Open

All prices as of 6:30 am Central Time

• Corn are trading lower to start the day after gaining 5-3/4 cents last week. Pressure may be coming from the uncertainty of tariffs which are coming again next week along with the upcoming planting intentions report which may show a large number for corn.
• 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.
• Friday’s CFTC report saw funds as sellers of corn by 39,271 contracts as of March 18. This reduced their net long position to 107,270 contracts.

• Soybeans are trading lower this morning and although they have trended lower since the beginning of February, they have been rangebound over the past two weeks. If planting intentions are lowered in the upcoming report, soybeans could see a boost. Both soybean meal and oil are lower as well.
• The Brazilian soybean harvest is reportedly 73.84% complete which compares to 69.33% at this time last year. The US ag attaché to Brazil sees production at 173 mmt for the 25/26 crop.
• Friday’s CFTC report saw funds as sellers of soybeans by 6,461 contracts increasing their net short position to 22,005 contracts. They sold 13,757 contracts of bean oil and bought 11,014 contracts of meal.

• All three wheat classes are trading lower this morning along with the rest of the grain complex as tariff fears and uncertainty pressure markets. Needed rains for HRW wheat areas mostly missed over the weekend which could lower crop conditions.
• The US has begun ceasefire talks with Russia in the Black Sea region to secure a maritime peace before coming to a wider agreement with the war. Putin’s primary demand is how much Ukrainian territory Russia will get to keep.
• Friday’s CFTC report saw funds as sellers of Chicago wheat by 3,256 contracts leaving them net short 80,668 contracts. They bought back 2,059 contracts of KC wheat which left them short 46,663 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 futures are mixed to start the day with the front months slightly lower and new crop slightly higher. For the week, May corn is set to gain 10 cents which would take back the losses of last week.
• Yesterday’s export sales report for corn was supportive at 1,558k tons sold which compared to 980.7 a week ago and 1,185k tons a year ago at this time. The top buyers were Japan, South Korea, and Mexico.
• There have been rumors that Brazil has booked US corn for import which has been supportive as well, but if this is true it is not completely uncommon as they will sometimes purchase between 1.5 and 3.0 mmt per season.

• Soybeans are unchanged to slightly lower to start the day in quiet trade across the grain complex. For the week, May futures are set to lose 2 cents which would make the fourth consecutive week of losses. Soybean meal is slightly higher while bean oil is lower.
• Yesterday’s export sales were disappointing for soybeans with just 352.7k tons sold which was below the average trade estimates. This compared to 794.8k last week and 494.3k tons a year ago. Primary destinations were to China, Taiwan, and Saudi Arabia.
• A large grain exchange in Argentina has cut their estimate for the soybean production estimate by 1 million tons as a result of drought conditions. Estimates are now at 48.6 mmt.

• All three wheat classes are trading higher in their front months but slightly lower in the deferred contracts. May Chicago wheat is set to make a small gain on the week following a 5-3/4 cent gain last week.
• Yesterday’s export sales report was poor for wheat sales at only 242.3k tons which was well below estimates and last week’s 866k but higher than a year ago at 176.3k tons. Top destinations were to Guatemala, Vietnam, and Mexico.
• US 2025 all-wheat acres could reach 46.6 million (up from 46.0 million last year). March 1 stocks are expected to be around 1,225 million bushels (up from 1,089 million last year). There’s also a chance of rain in Kansas.

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 futures are trading higher to start the day with the May contract finding support at the 200-day moving average yesterday before moving higher. Strong export demand has kept the corn market supported.
• US ethanol stocks fell by 2.9% to 26.575m bbl compared to analyst expectations of 27.271m. Plant production came in at 1.105m barrels per day compared to the average guess of 1.059m.
• Estimates for today’s export sales report see corn sales in a range between 650k and 1,300k tons with an average guess of 1,100k tons. This would compare to 981k last week and 1,186k tons a year ago at this time.

• Soybeans are trading lower to start the day and have been drifting to lower prices since the beginning of February due to poor export demand and tariff threats. The USDA’s potential reduction in soybean planting intentions could be helpful. Soybean meal is higher while soybean oil is lower.
• Abiove has estimated the Brazilian soybean crop for 2025 0.5% lower at 170.9 mmt compared to 171.7 mmt the previous month, but this output would still be up 11% from last year. This estimate is near the USDA’s 169.0 mmt.
• Estimates for today’s export sales report see soybean sales in a range between 250k and 800k tons with an average guess of 638k. This would compare to 795k last week and 494k the year before.

