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All prices as of 6:30 am Central Time

• The corn market is trading quietly higher near the top end of a tight 3 1/2 cent range as it continues to consolidate from Monday’s drop on little fresh news.
• Weekly export sale’s reported yesterday were a mixed bag. New sales for old crop came in below expectations at 17.2 mb, while new crop sales were just above expectations at 19.1 mb. Total old crop sales remain a solid 38% above last year.
• There is some talk that with the generally favorable weather, the market may be trading a US yield closer to 184 bpa versus the 181 the USDA is currently projecting.
• In yesterday’s trade funds covered part of their net short position, buying an estimated 6,000 corn futures contracts. This brought their estimated net short position to 361,000 contracts.

• With little to move the market significantly in either direction, soybeans are trading moderately higher as they follow through on yesterday’s firm close, with support from higher soybean meal and oil.
• Export sales for soybeans came in mostly as expected with new sales totaling 13.2 mb for old crop. New crop sales fell at the upper end of expectations at 13.8 mb. Total old crop sales remain 14% lower than last year.
• The USDA did report an 18.7 mb flash sale for new crop soybeans, and a 150,000 mt sale of soybean meal for 24/25, both to unknown destinations. (possibly China?)
• Managed funds were relatively quiet in yesterday’s trade, buying an estimated 3,000 soybean futures contracts, which reduced their total estimated net short position to 177,000 contracts.

• The wheat complex is trading moderately higher across all three classes of US wheat as traders likely cover short positions.
• Lending some support to prices is Matif wheat, which is trading higher. With most of the French harvest in the bin, the quality is below average and giving a boost to prices.
• The most recent drop in wheat prices has spurred new demand on the world market. While this is beneficial in the big picture, the majority of the business has been filled by Russia with their cheaper export prices.
• US export sales for the week ending July 11, came in toward the top end of expectations at 21.3 mb. Total commitments of 284 mb for the 24/25 marketing year are ahead of the pace needed to reach the USDA’s goal, and 48% ahead of last year.
• Managed funds’ activity was balanced in yesterday’s session with estimated purchases and sales net even in Chicago wheat. Their estimated net short position in Chicago wheat remains at 82,000 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

• The corn market is lower this morning and giving up the gains from yesterday after hitting resistance near yesterday’s highs, with increased farmer selling reported as prices neared 400 in the September contract.
• Ethanol production increased 4.9% last week from the week prior, and up 3.4% year over year on improved margins. Total corn use was estimated at 109.78 million bushels, and while production increased, ethanol stocks fell 2% week over week.
• Brazil’s corn export prices are said to be firm and near $183 per mt, while Ukraine’s prices are around $200 per mt. US export prices are competitive at this time at $187. 
• The USDA will report weekly export sales later this morning. Current estimates for new corn sales range between 500,000 – 800,000 mt for old crop, and upwards of 400,000 for new crop.

• Soybean futures are trading lower this morning as they follow through on yesterday’s weakness. Bull spreading continues between spot August contract and the deferred contracts as the cash market continues to reach for fresh supplies. Soybean meal is weaker this morning, while soybean oil is firm. 
• Rumors circulated yesterday that China was in the market and bought some cargoes of US soybeans off the PNW for late summer delivery. These rumors arose following reports that China had recently purchased upwards of 4.5 mmt of Brazilian soybeans.
• At this time, Brazil’s export prices are near $423 per mt, reportedly lower on increased farmer selling and a slowdown in Chinese demand. US soybean export prices out of the Gulf are near $436 per mt.
• Weekly soybean export sales will be reported later this morning. Current estimates for new sales range between 150,000 – 600,000 mt, compared to 208,000 last week. 

• The wheat complex is mixed this morning with Minneapolis leading Chicago higher, while the KC contracts are mixed, with the front months gaining on the deferred. Talk of increased demand for high protein wheat is lending support to the Minneapolis contracts.
• Egypt issued its largest tender in two years, with Russia filling the majority of the 770,000 mt, and Bulgaria supplying the balance. Algeria was also reportedly in the market buying wheat, with eastern Europe and Russia filling the order.
• Weekly wheat export sales out later this morning are estimated to come in between 225,000 and 600,000 mt. This compares to total new sales of 240,000 mt reported last week. 

