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All prices as of 6:30 am Central Time

• Corn is trading slightly lower to begin the week but has traded either side of unchanged in the overnight. May futures remain in a very narrow trading range and are currently between the 40-day and 50-day moving average.
• Strong export sales and a strong ethanol grinding pace have been supportive to corn futures, but the reality of over a 2 billion bushel corn carryout is making significant rallies difficult to come by, let alone sustain.
• For the week ending March 19, funds were seen buying back 12,940 contracts of corn which reduced their net short position to 242,988 contracts. It is a bit concerning that even with funds buying back shorts, prices have not moved much higher.

• Soybeans are trading slightly higher this morning after Friday’s sharp selloff, and May futures remain just above the 50-day moving average. Higher soybean oil is providing the support thanks to a rally in palm oil.
• The USDA attaché in Brazil has lowered their estimate for 23/24 soybean production. Total production has been lowered to 152.6 mmt from the previous guess of 157.5 mmt citing poor weather at the end of 2023.
• Friday’s CFTC report showed funds buying back 6,798 contracts of their net short position reducing it to 148,399 contracts. Similar to corn, the short covering hasn’t had a very bullish effect on prices.

• All three wheat classes are trading higher this morning with May Chicago wheat gaining over 26 cents last week. Cold weather is moving through Kansas and Oklahoma and could impact the winter wheat crop.
• Over the weekend, Russia focused more attacks on Ukraine’s port city of Odesa. Instead of hitting the typical agricultural infrastructure targets, Russia went after power plants which has raised concerns of power outages that would impact port operations.
• Last week’s CFTC report interestingly showed funds adding to their net short position despite a rally in the futures. They sold 1,700 contracts of wheat which increased their net short position to 80,570 contracts.

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading lower this morning along with the rest of the grain complex after May corn broke above the 50-day moving average yesterday but faded into the end of the day settling just below it.
• In the US, the Corn Belt is forecast to receive good moisture over the next 7 days which should help soil moisture levels ahead of planting. Above normal precipitation is expected for part of the Corn Belt.
• Estimates for Argentinian corn production were lowered by the Buenos Aires Grain Exchange yesterday by 2.5 mmt to 54.0 mmt as a result of too much rain in the growing areas. Harvest is estimated at 3.7% complete.

• Soybeans are lower this morning after yesterday’s volatile price action which saw May soybeans rally to nearly 20 cents higher before fading and settling only 2 cents higher. Soybeans are currently unchanged on the week.
• Both soybean meal and oil are lower this morning although they have been trending slightly higher over the past few weeks. Palm oil had been strong support for soybean oil, but palm oil has begun consolidating.
• Drought is threatening the water levels on the Mississippi River for a third year. Barge shipments have fallen to 464k tons in the week ending March 16 from 593k tons the previous week. Soybean shipments were down 25% from last week.

• All three wheat classes are trading lower this morning but are on track for a gain on the week. Today, prices are lower despite escalations between Russia and Ukraine, and the EU increasing tariffs on Russian wheat.
• SovEcon has raised its estimate for the 2024 Russian wheat crop by 400k tons to 94 mmt due to a lack of winter damage and a sufficient amount of moisture reserves.
• Egypt’s state buyer has stopped purchasing wheat through private negotiations with traders and will source supplies only in tenders.

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 and have been trading in a narrow range, but today, prices broke above the 50-day moving average in the May contract for the first time since December.
• The export sales report will be released today, and the average trade range expected is between 900k and 1,200k tons with an average guess of 1,063k tons. Overall, exports have been stronger than expected recently.
•  US ethanol stocks rose by 0.9% to 26.009m bbl according to the Department of Energy’s petroleum report. Plant production came in at 1.046m barrels per day which compared to the survey average of 1.03m.

• Soybeans are trading higher this morning after yesterday’s sharp rally into the close which saw prices up 24 cents in the May contract and well above the 50-day moving average which had previously acted as resistance.
• While support has come from soybean meal and oil, Argentinian weather may be the driver behind this move. The country has received too much rain recently with more in the forecast, and it is now saturating fields and causing floods which could damage soybeans and corn.
• Today’s export sales report estimates are within a wide range from 270k and 700k tons with an average guess of 480k. Sales activity has been limited until yesterday when a flash sale of 120,000 mt was reported to unknown destinations. 

• All three wheat classes are trading higher this morning with Chicago wheat leading the way higher. There has been little friendly news, but dryness in the US Plains and Black Sea region have been supportive.
• Europe’s grain production estimates have been cut by 1 mmt to 295.5m tons due to wet weather planting delays in the region. This harvest is still expected to be larger than last year’s, and the primarily affected countries are France, Germany, the UK, and Poland.
• Estimates for today’s export sales report in wheat are not expected to be impressive with the range between -200k and 300k tons with an average guess of 78k. Russia continues to dominate exports.

