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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.

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 along with the rest of the grain complex after China announced 34% tariffs on all US imports in retaliation to President Trump’s tariff plan. Equities are sharply lower again today.
• A key factor in the US new tariff plan was that there were no additional tariffs added to Mexico or Canada, and because of this, corn futures were able to come off their lows yesterday for a nearly even close. China has not bought US corn this year.
• Yesterday’s export sales report saw corn sales at 1,338k tons which compared to 1,040k a week ago and 959k tons a year ago at this time. Top buyers were South Korea, Japan, and Mexico.

• Soybeans are trading sharply lower again this morning following China’s tariff announcement, and soybeans have been the hardest hit by the tariffs as China is typically the top buyer of US beans. Both soybean meal and oil are trading lower.
• Soybean oil is down over 2 cents as crude oil plummets another 5 dollars a barrel in addition to yesterday’s losses. OPEC has said they would increase output by over 400,000 barrels a day next month.
• Yesterday’s export sales report saw soybean sales at 414k tons which compared to 317k last week and 194k tons a year ago at this time. The top buyers were China, Taiwan, and Indonesia. 

• All three wheat classes are trading lower again today as tariff news continues to weigh on commodities. Chicago wheat is posting the majority of losses with KC wheat not far behind. Weather remains bullish, but is overshadowed by tariff news.
• Yesterday’s export sales report saw wheat sales above expectations at 435k tons which compared to 112k last week and 278k a year ago. Top buyers were Taiwan, Ecuador, and Japan.
• 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.

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 down this morning after yesterday afternoon, President Trump announced sweeping tariffs on all imports with a baseline rate of 10% and higher rates for most other countries. These tariffs were more harsh than expected and are pressuring the grains and equities.
• Estimates for today’s export sales report see corn sales in a range between 600k and 1,600k tons with an average guess of 1,017k tons. This would compare to 1,040k a week ago and 959k a year ago at this time.
• Domestic Brazil corn basis remains firm due to higher ethanol production. Dalian corn futures moved higher, while EU corn exports are down 35% year over year. The U.S. and Argentina currently offer the lowest-priced export corn.

• Soybeans are trading sharply lower this morning gapping lower following the tariff announcement in which President Trump said that the US would impose 34% tariffs on all good imported from China, more than analysts expected. There is now a fear of retaliatory tariffs, and both soybean meal and oil are trading lower.
• Estimates for today’s export sales report see soybean sales in a range between 200k and 800k tons with an average estimate of 408k tons. This would compare to 317k last week and 137k tons a year ago at this time.
• A crop scout estimates Brazil’s soybean crop at 169 MMT and Argentina’s at 48 MMT. Meanwhile, Argentine customs workers announced a two-day strike.

• All three wheat classes are trading lower this morning along with the rest of the grain complex in overall risk off trade. US weather for HRW wheat is a concern, but tariff news is overshadowing everything else.
• Estimates for today’s export sales report see wheat sales in a range between a net sales reduction of 100k tons and sales of 500k tons with an average guess of 250k tons. This would compare to 112k last week and 278k a year ago at this time.
• 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.

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 down as the market braces for the expected rollout of additional U.S. tariffs today, which could negatively impact corn exports to both Mexico and the EU.
• Forecasts show dry conditions in southern/eastern Brazil, while the U.S. Delta and south-central Midwest are expected to be wet. There’s growing concern that corn planting in the southern Midwest and Southeast could be delayed. Both EU and GFS models point to potential flooding rains across parts of AR, MS, TN, KY, southern IL, southern IN, and OH.
• Domestic Brazil corn basis remains firm due to higher ethanol production. Dalian corn futures moved higher, while EU corn exports are down 35% year over year. The U.S. and Argentina currently offer the lowest-priced export corn.

• Talk of improved U.S. biofuel subsidy policy boosted bean oil and soybean prices yesterday. However, uncertainty surrounding today’s additional tariff announcements has both markets giving back some of those gains this morning. There are also reports that the U.S. may supply soyoil to India at reduced tariffs.
• A crop scout estimates Brazil’s soybean crop at 169 MMT and Argentina’s at 48 MMT. Meanwhile, Argentine customs workers announced a two-day strike. U.S. tariffs are viewed as bearish for soybean demand from China.
• Over the past 20 days, funds have averaged 2,500 soyoil contracts traded per day, with 15,000 contracts bought on Monday alone. Dalian futures for soybeans, soymeal, palm oil, and soyoil were all higher. EU oilseed imports are up 10% year over year, soymeal up 14%, and vegetable oil imports are down 28%.

• EU weather maps forecast rain in Russia. The eastern U.S. Plains may see showers, and heavy rains are possible across U.S. SRW (Soft Red Winter) wheat areas.
• EU wheat exports are down 35% year over year. U.S. SRW wheat remains the lowest-priced export option among major origins.
• Despite export trends, Matif futures moved higher on talk that France sold 5–6 cargoes of wheat to Morocco — though no sales to Egypt have been confirmed.

