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All prices as of 6:30 am Central Time

• Corn is trading lower this morning for what would be the second consecutive day in a row, and also gapped lower in the March contract. Prices came within less than three cents of the $5 mark on Wednesday which is big psychological resistance.
• The Buenos Aires Grain Exchange reported that Argentina was most likely get rain in February that would put an end to the drought and stop the corn crop from deterioration. They expect Argentina to produce 49 mmt of corn.
• Yesterday’s export sales report saw corn sales within the average trade guesses at 1,404k tons, but this was below last week’s sales of 1,670k tons.

• Soybean futures are also trading lower this morning for what would be the second consecutive day of losses. The dollar is higher which could be adding pressure, but the improved Argentine forecast is the more likely culprit as evidenced by lower soybean meal. Soybean oil is slightly higher.
• The US December soybean crush is expected to come in at a record high 217.6 million bushels according to analysts at Reuters. If this is realized, it would be up 3.6% from the 210.0 mb crushed in November and 6.6% from last December’s crush.
• Yesterday’s export sales for soybeans were poor at just 443k tons. This compared to 1,493k tons the previous week. Primary destinations were to China, Spain, and the UK.

• All three wheat classes are trading lower this morning after yesterday’s gains. Wheat is very sensitive to moves in the US dollar which is currently trading higher, but there seems to be a bearish tone overall in the grain markets this morning.
• 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.
• Yesterday’s export sales report was slightly better than expected for wheat at 480k tons sold. This compared to 215k last week, and the top buyers were the Philippines, unknown, and South Korea.

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 yesterday, the March contract reached its highest level since May 2024. Prices have begun to back off now that they are facing resistance at the 5-dollar mark.
• In Brazil, safrinha corn planting is falling behind schedule, with only 1% planted compared to the 10% average. Forecasts call for rain next week, further tightening the planting window. Some Brazilian farmers are considering switching from corn to sorghum as a result.
• Estimates for today’s export sales report see corn sales in a range between 850k and 1,800k tons with an average guess of 1,275k tons. This would compare with 1,670k last week and 1,351k a year ago.

• Soybean futures are trading lower this morning giving back a portion of yesterday’s gains. As in corn, soybeans are nearing resistance, and funds may be taking profits on short positions. Both soybean meal and oil are trading lower.
• Export demand has softened, with last week’s Gulf soybean loadings hitting their lowest level since mid-September. The Lunar New Year holiday in China and expectations for cheaper Brazilian supplies in the coming weeks may be contributing to the slowdown.
• Estimates for today’s export sales report see soybean sales in a range between 450k and 1,700k tons with an average guess of 1,150k. This would compare to 1,493k last week and 166k the previous year.

• Wheat futures are mixed to start the day with Chicago trading slightly lower while KC and Minneapolis are higher. Prices rallied higher yesterday on technical short covering and poor global weather.
• Global crop concerns continue to rise as Western Europe is too wet and the Black Sea and Ukraine too dry. France’s wet weather is hurting crop ratings and dimming production prospects. Russia’s wheat crop could fall below 85 MMT.
• Estimates for today’s export sales report see wheat sales in a range between 150k and 500k tons with an average guess of 300k. This would compare to last week’s 215k and 338k 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 leading the grain markets higher this morning, with May and July contracts pushing back above the $5.00 mark. Overnight highs were last posted at $5.02½ for May and $5.04¼ for July.
• In Brazil, safrinha corn planting is falling behind schedule, with only 1% planted compared to the 10% average. Forecasts call for rain next week, further tightening the planting window. Some Brazilian farmers are considering switching from corn to sorghum as a result.
• Meanwhile, a 3% drop in the U.S. dollar—from its mid-January high of 110 to this Monday’s low of 106.775—has likely added support to the market. Since the dollar peaked, the March ’25 contract has gained 15 cents.

• Soybean futures are trading higher this morning, up six to nine cents at their respective overnight highs.
• Harvest delays in Brazil are firming export prices, with yield expectations mixed. Central Brazil is on track for near-record yields, but southern Brazil’s yields could drop 20% compared to last year.
• Export demand has softened, with last week’s Gulf soybean loadings hitting their lowest level since mid-September. The Lunar New Year holiday in China and expectations for cheaper Brazilian supplies in the coming weeks may be contributing to the slowdown.

