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All prices as of 6:30 am Central Time

• Corn is trading slightly lower this morning in what would make a seventh consecutively lower close as funds continue to pile back into their short positions.
• Yesterday, funds were estimated to have sold 1,500 contracts of corn.  On Monday, it was estimated that they sold 9,000 contracts, and 10,000 contracts the Friday before. Summer weather will be the next important factor that trade will look to.
• In South America, weather is expected to intensify throughout the rest of the second crop corn development with warm temperatures forecast for Argentina, and hot and dry conditions for Brazil which could intensify the drought in the western Central region.

• Soybeans are mixed this morning with the front months trading slightly higher while new crop is unchanged. Trade is likely expecting plenty of soybean supplies incoming. Soybean meal is trading higher while soybean oil is lower.
• There have been some rumors that corn acres that have been too wet may switch to soybeans, but with prices of both corn and soybeans below many producers’ break evens, there is a chance that some will take Prevent Plant.
• Funds are estimated to have been adding to their short position for at least the past five days and are expected to have sold an additional 27,250 contracts in that time frame. This will be confirmed in Monday’s commitment of traders report.

• Wheat is mixed this morning with Chicago and Minneapolis trading higher but KC slightly lower. Prices have reacted to US winter wheat conditions which are much better than last year, and a speedy planting progress for spring wheat. The market has temporarily shrugged off concerns over Russian weather.
• In Australia, consultancy ABARES has forecast the 24/25 winter wheat crop production at 51.3 mmt which would be a 10% increase year over year if realized. This would be due to an increase in acres and yields and would be their 6th largest winter wheat crop.
• In India, their wheat output is expected to rise to 112.9 mmt which would compare to 110.6 mmt last year. In Addition, Russia is not revising their production much lower, so global weather concerns may be fading.

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 again this morning and is on track for a sixth consecutively lower close if prices do not recover. Pressure is coming from yesterday’s USDA data that showed another jump in planting progress.
• Yesterday’s Crop Progress Report showed that 91% of the corn crop is planted which compares to 83% last week and the 5-year average of 89%. 75% of the crop is emerged which compares with 58% a week ago and the average of 73%.
• While planting progress is acting as a bearish factor, a closer look at the numbers will show that 91% of the crop planted as of May 31 is actually one of the slowest paces in history which is closer to 2022 and 2011 but beats 2019. 2019 and 2022 are both included in the 5-year average we are comparing to.
• The USDA gave its first impression on crop ratings giving corn a good to excellent rating of 75% which compares to the trade guess of 70% and 64% a year ago.

• Soybeans are trading lower again today as the downward slide continues pressured by South America’s harvest and the seemingly good planting conditions in the US. Soybeans meal is trading higher this morning while soybean oil is slightly lower.
• Yesterday’s crop progress report said that 78% of the soybean crop has been planted which compares to the trade guess of 80%, 68% a week ago, and the 5-year average of 73%. The crop is 55% emerged which compares to 39% a week ago and the average of 52%.
• US soybean crushing for April were seen at 178 million bushels which was down 4.9% from the same time last year. Lower crush margins have been a bearish factor.

• All three wheat classes are trading lower this morning as they continue to work down from their recent contract highs. Funds are likely adding new shorts, but producers are likely hedging new crop as well which could be adding pressure.
• For spring wheat, yesterday’s Crop Progress Report said that 94% of the crop has been planted which compares to 91% a year ago and the 5-year average of 90%. 78% of the crop is emerged which compares to the average of 69%, and 74% has been rated good to excellent which compares to 64% a year ago.
• In winter wheat, the USDA said that 49% of the crop has been rated good to excellent which is up a point from last week and compares to 36% a year ago. 83% is headed which compares to the average of 78%, and 6% is harvested which compares to the average of 3% for 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 to start the week as the ag markets face continued selling pressure with funds entering new short positions. The July contract is now trading below all of its moving averages and is at a level of support.
• Later today, the USDA will release its Crop Progress Report which will also include the seasons first crop ratings. Weather has been mixed with heavy rainfall in parts of the country which could cause delays for the crop yet to be planted.
• As of May 28, noncommercials reportedly added 12,315 contracts to their net short position which leaves the with a total net short position of 133,477 contracts. Open interest increased significantly last week pointing to the new shorts. 

