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All prices as of 6:30 am Central Time

• Corn futures are trading lower this morning with the March contract giving back all of yesterday’s gains so far. Yesterday afternoon, Argentina reported it would lower its export duties on all grains to relieve the agricultural sector which is pressuring all grains.
• JFK Jr. has proposed a ban on high fructose corn syrup (HFCS) for human consumption—a move that could impact the U.S. corn market, which uses approximately 1.3–1.4 billion bushels of corn annually for HFCS production.
• Estimates for today’s export sales report see corn sales in a range between 700k and 1,700k tons with an average guess of 1,067k tons. This would compare to 1,025k a week ago and 992k a year ago.

• Soybean futures are trading lower this morning giving back all of yesterday’s gains and then some following Argentina’s announcement that they would lower export duties on grains. Both soybean meal and oil are trading lower.
• President Trump is eyeing February 1 to impose a 10% tariff on Chinese imports. The commodities market is bracing for a rollercoaster ride as headlines flip between optimism and tension on the tariff front.
• Estimates for today’s export sales report see soybean sales in a range between 600k and 1,800k tons with an average guess of 1,067k tons. This would compare to last week’s 569k and 561k a year ago. 

• All three wheat classes are trading lower this morning along with the rest of the grain complex. The move lower in grains comes despite a move lower in the dollar which tends to have an inverse relationship.
• While wheat continues to lag behind corn and soybeans, bulls point to the near-record gap between managed money’s net short position in wheat and its net long position in corn.
• Estimates for today’s export sales report see wheat sales in a range between 200k and 600k tons with an average guess of 425k tons. This would compare to 522k a week ago and 510k 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

• March corn is showing some weakness this morning but is making a comeback after dipping nearly four cents to its overnight low.
• JFK Jr. has proposed a ban on high fructose corn syrup (HFCS) for human consumption—a move that could impact the U.S. corn market, which uses approximately 1.3–1.4 billion bushels of corn annually for HFCS production.
• So far this year, March corn has climbed about 25 cents. If the rally continues and hits 514.25, it would wipe out all the losses from the 2024 sell-off on the front-month continuous chart.

• March soybeans are rebounding from their overnight low of 1047.75, where they traded down about 8 cents.
• Brazil has halted soy shipments from five firms to China due to contamination concerns. According to Brazil’s agriculture ministry, China’s General Administration of Customs flagged instances of “non-conformity.”
• March soybeans lost one-third of Tuesday’s gains yesterday after reports surfaced that President Trump is eyeing February 1 to impose a 10% tariff on Chinese imports. The commodities market is bracing for a rollercoaster ride as headlines flip between optimism and tension on the tariff front.

• Wheat is trading slightly lower this morning, with overnight price fluctuations ranging from four to six cents. Today’s dip follows yesterday’s selling pressure, which knocked Chicago and Kansas City wheat prices well off their intraday Tuesday highs.
• Japan purchased 15,663 metric tons of Western White wheat and 15,130 metric tons of Hard Red Winter wheat from the U.S. in a regular tender. The total tender of 126,893 metric tons also included wheat sourced from Canada and Australia.
• While wheat continues to lag behind corn and soybeans, bulls point to the near-record gap between managed money’s net short position in wheat and its net long position in corn.

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 Wednesday after strong buying interest pushed prices above their recent highs yesterday. 
• Warmer and drier conditions in Brazil’s major crop producing regions of the north will be welcome over the coming weeks. Wet weather recently has delayed soybean harvest and the second crop corn planting that follows. 
• Weekly export inspections for corn were strong last week coming in at 60.7 mb, brining total inspections 31% ahead of last year. 

• Soybeans are trading lower this morning after a strong 30+ cent rally yesterday drove March soybean futures to their highest level since early October. 
• The slow start to soybean harvest in Brazil and the lack of more tariffs with the new Trump administration may lead to China buying more US soybeans in the short term. 
• If recent weather model runs hold true, a pattern change for Argentina and southern Brazil to more frequent moisture and less intense heat could be underway as the calendar flips over to February. 

