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All prices as of 6:30 am Central Time

• Corn is trading slightly higher this morning, supported by follow-through strength after the USDA raised its export estimate in Thursday’s WASDE report. This adjustment lowered projected 2024–25 carryout to 1.465 billion bushels—down 75 million from last month’s estimate.
• Thursday morning’s USDA Export Sales report showed continued strong momentum, with total commitments running 25% ahead of 2023–24 levels. With the USDA currently projecting an 11% year-over-year increase, there’s still room for upward revisions if this pace holds.
• Weather across the Corn Belt looks favorable for early fieldwork over the next two weeks, supporting planting progress. Reports of activity surfaced yesterday from parts of southern Iowa and Illinois, where growers are beginning to get into the fields.

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

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

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

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

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

All prices as of 6:30 am Central Time

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

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

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

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

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

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

All prices as of 6:30 am Central Time

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

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

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

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

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

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

All prices as of 6:30 am Central Time

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

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

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

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

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

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

All prices as of 6:30 am Central Time

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

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

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

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

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

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

All prices as of 6:30 am Central Time

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

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

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

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

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

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

All prices as of 6:30 am Central Time

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

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

• All three wheat classes are trading lower again today as tariff news continues to weigh on commodities. Chicago wheat is posting the majority of losses with KC wheat not far behind. Weather remains bullish, but is overshadowed by tariff news.
• Yesterday’s export sales report saw wheat sales above expectations at 435k tons which compared to 112k last week and 278k a year ago. Top buyers were Taiwan, Ecuador, and Japan.
• The USDA ag attaché in India sees the 25/26 wheat crop at 115 mmt which would be a third year of record production. Planted acreage is expected to be higher and growing conditions expected to be optimal.

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

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

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

All prices as of 6:30 am Central Time

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

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

• All three wheat classes are trading lower this morning along with the rest of the grain complex in overall risk off trade. US weather for HRW wheat is a concern, but tariff news is overshadowing everything else.
• Estimates for today’s export sales report see wheat sales in a range between a net sales reduction of 100k tons and sales of 500k tons with an average guess of 250k tons. This would compare to 112k last week and 278k a year ago at this time.
• The USDA ag attaché in India sees the 25/26 wheat crop at 115 mmt which would be a third year of record production. Planted acreage is expected to be higher and growing conditions expected to be optimal.

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

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

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

All prices as of 6:30 am Central Time

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

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

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

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

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

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

All prices as of 6:30 am Central Time

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

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

• All three wheat classes are trading higher to start the day with May Chicago wheat now 25 cents off its low from last Friday. Yesterday’s report was friendly with lower anticipated wheat acres.
• The USDA estimated that 45.4 million acres of wheat would be planted in 2025 which compared to the average trade guess of 46.5 ma and 46.1 ma planted in 2024. Grain stocks came in at 1.237 bb which was slightly above the average guess.
• Yesterday’s export inspections report saw wheat inspections at 463k tons which compared to 485k tons the previous week and 569k tons a year ago at this time.

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

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