• Soybeans are trading lower to start the week, and this is now the fifth consecutive day of lower prices for the July contract which has also fallen below all of its moving averages. Both soybean meal and oil are trading lower with bean oil posting the larger losses.
• Soybean crush in the month of April has been estimated at 175.5 million bushels as analyst expect that the USDA will peg crush at a 7-month low. If realized, this would be down 13.9% from the 203.7 mb crushed in March and down 6.1% from April 2023.
• Friday’s CFTC report showed funds as buyers of soybeans as of the 28th which has likely changed since that date. They bought 12,208 contracts which reduced their net short position to 14,218 contracts.

• All three wheat classes are trading higher this morning with Chicago leading the way up as global weather remains a concern for traders. The areas being watched closely are Russia and the Black Sea region along with Europe. 
• Unlike the rest of the world, Australia is faring well with its weather, and as a result may see its wheat crop rise by as much as 5.7% thanks to the rains. Their total production is estimated at 27.4 mmt. 
• Friday’s CFTC report showed funds as sellers of wheat just barely, only selling 838 contracts which leaves them net short 25,431 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 this morning after falling for three consecutive days as a result of low export demand and the realization that despite the wet weather, the crop is planted at a pace ahead of the 5-year average.
• Estimates for toady’s export sales report have corn sales in a range between 650k and 1,400k tons with an average guess of 988k tons. This would compare with 1.216k tons a week ago, and it is likely that most of the business went to Mexico.
• In Yesterday’s US Department of Energy’s weekly report, it was found that ethanol stocks fell by 4.2% in the US to 23.207 million bb while analysts were expecting 24.052. Plant production was at 1.068m b/d vs the survey average of 1.031m.

• Soybeans are trading higher this morning in a rebound from this past week’s slide. Both soybean meal and oil are trading higher as well, and soybeans remain above support at the 100-day moving average.
• The Buenos Aires Grain Exchange has released its weekly crop estimates report which shows them pegging production at 50.5 mmt which is lower than the USDA’s guess but much higher than last year’s 21.0 mmt. The crop is reportedly 86% harvested which compares to 77.9% last week.
• Soybean crush is expected to be reported at 175.3 million bushels for April which would be a 6.2% drop from a year ago according to Bloomberg. This compares to 187 mb in April of last year.

• All three wheat classes are trading higher this morning led by KC wheat. Wheat is now over 30 cents off its highs from Monday as futures became technically overbought and rains were forecast in Russia.
• In Argentina, farmers are getting ready to begin planting wheat in better than expected conditions. The good soil moisture levels and improving profit margins could cause farmers to increase wheat acreage this year.
• Estimates for Russian wheat production are between 84 and 85 mmt, but the number could turn out lower depending on the extent of the frost damage. As it stands, large growing areas were damaged.

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 for the third consecutive day after yesterday’s crop progress report was released which showed progress one point above the 5-year average. July corn has found support at the 100-day moving average.
• Rainfall over the next 7 to 10 days looks to be heaviest in the western Corn Belt, lesser totals are expected in the east as farmers attempt to get the last 17% of the corn crop planted. Following this, attention will turn to summer weather.
• According to Reuters, little to no ethanol will qualify for the US sustainable fuel aviation subsidies. Export demand has already been sluggish, but there was optimism over the prospect of increased domestic demand.

• Soybeans have had a rough two days but this morning are mixed with the front months just slightly lower and new crop contracts trading higher. Over the past two days, July soybeans fell by 34 cents as weather concerns lighten.
• Soybean meal is trading higher this morning after 2 sharply lower closes while soybean oil trades lower. Similar to corn, there are concerns about the degree of domestic demand for soybean oil and other biofuels as the export side is lacking.
• According to Morgan Stanley, losses in the flood plagued state of Rio Grande do Sul have apparently caused soybean losses to reach 5 mmt, and they are estimating total production at 145 mmt, well below the USDA’s guess.

• All three wheat classes are trading lower this morning and are led by Chicago wheat, but gains over the past month have been impressive. It has become clear that the main market mover is concerns over Russian weather and production.
• The EU has agreed to increase the tariffs on Russian grain imports in order to lessen Russia’s revenues as well as to keep cheap Russian grain from lowering prices too much domestically.
• Ukraine is reportedly set to begin its winter wheat harvest within a week in the southern regions, but this would be two weeks ahead of schedule. With upcoming harvest, we will see the extend of the frost damage on the wheat crop.

