Open

All prices as of 6:30 am Central Time

• Corn is trading lower following the long three day weekend and is back below the 200-day moving average. The Crop Progress report will be released this afternoon and traders will get a look at crop condition ratings which are expected to be good.
• 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.
• Friday’s CFTC report saw funds as sellers of corn once again. As of May 20, funds sold 18,234 contracts of corn which left them with a net short position of 103,210 contracts.

• Soybeans are trading higher this morning bucking the trend from the rest of the grains which are lower. Higher palm oil and soybean oil futures are supporting prices, and July futures remain above their moving averages.
• Friday’s CFTC report saw funds as sellers of soybeans by 25,753 contracts which left them with a net long position of 12,654 contracts. They sold 10,123 contracts of bean oil and 4,721 contracts of meal.
• In Brazil, soybean prices have begun to increase as a result of news about the US/China trade war along with weather concerns like the flooding in Argentina.

•  Wheat is mixed to start the day with Chicago and KC trading slightly lower while Minneapolis is higher. Despite this morning’s quiet trade, this has been a strong week for wheat with the July contract up 18 cents and well off the contract low.
• Yesterday’s export sales report was friendly for wheat with 869k tons sold, up from 805k last week. Top destinations were to the Philippines, unknown destinations, and Japan.
• There have been very heavy rains recently in Argentina, specifically North of Buenos Aires where 6 to 10 inches of rain caused severe flooding. This precipitation has caused delays in wheat planting with only 3.4% of the crop planted.

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 this morning with the front month slightly higher and the deferred months less than a penny lower in very quiet trade ahead of the holiday weekend.
• Yesterday’s export sales were disappointing compared to last week at just 1,409k tons compared to 2,186k last week. The top buyers were Japan, Colombia, and Mexico.
• Concerns over delayed U.S. corn planting and potentially reduced final acreage are providing price support. Meanwhile, Brazilian farmers have increased cash corn sales, and Argentina is set to raise its export tax.

• Soybeans are trading slightly lower this morning as well and have backed off from overnight highs that saw July futures as much as 6 cents higher. Soybean meal is trading lower, but soybean oil is recovering from some of yesterday’s losses.
• Yesterday’s export sales report saw soybean sales falling to 323k tons from the previous week’s sales of 773k tons. Top buyers were Mexico, unknown destinations, and Taiwan.
• The Buenos Aires Grain Exchange released its weekly crop report which did not have an updated production number, it was kept at 50 mmt despite the recent flooding, but the bean crop is now said to be 74.3% harvested.

• Wheat is mixed to start the day with Chicago and KC trading slightly lower while Minneapolis is higher. Despite this morning’s quiet trade, this has been a strong week for wheat with the July contract up 18 cents and well off the contract low.
• Yesterday’s export sales report was friendly for wheat with 869k tons sold, up from 805k last week. Top destinations were to the Philippines, unknown destinations, and Japan.
• There have been very heavy rains recently in Argentina, specifically North of Buenos Aires where 6 to 10 inches of rain caused severe flooding. This precipitation has caused delays in wheat planting with only 3.4% of the crop planted. 

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 due to general pressure in the grain complex from a decline in the stock market along with lower crude oil. Corn has now taken back a portion of yesterday’s rally.
• Estimates for today’s export sales report see corn sales in a range between 1,000k and 2,000k tons with an average guess of 1,481k tons. This would compare to 2,186k last week and 1,216k a year ago.
• Concerns over delayed U.S. corn planting and potentially reduced final acreage are providing price support. Meanwhile, Brazilian farmers have increased cash corn sales, and Argentina is set to raise its export tax.

• Soybeans are trading lower this morning led by a sharp loss in soybean oil as it follows crude oil prices lower. July soybeans have taken back some of yesterday’s gains but remain above the 100-day moving average. Soybean meal is trading higher.
• Estimates for today’s export sales report see soybean sales in a range between 250k and 700k tons with an average guess of 438k tons. This would compare to 773k a week ago and 345k a year ago.
• Both crude and soybean oil are trading lower on rumors that OPEC will once again increase crude oil production, and concerns that EPA production obligations for biofuel will be lower than previously hoped.