• Wheat is near unchanged to slightly lower to start Wednesday after posting strong double-digit gains on Tuesday. 
• A falling US dollar index and freeze loss potential in Russia and the US Plains rallied wheat futures yesterday as KC futures posted their strongest daily gain since May of 2024. 
• With managed money funds heavily net short the wheat complex some profit taking and position squaring given the recent rallies in both corn and soybeans is likely.

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

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

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

All prices as of 6:30 am Central Time

• Corn is mixed to start the day with gains in the front months while new crop contracts are slightly lower. The Brazilian soybean harvest is behind schedule which would in turn put the safrinha corn sowing behind as well.
• The Buenos Aires Grain Exchange released its new estimates for the 24/25 corn crop with 6.6 million hectares of corn planted which was below last year’s 7.9m. 95.1% of the crop is reportedly planted.
• Friday’s CFTC report saw funds as buyers of corn as of January 14. They bought 39,088 contracts which left them with a net long position of 292,434 contracts. Since then, they are estimated to have bought back 22,500 contracts.

• Soybeans are trading sharply higher this morning after President Trump issued 200 executive orders yesterday but did not implement any new tariffs as trade expected. Soybean meal is leading the market higher while soybean oil is slightly lower.
• Estimates for Brazilian soybean production has been increased by Agroconsult to 172.4 mmt which would be an 11% increase from last season. The issue now is coming from continued rains that are delaying harvest.
• Friday’s CFTC report showed funds as buyers of soybeans by 63,445 contracts which left them with a net long position of 34,833 contracts. Funds are nowhere near record long and have the ability to continue buying if weather remains a concern.

• Wheat is higher to start the day with Chicago wheat leading the way. The fact that new tariffs were not implemented yesterday and that the US dollar is trading lower are both bullish to the wheat market.
• Cofco, China’s largest state-run crop trader has had to resell two cargoes of imported wheat due to Beijing extending curbs of foreign purchases in order to improve the domestic industry. The Australian wheat was resold to Indonesia and Thailand.
• Friday’s CFTC report showed funds as sellers of Chicago wheat by 5,756 contracts leaving them net short 94,393 contracts. They were sellers of 5,748 contracts of KC wheat which left them short 37,606 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 higher this morning after a pullback yesterday, but March futures have been consolidating over the past week and could be primed for another move higher. There is a gap on the chart from December 2023 at $5.13-3/4.
• Yesterday’s export sales were strong for corn at 1,024k tons which compared to 445k tons the previous week. Primary destinations were to Japan, South Korea, and Mexico.
• The Buenos Aires Grain Exchange released its new estimates for the 24/25 corn crop with 6.6 million hectares of corn planted which was below last year’s 7.9m. 95.1% of the crop is reportedly planted.

• Soybeans are trading higher this morning after losing nearly 24 cents in the March contract but now seem to have found some support at the 100-day moving average. Both soybean meal and oil are trading higher this morning as well.
• Yesterday’s export sales report was solid for soybeans as well with sales of 569k tons falling in line with the average trade estimates. Primary destinations were to China, Bangladesh, and Mexico.
• Estimates for Brazilian soybean production has been increased by Agroconsult to 172.4 mmt which would be an 11% increase from last season. This compares with the USDA at 169 mmt and CONAB at 166 mmt.

• Wheat is mixed to start the day with both Chicago and KC wheat trading lower while Minneapolis wheat is up 3 cents. While the dollar slid yesterday, it is up today and could be pressuring the wheat market.
• Yesterday’s export sales for wheat rose to 522k tons which was above the average trade guess and compared to 111k tons the previous week. Primary destinations were to South Korea, Taiwan, and unknown destinations.
• Cofco, China’s largest state-run crop trader has had to resell two cargoes of imported wheat due to Beijing extending curbs of foreign purchases in order to improve the domestic industry. The Australian wheat was resold to Indonesia and Thailand.

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 meeting resistance over the past two days at the $4.80 level in the March contract. Yesterday’s ethanol production report showed production below the average trade estimate but still strong.
• In southern Brazil, the harvest of the first-crop corn and the planting of the second-crop safrinha corn have begun. The state of Paraná reported that 1% of the first-crop corn has been harvested, and 2% of the safrinha corn has been planted. Despite some drier areas, first-crop yields are generally expected to be good.
• Estimates for today’s export sales report see corn sales in a range between 500k and 1,000k tons with an average guess of 800k. This would compare to 445k last week and 1,271k a year ago at this time.