• Wheat futures are building on yesterday’s gains, trading six to eight cents higher overnight, following strong gains of eight to twelve cents in the previous session.
• Global crop concerns continue to rise as Western Europe is too wet and the Black Sea and Ukraine too dry. France’s wet weather is hurting crop ratings and dimming production prospects. Russia’s wheat crop could fall below 85 MMT.
• Jordan has issued a tender to purchase 120,000 MT of milling wheat from optional origins.

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

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

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

All prices as of 6:30 am Central Time

• Corn futures are trading higher this morning with the March contract taking back half of yesterday’s losses. Yesterday, traders were spooked by the tiff with Colombia and potential new tariffs as well as lower equities in the tech sector that weighed on nearly all commodities.
• As of January 23, the US inspected 1.247m tons of corn for export which compared to 1.542k the previous week and 926k a year ago. The majority of the corn is headed for Japan followed by Mexico.
• President Trump is reportedly being pressed to delay a gasoline policy change that is meant to boost ethanol sales due to concerns that the necessary fueling infrastructure would be installed in time. 

• Soybean futures are trading higher to start the day, but are still 28 cents off last week’s high as farmer selling and fund profit taking bring prices lower. Both soybean meal and oil are trading higher, but bean oil is posting the larger gains.
• The Brazilian soybean harvest is reportedly the slowest since the 20/21 harvest. Parana has been leading the country in progress, but Mato Grosso and other states are still delayed although there have been reductions in rainfall.
• Yesterday’s export inspections report saw soybean inspections at 729k tons which compared to 979k last week and 913k the previous year. The majority of the soybeans are headed to China followed by Turkey.

• All three wheat classes are trading higher this morning as the grain complex recovers slightly in general from yesterday’s outside market sell-off. Prices remain near contract lows despite some fundamental bullishness.
• Frigid temperatures over the past week have reportedly killed up to 15% of the winter wheat crop in parts of the US Plains and Midwest according to the Commodity Weather Group. The lack of snow coverage made winter wheat vulnerable to winter kill.
• Yesterday’s export inspections report saw 485k tons of wheat inspected for export as of January 23 which compared to 262k tons last week and 284k the previous year. The wheat is primarily headed to Japan followed by South Korea.

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

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

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

All prices as of 6:30 am Central Time

• Corn futures are trading lower this morning with the March contract now trading below the 21-day moving average for the first time since the WASDE report was released on the 10th. The move comes despite a decline in the dollar index.
• Over the weekend, Colombia blocked an incoming deportation flight from the US prompting President Trump to impose a 25% tariff against the country along with sanctions, but as of this morning, that has been put on hold after Colombia agreed to make a deal. The uncertainty has pressured commodities.
• Friday’s CFTC report saw funds as buyers of corn by 19,244 contracts as of January 21 which left them with a net long position of 311,768 contracts.

• Soybean futures are trading lower this morning following the news of potential Colombian tariffs, and the March contract is now 30 cents off last week’s high. Both soybean meal and oil are trading lower as well.
• 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.
• Friday’s CFTC saw funds as buyers of soybeans by 5,497 contracts as of January 21. This left them with a net long position of 40,330 contracts.

• All three wheat classes are trading lower this morning along with the rest of the grain complex. March Chicago wheat is now just 13 cents off its contract lows as exports demand remains sluggish.
• Frigid temperatures over the past week have reportedly killed up to 15% of the winter wheat crop in parts of the US Plains and Midwest according to the Commodity Weather Group. The lack of snow coverage made winter wheat vulnerable to winter kill.
• Friday’s CFTC report saw funds as buyers of Chicago wheat as of January 21 leaving them net short 91,792 contracts. They bought 2,475 contracts of KC wheat leaving them net short 35,131 contracts.

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

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

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

All prices as of 6:30 am Central Time

• Corn futures are trading lower 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.

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