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

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

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

All prices as of 6:30 am Central Time

• The U.S. corn crop was estimated to be 83% planted as of Sunday May 26th, this was a 13% jump from last week and is 1% ahead of the five-year average.
• The U.S. corn crop was 58% emerged as of Sunday May 26th, this was a 18% jump from last week and is equal to the five-year average.
• Rainfall over the next 7 to 10 days looks to be heaviest in the western Corn Belt, lesser totals are expected in the east as the U.S. farmer attempts get the last 17% of the corn crop planted.
• Chinese corn futures are trading at over a $4 per bushel premium to CBOT futures. The spread between the two has ranged from $2.38 to $5.30 in recent years. Despite the abnormally large spread China has been mostly absent from buying U.S. corn as of late.

• The U.S. soybean crop was estimated to be 68% planted as of Sunday May 26th, this was 16% higher than the last week and 5% ahead of the five-year average but 10% behind last year’s pace.
• The U.S. soybean crop was 39% emerged as of Sunday May 26th, this is 3% ahead of the five-year average.
• Top soybean producer Illinois, along with Iowa and Minnesota all have more than 25% of their soybean crop left to plant with a seven-day forecast that looks to be continued wet for many in those states.
• Domestic soybean crush margins remain attractive here in the U.S. The USDA estimates soybean processing value at $14.83 as of last week, up 45 cents from the previous week and nearly $3.00 per bushel above the national average cash soybean price received by farmers that day.

• 48% of the U.S. winter wheat crop was in good to excellent condition as of Sunday May 26th, this was down one percent compared to last week’s rating. The poor to very poor rated category rose one percentage point and is now at 19%.
• 77% of the U.S. winter wheat crop was estimated to be headed as of Sunday May 26th, this was up 8% from last week and 8% ahead of the five-year average. 
• 88% of the U.S. spring wheat crop was planted as of Sunday May 26th according to the USDA. This was up 9% from last week and 7% ahead of the five-year average as well as 9% ahead of this same week a year ago.  
• After gapping higher on Monday, Paris milling wheat futures have been moving lower the last two days in corrective type price action. 

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 pulled higher by wheat prices. The December contract ran up and tested the 200-day moving average again overnight but failed there again after an attempt two weeks ago.
• Later today, the USDA will release its Crop Progress Report. Despite the rains last week and a wet 7-day forecast, planting has taken place whenever possible as deadlines for crop insurance approach.
• As of Tuesday, May 21, funds were reported to have sold 49,991 contracts of corn which increased their net short position to 121,162 contracts.

• Soybeans are trading lower this morning under pressure from lower soybean meal. There is pressure from Argentina and Brazil’s ongoing harvest, and weather concerns in the US don’t have as much of an impact on soybeans as they can be planted a bit later.
• Brazil’s 23/24 soybean crop has been revised lower by Datagro citing a sharp drop in average yields. On Friday, the consultancy lowered its estimate to 147.57 mmt from a recent guess of 147.96. This is well below the USDA’s estimate and cites a 10.8% drop in national yields.
• Friday’s CFTC report showed funds as net buyers of soybeans as of last Tuesday purchasing 15,609 contracts which left them net short just 26,426 contracts.

• All three wheat classes are trading higher this morning with KC wheat leading the way higher as Russian weather continues to be a problem. Russian consultancy, IKAR, has lowered its production forecast by 2 mmt to 81.5 mmt. This is 6.5 mmt below the USDA’s estimate.
• In Argentina, the southern-central states of Buenos Aires and La Pampa are seen yielding 41% more this season than last year’s drought year with regional production seen at 4.7 mmt with help from increased planted acreage by 7%.
• Friday’s CFTC report showed funds buying back 3,658 contracts of wheat which decreased their net short position to 24,593 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 unchanged this morning in quiet trade, but the July contract is still on track for a gain of around 11 cents. Prices remain above the 100-day moving average for both July and December with the next target being the 200-day moving average.
• While the eastern region of the Corn Belt had previously been getting saturated by rain, the western Belt is now too wet with more delays to planting with above 20% of the crop yet to go in the ground. Some planting will likely not be completed until next month.
• The Buenos Aires Grain Exchange has estimated that the Argentinian corn harvest is now 28.2% complete which compares to 25.4% last week with harvest slowing due to weather. Estimated production is unchanged at 46.5 mmt.

• Soybeans are trading slightly lower this morning, but similar to corn, the trade remains very quiet. Soybeans are in an upward trend but the November contract is meeting some resistance at the 200-day moving average. Both soybean meal and oil are slightly higher.
• The Buenos Aires Grain exchange has estimated that the Argentinian soybean harvest is now 77.9% complete which compares to 63.7% last week. Estimated production was left unchanged at 50.5 mmt.
• In the state of Rio Grande do Sul in Brazil, rainfall has become less frequent and much of the flooding has receded which has given farmers the opportunity to resume harvest. The state has now harvested 91% of its soybean area which is up from 85% last week but compares to the historical average of 97%.

