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All prices as of 6:30 am Central Time

• Corn is trading lower this morning after the markets were closed yesterday for the Juneteenth holiday. December corn has been relatively rangebound since the beginning of the month, but better than expected weather forecasts are pressuring markets.
• In the eastern Corn Belt, temperatures are expected to be very hot which will make rainfall critical. There were some light showers yesterday through Illinois and Indiana, but more rain is expected to fall over a wider area this weekend.
• Corn demand has been relatively strong thanks to Mexico who has been the primary buyer of US corn. Shipments are up 23% in 23/24 from the previous year, and ethanol production is up as well by 4%.

• Soybeans continue to slide lower this morning despite a large NOPA crush number that was higher than the average trade estimates, and futures are now just 5 cents away from the low posted in February of this year. Soybean meal is lower while soybean oil is trading higher.
• Chinese imports of soybeans from the US jumped in May and were up 156% from the same period a year ago. China purchased 1.27 mmt of soybeans from the US as Brazilian supplies shrink due to the flooding in the southern region of the country.
• In Brazil, soybean planted acres are expected to continue to increase each year to contribute to biofuel demand rather than Chinese exports. Andre Nassar, who is the head of the Brazilian soybean crushers lobby, believes that Brazilian soybean production could reach 170 mmt in the new season with favorable weather.

• All three wheat classes are trading lower this morning with Chicago wheat leading the way lower. July Chicago wheat futures are trading $1.45 below last month’s high as trade shrugs off concerns about a dip in Russian production.
• Ukrainian grain exports for the 23/24 July-June marketing season increased to 49.3 mmt from 47.5 mmt a year earlier. Of that number, wheat made up 18.1 mmt of wheat.
• In Russia, SovEcon has revised wheat production lower again at 127.4 mmt which would compare to 144.9 mmt the previous year. This production decrease may be priced in at this point considering that there were reports of dry weather and frosts causing problems months 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 slightly higher this morning following yesterday’s move lower and afternoon Crop Progress report which showed corn good to excellent ratings falling slightly.
• Yesterday, the USDA said that 72% of the corn crop was rated good to excellent which was a 2-point decline from last week’s ratings. 93% of the crop is now emerged which compares to 85% last week and the 5-year average of 95%.
• The US inspected 1,287k tons of corn for export last week which was below last week’s inspections by 4%. Mexico was the top destination for corn inspections. In China, corn imports for May were down 36.8% year over year. 

• Soybeans are also trading slightly higher this morning with some support from yesterday’s crop progress. November futures are only 10 cents off February’s lows, however. Soybean meal is trading higher this morning while soybean oil is unchanged.
• Yesterday, the USDA said that 70% of the soybean crop was rated good to excellent which was a 2% decline from the previous week, but trade was expecting this small drop. 82% of the soybean crop is emerged which compares to 70% a week ago and the 5-year average of 79%. 93% of the crop is planted.
• Yesterday’s NOPA crush results for the month of May were encouraging, although the market didn’t react. At 183.625 million bushels, it was above nearly all trade estimates and rebounded from the previous month’s seven-month low.

• All three wheat classes are trading lower this morning as prices continue to slide from the recent high on May 28. Harvest pressure within the US is not supportive as production is expected to be much larger than last year’s.
• Yesterday’s Crop Progress Report showed winter wheat ratings improving to 49% good to excellent which was a 2-point jump from the previous week. 94% of the winter wheat crop is headed which compares to 89% last week, and 27% of the crop has been harvested which compares to 12% last week and the 5-year average of 14%.
• In spring wheat, the USDA said that 76% of the crop was rated good to excellent which was a 4-point increase from last week. 95% of the crop is emerged and 4% is headed which compares to the 5 year averages of 93% and 7% respectively.

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 a poor close on Friday as the extended weather forecast shows good growing conditions in much of the Corn Belt. Both July and December corn have fallen below their 100-day moving averages.
• The central Corn Belt is expected to receive rainfall starting this weekend which would follow a period of dry conditions. The northern regions, however, have continued to receive heavy rains over the past 3 days, and Minnesota and NW Iowa still have at least another 3 to 5 inches of rain in the forecast.
• Friday’s CFTC report which was recorded as of June 11 showed that funds bought back 427 contracts of corn which left them net short 212,279 contracts. They have likely been more aggressive sellers since the 11th which is reflected in lower prices.