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

• The corn market is quietly trading towards the top of its tight 4 1/2 cent range in the December corn contract as traders book profits and cover some short positions.
• Weekly ethanol production data will be released later today from the EIA.  The trade expects production to increase from last week to 1.065 million barrels per day, with stocks also expected to increase to 23.712 million barrels from 23.603 million last week.
• Ukraine’s 2024 corn yield could drop by as much as 30-35% due to the extreme heat and drought conditions the region has faced recently. This from the Ukrainian Agrarian Council. 
• In yesterday’s trade, managed funds were buyers of an estimated 5,000 contracts of corn. This brings their estimated net short position down to 370,000 contracts.

•  So far this morning, the soybean market is trading moderately higher at the top its range with the August contract leading. Bull spreading is being supported by a tight cash market.
• Reports indicate that China has purchased up to 75 cargoes, or approximately 4.5 million metric tons, of Brazilian soybeans—mostly for August delivery—since the beginning of July, as soybean prices have dropped to multi-year lows. This buying activity has also likely lent support to the front end of the soybean futures market.
• The recent buying activity by China from Brazil highlights the thin book of sales that the US currently has for the new crop. This situation has been exacerbated by the drop in Brazil’s currency versus the US dollar, making Brazilian supplies cheaper on the world market.
•  Managed funds were quiet buyers of an estimated 3,000 soybean futures contracts in yesterday’s trading session, which brings their estimated net-short position to 180,000 contracts.

• The wheat complex is trading higher and near session highs across all three classes as the market attempts to rebound from oversold conditions.
• Russia continues to dominate the world wheat market with low export prices, currently near $218 per metric ton FOB. For comparison, US HRW FOB export prices are near $260 per mt.
• According to Russia’s Ag Ministry, Russia has reportedly increased their export duties on wheat by 4.7% for the period of July 17-23.
• Managed funds were rather quiet yesterday, as their trading activity was net even for the session, leaving their net short position in Chicago wheat unchanged at an estimated 85,000 contracts.

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading higher and at the upper end of its near six cent range in the December contract this morning as it recovers some of its losses from yesterday.
• The USDA released its weekly crop progress report yesterday afternoon, which showed the corn crop’s good to excellent condition unchanged at 68% from last week and compares to 57% G/E from last year. 41% of the crop is silking versus the 5-year average of 32%.
•  US export and domestic basis remains firm as processors and exporters reach for supplies to keep their pipelines full. Weekly export inspections were 42 mb and are 31% ahead of last year’s pace. This continues to support the front end of the corn market as September corn gains on December.
• Funds were active sellers in yesterday’s market action, adding an estimated 14,000 corn futures contracts to their record short position. They are now estimated to be net short 375,000 contracts.

•  The soybean market is firm this morning as traders cover some short positions following yesterday’s sharp selloff. Soybean meal is only slightly higher, while bean oil is moderately higher.
• The USDA reported in its weekly crop progress report, that the soybean crop’s good to excellent rating remained steady at 68% from last week and compares to 55% G/E last year. 51% of the crop is blooming versus the 5-year average of 44%.
• The NOPA crush report showed 175.6 mb of soybeans were crushed in June, below expectations of 178 mb, but still above last year’s 165 mb. Soybean oil stocks also came in below expectations at 1.622 billion pounds, which has given support to soybean oil.
• Funds were active in the soybean market yesterday, selling an estimated 11,000 soybean contracts. Managed funds are now estimated to be short 183,000 contracts.