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 quietly trading near the bottom of a 2 1/2 cent range this morning. as it continues to consolidate ahead of next week’s Quarterly Stocks and Acreage report.
• Yesterday funds were active buyers in May corn, covering an estimated 2,000 contracts, bringing their estimated net short position to 288,000 contracts. While this is not a record, it remains a sizable position for this time of year.
• Today the weekly EIA ethanol production report will be issued for the week ending March 15. The trade is expecting production to come in higher than last week at 1.03 million barrels/day, with stocks at 25.86 million barrels versus last week’s 25.782 million.
• Central Brazil is expected to see some good shower activity that will be beneficial to the safrinha corn crop, while southern areas will see drier conditions that could stress the immature crops in there.

• The soybean complex is trading higher across the board this morning with all three legs trading near the upper end of their respective ranges. Soybeans are gaining support from both higher meal and oil as Board crush margins gain about a penny.
• Managed funds were quiet buyers across the soybean complex yesterday. They bought an estimated 1,000 soybean contracts, 1,000 meal, and 2,000 soybean oil. This brings their estimated short positions to 156k soybeans, 55k meal, and 33k oil.
• Central Brazil is expected to see rain this week, while it will be good for safrinha corn, it could slow harvest activity. 
• The ongoing harvest in Brazil has depressed the country’s export premiums which are about $1/bu. cheaper than US offers and has slowed US exports.

• The wheat complex is trading lower with all three classes near the bottom of their trading ranges as the market consolidates from the last two days of higher prices.
• While Matif wheat is still near three-week highs, it is currently trading lower and offering some pressure to the wheat complex.
• Offering some support, the US Plains and the Black Sea region has been dry. Though beneficial moisture is expected to move into the Central and Souther Plains later this week and next. While the Northern Plains should see a shot of cold air with some snow. The Black Sea is expected to see widespread showers next week.
• Yesterday, managed funds were active buyers in Chicago wheat as they covered an estimated 4,000 contracts. They are now estimated to hold a net short position totaling 81,000 contracts.

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading slightly higher this morning but has been rangebound for over a week facing resistance at the 40-day moving average. Yesterday’s export sales were supportive.
• With planting in the US beginning soon, there is a concern about soil moisture in the western Corn Belt being too dry. There is rain in the forecast this weekend which should help.
• In Brazil, winter corn planting is seen at 93.1% complete which compares to 85.8% the previous year and a 5-year average of 82.4%. Parana is 96.4% complete while Sao Paulo is 70.2% complete.

• Soybeans are trading slightly lower this morning as soybean oil backs off its recent highs despite the rally in palm oil. Soybean meal is slightly higher this morning  but has trended lower which has reduced crush margins.
• Tomorrow the Federal Reserve will announce whether they are cutting interest rates or holding off, and the US dollar is pricing in that they will not reduce rates as it rallies this morning. Typically, rallies in the dollar are negative for commodities.
• In Indonesia, palm oil exports have fallen by 25.4% month over month to 1.59m tons from 2.13m tons in January. This has caused a rally in palm oil futures which has mostly supported soybean oil.

• Wheat is mixed this morning but is trending higher from lows earlier this morning. KC wheat is leading the way after winter wheat crop ratings were released by the USDA.
• For the week ending March 17, the USDA saw wheat conditions in Kansas increase to 55% good to excellent from 53%. In Oklahoma, ratings fell to 61% from 65%, and in Texas, they were increased to 46% from 44%.
• The European Union is considering a ban on imports of Russian wheat as the cheap imports are lowering prices domestically and causing farmers to protest across the EU.

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 with support from the wheat market along with a stronger export sales pace. Prices have been consolidating right at the 40-day moving average in the May contract.
• In Brazil, rains have fallen across the country but more importantly in Mato Grosso which is a main growing area and had previously been dry for the second crop corn. These recent rains have caused Brazilian corn futures to fall.
• Friday’s CFTC report showed funds buying back a large amount of corn as of March 12. They bought back 40,867 contracts which lowered their previously record net short position to 255,928 contracts.

• Soybeans are starting the week lower after last week’s gains of around 14 cents in the May contract. Friday’s NOPA crush report which saw 186.194 mb crushed, a record for the month of February.
• Brazilian soybean premiums had risen over the past two weeks due to a lack of farmer selling in the country but with last week’s rally, the uptick in sales may be causing some weakness and lower premiums today. Brazil is now estimated to have harvested 62.25% of its 23/24 soybean crop.
• Friday’s CFTC report showed funds buying back soybeans but not in the same numbers as they did corn. They bought back 16,862 contracts which leaves them net short 155,137 contracts and no longer holding a record short position.

• All three wheat classes are trading higher this morning following news of drone attacks by Russia into the port city of Odesa in Ukraine. There were 16 drones that targeted at least 2 agricultural areas and were reportedly retaliation against Ukrainian drone strikes on Russian oil infrastructure.
• The European Union is considering a ban on Russian imports of wheat as the cheap imports have lowered prices for local farmers sparking waves of protests across the EU. 
• Friday’s CFTC report showed funds as sellers of wheat by 13,331 contracts which increased their net short position to 78,870 contracts as of the 12th.

