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All prices as of 6:30 am Central Time

• Corn is trading lower this morning and continues it’s freefall with the March contract losing 55 cents since the recent high two weeks ago. The USDA’s estimate of more planted corn acres accelerated this sell-off.
• Brazil is reportedly considering lowering corn ethanol import taxes in a bid to soothe relations with the US and improve the local popularity of Brazilian President Luiz Inacio Lula da Silva. Nothing is set in stone, but the conversations will continue over the coming days.
• Friday’s CFTC report showed funds as sellers of corn as of February 25 selling 16,079 contracts which left them with a net long position of 337,454 contracts.

• Soybeans are trading lower this morning as prices continue to slide putting the May contract below the 100-day moving average. The anticipation of lower planted acres this year has not been enough to offset poor demand. Soybean meal is lower while bean oil is higher.
• It is being reported that China may hit back at the US with their own set of tariffs after President Trump pledged to double Chinese tariffs to 20%. China’s potential retaliatory tariffs would be on food and agricultural products.
• Estimates for today’s January soybean crush is expected at 211.1 million bushels and would be down from 217.7 mb the previous month.
• Friday’s CFTC report saw funds as sellers of soybeans by 8,317 contracts lowering their net long position to 8,209 contracts.

• Wheat is trading higher to start the week as it attempts to avoid a sixth consecutively lower close. Wheat is nearing the end of its dormancy state, and this Wednesday’s USDA report will give updates on the wheat conditions.
• Friday’s CFTC report saw funds as sellers of Chicago wheat by 6,037 contracts leaving them net short 67,614 contracts. Funds were buyers of KC wheat by 755 contracts leaving them short 21,335 contracts.
• IKAR has reduced Russia’s wheat exports by 500,000 tonnes to 42.5 mt this season citing currency fluctuation causing the reduction in the estimates for exports.

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 but losses in deferred contracts as trade now expects a large planted acreage number in corn this year. May corn is now 37 cents off last week’s high.
• As of last Friday’s CFTC report, funds were long around 355,000 contracts of corn, but over the past 5 days, they are estimated to have sold 50,000 contracts with 24,000 sold just yesterday.
• The USDA has estimated that 94 million acres of corn will be planted this year which would compare to 90.6 ma last year. This would increase ending stocks to 1.965 bb compared to 1.540 bb in 24/25.

• Soybeans are trading higher this morning after yesterday the USDA estimated soybean planted acres lower than last year. Weather in South America continues to improve and soybeans continue to be sold more cheaply than US beans.
• Yesterday, weekly soybean sales came in at 415k tons compared to 500k tons the previous week. Top buyers were China, Egypt, and Mexico.
• The USDA Annual Outlook Forum projected 2025 soybean planted acreage at 84.4 million acres—down 2.7 million from 2024. While not official, these figures will serve as a baseline until the end of March when the planting intentions report is released.

• Wheat is trading higher to start the day after a sharp sell-off yesterday that saw prices down as much as 19 cents. Pressure came from the USDA’s estimate that 47 million acres of wheat would be planted this year.
• Yesterday’s export sales report saw wheat sales falling to 274k tons as of February 20 which was down from 631k tons the previous week. Top buyers were Taiwan, Mexico, and Japan.
• IKAR has reduced Russia’s wheat exports by 500,000 tonnes to 42.5 mt this season citing currency fluctuation causing the reduction in the estimates for exports. 

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading slightly lower this morning before the USDA will release their estimates for 2025 planted acres. May futures have lost 24 cents from last week’s high, and tomorrow is first notice day for March corn.
• Estimates for today’s export sales report see corn sales in a range between 800k and 1,650k tons with an average guess of 1,163k tons. This would compare to 1,454k a week ago and 1,247k a year ago at this time.
• Analysts are expecting the USDA to announce that corn planted acres for 2025 will come in at 93.6 ma which would compare to 90.6 ma last year. This would put ending stocks at 1.91 bb compared to ending stocks in 24/25 of 1.54 bb.