• All three classes of wheat are showing small gains across most contracts as prices attempt to recover from yesterday’s lower trade and Friday’s bearish supply outlook.
• The USDA showed in yesterday afternoon’s crop progress report that winter wheat harvest has maintained its quick pace and is now 71% complete, 9% ahead of the 5-year average of 62%. The spring wheat crop condition gained 2% in the good to excellent categories to 77%, from last week’s 75%, with 76% of the crop headed.
• Black Sea export prices remain the cheapest on the world market with Russian prices not far behind, as they have reportedly fallen to $218 per mt FOB, which continues to weigh on prices. Global demand for the August time frame remains weak.
• Like corn and soybeans, managed funds were active sellers in Chicago wheat in yesterday’s trade, selling an estimated 6,000 contracts, and brings their estimated net short position to 85,000 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

• The corn market is trading lower this morning with carryover weakness from soybeans and wheat, giving up the gains from Friday’s bullish USDA WASDE report that put old crop ending stocks well below trade estimates.
• In Friday’s WASDE report, the USDA surprised the market by lowering old crop ending stocks for the 23/24 crop year to 1.877 billion bushels from June’s estimate of 2.022 bb. The unexpected decrease was due to an increase in export demand and higher feed and residual use.
• The lower 23/24 ending stocks numbers carried over to the 24/25 new crop ending stocks, which came in at 2.097 bb, well below the 2.312 bb that was expected.  24/25 corn production was increased as expected with no change to yield with the additional acres from the June 28 Acreage report.
• The USDA made a minor adjustment to Argentina’s corn production estimate, lowering it by 1 mmt to 52 mmt from last month’s estimate. Meanwhile, the projection for Brazil remained unchanged at 122 mmt, which is higher than Conab’s latest estimate of 115.86 mmt.
• Friday the Commodity Futures Trading Commission (CFTC) released its Commitment of Traders report, showing that as of Tuesday, July 9 managed funds increased their net short position by 17,445 contracts. This brought their total net short position to a record 353,983 contracts.

• Soybeans are trading lower this morning following a relatively neutral WASDE report on Friday. Additional weakness this morning may be coming from lower meal prices and sharply lower soybean oil.
• Friday’s WASDE report was favorable for corn but neutral for soybeans. Old crop ending stocks came in at 345 million bushels, 5 mb below last month and towards the lower end of expectations. US production for 24/25 was slightly lowered from last month’s estimate to 4.435 bb, and slightly below trade expectations. Yields remained unchanged at 52.0 bpa, while new crop ending stocks were pegged at 435 mb, relatively in line with expectations.
• The USDA’s report left Brazilian soybean production unchanged at 153 mmt, significantly higher than CONAB’s estimate of 147.34 mmt. Though it did slightly lower its estimate for Argentina’s soybean crop to 49.5 mmt, down from last month’s 50 mmt. 
• Friday the Commodity Futures Trading Commission (CFTC) released its Commitment of Traders report, showing that as of Tuesday, July 9 managed funds increased their net short soybean position by 31,679 contracts. This brought their total net short soybean position to 172,605 contracts.
• This morning’s price action could be a knee jerk reaction to the assassination attempt on former President Trump, as many believe the odds of his re-election have greatly increased, potentially bringing with it more strained trade relations with the world’s largest soybean importer, China. 

• The wheat complex is trading lower this morning across all three classes, with Chicago leading the way, as it follows through on Friday’s bearish USDA data.
• The USDA increased wheat production to a bearish 2.008 billion bushels, up from 1.875 in June and the highest in eight years. Old crop carryout was increased from 688 mb to 702 mb, while the 24/25 ending stocks went from 758 mb to 856 mb. 
• Global 23/24 wheat carryout increased from 259.6 mmt to 261.0 mmt, and the 24/25 season went from 252.3 mmt on the June report to 257.2 mmt.
• Friday the Commodity Futures Trading Commission (CFTC) released its Commitment of Traders report, showing that as of Tuesday, July 9 managed funds reduced their net short Chicago wheat position by 4,837 contracts. This brought their total net short position to 69,137 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 to start the day giving up most of yesterday’s gains as trade anticipates today’s WASDE report. While most of the bearishness for today’s report is likely priced in, the report could hold some surprises.
• Yesterday’s export sales report was on the soft side again with 21.2 mb of old crop corn sold, 4.6 mb of new crop, and shipments at 43.6 mb. China was the top buyer, but the general lack of good demand has been the biggest factor for prices.
• Yesterday, CONAB revised its estimates for the Brazilian corn crop and increased it to 115.86 mmt which compared to last week’s guess of 114.14 mmt. The USDA will likely keep their estimate above CONAB’s today as it has done all season.