• Soybeans are trading sharply lower as trade sees the weather as bearish despite the fact that August weather will likely be the determining factor for this crop. Basis has begun to improve, and processing margins have increased as well. Both soybean meal and oil are trading lower this morning as well.
• Later today, the USDA will release its crop progress report, and traders are expecting to see last week’s initial good to excellent rating of 72% to fall slightly.
• Friday’s CFTC report showed funds as net sellers as of June 11 adding 16,139 contracts to their net short position and bringing it to 75,880 contracts.

• All three classes of wheat are trading lower this morning and are led by Chicago wheat. European wheat prices have fallen sharply over the past week which has had an affect on US futures, but pressure has also come from the ongoing US harvest that is much larger than last year’s.
• July Chicago wheat futures are now $1.24 off their May highs which were mainly caused by concerns that Russia’s wheat production would be cut significantly, but trade has begun to shrug off the concerns and prices have fallen in accordance.
• Friday’s CFTC report showed funds selling 13,432 contracts of wheat as of June 11 which leaves them net short 45,116 contracts. Funds are less short than they were last year at this time and are generally within the range of the 5-year average at this time.

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading lower this morning after two consecutive days of higher trade following a mostly neutral WASDE report. Both July and December corn are trading back above their 100-day moving averages.
• With the WASDE report out of the way, trade is now looking to weather which is expected to be hot and dry this month. Many fields need to dry out following last month’s excessive rains, but if heat and dryness continues into July and August, yields could be impacted.
• Yesterday morning, CONAB estimated the Brazilian corn crop at 114.1 mmt. Analysts were expecting a number closer to 112 mmt, but both guesses are well below the USDA’s recent guess of 122 mmt.

• Soybeans are trading lower this morning as well with pressure from both soybean meal and oil. Wednesday’s WASDE report did not offer much support, and soybeans have typically been planted at a good pace and in good conditions.
• The NOPA May US soybean crush is expected to come in at 178.352 million bushels. If realized, this would be up 5.3% from April’s crush of 169.436 mb. It would also be the largest May crush on record. With export demand poor, crush demand is helping support futures.
• Yesterday morning, CONAB estimated the Brazilian soybean crop at 147.354 mmt which compares to the USDA’s estimate on Wednesday of 153 mmt. At some point, these estimates will need to converge, and the USDA is likely a bit too high.

• All three classes of wheat are trading slightly lower this morning. Unlike corn and soybeans, the WASDE report was relatively friendly for wheat with lower world production, but that may have been priced in with the rally in May. 
• While Russia and Ukraine have had their wheat production estimates lowered, Australia has finally caught a break with weather and has had its production estimates revised higher thanks to recent rainfall. Planted acreage in Australia has risen as well.
• In China, there is a drought ongoing and forecast to continue which could impact both the corn and wheat crops. Production is expected to fall particularly in northern China. This could force China to import more US grains.

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading higher this morning despite yesterday’s WASDE report that was relatively neutral, but ongoing rains in the forecast for the northwest Corn Belt may be adding some bullish momentum.
• In yesterday’s report, trade was expecting the USDA to revise ending stocks a bit lower due to increased exports and ethanol grind, but it was left unchanged. In addition, it was expected that the Argentinian corn crop would be revised lower due to the recent disease, but that stayed the same at 53 mmt.
• In Mexico, there is a drought expected which could damaged their 2024 corn production again. They are expected to produce 25.25 mmt of corn, but could be forced to import more from the US depending on the damage done.

• Soybeans are essentially unchanged to start the day. As in corn, yesterday’s WASDE report was neutral to slightly bearish, but prices slid in accordance. Soybean meal is trading higher this morning while soybean oil is lower.
• In yesterday’s report, US soybean ending stocks were increased by 10 mb to 455 mb as a result of a decline in crush demand. US old crop ending stocks were increased as well by 10 mb, but world ending stocks were slightly lowered.
• As far as South American production goes, trade was looking for a decrease and got one although it was very small. Brazilian soybean production was only lowered by 1 mmt to 153 mmt. CONAB will release its estimate this morning, but the USDA is likely still way above their number, and is likely too high considering the recent flooding that destroyed over 2 mmt of soybeans.