• Soybeans are trading higher this morning as traders expect the USDA to put out a lower planted acreage report today. Soybeans have been in a slow downtrend over the past month. Both soybean meal and oil are trading higher as well.
• Estimates for today’s export sales report see soybean sales in a range between 200k and 600k tons with an average guess of 409k tons. This would be a weak number and would compare to 500k last week and 17k a year ago.
• The USDA Annual Outlook Forum, set to conclude this week, is expected to project 2025 soybean planted acreage at 84.4 million acres—down 2.7 million from 2024. While not official, these figures will serve as a baseline until the end of March when the planting intentions report is released.

• Wheat is mixed to start the day with Chicago and KC trading lower while Minneapolis is slightly higher. March Chicago wheat has given up nearly 50 cents since last week after breaking above the 6-dollar mark.
• Estimates for today’s export sales report see wheat sales in a range between 300k and 650k tons with an average estimate of 481k tons. This would compare to 631k last week and 322k a year ago at this time.
• Today’s outlook forum is expected to estimate wheat planted acres at 46.7 ma which would be slightly higher than last year’s 46.1 ma. Ending stocks are estimated to be higher at 0.83 bb compared to 0.794 bb last year.

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading sideways to slightly lower this morning as traders await developments on the proposed tariff deadline with Canada and Mexico.
• After a strong finish to 2024 and a solid start to 2025, corn export sales have slowed toward the end of February, with the last daily flash sale reported on February 14. Despite this, U.S. NOLA corn remains priced competitively below both Brazilian and Argentine export offerings.
• In Argentina, recent rains following the drought in the country are marking an inflection point for the corn and soy crops. The rain is expected to continue over the next few days and is expected to improve the corn conditions.

• Soybeans are trading lower this morning after Tuesday’s impressive turnaround price action where May futures managed to close over 11 cents off of their daily low. 
• The USDA Annual Outlook Forum, set to conclude this week, is expected to project 2025 soybean planted acreage at 84.4 million acres—down 2.7 million from 2024. While not official, these figures will serve as a baseline until the end of March when the planting intentions report is released.
• Despite a slight reduction from early-season estimates, all indications point to a record-breaking South American soybean crop. This is likely to keep the global balance sheet heavy and continue to keep a lid on prices. 

• All three wheat classes are trading lower this morning again and are on pace for their third consecutive session of lower prices. 
• SovEcon reduced its forecast for Russia’s wheat exports in the 2024/25 season to 42.2 mmt, from 42.8 mmt, reflecting persistently slow shipments and low profitability in export operations. The USDA in their latest WASDE had Russian wheat exports pegged at 45.5 mmt.
• Moisture and warmth forecast for much of the U.S. Plains over the next two weeks will provide a better idea of any winterkill damage from recent cold snaps. 

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 for the second consecutive day this week after President Trump said that tariffs on Mexico and Canada were going forward this time around with more import taxes to come.
• Yesterday, the US inspected 1.134 million tons of corn for export as of February 20. This was within the average trade estimates but was down slightly from the previous week and a year ago at this time.
• In Argentina, recent rains following the drought in the country are marking an inflection point for the corn and soy crops. The rain is expected to continue over the next few days and is expected to improve the corn conditions.

• Soybeans are trading lower again and are on track for a second consecutively lower close due to pressure from looming tariffs and slowing demand due to Brazil’s large soy harvest. Soybean meal is lower while soybean oil is higher.
• Yesterday’s export inspections report saw 859k tons of soybeans inspected for export as of February 20. This was within trade expectations and was higher than last week but lower than a year ago at this time. Top destinations were to China, Mexico, and Japan.
• In Brazil, the 24/25 soybean harvest is reportedly 39% complete as of February 20. This compares to 23% completion a week ago and 40% at the same time last year. The soy output is now estimated at 168.2 mmt compared to 171 mmt last month.

• All three wheat classes are trading lower this morning again and have broken their uptrend line now finding support at the 100-day moving average. Cash wheat values in the European Union have fallen which could be adding pressure.
• Yesterday’s export inspections report saw 375.5k tons of wheat inspected as of Feb 20. This was higher than last week’s but lower than a year ago at this time. Primary destinations were to Mexico, South Korea, and Malaysia.
• The European winter wheat crops are reportedly mostly in fair to good condition. There have been irreversible losses to yield potentials in some parts of the EU according to MARS due to weather.