• Soybeans are trading lower this morning and have given up most of yesterday’s gains similar to corn. With favorable weather in the forecast, there is not enough bullish news to stop funds from continuing to sell across the ag complex. Both soybean meal and oil are trading lower as well.
• Today at 11am central, the USDA will release its WASDE report and expectations are for old crop ending stocks to increase slightly while new crop is expected to fall a bit due to lower acreage. Brazil’s soybean production is expected to be lowered as well.
• Yesterday’s export sales report was on the low end of trade estimates with 7.6 mb of old crop sold, 7 mb of new crop, and shipments soft at 9.8 mb. China made its first purchase of new crop soybeans this week, but they will need to purchase more to move the market in a significant way.

• All three wheat classes are trading lower this morning with KC wheat leading the way lower as trade anticipates a bearish USDA report today. 
• Expectations for today’s report are for total wheat production to rise by 37 mb and for ending stocks to rise by 29 mb to 787 mb on June 30, 2025. While it is expected to be bearish, much of it could be priced in at this point.
• The Argentinian wheat forecast has been cut by 2.4% with the Rosario exchange citing less acreage than anticipated. Production is estimated at 20.5 mmt down from last month’s estimate of 21 mmt.

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 as prices attempt to stabilize after Monday’s poor start to the week and the subsequent selling following.
• The remnants of Hurricane Beryl have moved on out of the Corn Belt and the forecast is now calling for above normal temperatures that should be beneficial to drying out fields while not harming the crop.
• According to a Bloomberg survey, analysts are forecasting Brazilian corn production higher at 115.48 mmt which would compare with CONAB’s last estimate of 114.14 mmt. CONAB will release its updated July numbers at 9am central.

• Soybeans are trading higher this morning after 3 consecutively lower closes that have brought new crop soybean prices below the $11 mark. August is back to being bull spread against the November contracts. Both soybean meal and oil are trading higher as well.
• On Friday, the USDA will release its WASDE report and expectations are for old crop ending stocks to increase slightly while new crop is expected to fall a bit due to lower acreage. Brazil’s soybean production is expected to be lowered as well.
• CONAB previously estimated Brazilian soybean production at 147.35 mmt but will update that number today, and estimates are for that number to rise slightly to 147.89 mmt.

• All three wheat classes are trading higher this morning with KC wheat leading the way as the entire ag complex appears to be trying to stabilize after selling off so sharply this week.
• Ukrainian grain exports are expected to rise by over 1 mmt this marketing year with 1.13 mmt of grain already exported in the season that started July 1. This is a 62% increase over the 698k tons exported at this same time last year.
• Russian FOB wheat prices are showing no signs of production issues after dry weather stretches’ and two spring frost events. The IGC said Russia’s FOB wheat prices fell $7 a metric ton in the week ending July 5,  to $219 a metric ton, cheaper than all major competitors, except Ukraine. 

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 yesterday’s overall quiet session. After a warmer and drier stretch for the Corn Belt over the next seven days, temperature are expected to turn more seasonal to end next week. 
• Rain totals to start the week in Corn Belt areas east of the Mississippi river from Hurricane Beryl were slightly less than expected but still highly beneficial ahead of pollination.  
• With the new crop corn carryout picture (~2.3 bb) nearly identical to early July of 2023, the funds have taken a drastically different position in the corn market here in 2024. The funds have likely added to their net short position of over 340,000 contracts to start this week compared to last year in July when they were holding about a 50,000 contract short position.

• Soybeans are trading lower this morning once again. Remnants of Hurricane Beryl are exiting the eastern Midwest today. The upcoming week of weather looks warmer and drier for all compared to recent weeks.  
• Lack of new crop soybean exports sales on the books for the upcoming 2024/25 marketing year continue to pressure soybean futures. U.S. soybeans for export are cheaper than Brazilian soybeans for export during the months of October through December currently, but buyers have yet to show up for the most part. 
• The broader U.S. economy will be watching CPI and PPI numbers later this week. Fed Chairman Powell spoke Tuesday to the Senate and will speak to the House Wednesday. His comments suggest that a rate cut could still occur this year. 

