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All prices as of 6:30 am Central Time

• Corn is trading higher this morning after posting gains yesterday and is at the top of its recent range, but still unable to break through $5 in the March contract. Yesterday’s export sales were supportive.
• Corn demand has begun to slip as the US exits its export window, but yesterday, a sale of 130,320 mt of corn was reported to unknown destinations. The weekly ethanol EIA petroleum status report saw slightly lower ethanol production at 1.082 million bpd.
• 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.

• Soybeans are trading higher this morning along with corn and wheat after finding support for the second consecutive day at the 100-day moving average. Both soybean meal and oil are trading higher as well.
• Yesterday’s export sales report was poor for soybeans coming in below the range of analyst estimates at 7.7 million bushels. Primary destinations were to China, Egypt, and the Netherlands.
• 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.

• All three wheat classes are higher to start the day again, and the March Chicago wheat futures are once again nearing the $6 mark that they have been unable to pass for months. World wheat values have risen supporting US wheat prices.
• Yesterday’s export sales report was better than expected for wheat with 22.3 million bushels sold, towards the higher end of analyst estimates. Primary destinations were to Mexico, South Korea, and the Philippines.
• Global weather uncertainty could be providing support, with dry conditions in Ukraine and Russia and colder temperatures expected next week in both Russia and the U.S. Plains.

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 it remains in its trading range with the March contract between $4.80 and $5.00. Improved weather in South America has kept both corn and soybeans from rallying further.
• Corn demand has begun to slip as the US exits its export window, but yesterday, a sale of 130,320 mt of corn was reported to unknown destinations. The weekly ethanol EIA petroleum status report saw slightly lower ethanol production at 1.082 million bpd.
• Estimates for today’s export sales report see corn sales in a range between 1,000k and 1,700k tons with an average guess of 1,363k. This would compare to 1,527k a week ago and 1,309k a year ago.

• Soybeans are trading lower this morning after significant losses yesterday and are on track for a third consecutive lower close, but may find some support at $10.25, the 100-day moving average. Soybean meal is 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.
• Estimates for today’s export sales report see soybean sales in a range between 300k and 800k tons with an average guess of 494k tons. This would compare to 388k last week and 308k a year ago.

• All three wheat classes are higher to start the day and have held up surprisingly well as corn has faltered and soybeans have turned lower. Wheat is undervalued compared to corn and may have a reason to rally further with global production concerns.
• Global weather uncertainty could be providing support, with dry conditions in Ukraine and Russia and colder temperatures expected next week in both Russia and the U.S. Plains.
• Estimates for today’s export sales report see wheat sales in a range between 200k and 600k tons with an average guess of 424k tons. This would compare to 486k last week and 397k a year ago.

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading mostly unchanged this morning, with only marginal gains and losses across contract months.
• The March corn contract made another attempt yesterday to break out of its current range but was rejected after hitting a high of 497. Since January 29, the market has tested the 496.50 to 498.50 range in seven of the last ten trading days.
• In yesterday’s WASDE report, the USDA lowered China’s corn import estimate by 3 million metric tons (mmt) to 10 mmt. For comparison, last year the USDA had China’s corn imports at 23.4 mmt—a significant drop.

• Soybeans started higher in the overnight session, posting gains of around 3 cents, but have since turned lower, now trading 5-6 cents below yesterday’s close.
• The March contract, which hit a new high of 1079.75 last week, has been stair-stepping lower and is now testing 1039—a level that hasn’t been closed below since January 17.
• While the USDA left the U.S. soybean balance sheet unchanged in yesterday’s WASDE report, some analysts expect eventual increases of 25 million bushels each in U.S. exports and crush.

• All three wheat classes are currently trading 1-4 cents higher, though they’ve pulled back from overnight highs, where gains reached 5-6 cents.
• Global weather uncertainty could be providing support, with dry conditions in Ukraine and Russia and colder temperatures expected next week in both Russia and the U.S. Plains.
• Continuing the theme of lower Chinese grain demand, the USDA lowered China’s wheat import estimate by 2.5 million metric tons (mmt) to 8 mmt, down from 13.6 mmt 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 higher to start the day as trade looks for another reduction in ending stocks today, but March futures have been unable to break above the 5-dollar mark with the high last week of $4.98.
• Yesterday’s export inspections were firm for corn at 1,334k tons which compared to 1,253k tons last week and 892k a year ago. Top destinations were to Mexico, Japan, and South Korea.
• The USDA will release its WASDE report today at 11am central, and early estimates see US corn ending stocks falling slightly to 1,527 mb despite a slight estimated increase in export demand. World ending stocks are expected to remain unchanged.

• Soybeans are trading higher this morning ahead of the USDA report. March futures have been hovering near this level for the past month. Soybean meal is trading higher this morning while soybean oil is lower despite higher crude oil.
• Brazil is reportedly 15% done with its 24/25 soybean harvest as of February 6. Prices in the country have been firm as strong export demand has kept supply limited.
• Estimates for today’s WASDE report see US soybean ending stocks falling by 3 mb 378 mb but also see a potential increase in export demand. Global ending stocks are estimated to remain unchanged to slightly lower.