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 despite a bearish acreage number released yesterday that was likely priced into the market last week. May futures are now trading above their 200-day moving average, but tomorrow’s tariff announcement could add pressure.
• Yesterday, the USDA said that there would be 95.3 million acres of corn planted in 2025 which was above the average trade guess and compares to 90.6 ma last year. Corn stocks came in near expectations at 8.151 bb.
• Yesterday’s export inspections were good for corn at 1,614k tons which compared to 1,538k the previous week and 1,472k tons a year ago. 

• Soybeans are trading higher to start the day after the USDA released a friendly acreage number that saw prices lower yesterday, but still relatively rangebound over the past month. Both soybean meal and oil are trading higher as well.
• The USDA said yesterday that 83.5 million acres of soybeans would be planted in the US in 2025 which compared to the trade estimate of 83.8 ma and 87.1 ma in 2024. Grain stocks came in a hair above expectations at 1.910 bb.
• Yesterday, the USDA said 793k tons of soybeans were inspected for export which compared to 827k tons last week and 515k tons a year ago at this time.

• All three wheat classes are trading higher to start the day with May Chicago wheat now 25 cents off its low from last Friday. Yesterday’s report was friendly with lower anticipated wheat acres.
• The USDA estimated that 45.4 million acres of wheat would be planted in 2025 which compared to the average trade guess of 46.5 ma and 46.1 ma planted in 2024. Grain stocks came in at 1.237 bb which was slightly above the average guess.
• Yesterday’s export inspections report saw wheat inspections at 463k tons which compared to 485k tons the previous week and 569k tons 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 slightly lower to start the day ahead of the planting intentions report where trade is anticipating a higher number of corn acres. Grain stocks will also be released today and corn is forecast around 8.15 billion.
• Friday’s CFTC report saw funds as sellers of corn by 32,663 contracts which reduced their net long position to 74,607 contracts.
• Estimates for today’s planting intentions report see corn acres at 94.4 million with a range between 92.5 and 96.6 million. This compares to the USDA’s outlook forum at 94.0 ma and 90.6 ma planted last year.

• Soybeans are trading higher this morning with the expectation that planting intentions will be on the low side in favor of higher corn acres. Soybean meal is trading higher while soybean oil is lower.
• Friday’s CFTC report saw funds as sellers of soybeans by 20,954 contracts which increased their net short position to 42,959 contracts. They sold 17,009 contracts of bean oil and 23,037 contracts of meal.
• Estimates for today’s planting intentions report for soybeans see acreage at 83.8 million with a range between 82.5 and 85.5 ma. This would compare to the Outlook Forum’s guess of 84.0 ma and last year’s plantings of 87.1 ma.

• All three wheat classes are trading lower this morning with KC wheat leading the way lower. This trend lower in wheat comes despite lower anticipated production  in the US and in the Black Sea region as a maritime truce could make it easier to ship grain.
• Friday’s CFTC report saw funds as sellers of Chicago wheat by 11,919 contracts which left them short 92,587 contracts. They bought back 1,213 contracts of KC wheat which left them short 45,450 contracts.
• Estimates for today’s Planting Intentions report see wheat acres at 46.5 million with a range between 45.4 and 47.1 million. This would compare to 46.1 million acres 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 lower to start the day and overnight got only 3 cents within the low earlier this month at $4.42-1/2 ahead of the planting intentions report in which traders are expecting a large acreage number.
• Yesterday’s export sales report was on the light side for corn but came in within trade expectations. 1,040k tons of corn were sold which compares to 1,558k last week and 1,333k last year. Top destinations were to Japan, Mexico, and Colombia.
• Estimates for the planting intentions report on Monday see corn acres at 94.4 million with a range between 92.5 and 96.6 million. This compares to the USDA’s outlook forum at 94.0 ma and 90.6 ma planted last year.

• Soybeans are trading lower to start the day in overall risk-off trade across the grain market. Despite trading lower today, prices are near the top of their recent range following yesterday’s double digit gains. Both soybean meal and oil are trading lower.
• According to Agroconsult, the Brazilian soybean crop is seen at 172.1 mmt after their crop tour. This would be an increase from their estimate last month of 171.3 mmt.
• Estimates for the planting intentions report for soybeans see acreage at 83.8 million with a range between 82.5 and 85.5 ma. This would compare to the Outlook Forum’s guess of 84.0 ma and last year’s plantings of 87.1 ma.

• All three wheat classes are trading lower this morning with May Chicago wheat making new contract lows overnight. The potential maritime ceasefire between Ukraine and Russia has pressured wheat futures.
• Yesterday’s export sales in wheat of 111.5k tons were on the lower end of analyst estimates and compare to 242.3k last week and 552.4k last year. Primary destinations were to Japan, Nigeria, and the Philippines.
• Estimates for Monday’s Planting Intentions report see wheat acres at 46.5 million with a range between 45.4 and 47.1 million. This would compare to 46.1 million acres 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 to start the day after two days of losses that saw May corn losing 13 cents and falling below support at the 200-day moving average. Tariff fears and the upcoming planting intentions report have pressured the market.
• Estimates for today’s export sales report see corn sales in a range between 600k and 1,600k tons with an average guess of 1,008k tons. This would compare to 1,558k a week ago and 1,333k a year ago at this time.
• Yesterday’s ethanol stocks report saw stocks rise by 2.9% to 27.35m bbl which compares to analyst expectations of 26.759m. Plant production came in at 1.053m b/d compared to estimates of 1.084m.

