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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. 

All prices as of 6:30 am Central Time

• Corn futures are trading higher to start the day and are likely being supported by a jump in wheat prices. So far, May futures appear to be posting a V-bottom and have rallied 30 cents off the recent low.
• The USDA will release its WASDE report tomorrow, and while major changes are not expected, trade will look to see if strong domestic and export demand recently will be acknowledged and lower the carryout.
• Friday’s CFTC report saw funds as sellers of a whopping 117,702 contracts of corn as of March 4, leaving them with a net long position of 219,752 contracts. Over the past two trading days, funds have bought back an estimated 34,000 contracts.

• Soybeans are trading slightly lower to start the week and have found resistance at the 100-day moving average in the May contract, hovering around $10.28. Soybean meal is higher today, while soybean oil is lower.
• In tomorrow’s WASDE report, trade will also look for changes in demand to impact the ending stocks, but it is possible that the strong domestic crush demand could be offset by poor export demand, leaving things unchanged.
• Friday’s CFTC report saw funds as sellers of soybeans by 43,696 contracts, leaving them with a new net short position of 35,487 contracts. They sold 33,383 contracts of bean oil and 22,151 contracts of bean meal.

• All three wheat classes are trading higher this morning as the winter wheat crop begins to exit dormancy in dry conditions. In the Northern Plains, the crop is regarded as relatively poor, while the Southern Plains will be in need of moisture as they exit dormancy.
• The US Plains and Black Sea region remain dry, while Russia’s export margins are improving. Trade expects the USDA to eventually reduce EU and Russia export estimates, though this could be offset by lower imports and stable world ending stocks.
• Friday’s CFTC report saw funds as sellers of 14,785 contracts of Chicago wheat, leaving them with a net short position of 82,399 contracts. They sold 17,947 contracts of KC wheat, leaving them short 39,282 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

• Discussions between the US and Mexico could lead to Mexico excluding corn from its retaliatory tariff list, while the US may offer relief on some agricultural imports.
• South Korea is tendering for corn again, with prices now near $240 per MT, down from $260 per MT. US PNW corn remains the cheapest option for Asian buyers, while US Gulf corn is now the cheapest option for North Africa.
• In addition to tariff concerns, wheat futures have pressured the corn market, with May contracts for all three wheat classes hitting new contract lows this week.

• Trade estimates Brazil’s soybean crop at 169.1 MMT (vs. USDA 169) and Argentina’s at 48.8 MMT (vs. USDA 49).
• US soybean export commitments are up 13% YoY (vs. USDA estimate of 9%). USDA announced 20 MT of soyoil sold to an unknown buyer, but no new soybean sales.
• US soybean board crush margins remain near a 3–4 month low.

• The US Plains and Black Sea region remain dry, while Russia’s export margins are improving. Trade expects the USDA to eventually reduce EU and Russia export estimates, though this could be offset by lower imports and stable world ending stocks.
• Argentina and Australia wheat prices are now competitive in North Africa. Matif wheat futures hit a six-month low, pressured by a stronger Euro.
• Trade estimates US 2024/25 wheat carryout at 797 million bu (vs. USDA 794). The EU wheat crop is rated 74% good/excellent, which is below average but above 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

• Old crop corn is trading higher again this morning while new crop is slightly lower. May corn has moved back above its 200-day moving average, and the stochastics are now showing a crossover buy signal.
• Yesterday, President Trump said that tariffs on automobiles from Mexico and Canada would be postponed another 30 days, which gave trade some hope that a better trade deal could be achieved.
• Estimates for today’s export sales report see corn sales in a range between 700k and 1,100k tons with an average guess of 892k tons. This would be lower than last week’s 923k and last year’s 1,110k tons.

• Soybeans are higher again this morning as the market seems to shake off tariff concerns to some degree. May soybeans are still below all moving averages but have also shown a buy signal in their stochastics.
• Talk of Chinese retaliatory tariffs on US soybeans shook the market, but in reality, they are unlikely to have a large effect on old crop sales, and there is optimism that an agreement can be made before new crop sales are impacted.
• Estimates for today’s export sales report see soybean sales in a range between 300k and 550k tons with an average guess of 429k. This would be slightly higher than last week’s 415k but lower than a year ago at 680k tons.