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 to start the day following losses on Friday that have seen March futures rolling over after briefly exceeding the 5-dollar mark. Pressure is coming from the decision on 25% tariffs for Canada and Mexico that had been pushed off for 30 days.
• US ethanol stocks rose by 2% according to last week’s report to 26.218m bbl, ands analysts were expecting 25.731m. Plant production came in at 1.084m b/d compared to the survey average of 1.078m.
• Friday’s CFTC report showed funds as buyers of corn by 21,144 contracts which increased their net long position to 353,533 contracts bringing them closer to their record net long position.

• Soybeans are trading lower this morning but remain in a tight range that began on February 12. Both soybean meal and oil are lower as well as lower wheat drags down both corn and soybeans.
• Agroconsult has cut their estimate for the Brazilian soybean crop by 1.1 mmt but the new estimate is still a record at 171.3 mmt. This would be 15.8 mmt higher than last year’s crop with the center North region making up most of the gains.
• Friday’s CFTC report saw funds as sellers of soybeans by 11,949 contracts leaving them net long 16,526 contracts. They were buyers of soybean oil but sellers of soybean meal.

• All three wheat classes are trading lower this morning and are on track for a third lower close out of the past 4 trading sessions. Temperatures across the Midwest are expected to rise which trade views as bearish.
• In France, 2025 wheat plantings are up 10% on improved weather with 6.35 million hectares of winter grains planted for the 2025 harvest. This is up 7.2% from last year’s plantings.
• Friday’s CFTC report saw funds as buyers of Chicago wheat by 21,232 contracts leaving them net short 61,577 contracts. They were buyers of KC wheat by 8,158 contracts leaving them net short 22,090 contracts.

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading slightly lower this morning after posting slight gains yesterday. March futures are now 7 cents off their recent high, and are technically overbought. First notice day for March futures is 2/28.
• Estimates for today’s export sales report see corn sales in a range between 900k and 1,700k tons with an average guess of 1,375k tons. This would compare to 1,999k a week ago and 998k a year ago at this time.
• US ethanol stocks rose by 2% according to yesterday’s report to 26.218m bbl, ands analysts were expecting 25.731m. Plant production came in at 1.084m b/d compared to the survey average of 1.078m.

• Soybeans are trading lower this morning after higher trade yesterday, but prices have been rangebound over the past week and have been unable to rally significantly due to slipping demand. Both soybean meal and oil are lower.
• Estimates for today’s export sales report see soybean sales in a range between 100k and 500k tons with an average guess of 317k tons. This would compare to 210k last week and 56k a year ago.
• Agroconsult has cut their estimate for the Brazilian soybean crop by 1.1 mmt but the new estimate is still a record at 171.3 mmt. This would be 15.8 mmt higher than last year’s crop with the center North region making up most of the gains.

• All three wheat classes are trading higher this morning with Chicago wheat leading the way higher. Wheat futures have been trending higher since the end of December as winter kill in the US concerns traders.
• Estimates for today’s export sales report see wheat sales in a range between 300k and 600k tons with an average estimate of 472k tons. This would compare to 606k last week and 280k a year ago.
• In France, 2025 wheat plantings are up 10% on improved weather with 6.35 million hectares of winter grains planted for the 2025 harvest. This is up 7.2% from last year’s plantings.

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading higher this morning and is back above the 5-dollar mark in March after sliding at yesterday’s close to $4.97. Yesterday, prices were likely brought lower by the large correction in the wheat complex.
• Weather in South America has improved with more significant rains in Argentina and a mix of rain and sun in Brazil. The safrinha corn plantings in Brazil are estimated at 36% complete.
• Estimates for the Weekly EIA report see ethanol production lower than last week at 1.078m barrels per day while stockpiles are estimated at 25.731m bbl which would compare to 25.692m a week ago.