• All three wheat classes are trading slightly higher this morning with Chicago wheat leading the way higher. March futures are now 58 cents off the contract lows from January.
• Estimates for today’s WASDE report see US wheat ending stocks relatively unchanged along with world ending stocks. It is not expected to hold many surprises for wheat.
• Yesterday’s export inspections for wheat were decent at 536k tons which compared to 253k tons the previous week and 408k a year ago. Primary destinations were to the Philippines, Dominican Republic, and Mexico.

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 Friday’s sell-off, and have now retraced nearly 50% of the gains from Monday and Tuesday. President Trump announced 25% tariffs on all steel an aluminum imports to the US in another trade escalation that may make traders nervous.
• The February WASDE report will be out tomorrow at 11am central, and early estimates see US corn ending stocks falling slightly to 1,527 mb despite a slight estimated increase in export demand. World ending stocks are expected to remain unchanged.
• Friday’s CFTC report saw funds as buyers of corn by 13,496 contracts which increased their net long position to 364,217 contracts as of February 4.

• Soybeans are trading lower to start the day but have been relatively rangebound over the past month. Argentina is receiving needed rainfall while Brazil has begun to dry out for harvest. Soybean meal is slightly higher while soybean oil is trading lower.
• Estimates for Tomorrow’s WASDE report see US soybean ending stocks falling by 3 mb 378 mb but also see a potential increase in export demand. Global ending stocks are estimated to remain unchanged to slightly lower.
• Friday’s CFTC report saw funds as buyers of just 533 contracts of soybeans which increased their net long position to 57,029 contracts as of February 4.

• All three wheat classes are trading slightly lower to start the day along with the rest of the grain complex. The dollar is trading higher which is likely adding pressure.
• Fundamentals remain friendly for wheat as the US winter wheat crop has struggled from winter kill, and estimates for Russian wheat also slip due to weather problems in the country.
• Friday’s CFTC report saw funds as buyers of 20,340 contracts of Chicago wheat, decreasing their net short position to 90,442 contracts. They bought 6,405 contracts of KC wheat, decreasing their net short position to 35,981 contracts.

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading lower this morning with the March contract still struggling to break above $5.00. Yesterday’s export sales were strong for corn, but a large global balance sheet has kept prices from rallying further.
• The February WASDE report will be on this coming Tuesday, and early estimates see US corn ending stocks falling slightly to 1,527 mb despite a slight estimated increase in export demand. World ending stocks are expected to remain unchanged.
• Yesterday’s corn export sales of 58.2 million bushels were better than expected, and total commitments are now at 71.9% of the USDA’s export forecast with 30 weeks left in the marketing year.

• Soybeans are trading lower to start the day and have been unable to break back above the 200-day moving average after spiking higher earlier in the week. Both soybean meal and oil are trading lower as well.
• Estimates for Tuesday’s WASDE report see US soybean ending stocks falling by 3 mb 378 mb but also see a potential increase in export demand. Global ending stocks are estimated to remain unchanged to slightly lower.
• In South America, Argentinian soybean production was last estimated at 52 mmt but may slip due to recent dry weather. The Brazilian soybean crop is estimated at 170 mmt.

• All three wheat classes are trading lower to start the day after higher prices overnight saw the March Chicago wheat contract exceed $5.90 for the first time since November last year.
• Fundamentals remain friendly for wheat as the US winter wheat crop has struggled from winter kill, and estimates for Russian wheat also slip due to weather problems in the country.
• While US wheat markets typically follow the European wheat contracts, this rally has only been seen in US markets while the EU has been rangebound. This points to funds beginning to cover their short positions.

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 to start the day but the March contract has still been unable to hit the 5-dollar mark. Yesterday, futures got as high as $4.98-1/2.
• Estimates for today’s export sales report see corn sales in a range between 850k and 1,500k tons with an average guess of 1,133k. This would compare to last week’s 1,404k and 1,219k tons the previous year.
• The next two months of weather will be crucial for Brazil’s second-crop corn. A delayed soybean harvest has slowed corn planting, with CONAB reporting just 5.3% complete to start the week, compared to 19.8% last year.

• Soybeans are higher this morning and are taking back a portion of yesterday’s losses. Fundamentals are largely unchanged from yesterday with harvest ongoing in Brazil but delayed, so this move may be a technical recovery. Both soybean meal and oil are trading higher.
• Estimates for today’s export sales report see soybean sales in a range between 300k and 1,100k tons with an average guess of 633k tons. This would compare to 443k last week and 350k tons the previous year.
• Continued moisture and normal to below-normal temperatures have limited soybean harvest opportunities in Brazil. CONAB reported yesterday that harvest was only 8% done to start the week compared 14% last year. 

