure has come from forecasts showing rain next weekend for HRW wheat areas in need.
• Yesterday’s Crop Progress report saw winter wheat conditions fall by another point to 47% good to excellent which compares to 55% a year ago at this time. 8% of the winter wheat crop is headed and 7% of the spring wheat crop is planted, at a steady pace on average.
• Export inspections yesterday for wheat were higher than expected at 604k tons. This compares to 335k tons the previous week and 620k a year ago.

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 this morning following impressive gains on Friday and a weekly gain of 30 cents in the May contract. The WASDE report was friendly, the 90-day tariff pause was supportive, and planting is beginning with some weather concerns.
• In Brazil, corn prices are beginning to move higher on stronger demand, stopping a previously downward trend. Many buyers need to replenish inventories for the coming holiday weeks, and sellers are asking for higher prices.
• Friday’s CFTC report saw funds as sellers of corn as of April 8. They sold 3,181 contracts leaving them with a net long position of 53,576 contracts. Since then, they are estimated to have bought back 27,500 contracts.

• Soybeans are trading slightly lower in the front months while new crop contracts are higher this morning. Last week, may soybeans gained a whopping 65-3/4 cents despite the trade war with China. Both soybean meal and oil are lower to start the day.
• The NOPA crush for March is expected to increase to 197.6 million bushels which would be the highest level for March in any year. This comes after February crush was a 5-month low.
• Friday’s CFTC report saw funds as sellers of 20,600 contracts of soybeans increasing their net short position to 50,447 contracts. They bought 35,887 contracts of bean oil and 3,103 contracts of meal. Funds are estimated to have bought back 26,000 contracts of beans over the past three days.

• Wheat is trading lower this morning but saw impressive gains on Friday and weekly gains in the May contract of 26-3/4 cents pulling wheat well off its recent lows. There are forecasts that are showing the possibility of rainfall in HRW wheat areas by next weekend that could be pressuring markets this morning.
• With the USDA report behind us, market attention now shifts back to weather for developing wheat crops. According to Thursday morning’s Drought Monitor from the University of Nebraska–Lincoln, 32% of winter wheat growing areas remain in some form of drought.
• Friday’s CFTC report saw funds as buyers of 9,908 contracts of Chicago wheat leaving them with a net short position of 102,132 contracts. They sold 4,159 contracts of KC wheat which increased their net short position to 49,834 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 slightly higher this morning, supported by follow-through strength after the USDA raised its export estimate in Thursday’s WASDE report. This adjustment lowered projected 2024–25 carryout to 1.465 billion bushels—down 75 million from last month’s estimate.
• Thursday morning’s USDA Export Sales report showed continued strong momentum, with total commitments running 25% ahead of 2023–24 levels. With the USDA currently projecting an 11% year-over-year increase, there’s still room for upward revisions if this pace holds.
• Weather across the Corn Belt looks favorable for early fieldwork over the next two weeks, supporting planting progress. Reports of activity surfaced yesterday from parts of southern Iowa and Illinois, where growers are beginning to get into the fields.

• Soybeans are trading near unchanged this morning, following overnight news that China will raise tariffs on all imported U.S. goods from 84% to 125%, effective April 12. 
• Thursday’s USDA report was relatively quiet for soybeans, with U.S. ending stocks trimmed by 5 million bushels from last month, now projected at 375 million bushels.
• On the global front, the USDA once again held South American production estimates steady overall, but surprised the market with an upward revision to Brazil’s 2023–24 soybean production. The increase also boosted projected Brazilian soybean stocks for the current marketing year.

• Wheat is trading higher this morning alongside corn, and is on track for solid week-over-week gains as market momentum continues to build.
• The USDA once again lowered wheat export expectations in Thursday’s WASDE, cutting projections by 15 million bushels to 820 million for the season. On the balance sheet, ending stocks rose 27 million bushels from March. The USDA also made a slight reduction to seed use and, more notably, raised import estimates by another 10 million bushels.
• With the USDA report behind us, market attention now shifts back to weather for developing wheat crops. According to Thursday morning’s Drought Monitor from the University of Nebraska–Lincoln, 32% of winter wheat growing areas remain in some form of drought.

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 The EU among other countries decided to pause their tariffs on the US following President Trump’s move to pause tariffs on most countries apart from China for whom he raised tariffs to 125%.
• Yesterday, the Rosario Grain Exchange in Argentina significantly raised its corn output number to 48.5 mmt from 44.5 mmt previously. Brazil’s corn number has fallen slightly.
• Estimates for today’s export sales report see corn sales in a range between 700k and 1,500k tons with an average guess of 1,000k tons. This would compare to 1,338k last week and 335k tons a year ago.

• Soybeans are trading higher on the heels of the news that Trump would pause most tariffs other than China, and this morning the EU’s pause on tariffs for the US. China has not been a large buyer of US beans, so the tariff increase on China has not seemed to dull the bean market.
• Later today, the USDA will release its WASDE report, and estimates show US ending stocks increasing slightly, exports being reduced, but world ending stocks increasing.
• Estimates for today’s export sales report see soybean sales in a range between 200k and 700k tons with an average guess of 400k tons. This would compare to 413k last week and 305k last year.