• All three classes of wheat are trading lower along with the rest of the grain complex following a strong rally over the last three consecutive days. At yesterday’s high, wheat had gained 50 cents off of the low from last week.
• Estimates for today’s export sales report see wheat sales in a range between 150k and 800k tons with an average guess of 516k tons. This would compare to 805k last week and 243k a year ago.
• Rainfall forecasts of 3 to 5 inches over the next seven days for Missouri and southern Illinois are influencing the market, but the longer term forecast shows hot and dry weather over the next month.

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

• Most analysts agree with the USDA’s 2024/25 Supply and Demand estimates; however, some believe that the USDA is overestimating 2025/26 U.S. corn exports by about 275 million bushels, which would raise the projected carryout to around 2.025 billion bushels.
• Concerns over delayed U.S. corn planting and potentially reduced final acreage are providing price support. Meanwhile, Brazilian farmers have increased cash corn sales, and Argentina is set to raise its export tax.
• Argentina currently offers the cheapest export corn, while EU corn imports are up 8% and exports are down 44%.

• Dalian futures for soybeans, soymeal, palm oil, and soyoil all moved higher. Matif rapeseed prices also rose on concerns about dry weather in Germany.
• One group lowered its estimate for 2024/25 U.S. soybean crush by 20 million bushels, raising carryout to 374 million bushels. For 2025/26, they reduced crush estimates by 75 million bushels versus the USDA, but increased export projections by 200 million bushels, resulting in a projected carryout of 500 million bushels compared to the USDA’s 295 million.
• EU oilseed imports are up 11%, soymeal imports up 13%, and vegetable oil imports down 24%. Volatility in soybean oil continues amid uncertainty around a 45% tax incentive.

• Wheat futures rallying on a weaker U.S. dollar, increased wheat feeding, and concerns over crop conditions. Russia’s largest wheat-producing region declared a state of emergency due to a poor crop—making it the third region to do so.
• Rainfall forecasts of 3 to 5 inches over the next seven days for Missouri and southern Illinois are also influencing the market.
• EU wheat exports are down 33%, and imports are down 18%. Matif wheat futures are trading higher.

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 following very strong export inspections yesterday and support from a rallying wheat market. With funds now holding a large net short position, there is a better chance for short covering rallies.
• Yesterday’s Crop Progress saw the corn crop at 78% planted which was one point below the average trade guess and compared to 62% a week ago and the average of 73%. 50% of the crop is emerged which compared to the average of 40%.
• In the northern region of Buenos Aires, Argentina, thousands of residents were evacuated over the weekend as a result of severe flooding following up to 10 inches of rain. This area is an agricultural hub, and unharvested acres and some grain facilities were likely impacted.

• Soybeans are trading slightly higher to start the day, but overall have been stagnant this week with prices hovering just above the major moving averages. Soybean meal is trading higher while bean oil is lower.
• Yesterday’s Crop Progress saw that 66% of the soybean crop is planted which was one point above trade estimate and compared to 48% last week and the average of 53%. 34% of the crop is emerged which compared to 17% a week ago and the average of 23% for this time.
• Yesterday’s export inspections saw just 218k tons of soybeans inspected for export which compared to 440k last week and 192k tons a year ago. Top destinations were to Mexico, Egypt, and Taiwan.

• All three wheat classes are trading higher this morning with KC wheat leading the way following reports of frost in the Northern Plains last weekend and then a decline in crop ratings in yesterday’s report.
• Yesterday’s Crop Progress report saw winter wheat crop conditions fall by two points to 52% good to excellent. This was also below the average trade guess and compared to 49% a year ago. 64% of the crop is headed which compared to 53% last week and the average of 58%.
• Spring wheat is estimated at 82% planted which was 2 points ahead of trade estimates, compares to 66% a week ago, and the average of 65%. 45% of the crop is emerged which compares to 27% a week ago and the average of 34%.

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 Friday’s small sell-off. This morning, prices are supported by a decline in the US dollar, and poor weather in Argentina that likely damaged grain.
• In the northern region of Buenos Aires, Argentina, thousands of residents were evacuated over the weekend as a result of severe flooding. This area is an agricultural hub, and unharvested acres and some grain facilities were likely impacted.
• Friday’s CFTC report saw funds as major sellers of corn. They sold a whopping 98,869 contracts as of May 13 which brought them from a long position to a net short position of 84,976 contracts.