• Soybeans are trading higher this morning and have fared the best this week between corn and wheat as prices remain rangebound but have not sold off as trade expects a small acreage number in Monday’s report. Both soybean meal and oil are trading higher this morning.
• Estimates for today’s export sales report see soybean sales in a range between 300k and 900k tons with an average guess of 492k tons. This would compare to 353k last week and 384k tons the previous year.
• The Brazilian soybean harvest is reportedly nearly completed on schedule with production estimates at 169.3 mmt which is on par with the USDA’s estimate.

• All three wheat classes are trading higher to start the day with Minneapolis wheat leading the way higher. Ukraine and Russia may be arranging a maritime ceasefire which has pressured markets, but both countries have been able to export grain by other methods, so the ceasefire may not have a large effect.
• Estimates for today’s export sales report see wheat sales in a range between 100k and 600k tons with an average guess of 383k tons. This would compare to 242k last week and 552k the year before.
• Ukrainian grain exports are down 6% on the season so far with 32.3m tons of grain. Wheat exports as of May 31 were 12.9m tons which was down 4.4%.

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 front months slightly higher and new crop contracts slightly lower in quiet trade. Prices have been rangebound ahead of the planting intentions report and potential tariffs in the beginning of April.
• Early estimates for planting intentions see corn acres at 94.4 million with a range between 92.5 and 96.6 million. This compares to the USDA outlook forum’s 94.0 ma and 90.6 ma planted last year.
• Estimates for the weekly ethanol production report see production lower than last week at 1.084 million barrels per day and stockpiles at 26.76m bbl compared to 26.58m a week ago.

• Soybeans are trading higher this morning after three consecutive days of losses. Futures have been rangebound as trade expects a lower acreage number but deals with poor export demand. Soybean meal is trading lower while bean oil is higher.
• Estimates for the planting intentions report on the 31st see 83.8 ma of soybeans planted with a range between 82.5 and 85.5 ma. This would compare to the Outlook Forum’s guess of 84.0 ma and 87.1 ma last year.
• AgRural has cut its estimate for the Brazilian soybean crop to 165.9 mmt on disappointing yields in the South. This is now below the USDA’s estimate of 169 mmt. Harvest in the country is 73.84% complete.

• Wheat is mixed to start the day with Chicago and KC trading lower while Minneapolis trades slightly higher. Dry weather forecasts across HRW areas should be friendly to prices with crop conditions falling.
• Russia and Ukraine both agreed to a maritime and energy truce in exchange for eased sanctions by the US. This should make shipping grains out of the Black Sea easier.
• The weekly crop report yesterday showed good to excellent ratings in Kansas improving by 1 point to 49% while in Oklahoma, ratings fell by 9 points to just 37%. Texas improved by 3 points to 31% good to excellent.

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 after yesterday it recovered from its lows to post a slight gain. Tariff fears are likely pressuring the market as President Trump said that the tariffs would be on automobiles, chips, and pharmaceuticals, instead of reciprocal tariffs like previously reported.
• Yesterday’s export inspections report was good for corn with 1,463k tons inspected which compared to 1,692k the previous week and 1,255k a year ago. Shipments were primarily to Mexico, Japan, and South Korea.
• The USDA ag attaché sees Mexican corn imports down in 25/26 as a result of higher domestic production. They see local prices driving a larger planting area.

• Soybeans are trading lower this morning following a lower close yesterday. Soybean prices in China have fallen which has hurt US futures, but poor export demand has been bearish as well. Both soybean meal and oil are trading lower as well.
• AgRural has cut its estimate for the Brazilian soybean crop to 165.9 mmt on disappointing yields in the South. This is now below the USDA’s estimate of 169 mmt. Harvest in the country is 73.84% complete.
• Yesterday’s export inspections were better than expected for soybeans at 822k tons compared with 658k the previous week and 786k tons a year ago. Primary destinations were to China, Egypt, and Japan.

• All three wheat classes are trading lower this morning with KC wheat leading the way lower. Crop conditions were mixed while yesterday’s export inspections came in better than expected.
• The weekly crop report yesterday showed good to excellent ratings in Kansas improving by 1 point to 49% while in Oklahoma, ratings fell by 9 points to just 37%. Texas improved by 3 points to 31% good to excellent.
• Yesterday’s export inspections was good for wheat at 485k tons which compared to 495k last week and 433k tons a year ago. Primary destinations are to the Philippines, Mexico, and Nigeria. 

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

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