• All three wheat classes are trading higher this morning with Chicago wheat leading the way higher. KC wheat is struggling to move higher due to ongoing harvest pressure.
• Yesterday’s WASDE report was supportive as the USDA confirmed that due to the dry weather in Russia and Ukraine, wheat production has been revised lower. The USDA took 5 mmt off Russian production and 1.5 mmt off Ukrainian production. Total world production fell by 7.4 mmt.
• US wheat ending stocks were lowered for 24/25 to 758 mb from 766 mb, but old crop ending stocks were unchanged. Production estimates for the US were slightly increased, but overall, world ending stocks fell due to global weather issues.

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 as weather and today’s WASDE will likely direct upcoming market direction. 
• Above normal temperatures across the Corn Belt with less opportunities for moisture, especially in the eastern Corn Belt are forecast into the end of the month. 
• Expectations for today’s WASDE report are for old crop US ending stocks to fall by 38 mb to 1.98 bb, likely due in combination of higher exports and corn for ethanol usage. New crop ending stocks are expected to move slightly lower to 2.05 bb.

• Soybeans are trading higher this morning after yesterday’s drop as prices continue their recent sideways chop. 
• South American soybean crop size estimates will be closely watched in today’s WASDE report. Expectations are for Brazilian soybean production to drop 2.2 mmt to 151.8 mmt. Argentine soybean production is expected to come in slightly lower at 49.8 mmt. 
• US old crop soybean ending stocks are expected to rise by 8 mb to 348 mb. New crop ending stocks are expected to rise by 10 mb to 455 mb. 

• Wheat is lower this morning following yesterday’s higher closes. Early discussion around yields in the US have been mostly as good or better than expected. 
• Expectations for today’s WASDE report are for ending stocks to rise slightly for both old and new crop US wheat. 
• World ending stocks are expected to fall slightly for both old and new crop wheat from their May estimates. Russian, Ukraine and European wheat crop size estimates will all be watched closely by the trade. 
• Russia on Tuesday issued a state of emergency in the Rostov region due to frosts and drought, this is the largest grain producing region in Russia. Earlier in the day the head of Russia’s grain union said up to 30% of winter grain had been hit by May frosts. 

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 as prices continue to consolidate over the past few days and hover around the 40 and 50-day moving averages in the July contract. December futures are recovering from last week’s selloff but are still below the 100-day moving average.
• Yesterday’s crop progress report results did not come as much of a surprise with 95% of the crop reported as planted which was just under the trade estimate of 96%. Plantings were at 91% a week ago and 98% a year ago.
• According to the USDA, 85% of the corn crop is emerged which compares to 74% a week ago and 91% a year ago. 74% of the crop was rated good to excellent which was on par with trade estimates but is down one point from a week ago. A year ago, this rating was at 61%.

• Soybeans are trading lower this morning and are giving back some of yesterday’s gains. Prices remain in a consolidating pattern starting about a week ago which followed the selloff in grains. Both soybean meal and oil are trading lower this morning.
• Yesterday’s crop progress report said that 87% of the soybean crop has been planted which was below the trade estimate of 89% but compares to 78% a week ago and 95% a year ago. The upcoming dry weather should help get things wrapped up.
• 70% of the soybean crop is emerged which compares to 55% a week ago and 83% a year ago. The USDA has released its first crop ratings for soybeans and pegged them at 72% good to excellent which was in line with trade estimates and compares to 59% a year ago.

• Wheat is mixed this morning with both Chicago and Minneapolis wheat trading higher while KC wheat is lower. The US wheat harvest is ahead of the average pace, but large speculative selling is likely putting most of the pressure on the market.
• The spring wheat crop is completely planted and now 87% emerged which compares to 78% a week ago and 86% a year ago. 72% of the crop is rated good to excellent which is a 2 point drop from last week but compares to 60% a year.
• The winter wheat crop has been rated 47% good to excellent which was slightly below the average trade guess of 49% as well as 49% a week ago, but was rated 38% a year ago. 89% of the crop is headed, and 12% is harvested which compares to 7% 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 slightly higher this morning as prices recover from last week’s heavy selling pressure. The recent decline in prices has caused basis levels to narrow and has also caused the July/September spread to tighten.
• The weather forecast for Corn Belt has turned to mostly dry for at least the next 1o days which should be a relief to many fields which have been saturated, but if the dryness continues for too long, it could turn into another problem.
• Friday’s CFTC report showed funds selling a large amount of corn as of June 4th. They sold 79,229 contracts which left them net short 212,706 contracts.

