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All prices as of 6:30 am Central Time

• Corn is trading slightly higher this morning after two consecutively higher closes over the past two days. July corn gained 13-1/2 cents over those two days as sharply higher wheat supported the grain complex and led to short covering by the funds.
• Yesterday afternoon, the USDA released its planting progress report. 12% of the crop is reportedly planted which is above the 5-year average of 10%. 3% of the corn crop is emerged which is also above last year and the 5-year average.
• Brazil has made its first shipment of sugarcane ethanol to the US to be converted into green jet fuel. It was sold by Raizen and shipped to Georgia in an effort to use the grain for sustainable aviation.

• Soybeans are trading slightly higher this morning after two consecutively higher closes which saw July futures rally by a total of 27-1/2 cents over Friday and Monday. Prices failed this morning at the 50-day moving average which could act as resistance.
• According to the USDA, 8% of the soybean crop has been planted which compares to 8% a year ago but is much higher than the 5-year average of 4%. Recent rains have significantly reduced the size of drought areas across the country.
• Yesterday’s export inspections for soybeans were encouraging totaling 16.0 mb for last week which was above the average needed to meet the USDA estimate for the third week, but total inspections are still 18.2% below last year.

• All three wheat classes are trading higher this morning, and wheat has been the leader of the grain market by a large margin. July Chicago wheat futures have gained just 34 cents in the past two days and briefly broke above the 100-day moving average this morning. This rally is likely caused by short covering.
• Crop progress and conditions were released for wheat yesterday, and 50% of the winter wheat crop is now rated good to excellent which is down 5% from the previous week but higher than last year’s 26%.
• 15% of the spring wheat crop has now been planted which is up 11% from last week and compares to 10% for the 5-year average. 2% of the spring wheat crop is emerged, and the winter wheat crop is now 17% headed, up 6% from 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

• Corn is trading slightly lower this morning after Friday’s rally which brought prices back within the previous trading range just below the 40-day moving average. Friday’s gains were largely due to higher energy prices and the EPA’s decision to allow E-15 this summer.
• In Brazil, the recent weather has been beneficial to the second crop corn. Producers already are holding onto bushels from last year so the prospect of another large crop has pressured prices within the country.
• Friday’s CFTC report showed that funds were sellers last week of 16,016 contracts of corn which increased their net short position to 279,570 contracts. Funds are now the most short across the agriculture complex in 4.5 years.

• Soybeans are trading lower this morning, but Friday’s rally of over 16 cents was encouraging. July soybeans still lost 21 cents on the week, however. Soybean meal is lower and dragging soybeans down this morning while soybean oil is trading higher along with palm oil.
• Chinese imports of soybeans from the US have cut in half for the month of March as they ramp up their purchases of cheaper Brazilian soybeans. The recent dollar valuation against the Real has made Brazilian offers more attractive.
• As of April 16, funds reportedly sold 28,565 contracts of soybeans which increased their net short position to 167,875 contracts. This puts funds near their record short position but also puts funds in a position to short cover if fundamentals become more bullish.

• Despite both corn and soybeans trading lower this morning, all three classes of wheat are trading higher due to weather concerns in many wheat growing areas. KC wheat is leading the way higher followed by Chicago wheat.
• SovEcon has cut its estimate for the 2024 Russian wheat crop by 1 mmt to 93 mmt. They are expecting hot and dry weather to effect yields with growing areas only receiving between 40 and 80% of their normal precipitation levels. 
• Friday’s CFTC report showed funds as sellers of wheat by 9,935 contracts which increased their net short position to 96,403 contracts. Funds have not held a net long position in wheat since 2022.

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 four consecutive days of losses that brought July corn below the lower end of its recent trading range. Israel reportedly retaliated against Iran overnight which could account for the support.
• In Argentina, the corn crop is reportedly shrinking due to an invasion of “leaf hopper” insects that carry a disease that damages corn. It is estimated that $1.3 billion has been lost from the value of the 23/24 crop due to this disease.
• In the US, planting work is underway and although recent rains have delayed some operations, today is forecast to be relatively dry.

• Soybeans are trading higher this morning along with corn and wheat, but are dangerously close to the contract low and are trading only 11 cents above it. Soybean meal is trading higher this morning while soybean oil has followed crude oil lower.
• Last night, Israel reportedly sent a drone attack to Iran’s Isfahan air base and nuclear site. This initial news caused crude oil to rally, but the lack of damage done brought prices quickly back down. However, Iran has promised to escalate things if Israel retaliated, so the conflict is likely far from over.
• In the past three weeks, the Brazilian real has fallen by 4.6% which cheapens soybean purchases from Brazil. As a result, May soybean futures in the US have fallen by 54 cents in the same time frame which is a decline of 4.5%.