• Soybeans are trading higher along with the rest of the grain complex in slightly more positive momentum this week. Futures are still hovering above their major moving averages which have acted as support. Soybean meal is lower while bean oil is higher.
• In Brazil, productivity with the current soybean crop has been good which has kept supply high and has also caused prices to fall, especially as is seems further trade negotiations between the US and China are incoming.
• Friday’s CFTC report saw funds as buyers of soybeans as of May 13 by 16,537 contracts which increased their net long position to 38,407 contracts. They were buyers of bean oil by 10,694 contracts and buyers of meal by 712 contracts.

• All three wheat classes are trading higher this morning with the biggest bullish factor most likely the decline in the US dollar. Moody downgraded the US credit rating which has negatively impacted stocks and the dollar.
• In Ukraine, the 2025 spring grain sowing is now at 87% complete with 4.95 million hectares planted. This compares to 5.1 million sown last year. 215,200 hectares is spring wheat, the majority is barley.
• Friday’s CFTC report saw funds as sellers of Chicago wheat by 13,161 contracts which left them with a net short position of 126,895 contracts. They sold 8,559 contracts of KC wheat which left them short 80,799 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 higher this morning after bull spreading action yesterday that saw the front month higher and deferred contracts lower. For example, July futures are currently unchanged on the week while December futures are down nearly three cents.
• Yesterday’s export sales report was supportive for corn with better than expected sales. Corn sales increased to 2,186k tons which compared to 1,681k the previous week and 870k a year ago. Top buyers were Mexico, South Korea, and Japan.
• Weather has been a bearish factor lately with rain in the Corn Belt expected over the next 7 days, but the 30 day forecast for the Western Belt is much drier and could be an issue.

• Soybeans are trading higher to start the day after a sharp sell off yesterday driven by soybean oil. Soybean oil is lower again this morning on the same bearish news and meal is lower as well.
• Yesterday The EPA administrator, Lee Zeldin, confirmed the agency will complete a rulemaking process to set new renewable fuel standards. The renewable volume obligations numbers were supposed to be released soon, not in a few months, and this has caused fears that the obligations numbers will be lower than previously hoped.
• Yesterday’s export sales for soybeans were within expectations at 773k tons which compared to 387k the previous week and 290k a year ago. Top buyers were Pakistan, Mexico, and Egypt.

• All three wheat classes are trading slightly lower this morning, but the trend this week has been lower prices overnight followed by higher closes. For the week, July Chicago futures are set to gain around 11 cents after making a new contract low earlier this week.
• Yesterday’s export sales were better than expected for wheat at 805k tons which compared to 563k last week and 383k a year ago at this time. Top buyers were unknown, the Philippines, and Mexico.
• In Ukraine, the 2025 spring grain sowing is now at 87% complete with 4.95 million hectares planted. This compares to 5.1 million sown last year. 215,200 hectares is spring wheat, the majority is barley.

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 but is off it’s recent low of the year at $4.36-1/2. Yesterday, futures were able to come off their lows for a higher close, and this morning, they are likely pressured by lower soybean and bean oil.
• Estimates for today’s export sales report see corn sales in a range between 1,200 and 2,100k tons with an average guess of 1,575k tons. This would compare to 1,681k last week and 870k a year ago at this time.
• Yesterday’s ethanol production data was disappointing with only 993,000 gallons per day reported by the EIA, the average guess was 1.031m. Stocks rose by 1% to 25.445m bbl which compared to the analyst estimate of 25.067m.

• Soybeans are sharply lower to start the day as a result of limit down soybean oil. The EPA administrator, Lee Zeldin, confirmed the agency will complete a rulemaking process to set new renewable fuel standards which has shaken up the market. The renewable volume obligations numbers were supposed to be released soon, not in a few months.
• Estimates for today’s export sales report see soybean sales in a range between 300k and 950k tons with an average guess of 667k. This would compare to 386k last week and 291k tons a year ago.
• Projections for the US April soybean crush see an average of 183.8 million bushels. This would compare to 194.6 mb in March but 169.5 mb a year ago at this time.