• Soybeans are trading a bit higher to start the week and are bull spread with the majority of gains in the front month. The July contract seems to have found some recent support at the $11.75 level, but prices are now only 43 cents off of the contract low in February. Both soybean meal and oil are trading higher as well.
• Due to inaccuracies in reporting, NOPA revised its April soybean crush in the US up to 169.436 million bushels from 166.034 mb. Despite the increase, it was still the lowest monthly crush since September.
• Friday’s CFTC report showed funds as aggressive sellers in the soy complex adding 45,523 contracts to their short position as of June 4. This leaves them net short 59,741 contracts.

• All three wheat classes are trading lower this morning with KC wheat leading the way lower. This comes despite higher corn and soybeans which indicates that traders are still taking advantage of the recent overbought conditions and producers are still making cash sales.
• Russia has sent its first shipment of wheat to Brazil from the port of Vystotsky in the Leningrad region at the beginning of June. The shipment was reportedly 31,000 tonnes of wheat and was the first shipment from the Russian Baltic Sea port. Argentina was the largest exporter of wheat to Brazil in 2023.
• Friday’s CFTC report showed funds as sellers of 6,253 contracts of wheat as of June 4. This increased their net short position to 31,684 contracts. This remains above their net short position that was nearing 100,000 contracts in the end of April.

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 run higher and is hovering right at the 100-day moving average having trouble breaking above it solidly.
• Yesterday’s strength came from short covering by the funds who were estimated to buy back approximately 10,000 contracts yesterday after being heavy sellers the 7 previous days. It also came from good export sales numbers which were on the high end of expectations. Lower wheat today is likely dragging corn lower.
• In Argentina, the Buenos Aires Grain Exchange has released a weekly crop report in which corn production was left unchanged at 46.5 mmt, but harvest has reportedly advanced from 30.1% complete last week to 35.1% complete.

• Soybeans are trading lower this morning after a nearly 23 cent gain in the July contract yesterday, and futures are struggling to break through their 100-day moving average at $12.00. Both soybean meal and oil are trading lower as well.
• Part of yesterday’s strength in soybeans was related to potential changes in Brazil’s tax code that could make Brazilian exports more expensive and could boost US exports, but the tax code has not passed yet and needs to be approved by Congress.
• In Argentina, the soybean crop production estimates were unchanged by the Buenos Aires Grain Exchange at 50.5 mmt, but harvest progress was increased from 86% to 92.2%.

• All three wheat classes are trading lower today and are being led by KC wheat. Wheat did not follow corn and soybeans higher yesterday and are now on track for their eighth consecutively lower close.
• In Argentina, planting has been off at a good pace thanks to the dry weather with nearly 26% of the planted acres completed. Estimates for the 24/25 wheat crop are unchanged at 6.2 mmt.
• World wheat stockpiles are expected to fall by 1.6% in 24.25 totaling 306.8 mmt. There is potential for production to fall in the EU, Turkey, the UK, and Ukraine. On the other hand, the US, India, and Australia are expected to have above normal production.

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 begin to reverse from steady selling pressure throughout the week. Funds were estimated to have sold an additional 5,500 contracts yesterday, but futures are now too oversold.
• Yesterday’s ethanol report is supportive and likely a partial reason for the turnaround today as it reported that 1.079 million barrels were produced per day which is the largest in history for this week out of the year.
• Estimates for today’s export sales report have corn exports between 700k and 1,400k tons with an average guess of 1,015k. This would compare to last week’s 998k tons.

• Soybeans are trading higher this morning thanks to support from higher soybean meal and oil. Palm oil prices are currently driving soybean oil higher as futures are correcting from a sharp two day sell off.
• Brazilian soybean exports are expected to reach 12.08 mmt in June which would compare with 13.84 mmt in the same period a year ago. Exports of soybean meal are expected to drop slightly as well.
• Soybean meal may yet see some support as Brazil’s heavily flooded Rio Grande do Sul caused large losses in production that may have otherwise be exported to Argentina to be crushed.

• All three wheat classes are trading higher this morning but  July Chicago wheat is still nearly 70 cents off the contract high that was posted last week. There was likely profit taking from funds last week combined with farmer selling.
• In Russia, SovEcon has lowered its estimate for wheat production again to 80.7 mmt from a previous estimate of 82.1 mmt citing lower yield potential as a result of the May frosts and delays of spring wheat planting in Siberia.
• Estimates for today’s export sales report in wheat are between 100k and 600k tons with an average guess of 328k tons. This would compare with 321k tons last week.

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

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