• All three wheat classes are trading higher this morning but are off their overnight highs that were a result of the Israeli attack on Iran. Chicago wheat is leading the way higher while KC wheat is only slightly higher.
• In the US, the southwestern region has been too dry which could impact winter wheat. The Black Sea region is also reportedly too dry, and Europe has received too much rain. These weather events could cause a decline in world ending stocks.
• Yesterday’s export sales reports were poor again with net cancellations of 3.4 mb reported for the 23/24 year, but new crop sales of 8.2 mb were better than expected.

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading lower this morning and is now at the very low end of the trading range that has been established over the past month. July futures are now technically oversold.
• This morning, rains are falling over nearly the entire state of Iowa and have moved across other parts of the Corn Belt. While this is likely delaying planting a bit, the benefits to soil moisture are outweighing those delays.
• US ethanol stocks have fallen by 0.5% to 26.08 M Bbl compared to expectations of 26.146. Plant production was seen at 0.983m barrels per day which compares to the survey average of 1.035m.

• Soybeans are trading lower this morning and are now just 17 cents away from the low in late February when looking at the July contract. Poor export demand has been an issue as Brazil maintains the competitive edge and nears harvest completion.
• On the bullish side, US soybeans are much more competitive with Brazilian offers than they were a year ago. This could mean that the export window in the US could open sooner than it did last year.
• Expectations for today’s export sales report are between 300k and 1,100k tons with an average guess of 738k tons. This is a wide range, but the report will factor in two flash sales to unknown destinations from last week.

• All three wheat classes are trading higher this morning after a fairly large selloff yesterday. KC wheat is preforming the worst as winter wheat areas may be expecting rains this week which could improve crop conditions.
• Monday’s crop progress report showed that winter wheat conditions had fallen by 1% to 55% good to excellent. Spring wheat planting is called at 7% complete which is 5 points higher than last year at this time and 1 point above the 5-year average. Idaho and South Dakota are ahead of pace for this time of year.
• Estimates for today’s export sales report for wheat are between 50k and 600k tons with an average guess of 348k tons. 

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading slightly higher this morning after rains moved through large sections of the Corn Belt in the last 24 hours. 
• Another round of moisture and cooler temperatures into the weekend for much of the western Corn Belt should keep planting progress at a minimum. Temperatures and moisture are forecast to be above normal for all of the Midwest in the last week of April. 
• Much of central Brazil’s safrinha corn remains in the vegetative and early pollination stages of production. The consistent wet season showers are expected to wrap up in the next few days. Crop stress is likely to appear in Brazilian areas that still have below-normal subsoil moisture. 

• Soybeans are trading unchanged to a bit lower this morning, after yesterday’s poor price action front month soybean futures may be looking to retest their late February lows near the $11.40 level on the July CBOT chart. 
• July soybeans on China’s Dalian exchange have rallied 10% from their February low to their recent high and are currently trading the U.S. equivalent of $14.32 per bushel. It was also a good sign to see Q1 GDP in China up 5.3% from a year ago,  this was stronger growth than what was expected. 
• After a system of showers moves through Argentina over the next few days and into the weekend, a drier pattern is expected to set up which will be much welcomed and allow for harvest progress to increase. 

• Wheat prices are higher across the board this morning as rains continue to move through U.S spring wheat country but look to remain absent over then next week in KC wheat country. 
• Dry conditions in Ukraine, Russia and the Western Canadian Prairies along with excessive wetness western Europe will continue to be monitored by the wheat trade.
• Front month KC wheat futures appears to be the only grain holding above the 20 and 50-day moving averages after the recent slide lower in other grains. A close above the pivotal $6 level on July KC wheat would signal a trend change from sideways to higher. 

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 again this morning but again, has remained in a very tight range over the past two months. The Dollar has been trending higher over the past week which may be putting some pressure on commodities.
• Yesterday afternoon, the USDA released its Crop Progress report which showed that 6% of US corn is planted so far which compares with 7% expected and 5% for the 5-year average. The western Corn Belt is likely getting an earlier start while the central belt is getting too much rain.
• The bullish factor lately has been the export inspections in corn which have been running above the USDA’s estimated pace, but the slight uptick in sales are small compared to the very large ending stocks number that trade is facing.