• Soybeans are trading higher this morning after selling off at yesterday’s close and was driven by soybean oil which led soybeans higher to start the day but collapsed after meeting resistance. Soybean meal is lower today while bean oil is higher.
• Agroconsult has cut their estimate for the Brazilian soybean crop by 1.1 mmt but the new estimate is still a record at 171.3 mmt. This would be 15.8 mmt higher than last year’s crop with the center North region making up most of the gains.
• In Argentina, high temperatures are expected to return to the grain belt while further rains look to come next week. Both soybeans and corn are in critical development stages there.

• All three wheat classes are trading higher to start the day with Minneapolis wheat leading the way. Yesterday, all wheat contracts reversed lower after breaking a few cents above the 200-day moving average.
• The winter wheat crop in Texas was downgraded to just 33% good to excellent as of February 16. Crops rated poor to very poor rose by 6 points to 24% as cold temperatures and lack of snow coverage damage the crop.
• In France, 2025 wheat plantings are up 10% on improved weather with 6.35 million hectares of winter grains planted for the 2025 harvest. This is up 7.2% from last year’s plantings.

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading higher this morning and has broken out of its recent trade range and above the 5-dollar mark in the March contract. This is the highest level corn has been since the end of March 2024.
• Yesterday’s export inspections were strong with 63.4 mb of corn inspected for export. This was above the highest range of trade estimates and put year to date shipments at 546 mb.
• Weather in South America has improved with more significant rains in Argentina and a mix of rain and sun in Brazil. The safrinha corn plantings in Brazil are estimated at 36% complete.

• Soybeans are trading higher along with the rest of the grain complex. Disappointing NOPA crush and export inspections have not helped prices rally like corn and soybeans. Soybean meal is lower while oil is higher.
• Yesterday’s inspections report sale 720k tons of soybeans inspected for export compared to 1,097k the previous week and 1,292k a year ago. Primary destinations were China, Egypt, and Mexico.
• Yesterday’s NOPA crush came in at 200.38 million bushels for January which was down from the previous month’s  206.6 mb and was also below trade estimates. 

• All three wheat classes are trading higher to start the day, and March Chicago wheat broke above the 200-day moving average yesterday for the first time since the beginning of October.
• Yesterday’s export inspections were disappointing for wheat with 250k tons inspected compared to 570k the previous week and 420k a year ago. Top destinations were Mexico, South Korea, and Panama.
• The winter wheat crop in Texas was downgraded to just 33% good to excellent as of February 16. Crops rated poor to very poor rose by 6 points to 24% as cold temperatures and lack of snow coverage damage the crop.

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 losses in both soybeans and wheat and remains near the highs of its recent trading range.
• In Argentina, the corn crop conditions were updated showing that the stretch of dry weather impacted crop ratings. 7 points were cut from the good to excellent conditions with 67% of the crop rated normal to regular and 33% poor to very poor.
• Friday’s CFTC report saw funds as sellers of corn by 31,828 contracts as of February 11 which lowered their net long position to 332,389 contracts. Overall, funds are still near their record long position.

• Soybeans are trading lower this morning, but have rebounded from overnight lows which saw prices as much as 10 cents lower. Soybean meal is slightly higher while soybean oil is lower.
• South American weather has improved and prices in Brazil have become much more competitive with the US. The USDA is estimating Brazilian soybean production at 169 mmt while other firms are closer to 172 mmt, a huge crop either way.
• Friday’s CFTC report saw funds as sellers of 28,554 contracts of soybeans which left them with a net long position of 28,475 contracts. They were net buyers of bean oil and sellers of meal.

• All three wheat classes are lower this morning with KC wheat leading the way down. On Friday, March Chicago wheat rallied up to its 200-day moving average which seems to be acting as resistance.
• Global weather uncertainty could be providing support, with dry conditions in Ukraine and Russia and colder temperatures expected this week in both Russia and the U.S. Plains.
• Friday’s CFTC report saw funds as buyers of 7,633 contracts of Chicago wheat leaving them with a net short position of 82,809 contracts. They were buyers of 5,733 contracts of KC wheat which left them with a net short position of 30,248 contracts.

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