• Soybeans are trading sharply lower to start the day as March futures fall from their Monday high of $10.64. While US ending stocks have tightened, world stocks are still quite large. Both soybean meal and oil are trading lower.
• Expectations for Brazil’s soybean crop have been lowered slightly, with one analyst reducing their estimate by 1 million tons to 170 million. Rainfall over the past week favored northern and eastern Brazil, while southern Brazil experienced mostly dry conditions. The forecast shows favorable rain prospects for northern Brazil, with increased chances of rainfall in southern Brazil later this week and into next week.
• Estimates for today’s export sales report see soybean sales in a range between 300k and 900k tons with an average guess of 575k tons. This would compare to 289k last week and 783k a year ago at this time.

• Wheat is trading lower this morning as futures struggle to rally significantly off their contract lows and primarily stay in rangebound trade. The higher dollar has kept prices suppressed.
• The wheat market continues to underperform compared to corn and soybeans, with the U.S. dollar remaining a significant headwind for wheat prices. Despite a 70-basis-point decline yesterday, the dollar index is still up 9% from its September low of 99.86.
• Estimates for today’s export sales report see wheat sales in a range between 100k and 400k tons with an average guess of 275k tons. This would compare to 111k last week and 708k 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 steady to two cents higher this morning in a quiet overnight session. March corn ranged from 474 to 477 overnight, while December corn traded between 455 and 457.50.
• In southern Brazil, the harvest of the first-crop corn and the planting of the second-crop safrinha corn have begun. The state of Paraná reported that 1% of the first-crop corn has been harvested, and 2% of the safrinha corn has been planted. Despite some drier areas, first-crop yields are generally expected to be good.
• In Argentina, corn planting is approximately 92% complete. Early crop ratings are mixed, with 58% of the crop rated as fair to very poor, while 42% is rated good to excellent.

• Soybeans are mixed, trading between a penny higher to a penny lower. The March contract traded overnight between 1044 and 1051.25, while the November contract ranged from 1045.25 to 1052.50. Soybean meal and oil are mixed: meal is up by one to two dollars, while soybean oil is down about half a percent.
• Expectations for Brazil’s soybean crop have been lowered slightly, with one analyst reducing their estimate by 1 million tons to 170 million. Rainfall over the past week favored northern and eastern Brazil, while southern Brazil experienced mostly dry conditions. The forecast shows favorable rain prospects for northern Brazil, with increased chances of rainfall in southern Brazil later this week and into next week.
• In Argentina, soybean planting is approximately 97% complete. Early crop ratings are mixed, with 51% rated as fair to very poor, while 49% are rated good to excellent.

• Wheat is trading lower this morning, with overnight trading ranges of four to eight cents.
• The wheat market continues to underperform compared to corn and soybeans, with the U.S. dollar remaining a significant headwind for wheat prices. Despite a 70-basis-point decline yesterday, the dollar index is still up 9% from its September low of 99.86.
• Japan has issued a tender for 132,888 metric tons of wheat, with 48,308 metric tons allocated to the U.S.

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 as trade appears to cool off after March futures gained 20 cents in just two days following the WASDE report. Futures have become overbought, and farmer selling has likely accelerated.
• Yesterday’s corn inspections number was strong at 56.7 mb, but the USDA reduced export demand by 25 mb on Friday citing lower supplies. Exports could be further reduced this year due to lower demand depending on President Trump’s tariffs.
• Yesterday’s CFTC report showed funds as buyers of 24,540 contracts of corn as of January 7 which left them net long 253,346 contracts. They are likely closer to 300,000 net long contracts after the last two trading days.