• Wheat is mostly lower once again this morning following corn and soybean prices. Spring wheat acres in the U.S. may be stressed in the upcoming week with hot and dry conditions, this should however assist in winter wheat harvest across the U.S.
• U.S. wheat export sales for the 2024/25 marketing year are off to a strong start totaling just over 250 million bushels, up 49% from this time a year ago.
• Russian FOB wheat prices are showing no signs of production issues after dry weather stretches’ and two spring frost events. The IGC said Russia’s FOB wheat prices fell $7 a metric ton in the week ending July 5, to $219 a metric ton, cheaper than all major competitors, except Ukraine.

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 losing over 17 cents in yesterday’s trade in the September contract due to better weather forecasts for the eastern Corn Belt. Yesterday’s Crop Progress was also slightly bearish.
• Yesterday’s report showed the good to excellent rating in corn increasing by 1 point to 68% which compares to 55% at this time a year ago. 24% of the crop is silking which compares to 11% a week ago and 18% a year ago, and 3% is doughing which is above the 2% last year at this time.
• The CFTC report was released yesterday due to the holiday delay, and it showed that as of July 2, funds sold 58,872 contracts of corn which brought their net short position to a near record 336,538 contracts.

• Soybeans are trading lower this morning apart from the front month and are being further bull spread as demand for on hand cash soybeans grows, but traders expect a large crop this fall. Both soybean meal and oil are trading lower this morning.
• Yesterday’s Crop Progress Report showed soybean crop ratings increasing a point to 68% good to excellent which compares to 50% last year. There were significant improvements in Iowa, Kansas, and Ohio. 34% of the crop is blooming which compares to the average of 28% and 9% are setting pods which compares to the average of 5%.
• As of July 2, funds were reported to have added 11,263 contracts of soybeans to their net short position which increased it to 140,926 contracts.

• Wheat is faring slightly better than corn and soybeans this morning with small gains in all three classes but has been unable to hold last weeks gains as crop conditions improve and harvest accelerates.
• Yesterday’s Crop Progress Report showed winter wheat at 63% harvested which compares to 54% a week ago and the average of 52%. Spring wheat saw an improvement in good to excellent ratings up to 75% which compares to 72% a week ago and just 47% a year ago. 59% of the crop is headed which compares to 38% a week ago and the average of 60%.
• As of July 2, funds were sellers of 3,487 contracts of Chicago wheat bringing their net short position to 73,974 contracts and were sellers of 6,031 contracts of KC wheat bringing that short position to 43,103 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 September contract hovering just above 4 dollars as forecasts for the week have begun to include rainfall in the eastern Corn Belt that will be helped by the aftermath of Hurricane Beryl.
• The USDA’s supply and demand report is upcoming, and the recent stocks data that showed a larger amount of corn on hand will be factored into this report and may be bearish.
• The CFTC report will be released this afternoon rather than last Friday due to the holiday, and it is possible that trade will have seen funds as less aggressive sellers as September corn posted a slight gain on the week.

• Soybeans are trading sharply lower to start the week as pressure from rainfall expected in the eastern Belt affects beans as well as corn. Both soybean meal and oil are trading lower this morning.
• There have been no deliveries so far this month against the July soybean contract while domestic crush demand remains firm. In addition, the July August soybean spread has moved to its highs at 23 cents.
• In China, the US Ag attaché sees Chinese imports for 24/25 at 103 mmt. China is expected to produce 19.6 mmt based on planted area which is relatively low. The soybean import estimate is unchanged from 23/24.

• All three wheat classes are trading lower this morning with KC wheat leading the way lower. Pressuring the market are better winter wheat yields than expected in the US and Russian production estimates beginning to rise again.
• The export inspections report will be released at 10am this morning and so far, wheat exports have been moving at a good pace. Year to date, inspections are 23.7% ahead of last year.
• Ukraine has reportedly harvested 1.62 mmt of wheat as of July 5 and was harvested over 482,200 hectares of land according to the Agriculture Ministry. The country had only harvested 172,000 mt of wheat last year at this time.

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

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

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