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All prices as of 6:30 am Central Time

• Corn futures are trading lower this morning with futures dropping down to the 100-day moving average which has acted as support. Traders likely anticipate a big jump in planting progress in the report later today.
• Japan is reportedly considering purchasing more US corn as part of the trade negotiations with President Trump. While there has been an 80% decline in corn exports to China, other countries have picked up the slack keeping demand firm.
• Friday’s CFTC report saw funds as sellers of corn as of April 22. They sold 11,768 contracts which decreased their net long position to 112,805 contracts.

• Soybeans are trading lower as well to start the day along with the entire grain complex. The dollar is trading slightly higher, but pressure is likely coming from the fast planting pace. Both soybean meal and oil are trading lower.
• The US dollar fell by 3% last week which impacted soybean trades in South America as US soybeans became relatively cheaper. This caused spot prices to decline both in South American and the US.
• Friday’s CFTC report saw funds as buyers of soybeans by 4,898 contracts increasing their net long position to 31,067 contracts. They were buyers of 9,940 contracts of bean oil and sellers of 3,911 contracts of meal.

• All three wheat classes are trading lower to start the day with KC wheat making new contract lows this morning. Kansas received rain last week, and more rain is forecast next weekend in Texas, Oklahoma, and Kansas.
• Friday’s CFTC report saw funds as buyers of Chicago wheat by 6,510 contracts which left them short 89,929 contracts. They were sellers of KC wheat by 9,252 contracts which increased their short position to 56,624 contracts.
• In Ukraine, planting pace for wheat has slowed by 17% as a result of cold weather compared to last year 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 futures are trading higher this morning ahead of the weekend and have taken back most of the losses earlier in the week. Strong export demand has been supportive over the past two days.
• Yesterday’s export sales report was good for corn with 1,153k tons which compared to 1,572k tons last week. Top buyers were Japan, South Korea, and Mexico.
• The Buenos Aires Grain Exchange updated their crop progress showing that corn is now 29.7% harvested which was barely up from last week’s 28% completion. Production estimates remain unchanged at 49.0 mmt.

• Soybeans are trading higher this morning and are above the 200-day moving average after breaking out of their bull flag formation yesterday. Gains in soybean oil have led beans higher while bean meal is lower.
• Yesterday’s export sales report for soybeans was on the poor side at just 276.9k tons which compared to 736.6k a week ago. Top destinations were to Mexico, the Netherlands, and unknown destinations.
• Brazil is expected to export more soy to China and other countries in Europe, the Middle East, and Asia amid the trade war between the US and China. Brazil’s estimated soybean production is nearly 170 mmt.

• All three wheat classes are trading higher this morning with Minneapolis wheat leading the way followed by KC. May Chicago wheat is set to lose around 15 cents on the week at this point and was pressured by poor exports.
• Yesterday’s export sales report saw net cancellations for 24/25 and sales of 277k tons for new crop. This was significantly below last week’s sales. Primary destinations were to Japan, Vietnam, and Nigeria.
• In Ukraine, planting pace for wheat has slowed by 17% as a result of cold weather compared to last year 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 futures are trading higher this morning after the May contract closed lower for 4 consecutive days, finding support at the 100-day moving average yesterday and moving higher from there.
• Estimates for today’s export sales report see corn sales in a range between 800k and 1,400k tons with an average guess of 1,075k. This would compare to 1,572k last week and 1,561k last year. Export demand has been firm despite the lack of China as a buyer.
• EU corn imports are up 12% year-over-year at 16.8 MMT, while exports have fallen 46%. Meanwhile, one crop scout raised Brazil’s corn crop estimate to 127 MMT, up from 119 MMT last year.

• Soybeans are trading higher and are above the 200-day moving average that has been resistance. Neither the May or July contracts have managed to close above that level. Soybean meal is lower while bean oil is trading higher.
• Estimates for today’s export sales report see soybean sales in a range between 300k and 700k tons with an average guess of 463k. This would compare to 737k last week and 331k tons the previous year.
• USDA reports U.S. soybean planting at 8%, ahead of the 5% average. Some analysts think favorable corn weather could pull more acres away from soybeans, potentially trimming final soybean acreage.

• Wheat is mixed this morning with the front month in Chicago wheat slightly higher but the deferred months lower along with KC and Minneapolis wheat. Wheat futures have struggled as planting ramps up for spring wheat, and export demand remains sluggish.
• Estimates for today’s export sales report see wheat sales in a range between reductions of 50k tons and sales of 500k tons with an average guess of 263k tons. This would compare to 350k last week and 454k tons a year ago at this time.
• Rainfall in the U.S. South and East could stress the soft red winter (SRW) wheat crop, while EU models show potential rains for the dry U.S. Plains. Russia’s forecast calls for only scattered light showers.

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 climbed on reports of drier weather in Northeast China, while rains across the Southern and Eastern U.S. could slow planting progress.
• USDA reports 12% of U.S. corn is planted, slightly ahead of the 10% average. Favorable spring weather could lead to a similar acreage increase as last year’s 1.4 million added acres from March to June—potentially pressuring December corn prices.
• EU corn imports are up 12% year-over-year at 16.8 MMT, while exports have fallen 46%. Meanwhile, one crop scout raised Brazil’s corn crop estimate to 127 MMT, up from 119 MMT last year.