• All three wheat classes are trading only slightly lower this morning along with the rest of the grain complex. Slowly, futures have been managing to climb off Tuesday’s contract lows with prices seemingly too cheap compared to corn.
• Estimates for today’s export sales report see wheat sales between 150k and 700k tons with an average guess of 469k tons. This would compare to 563k last week and 383k tons a year ago at this time.
•  Persistent fund selling continues to pressure the market which has been driven by recent rainfall across key winter wheat regions and rapid spring wheat planting progress in the Northern Plains.

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 this morning and is now at its lowest levels since last December as faster than expected planting progress and good weather so far continue to pressure prices.
• Estimates for the weekly EIA report see ethanol production higher than last week at 1.031m barrels per day and the stockpile average estimate at 25.067m bbl compared to 25.191m a week ago.
• The last time corn was trading at such low prices, the 2025 stocks to use ratio was at 12.9% and is now at 9.3% with the possibility that it could tighten further given the strong exports recently.

• Soybeans are mixed to start the day in bull spreading action in which the front months as trading slightly higher compared to losses in the deferred months. Soybean meal is higher while soybean oil is lower, following crude.
• US soybean exports may decline by 20% without a US China trade deal according to AgResource. While the tariffs have been drastically reduced, they are still higher than they were before any were implemented. Brazil’s President Lula has said he is unafraid of US retaliation over China ties.
• With Monday’s new crop soybean balance sheet projecting ending stocks at just 295 mb, there is little room for yield-reducing weather this season. Crucial weather for yield determination will arrive during the flowering and pod-fill stages, primarily in August and early September.

• Wheat futures extended losses Wednesday morning following fresh contract lows set on Tuesday.
•  Persistent fund selling continues to pressure the market which has been driven by recent rainfall across key winter wheat regions and rapid spring wheat planting progress in the Northern Plains.
• A weaker US dollar Wednesday morning may offer limited support, as wheat prices hover near multi-year lows.

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 yesterday’s friendly WASDE report and news of a trade agreement with China as crop progress data came out more bullish than expected.
• Yesterday afternoon’s Crop Progress Report saw corn planting at 62% complete which compared to the average trade estimate of 60%, 40% completion last week, and the 5-year average of 56% at this time. 28% of the crop is emerged which compared to 11% a week ago and the average of 21%.
• Yesterday’s WASDE report showed US ending stocks for 24/25 corn falling from April’s estimate to 1.415 bb from 1.465 bb. For 25/25, ending stocks are projected at 1.80 bb which was well below analyst estimates as a result of increased export demand.

• Soybeans are trading lower giving back part of yesterday’s trade deal gains as fast planting remains prevalent and pressures prices. Soybean meal is trading lower, but soybean oil is once again following crude oil higher.
• The Crop Progress Report saw soybean plantings at 48% complete which was higher than the trade guess of 47% and compared to 30% completion a week ago and the 5-year average of 37%. 17% of the crop is emerged which compared to 7% a week ago and the average of 11%.
• Yesterday’s WASDE report was also bullish for soybeans showing lower than expected ending stocks. For 24/25, bean ending stocks are forecast at 350 mb which was down from 375 mb last month, and 25/26 ending stocks are forecast at just 295 mb which was below the average trade guess. World ending stocks were also lowered by 2.6 mmt.

• All three wheat classes are lower this morning making new contract lows following a bearish WASDE and unfriendly crop progress report. At this point, for July Chicago wheat, support is likely now at the 5 dollar mark.
• Yesterday’s Crop Progress showed spring wheat plantings well ahead of expectations at 66% completion. This compared to the trade guess of 62% and the 5-year average of 49%. 27% of the crop is emerged which compared to 13% a week ago and the average of 19%.
• Winter wheat’s Crop Report results were bearish as well with another improvement in ratings. Crop ratings jumped to 54% good to excellent which was higher than the trade guess of 51%, last week’s 51%, and the average of 49%. 53% of the crop is headed which compared to 39% a week ago and the average of 45%.

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.