• Soybeans are trading lower this morning as March futures cool off from a 54 cent rally over the past two days which was driven by a 1 bpa reduction in yield in the US and drier forecasted conditions in Argentina.
• Both soybean meal and oil are trading lower as well, but soybean oil in particular has rallied sharply since the beginning of the year as the potential for removing foreign used cooking oil from renewable diesel production lends support.
• Yesterday’s CFTC report showed funds as buyers of 13,835 contracts of soybeans as of January 7 which reduced their net short position to 28,612 contracts. Funds are estimated to have bought back over 27,000 contracts in just the last two days which would likely establish them with a new net long position.

• All three wheat classes are trading slightly lower this morning along with the rest of the grain complex. The dollar index rose above 100 yesterday for the first time since November 2022 which has likely been a big factor in wheats new contract lows.
• Yesterday’s inspections report saw 10.6 mb of wheat inspected for export as of January 9. This put total inspections for 24/25 at 478 mb which is up 25% from the previous year. The USDA is estimating exports at 20% higher than the previous year.
• Yesterday’s CFTC report showed funds as sellers of Chicago wheat by 1,875 contracts which left them net short 88,637 contracts. They bought back 2,003 contracts of KC wheat which reduced their net short position to 31,858 contracts. 

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading higher this morning following Friday’s very bullish USDA report, but drier weather in Argentina and diminishing soil moisture is lending support today as well. March futures are now at their highest level since June 2024.
• The bullish surprise in last week’s WASDE report was the big reduction in the national yield. Initially, analysts were expecting yield to fall by 0.4 bpa, but the USDA lowered yields by nearly 4 bpa which caused ending stocks to fall to 1.54 bb.
• The CFTC report will not be released until later today, but over the past 5 trading days, funds have bought an estimated 53,500 contracts of corn which would leave them with a near record net long position.

• Soybeans are trading sharply higher this morning along with corn and wheat as Friday’s USDA report was also bullish for soybeans, and the dryness in Argentina is affecting prices as well. Soybean meal is higher on the drier forecast while soybean oil is higher as well.
• Friday’s WASDE report saw the national soybean yield fall by 1 bpa which was significantly more than the average trade estimate. Ending stocks have fallen to just 380 mb from 470 mb in December’s report.
• Over the past 5 trading days, funds have bought back an estimated 27,000 contracts of soybeans which would put their net position close to being slightly net long.

• All three wheat classes are trading higher this morning with Chicago wheat leading the way. Although Friday’s report was not particularly bullish for wheat, there seems to be general optimism in the grain complex, and wheat is rebounding off Friday’s contract low.
• Last week’s WASDE report saw US wheat ending stocks very slightly increased while US grain stocks were higher as a result of increased seedings. World wheat ending stocks were increased as well.
• Over the past 5 trading days, funds bought back an estimated 7,500 contracts of wheat. This would still leave them with a net short position as fundamentals in wheat have been less friendly than in other grains.

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 higher this morning ahead of the USDA report at 11 am central. While yields are expected to be slightly lowered, there could be some surprises from South American production.
• Pre-report estimates for Today’s WASDE report see corn ending stocks falling slightly from the December estimate to 1,674 mb as yield estimates are expected to be lowered by 0.4 bpa to 182.7 bpa.
• The average guess for Argentinian corn production is slightly below December’s estimate while Brazil’s is expected to be unchanged. World ending stocks are expected to fall slightly.

• Soybeans are trading higher this morning following gains in yesterday’s trade. Funds hold a decent sized net short position and could be taking profits ahead of today’s report. Soybean meal is lower while soybean oil is higher.
• Estimates for US soybean ending stocks see a slight decline to 458 mb due to a slightly lower yield estimate at 51.6 bpa. World ending stocks are expected to increase.
• The bearish surprise in Friday’s report could come from changes made to Brazilian production. Many analysts are expecting soybean production to be above 175 mmt, but the USDA’s last estimate in December was 169 mmt.

• All three wheat classes are trading higher this morning after two consecutively lower closes that were likely driven down by increases in the US dollar recently.
• Pre-report estimates for wheat in Friday’s report see ending stocks increasing slightly by 7 mb to 802 mb. There should be few changes to wheat in this report.
• Estimates for today’s report see world wheat ending stocks virtually unchanged at 257.9, but ongoing weather issues in much of the world could cause that number to drop. Estimates for Russian production seem to keep falling.

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

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