• Soybeans are trading a bit lower this morning along with the rest of the grain complex while soybean meal is higher and soybean oil trades lower. The US Dollar being higher has pressured prices, but weakness in the Brazilian real is making the US even less competitive.
• Yesterday’s crop progress report showed soybean planting at 3% complete in the US which is up from the trade guess at 2% and also up from the 5-year average of 1%. The 7-day forecast features a good amount of rain for eastern Texas as well as central Midwest.
• Brazil’s soybean harvest is now estimated to be around 85% complete, but there is still disagreement between the USDA and CONAB about the size of the crop with the USDA’s estimate nearly 10 mmt larger. Along with the large South American crop headed to markets, the US ending stocks were also revised to be higher.

• Wheat is mixed this morning with Chicago and KC wheat trading lower while Minneapolis wheat trades slightly higher. The 7-day forecast features rain for the dry areas in Texas, Kansas, and Oklahoma which could pressure winter wheat.
• Yesterday’s crop progress report showed that good to excellent ratings for winter wheat decreased by 1% to 55%, but this is still above the 27% rating last year. 7% of the spring wheat crop is reported to be planted which compares to 3% last week.
• Yesterday’s export inspections for wheat were better than the highest range of trade guesses at 20.3 mb inspected. This was above the 17.8 mb needed each week to hit the USDA’s new estimate.

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 a bit lower this morning but has been rangebound for over a month after recovering from the lows in February. Over the weekend, Iran sent drones to attack Israel, but the drones were repelled. Crude oil and other commodities moved lower as a result.
• In the US, planting is starting to pick up, but the 7-day weather forecast is showing rains across the country which will likely delay progress. At any rate, the rains should help areas with lower soil moisture levels.
• For the week ending April 9, noncommercials were reportedly sellers of corn, adding 3,998 contracts to their net short position which has now grown to 263,554 contracts.

• Soybeans are trading lower this morning and unlike corn, have been in a downward trend since mid-March. Soybeans have posted lower closes on the week 3 consecutively lower times as exports remain poor and as trade expects a large crop out of South America. Soybean meal is trading lower while soybean oil is trading lower with lower crude oil.
• Last week’s supply and demand report was a touch bearish but didn’t show many changes from last month. Notably, there was no revision lower to Brazilian soybean production estimates which puts nearly a 10 mmt difference between the USDA’s estimate and CONAB’s guess.
• Last Friday’s CFTC report showed noncommercials as sellers of soybeans by 1,054 contracts which increased their net short position to 139,310 contracts. The total short position between corn and soybeans is getting closer to where it was in February.

• All three wheat classes are trading lower this morning and are being led down by Chicago wheat. Prices are likely being influenced by lower corn and soybeans along with outside markets which have responded to Israel’s successful defense against Iranian drone attacks.
• Kazakhstan has extended its ban on wheat imports for another 6 months from any country. According to officials there, the illegal imports of wheat to Kazakhstan have caused domestic wheat prices to fall by over 50%. As much as 2 mmt of wheat used to be imported illegally into the country each year.
• Friday’s CFTC report showed noncommercials as buyers of wheat in the Chicago contract buying 5,376 contracts leaving them net short 86,568 contracts. They were sellers of KC wheat by 4,137 contracts leaving them net short 44,611 contracts. 

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading slightly higher this morning, but May futures are below the 40-day moving average. Yesterday’s WASDE report was essentially neutral to slightly bearish for corn with very few changes made from last month.
• The USDA indicated an increase of 25 mb more of ethanol demand and a 25 mb increase in feed demand, but the total increase of 50 mb was below the average trade estimate of 70 mb.
• US corn ending stocks of 2.122 bb were above trade estimates, world ending stocks were above the average trade guess, and Argentinian corn production was revised slightly lower by 1 mmt to 55.0 mmt. Brazilian corn production was unchanged at 124.0 mmt which was well above the average trade guess.

• Soybeans are trading higher this morning after a bearish USDA report yesterday that saw May futures closing well below the 40-day moving average that had been a level of support. Both soybean meal and oil are trading higher.
• Yesterday, CONAB released its estimate for Brazilian soybean production which saw it lowered to 146.5 mmt. A few hours later, the USDA released its estimate but made no changes from last month and kept the number steady at 155 mmt. This is a large discrepancy which should be narrowing as harvest is nearing completion.
• US soybean ending stocks were increased to 340 mb from 315 mb last month, and this was above the average trade guess. World soybean ending stocks were unchanged, but trade was expecting them to fall.

• Wheat is mixed this morning with Chicago unchanged, but KC and Minneapolis slightly lower. Yesterday’s WASDE report was mostly neutral for wheat and held little in the way of surprises.
• Weather for the winter wheat crop has been a concern as parts of Kansas, Texas, and Oklahoma are expected to receive very light rain amounts over the next 7-days. Crop conditions are much better than last year, but still may struggle due to dryness.
• Yesterday’s USDA report showed US wheat ending stocks increasing from last month to 698 mb which was slightly higher than the average trade guess. World wheat ending stocks were lowered just slightly.