• Wheat is mixed this morning with Chicago wheat trading slightly lower but KC and Minneapolis slightly higher. July Chicago futures are 24 cents off yesterday’s high but are still trending significantly higher since April.
• The crop tour in Illinois has seen soft red winter wheat yields at a record 104.8 bpa which is well above last year’s tour findings of 97.1 bpa. The tour surveyed 58 fields on Tuesday in the southern part of Illinois.
• In Argentina, the southern-central states of Buenos Aires and La Pampa are seen yielding 41% more this season than last year’s drought year with regional production seen at 4.7 mmt with help from increased planted acreage by 7%.

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 along with the rest of the grain complex as wet forecasts continue to support the market. Some acres yet to be planted may face the crop insurance planting deadline, and a higher number of prevent plant acres this year is possible.
• In Brazil, private consulting firm Agroconsult has revised its estimate for Brazilian second crop corn lower at 96.7 mmt which would be down 10.5% from a year ago. They are estimating yields to be down by 7% and lower acreage as well.
• According to the US Department of Energy’s weekly petroleum report, US ethanol stocks fell by 1.1% to 24.212M Bbl while analysts were expecting 24.399m. Plant production was seen at 1.019m b/d compared to the survey average of 1.017m.

• Soybeans are trading higher this morning with the July contract above the $12.50 mark and just 5 cents off the high earlier this month. Soybeans are seeing support from higher soybean meal and oil along with wet conditions that continue to support both corn and soybeans.
• Another source of support is that US soybeans are now competitive compared to Brazil and Argentina for Chinese purchases as Brazilian basis levels move higher. China has purchased two cargoes of US soybeans and it is rumored that they may have purchased more.
• The Argentinian soybean harvest is facing some delays due to cold conditions , and production estimates have been lowered slightly as a result. Estimates have production about 1 mmt lower, and estimated planted acreage is at 16.9 million hectares which compares to a previous estimate of 17.3 million.

• All three wheat classes are trading higher this morning with KC wheat leading the way higher. All three classes made new highs for the year yesterday which likely attracted some selling pressure.
• The crop tour in Illinois has seen soft red winter wheat yields at a record 104.8 bpa which is well above last year’s tour findings of 97.1 bpa. The tour surveyed 58 fields on Tuesday in the southern part of Illinois.
• Overall, this large rally in wheat has come from concerns over global weather and specifically Russia and the Black Sea region which has been plagued with unseasonable frosts. The extent of the damage is unknown but is expected to be significant.

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 after yesterday’s turn around Tuesday action an remains in an upward trend since February. Heavy rainfall throughout the Midwest overnight was supportive.
• Over the past 24 hours, significant rains have fallen through eastern Nebraska, Iowa, Minnesota, and Wisconsin. An estimated 20% of the corn crop still needs to be planted in this area and will face further delays.
• Estimates for the Weekly US Ethanol production report for the week ending May 17 see production higher than last week at 1.017 million barrels per day which would be the highest in 6 weeks. Stockpiles are estimated at 24.399m bbl compared to 24.489m a week ago.

• Soybeans are trading slightly higher this morning with support from higher soybean meal while soybean oil trades lower. Meal has been in a consolidation pattern while soybean oil has trended higher over the past month.
• Although the planting pace for soybeans is above the 5-year average, there are still a larger number of acres yet to be planted, and wet weather may push planting into June at the expense of better yields.
• Yesterday, China was reported to have purchased at least two shipments of soybeans from the US in the past few days. This comes as Brazilian prices begin to firm, and the sales are a relief as there was concern that China would retaliate against the US due to the announced tariffs.

• Wheat is trading higher again this morning and has generally been the leader in the grain complex. July Chicago wheat is trading 7 cents above the $7.00 mark after failing there yesterday and is at its highest levels since August of last year.
• Yesterday, the Crop Progress report showed a 1% decline in the good to excellent rating for winter wheat, and overnight, HRW areas in Colorado and Kansas received rain, but this also came with hail which may have done some damage.
• Overall, this large rally in wheat has come from concerns over global weather and specifically Russia and the Black Sea region which has been plagued with unseasonable frosts. The extent of the damage is unknown but is expected to be significant.

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

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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.