• All three wheat classes are trading lower this morning with KC wheat leading the way lower after posting double digit losses yesterday that far exceeded Chicago wheat’s loss. This came after needed rains fell in hard red winter wheat areas.
• US 2025 all-wheat acres could reach 46.6 million (up from 46.0 million last year). March 1 stocks are expected to be around 1,225 million bushels (up from 1,089 million last year). There’s also a chance of rain in Kansas.
• Estimates for today’s export sales report see wheat sales in a range between 100k and 650k tons with an average guess of 513k. This would compare to 866k last week and 176k tons 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

• Dalian corn futures were lower, while South Brazil remains dry. US Northwest Midwest is also dry, and US PNW corn prices remain the cheapest for Asian buyers — with Gulf prices now competitive for North Africa.
• Trade is eyeing lower 2025 corn prices if US farmers plant 94.0 million acres (up from 90.6 million last year) and summer weather is normal. Domestic corn feed use is facing competition from wheat and sorghum.
• US March 1 corn stocks could reach around 8,200 million bushels, down from 8,352 million last year.

• The May/July soybean meal spread widened to a record -8.00. US soymeal export prices are around $347, compared to Argentina at $332. Dalian soybean and soymeal futures were lower, while palm oil and soyoil were higher.
• Rain in central Brazil is slowing the harvest, while southern Brazil and Argentina remain dry — though Argentina is expecting rain next week.
• The USDA acreage and March 1 stocks report is next. Trade expects US 2025 soybean acres near 83.0 million (down from 87.0 million last year) and stocks around 1,880 million bushels (up from 1,845 million last year). Trade tensions, tariffs, and global weather continue to fuel uncertainty.

• Wheat is supported by dry weather across the US Southern Plains and the Black Sea. However, futures are struggling near key moving average resistance due to concerns about export demand and slowing global economies.
• EU wheat exports are down 34% year-over-year. Iraq announced plans to export 2 million metric tons of wheat (typically imports 2–4 million), while Russia’s export estimate is 40.0 million metric tons (vs USDA’s 45.0 and 55.0 last year).
• US 2025 all-wheat acres could reach 46.6 million (up from 46.0 million last year). March 1 stocks are expected to be around 1,225 million bushels (up from 1,089 million last year). There’s also a chance of rain in Kansas.

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 the May contract has found some support at the 200-day moving average. Yesterday’s export inspections were strong and export demand has been firm, but funds seem to continue to sell.
• Yesterday’s export inspections report saw 1,659k tons of corn inspected for export which compared to 1,844k the previous week and 1,326k tons a year ago. Corn demand has remained firm despite tariff fears.
• Brazil has decided to increase the blend of ethanol in the country’s gasoline to 30% from the current level of 27.5% in order to help the local industry with increased demand. Brazil is the world’s second largest producer of ethanol.

• Soybeans are trading higher this morning but have been relatively rangebound since the beginning of the month. World soybean values are higher which is supportive, and Chinese soybean stocks are said to be tight. Soybean meal is lower while soybean oil is trading higher.
• Yesterday’s NOPA crush report saw US soybean crush reduced to 177.87 million bushels from 187.9 mb in January. This was well below the average trade estimates and was also down from February crush a year ago.
• Yesterday’s export inspections report saw 647k tons of soybeans inspected for export which compared to 854k the previous week and 700k tons a year ago.

• All three classes of wheat are trading higher this morning as dry weather across much of the winter wheat growing areas remains a concern. Russia may also have losses in production due to weather which could tighten the world balance sheet.
• Yesterday, the USDA released its weekly crop report which showed good to excellent ratings for wheat in Kansas down to 48% from 52% the previous week. The wheat ratings in Texas and Oklahoma were unchanged at 28% good to excellent and 46% respectively.
• Yesterday’s export inspections report saw wheat inspections at 493k tons which compared to 242k the previous week and 394k 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 higher to start the day as it follows the gains in wheat. The May contract found some support at the 100-day moving average last week but posted a 10-3/4 cent loss throughout the week. US corn is competitively priced, and good export demand has been supportive.
• President Trump has said that he plans to move forward with both reciprocal and sectoral tariffs on Canada starting April 2. The last two times the tariffs were supposed to go into effect they were pushed back, so there is a degree of uncertainty to what will happen this time.
• Friday’s CFTC report saw funds as sellers of 73,211 contracts of corn as of March 11 which left them with a net long position of 146,541 contracts. Funds have gone from near record long to this level over the past few weeks. 