• Managed funds are holding record short positions in soymeal futures, even as China’s Dalian futures for soybeans, soymeal, soyoil, and palm oil all traded higher overnight.
• USDA reports U.S. soybean planting at 8%, ahead of the 5% average. Some analysts think favorable corn weather could pull more acres away from soybeans, potentially trimming final soybean acreage.
• Support for July soybeans is coming from two angles: optimism that Trump’s final China tariffs may be softer than the previously floated 145%, and ongoing Chinese demand for Brazilian soybeans.

• Rainfall in the U.S. South and East could stress the soft red winter (SRW) wheat crop, while EU models show potential rains for the dry U.S. Plains. Russia’s forecast calls for only scattered light showers.
• EU wheat exports are down 34% from last year, and Russia’s wheat exports may land closer to 37 MMT—well below the USDA’s 44 MMT estimate and last year’s 55.5 MMT.
• USDA’s early 2024/25 wheat ending stocks show mixed changes: higher hard red winter (HRW) at 382M bu (vs. 274M ly), flat-to-lower SRW, white, and durum. Combined, total stocks are projected at 846M bu vs. 696M 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 slightly lower to start the day, but futures are maintaining their apparent bull flag pennant formation which could see a break to the upside. Yesterday’s weakness was due to a general risk-off day in outside markets and a drop in equity markets.
• Yesterday afternoon, the USDA released its Crop Progress report which saw corn plantings ahead of trade estimates. 12% of the crop is now planted which compares to the trade estimate of 10% and 4% a week ago. 2% of the crop is emerged which compares to the 5-year average of 2%.
• Yesterday’s export inspections report was good for corn with 1,703k tons inspected which compares to 1,830k the previous week and 1,661k tons a year ago. Top destinations were Mexico, Japan, and South Korea.

• Soybeans are trading higher to start the day but again have not been able to significantly break above the 200-day moving average. July futures have taken back all of yesterday’s losses at this point. Both soybean meal and oil are trading higher as well.
• Yesterday’s Crop Progress report saw that 8% of the soybean crop has been planted which compares to the average trade guess of 7% and 2% a week ago. Last year at this time, the crop was 7% planted, and the 5-year average pace is 5%.
• Yesterday’s export inspections were decent for soybeans at 551k tons which compared to 555k the previous week and 444k tons at this time a year ago. Top destinations were Egypt, Mexico, and China.

• Wheat is mixed to start the day with Chicago slightly lower but KC and Minneapolis trading higher. Futures sold off sharply yesterday along with the other grains and equity markets. Winter wheat crop ratings have fallen since last week.
• Yesterday’s Crop Progress saw spring wheat at 17% planted which compared to the trade guess of 13%, 7% a week ago, and the 5-year average of 12%. 2% is emerged which is on par with the average pace. Winter wheat crop conditions fell two points to 45% good to excellent, and 15% of the crop is headed.
• Yesterday’s export inspections were good for wheat at 510k tons which compared to 611k last week and 450k tons a year ago at this time. Top destinations were to Vietnam, Mexico, and the Philippines.

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

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

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

All prices as of 6:30 am Central Time

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

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

• All three wheat classes are trading higher to start the week despite a rainfall forecast that is expected to be beneficial for HRW wheat areas. There was too much rain in some areas of the southeast Corn Belt over the weekend.
• SovEcon has increased the Russian wheat output estimates for 2025 to 79.7 mmt which would be 1.1 mmt above the previous years production. Russia has said that 90% of the winter crops are in good or satisfactory condition.
• Friday’s CFTC report saw funds as buyers of Chicago wheat by 5,693 contracts which left them net short 96,439 contracts. They bought back 2,462 contracts of KC wheat leaving them short 47,372 contracts.

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading slightly lower this morning after trading in a quiet range overnight. Export sales have been supportive with a flash sale of corn to Japan earlier this week. Today’s export sales are expected to be good.
• Yesterday’s weekly petroleum report sale ethanol stocks falling by 0.8% to 26.814m bbl compared to the average trade guess of 26.803m. Plant production came in at 1.012m b/d compared to the survey average of 1.004m.
• Estimates for today’s export sales report see corn sales in a range between 800k and 1,800k tons with an average guess of 1,033k tons. This would compare to 1,022k last week and 566k tons a year ago.

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

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

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

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

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

All prices as of 6:30 am Central Time

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

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

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

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

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

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

All prices as of 6:30 am Central Time

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

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

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

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

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

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

All prices as of 6:30 am Central Time

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

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

• Wheat is trading lower this morning but saw impressive gains on Friday and weekly gains in the May contract of 26-3/4 cents pulling wheat well off its recent lows. There are forecasts that are showing the possibility of rainfall in HRW wheat areas by next weekend that could be pressuring markets this morning.
• With the USDA report behind us, market attention now shifts back to weather for developing wheat crops. According to Thursday morning’s Drought Monitor from the University of Nebraska–Lincoln, 32% of winter wheat growing areas remain in some form of drought.
• Friday’s CFTC report saw funds as buyers of 9,908 contracts of Chicago wheat leaving them with a net short position of 102,132 contracts. They sold 4,159 contracts of KC wheat which increased their net short position to 49,834 contracts.

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

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