• Wheat is trading higher this morning along with the rest of the grain complex. While the grains have rebounded well over the past two days, equity markets have slipped this morning despite the tariff news on continued recession fears.
• Estimates for today’s export sales report see wheat sales in a range from sales reductions of 100k tons to sales of 550k tons. This would compare to 435k last week and 355k last year.
• For today’s WASDE report, US ending stocks for wheat are expected to increase slightly despite an expected decline in exports. World wheat stocks are expected to increase.

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 with the May contract now pressing up against the 100-day moving average. With no fresh tariff news and optimism that agreements can be reached, grains are moving higher.
• Yesterday afternoon, the USDA released its first Crop Progress report of the year. It was shown that 2% of the corn crop is planted which was in line from expectations but down 3% from a year ago at this time.
• Yesterday, export inspections showed 1,583k tons of corn inspected which compared to 1,647k last week and 1,465k tons the year before. Primary destinations were to Mexico, Japan, and South Korea.

• Soybeans are bull spread again with the front month slightly higher but deferred months lower. Futures were up overnight but fell on the Chinese tariff news. Soybean meal is trading higher while soybean oil is lower.
• The Bloomberg survey for Brazilian soybean production has estimated the figure just slightly below CONAB’s last guess at 167.8 mmt compared to CONAB’s 167.37. The range is between 167 and 169 mmt.
• Tomorrow, the USDA will release its WASDE report, and estimates show US ending stocks increasing slightly, exports being reduced, but world ending stocks increasing.

• Wheat is mixed to start the day with Chicago slightly lower but KC and Minneapolis higher. Wheat was shaken by the tariff announcement, and equity markets are sharply lower as well.
• For tomorrow’s WASDE report, US ending stocks for wheat are expected to increase slightly despite an expected decline in exports. World wheat stocks are expected to increase.
• The Crop Progress showed spring wheat at 3% planted which is on par with a year ago. Winter wheat was rated 48% good to excellent which was in line with trade estimates but was down from 55% in late November. 5% on the crop is headed.

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 with the May contract now pressing up against the 100-day moving average. With no fresh tariff news and optimism that agreements can be reached, grains are moving higher.
• Yesterday afternoon, the USDA released its first Crop Progress report of the year. It was shown that 2% of the corn crop is planted which was in line from expectations but down 3% from a year ago at this time.
• Yesterday, export inspections showed 1,583k tons of corn inspected which compared to 1,647k last week and 1,465k tons the year before. Primary destinations were to Mexico, Japan, and South Korea.

• Soybeans are trading higher with the May contract rebounding from yesterday’s low and nearing the 10-dollar mark once again. Both soybean meal and oil are trading higher as well as traders are hopeful that better trade agreements can be reached.
• According to AgRurual, the Brazilian soybean harvest is 87% complete as of April 3 which compares to 82% the previous week and 78% at this same time last year. The southern regions have made faster progress.
• Yesterday’s export inspections report saw soybean inspections at 804k tons which compared to 813k the previous week and 492k tons a year ago. Primary destinations were to China, Egypt, and Mexico.

• All three wheat classes are trading higher this morning after posting solid gains yesterday as well. All grains are trading higher along with a significant rebound in equity markets so far today.
• Yesterday’s Crop Progress showed spring wheat at 3% planted which is on par with a year ago. Winter wheat was rated 48% good to excellent which was in line with trade estimates but was down from 55% in late November. 5% on the crop is headed.
• Yesterdays inspections report saw 335k tons of wheat inspected for export which compared to 813k the previous week and 492k tons a year ago. Primary destinations were to Mexico, Japan, and the Philippines. 

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 slightly lower to start the week as the equity markets continue to slide, but May corn has managed to stay above its 200-day moving average which is important support. The trade war has created an uncertain environment for commodities.
• This Thursday, the USDA will release its WASDE report, and analysts are expecting a decline in corn ending stocks as a result of higher export demand. Argentinian and Brazilian corn production are expected to be lowered as well.
• Friday’s CFTC report saw funds as net sellers of corn by 17,850 contracts which left them with a net long position of 56,757 contracts.

• Soybeans are mixed this morning with the two front months slightly higher but all deferred months trading lower. Markets are still reeling from China’s tariff retaliation of 34% on all US imports and soybeans have been the hardest of the grains hit. Soybean meal is higher while soybean oil is lower.
• In Brazil, soybean exports rose by 17% year over year in March, and harvest in the country is now 85.83% complete . This compares to 79.36% complete at this time last season.
• Friday’s CFTC report saw funds as buyers of 13,112 contracts as of April 1, before the tariffs were announced, which left them with a net short position of 29,847 contracts. They were buyers of soybean oil by 38,856 contracts and sellers of bean meal by 16,683 contracts.

• All three wheat classes are trading slightly higher to start the day, but May Chicago wheat is only 12 cents away from its contract low. Futures have been mostly rangebound over the past week but have been volatile with big losses in the equity markets.
• The USDA ag attaché in India sees the 25/26 wheat crop at 115 mmt which would be a third year of record production. Planted acreage is expected to be higher and growing conditions expected to be optimal.
• Friday’s CFTC report saw funds as sellers of wheat by 19,453 contracts which left them short 112,040 contracts. They sold 225 contracts of KC wheat which left them with a net short position of 45,675 contracts.

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

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