• Soybeans are trading slightly higher this morning and gave back some larger overnight gains as soybean oil followed palm oil futures lower. Soybean crush values have been recently driven by high soybean oil prices. Both soybean meal and oil are slightly higher.
• Estimates from Bloomberg ahead of the NOPA crush report see February soybean crush slowing from January to 187.9 million bushels. If realized, this would be up 0.9% from the previous year but down 6.2% from the previous month.
• Friday’s CFTC report saw funds as buyers of 19,943 contracts of soybeans which left them with a net short position of 15,544 contracts. They were sellers of soybean oil by 23,521 contracts and buyers of meal by 13,317 contracts.

• All three wheat classes are trading higher to start the day and are leading the grain complex higher. May futures have gained 40 cents since the new contract low was made two weeks ago. Drier forecasts in HRW wheat areas have been supportive.
• More support may be coming from weather in the Black Sea region. The area received some rain over the weekend, but it was light, and the amounts expected this week are likely not enough to make up for the dry soil moisture levels. Above normal temperatures are expected as well.
• Friday’s CFTC report saw funds as buyers of Chicago wheat by 4,987 contracts which left them net short 77,412 contracts. They were sellers of KC wheat by 9,440 contracts which increased their net short position to 48,722 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 futures are trading lower to start the day as March futures prepare to go off the board around $4.43. May corn is currently on track for a nearly 10 cent loss on the week as trade has been concerned over tariffs and the possibilities of a trade war.
• Yesterday’s export sales report was decent for corn saw sales at 981k tons which was on the higher side of trade expectations and compared to 961k tons last week. Primary destinations were to Mexico, Japan, and Spain.
• A recent shift to warmer and drier-than-normal conditions over the next two weeks across much of Brazil’s second-crop corn regions is likely adding some weather premium back into the market. With Brazil’s ending stocks projected to be the lowest since 2002, there is little room for a production issue, keeping traders focused on weather developments.

• Soybeans are mixed to start the day with the two front months trading lower while the deferred are slightly higher. March soybeans are set to go off the board around $9.97 at this point.
• Yesterday’s export sales report was good for soybeans with 795k tons sold which compared to 408k tons last week. Primary destinations were to China, Indonesia, and the Netherlands.
• Soybeans remain under pressure as the rapidly advancing Brazilian harvest continues to add supply to the global market. As of early this week, Brazil’s soybean harvest was 61% complete, with the top-producing state of Mato Grosso nearing 92% completion.

• All three wheat classes are trading lower this morning with Chicago wheat leading the  way lower. Wheat showed strength yesterday after Paris milling wheat gapped higher making US wheat more competitive on the global market.
• Yesterday’s export sales report saw better than expected wheat sales at 866k tons which compared to 416k tons the previous week. Primary destinations were to Panama, South Korea, and the Philippines. 
• A warm and dry outlook for the U.S. Plains and much of the Black Sea region over the next two weeks is injecting some weather premium back into wheat futures. With winter wheat emerging from dormancy, concerns over soil moisture deficits and potential stress on the crop are supporting prices.

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 futures are trading higher to start the day, rebounding after yesterday’s sharp decline as traders look for value at lower price levels. Weather concerns in Brazil and continued strong export demand are helping to provide support in early trade.
• A recent shift to warmer and drier-than-normal conditions over the next two weeks across much of Brazil’s second-crop corn regions is likely adding some weather premium back into the market. With Brazil’s ending stocks projected to be the lowest since 2002, there is little room for a production issue, keeping traders focused on weather developments.
• Argentina’s Rosario Exchange lowered its corn production estimate from 46 mmt to 44.5 mmt on Wednesday, citing recent adverse weather conditions. The Argentine corn harvest is progressing steadily and is expected to reach 11% to 12% completion in the coming week.

• Soybeans are trading higher this morning, attempting to rebound after four consecutive lower closes. The recent slide has been fueled by trade uncertainty and pressure from the advancing Brazilian harvest. 
• Despite recent weakness, soybean futures continue to find solid support around the $10 level. This psychological threshold has acted as a magnet for front-month futures since September, with prices spending very little time trading significantly above or below it.
• Soybeans remain under pressure as the rapidly advancing Brazilian harvest continues to add supply to the global market. As of early this week, Brazil’s soybean harvest was 61% complete, with the top-producing state of Mato Grosso nearing 92% completion. Additionally, news that the EU will impose a 25% tariff on a range of U.S. products in response to the U.S. tariffs on steel and aluminum has added another layer of uncertainty to trade flows, further weighing on the soybean market.