• All three wheat classes are trading higher to start the day with Chicago wheat posting the larger gains. March Chicago wheat is managing to hold just above the 100-day moving average. It is encouraging to see wheat trade higher with the US dollar higher as well.
• Strong harvests reported in both Argentina and Australia could lessen the worry of potential reductions in world wheat production due to recent cold snaps in Russia and the U.S. 
• Estimates for today’s export sales report see wheat sales in a range between 200k and 550k tons with an average guess of 350k tons. This would compare to 480k last week and 387k the previous year.

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

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

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

All prices as of 6:30 am Central Time

• Corn is slightly higher this morning, with March futures preparing to challenge the psychological $5 level.
• The next two months of weather will be crucial for Brazil’s second-crop corn. A delayed soybean harvest has slowed corn planting, with CONAB reporting just 5.3% complete to start the week, compared to 19.8% last year.
• Strong demand has been the main driver of fund buying in corn. However, for prices to sustain above $5, the market will need continued bullish fundamentals, especially given the near-record fund length in corn.

• Soybeans are trading lower this morning after a sharply higher start to the week that led to the highest soybean price in six months. 
• Continued moisture and normal to below-normal temperatures have limited soybean harvest opportunities in Brazil. CONAB reported yesterday that harvest was only 8% done to start the week compared 14% last year. 
• While good rainfall has provided some short-term relief to much of Argentina, heat and a return to drier conditions are expected in the coming week. 

• All three wheat classes are trading higher this morning after a strong start to the week.
• After the higher close in Chicago wheat futures yesterday, all three wheats are now trading over their 100-day moving averages. With the funds still heavily net short wheat futures, this technical development could lead to buying interest.
• Strong harvests reported in both Argentina and Australia will lesson the worry of potential reductions in world wheat production due to recent cold snaps in Russia and 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 mixed this morning with the March contract slightly higher while the deferred months are lower. Yesterday’s trad was very volatile with an initial gap lower which was followed by a rally that filled all gaps on the chart after tariffs were pushed off for 30 days with Mexico.
• Yesterday, after Mexico made concessions which resulted in the tariff implementation date being pushed back, the same thing happened with Canada in a phone call at 2pm. Canada agreed to heighten border security, and the tariffs on Canadian goods was pushed back for another 30 days.
• Friday’s CFTC report saw funds as buyers which brought them to a net long position of 350,721 contracts, but since then, they are estimated to be long closer to 374,270 contracts which is nearing record long territory.

• Soybeans are trading lower this morning as yesterday, tariffs for Canada and Mexico were held off, but China retaliated by placing tariffs on some US goods. This leads to concerns over export demand for soybeans. Soybean meal is trading higher while soybean oil is lower.
• Yesterday, the US inspected 1,013k tons of soybeans for export. This compared to 738k tons the previous week and 1,751k tons a year ago at this time.
• Brazil’s 24/25 soybean harvest is reportedly 7.6% complete as of January 31 which compares to a pace of 15.7% the previous year and the 5-year average of 11.8% at this time.

• All three wheat classes are trading lower this morning after stronger but volatile trade yesterday. Tariffs against Canada would have been supportive to wheat due to the quantity of wheat imports from the country, but now those tariffs are postponed.
• SovEcon has cut its estimate of Russian wheat export outlook as a result of limited supplies and low profitability for shipments abroad. Their export outlook is now at 42.8 mmt which is 2% lower than the previous estimate.
• US winter wheat crop conditions were updated yesterday and saw the good to excellent rating in Kansas increasing to 50% from 47% the previous week. Oklahoma on the other hand fell by 5% to 40%, and conditions in Texas fell by 5% to 37%.

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 and has gapped lower for a second consecutive day after March futures fell short of the 5-dollar mark last week, and the Trump tariffs went into effect over the weekend.
• President Trump has put tariffs of 25% on both Canada and Mexico who had previously not had any tariffs on them, and tariffs on China were increased another 10%. The dollar has rallied on this news and it has been bearish for grains but bullish for energies. Trudeau has said Canada would retaliate by placing 25% tariffs on US goods.
• Friday’s CFTC report saw funds as buyers of corn as of January 28 by 39,043 contracts which increased their net long position to 350,721 contracts.

• Soybean futures are trading lower to start the day alongside corn and wheat as a response to the tariffs, but it has been interesting that soybean meal is driving the complex lower while soybean oil is benefitting from the tariff news and trading higher.
• Brazil’s 24/25 soybean harvest is reportedly 7.6% complete as of January 31 which compares to a pace of 15.7% the previous year and the 5-year average of 11.8% at this time.
• Friday’s CFTC report saw funds as buyers of soybeans as of January 28 by 16,166 contracts increasing their net long position to 56,496 contracts.

• All three wheat classes are trading lower this morning but have not has as significant of a bearish reaction to the tariff news as corn and soybeans have as wheat is already near contract lows.
• SovEcon has cut its estimate of Russian wheat export outlook as a result of limited supplies and low profitability for shipments abroad. Their export outlook is now at 42.8 mmt which is 2% lower than the previous estimate.
• Friday’s CFTC report saw funds as sellers of Chicago wheat by 18,990 contracts leaving them short 110,782 contracts. They were sellers of KC wheat by 7,255 contracts which left them net short 42,386 contracts.

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

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