• All three wheat classes are trading higher again this morning, with Minneapolis wheat leading the way higher. This would be the second consecutively higher day after 8 straight days of losses. May wheat stochastics show a buy signal as well.
• Russian wheat production is reportedly unchanged despite extremely cold temperatures, as they were accompanied by snow coverage. 25/26 Russian wheat production is estimated at 79.6 mmt.
• Estimates for today’s export sales report see wheat sales in a range between 225k and 525k tons with an average guess of 333k. This would compare to 274k a week ago and 335k 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 this morning taking back all of yesterday’s losses and then some with the May contract back above the 200-day moving average in a seemingly bottoming chart formation.
• The US Commerce Secretary Howard Lutnick suggested yesterday afternoon that a trade compromise with Canada and Mexico could be achieved as soon as today. This comes on the heels of 25% tariffs placed on the two countries.
• Estimates for today’s EIA report see ethanol production lower than last week at 1.072m barrels per day. Stockpiles are estimated at 27.557m bbl compared to 27.571m a week ago.

• Soybeans are trading higher this morning along with the rest of the grain complex taking back part of yesterday’s losses. May soybeans are trading back above the 10-dollar mark, and both soybean meal and oil are trading higher as well.
• Yesterday’s talk of Chinese retaliatory tariffs on US soybeans shook the market, but in reality, they are unlikely to have a large effect on old crop sales, and there is optimism that an agreement can be made before new crop sales are impacted.
• StoneX is expected to cut its forecast for Brazilian soybean production citing weather related issues that could hinder output. They maintain that the South American supplies will overwhelm the global market.

• All three wheat classes are trading higher to start the day taking back nearly all of yesterday’s losses after making new contract lows. Optimism is back in the market following President Trump’s speech to Congress last night.
• Russian wheat production is reportedly unchanged despite extremely cold temperatures as they were accompanied by snow coverage. 25/26 Russian wheat production is estimated at 79.6 mmt.
• US winter wheat crop conditions were updated as of March 2, and Kansas and Oklahoma saw good to excellent ratings improve by 4 points and 1 point respectively. Crop conditions fell in Texas, Montana, Nebraska, and South Dakota.

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 after President Trump confirmed the 25% tariffs on Mexico and Canada after much speculation. This is particularly bearish for corn as Mexico is the top importer of US corn. May futures are now trading below their 200-day moving average and have lost 70 cents from their recent high.
• US corn used for ethanol came in at 457.4 million bushels in January which was below December but up 3.7% from January 2024.
• Yesterday’s export inspections report saw 1.351m tons of corn inspected for export which was on the higher range of trade estimates and was above last week’s and last year’s inspections.

• Soybeans are trading lower again this morning and are on track for a fifth consecutively lower close after China has said they would continue retaliating to US tariffs. May corn has fallen back below the 10-dollar mark, and both soybean meal and oil are trading lower as well.
• After President Trump said that the US would double its tariffs on Chinese goods to 20%, China said it would halt the import of soybeans from three US entities and lumber from the US. They also placed 15% tariffs on other US agricultural goods.
• StoneX is expected to cut its forecast for Brazilian soybean production citing weather related issues that could hinder output. They maintain that the South American supplies will overwhelm the global market.

• Wheat is trading lower this morning along with the rest of the grain complex in response to the fresh tariffs. The US also exports wheat to Mexico in addition to corn. May corn futures are now just 3 cents off their contract lows.
• US winter wheat crop conditions were updated as of March 2, and Kansas and Oklahoma saw good to excellent ratings improve by 4 points and 1 point respectively. Crop conditions fell in Texas, Montana, Nebraska, and South Dakota.
• The US inspected 389.6k tons of wheat which was on par with last week’s inspections but higher than those of a year ago. Primary buyers were Mexico, the Philippines, and Thailand.

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

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