• All three wheat classes are trading higher this morning, following the strength in French wheat futures, which gapped higher on Thursday. Ongoing concerns about dry conditions in key growing regions and renewed global demand are providing support to the market.
• A warm and dry outlook for the U.S. Plains and much of the Black Sea region over the next two weeks is injecting some weather premium back into wheat futures. With winter wheat emerging from dormancy, concerns over soil moisture deficits and potential stress on the crop are supporting prices.
• With U.S. wheat offers remaining competitively priced on the global market and the U.S. dollar recently hitting its lowest level since November, export prospects are looking more favorable. A weaker dollar enhances the attractiveness of U.S. wheat for international buyers, potentially providing much-needed support to prices.

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 futures are trading significantly lower to start the day after the USDA did not increase export demand in yesterday’s WASDE report causing prices to give up previous gains for a lower close which may be bleeding into today.
• Yesterday’s WASDE report saw no changes made to US ending stocks in corn, but world ending stocks were lowered slightly. Argentinian and Brazilian corn production estimates were left unchanged.
• In South America, the northern regions of Argentina have received too much rain that is making the corn harvest unfavorable, while central and southern Brazil remain dry. Temperatures are expected to be warm there over the next 6-10 days.

• Soybeans are trading lower this morning following losses in both corn and wheat.. May soybeans have been unable to significantly break above the 10-day moving average over the past month as the US struggles with poor export demand.
• A Bloomberg survey is estimating Brazilian soybean production at 168.7 mmt for 24/25 which is just a hair below the USDA’s estimate. This would be 2.7 mmt higher than the agency’s last estimate in February.
• Yesterday’s WASDE report saw US ending stocks untouched at 380 mb, a slight decline in world ending stocks, and no changes to Brazilian or Argentinian soybean production which are at 169 mmt and 49.0 mmt, respectively. 

• All three wheat classes are trading lower to start the day with pressure potentially from a move higher in the US dollar. While yesterday’s report was relatively neutral for corn and soybeans, it was bearish for wheat.
• Yesterday’s WASDE report saw US ending wheat stocks increasing t0 819 mb from 794 mb last month, and world ending stocks were increased as well. Trade had previously thought that Russian production would be lowered which would lower world stocks.
• Winter wheat ratings fell in Kansas by 2 points to 52% good to excellent, but in Texas ratings fell more sharply by 6 points to just 28% good to excellent. In Oklahoma, ratings improved by 11 points following much needed rain to 46% 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 futures are trading higher this morning and continue to make a V-shaped recovery from last week’s lows. May futures are on track for a fifth consecutively higher close as tariffs have been pushed back 30 days. So far, there have been 605 deliveries against the March contract.
• In South America, the northern regions of Argentina have received too much rain that is making the corn harvest unfavorable, while central and southern Brazil remain dry. Temperatures are expected to be warm there over the next 6-10 days.
• Estimates for today’s WASDE report see US corn ending stocks being reduced slightly from 1.540 bb to 1.518 bb as a result of expected higher exports. World ending stocks are expected to be unchanged to slightly lower, and Argentinian corn production is forecast to be lowered slightly.

• Soybeans are trading higher this morning taking back some of yesterday’s losses, but are still trading below all major moving averages with the 100-day as tough resistance. Both soybean meal and oil are trading higher after meal sold off yesterday. There have been 841 deliveries against March soybeans.
• Estimates for today’s WASDE report expect few changes for soybeans with US ending stocks likely unchanged at 380 mb, world ending stocks potentially a bit higher, but expectations for a decline in Argentinian production but higher Brazilian production.
• The Brazilian soybean harvest is reportedly 61% complete as of last Thursday which compares to 55% at this time last year, impressive after the country’s late start to planting.

• All three wheat classes are trading lower this morning after posting double digit gains in yesterday’s trade. Yesterday’s higher price action may have been in anticipation of news of a smaller Russian crop. This could be confirmed in today’s WASDE report.
• Winter wheat ratings fell in Kansas by 2 points to 52% good to excellent, but in Texas ratings fell more sharply by 6 points to just 28% good to excellent. In Oklahoma, ratings improved by 11 points following much needed rain to 46% good to excellent.
• Today’s WASDE report is expected to see US wheat ending stocks slightly higher as a result of lower exports, and world ending stocks virtually unchanged. There is a possibility of a decline in Russian production which would be friendly.

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.