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 ahead of today’s WASDE report which will be released at 11am central time. Corn has remained largely rangebound over the past month with volatility really only occurring after the acreage report which showed a 2 ma decrease in expected corn acres.
• The USDA’s projection for South American corn production is expected to drop a little over 2 mmt for Brazil to 121.75 from the March estimate of 124 mmt, while Argentina’s production is also expected to drop slightly to 55.6 mmt from 56 mmt.
• This morning, the Rosario Grain Exchange in Argentina suggested that corn production in the country would likely decline after what started as a promising crop. There has been a disease carried by small grasshoppers that are infecting the crop.

• Soybeans are trading lower to start the day and have been trending lower since mid-March. Soybean meal is trading higher while soybean oil continues to follow the moves in palm oil and is lower this morning.
• In today’s WASDE report, trade will be looking closely at the USDA’s projection for Brazilian soybean production. Their guess last month was at 156 mmt which is in stark contrast to CONAB’s estimate which was last estimated at 146.9 mmt. Both agencies will update their estimates today.
• Today’s export sales report is expected to be soft for soybeans with estimates ranging between 200k and 650k tons with an average guess of 431k tons. There was a flash sale reported last week which should show up in today’s numbers.

• All three wheat classes are trading lower this morning with KC wheat leading the way lower. Weather has been a concern for the winter wheat crop and has generally lent support to the futures. Trade does not seem to be anticipating any major surprises in today’s WASDE report.
• In today’s USDA report, the trade is looking for about a 17 mb increase to 23/24 US wheat ending stocks to 690 mb from last month’s forecast of 673 mb, likely on lower exports. World ending stocks are expected to increase slightly.
• Wheat exports have been very slow as the US has been unable to compete with cheap Russian and Ukrainian offers. In today’s export sales report, expectations are between 0 and 550k tons with an average guess of 294k tons.

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 higher this morning after a firm opening last night. So far, the market has regained its losses from yesterday, but remains rangebound leading into tomorrow’s USDA WASDE report.
• The USDA will release its April WASDE report tomorrow morning at 11 a.m. CDT. The trade is expecting that the USDA will likely increase ethanol use, and exports which could bring 23/24 US corn ending stocks down 70 mb from the March forecast to an average trade guess of 2.102 billion bushels.
• The USDA’s projection for South American corn production is expected to drop a little over 2 mmt for Brazil to 121.75 from the March estimate of 124 mmt, while Argentina’s production is also expected to drop slightly to 55.6 mmt from 56 mmt.
• Rain is forecast for the much of the eastern Corn Belt and the south, which could slow planting progress, but the western Midwest is expected to stay dry.
• Brazil corn futures have been on a down trend and are near 3-week lows with much needed rain forecast for the dry areas of the safrinha corn crop.

• Soybeans are trading higher across the board this morning in a tight 6 1/4 cent range after a strong opening to the overnight session. Soybean oil is higher with support from higher Malaysian Palm oil, and is lending support to soybeans, while meal is lower after giving up overnight gains.
• Tomorrow the USDA will update its supply and demand numbers for the 23/24 season. The average trade guess for US ending stocks is for only a slight increase from the March forecast to 317 mb, with a range of 300 – 340 mb. Overall, the sentiment is that they will lower exports and increase crush demand. 
• The USDA’s estimate of South American soybean production is expected to drop for Brazil, to just under 151.68 mmt versus 155 mmt in March, while Argentina may see a slight bump up to 50.5 mmt from 50 mmt.
• Chinese Dalian soybean and soybean meal are lower this morning on market talk of increased soybean and soybean meal imports from Brazil. It’s been reported that China bought 30 cargoes of Brazilian soybeans, and that their export premiums are on the rise, which should make US offers more competitive.

• The wheat complex is higher across the board this morning with KC leading the way higher. Both Chicago and Minneapolis are challenging their respective 50-day moving averages, while KC is currently above it and challenging Tuesday’s high.
• In tomorrow’s USDA report, the trade is looking for about a 17 mb increase to 23/24 US wheat ending stocks to 690 mb from last month’s forecast of 673 mb, likely on lower exports.
• The USDA currently projects Russian wheat production at 91.5 million metric tons, while Argus has raised their estimate to 92.1 million metric tons from 90 million previously. 
• It’s being reported that Russia will begin incorporating wheat from occupied Ukrainian territory beginning this year, which could bring their crop to over 100 mmt. It is not expected that the US will follow the same practice.

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

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