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 meeting resistance at the 45-day moving average on Tuesday and then continuing to move lower. Yesterday, export sales were solid and a flash sale was reported.
• A US weather forecaster is expecting a higher chance for a La Nina weather pattern over the summer which could cause drier conditions from June through August in the US.
• In yesterday’s export sales report, it was revealed that China bought a cargo of US corn, and another cargo was switched to China from unknown destinations. This is encouraging given the recent sales cancellations in soybeans.

• Soybeans are higher again this morning with support from both soybean meal and oil. Yesterday, soybean oil was a large driver for soybeans. May soybeans have hit resistance at the 50-day moving average which is around $12.00.
• The NOPA crush for February is seen at 178.058 million bushels which would be a record high for the month of February. This number would be down 4.2% from January’s crush but up 7.6% from the previous year.
• In Argentina, the states of Cordoba and Buenos Aires are receiving too much rain which could hinder the soybean harvest there. In addition, there have been rumors that the government will implement another round of the soy dollar program to incentivize farmer selling.

• All three wheat classes are trading higher this morning despite losses in both corn and soybeans. China has canceled a number of US wheat shipments over the past week, but yesterday it canceled a shipment from Australia which spooked the market.
• Yesterday’s export sales were a marketing year low thanks to Chinese cancellations, but that was mostly expected. Russia and Ukraine remain the most competitive exporters and continue to dominate export trade.
• China’s wheat market is reportedly soft as a result of higher supply and lower demand. This could point to a weakening economy and explains the recent sales cancellations. 

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 lower to start the day, but the trend recently has shown lower prices in the morning before rallying into the end of day. May futures have met resistance at the 45-day moving average.
• Today, the USDA will release its export sales report, and the range of trade guesses are between 800k and 1,400k tons with an average guess of 1,015k tons.
• The brokerage firm Allendale Inc has estimated that US corn planting will decrease by 1.2% from a year ago at 93.472 million acres. They also estimate that soybean plantings in the US will increase by 2.7%.

• Soybeans are higher again this morning with support from both soybean meal and oil. Yesterday, soybean oil was a large driver for soybeans. May soybeans have hit resistance at the 50-day moving average which is around $12.00.
• The NOPA crush for February is seen at 178.058 million bushels which would be a record high for the month of February. This number would be down 4.2% from January’s crush but up 7.6% from the previous year.
• In Argentina, the states of Cordoba and Buenos Aires are receiving too much rain which could hinder the soybean harvest there. In addition, there have been rumors that the government will implement another round of the soy dollar program to incentivize farmer selling.

• All three wheat classes are trading lower this morning under pressure from a string of Chinese cancellations from the US and then yesterday rumors that China was cancelling French wheat purchases as well.
• Estimates for today’s export sales report in wheat are a range between -200k and 600k tons with an average guess of 335k tons. The Chinese cancellations could result in net cancellations.
• IKAR is now estimating Russian wheat exports in 2024/2025 near a record high 50 mmt with the harvest expected at 93 mmt.

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

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

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

All prices as of 6:30 am Central Time

• Corn is beginning the day slightly lower, this seems to have been the trend as of late. Prices have generally worked higher over the past two weeks which has resulted in a 36-cent move off of the low on the May contract so far.
• Brazil’s Conab cut 23/24 corn production by 944,000 tons to come in at 112.8 mmt in their March estimate this week. If realized this would be a 14.5% drop in corn production year over year for Brazil. 
• Extended forecasts for Mato Grosso, Brazil’s largest second crop corn state, are pointing to drier and warmer than normal. These forecasts, if verified, would likely trim production estimates. 
• The ethanol industry has thrived in the first half of the 23/24 marketing year with corn consumption running 5.9% above the long-term average. Ethanol margins remain strong across the Corn Belt but ethanol stocks are approaching near record levels. 

• Soybeans are lower this morning after yesterday’s strong move higher. From the 2/29 low to yesterdays high May soybean futures had rallied 68 cents. Soybean meal is lower this morning while soybean oil is higher.
• Brazil’s CONAB lowered their soybean production estimate by another 2.5 mmt to come in at 146.9 mmt. Their estimate is now 8.1 mmt (297 mb) lower than the USDA estimate for the 23/24 Brazilian soybean crop.  
• World vegetable oil prices have been stronger over the last two weeks with palm oil leading the gains due to lower production and lower stocks in southeast Asia. 
• Intense rains in Argentina are creating excess soil moisture and could hinder soybean harvest progress if the rains carry into April. The moisture is seen as very beneficial to the 24/25 wheat crop. 

• All three wheat classes are trading lower this morning following the lower trend in corn and soybean prices.
• Tuesday’s trade in Chicago wheat saw prices rally off of a lower start. Prices remain under the influence of Monday’s key reversal but below the February low near $5.53-1/2.  
• A push of moisture from the Gulf of Mexico and abnormally warm temps should cause a few rounds of thunderstorms with good rain amounts to fall across the heart of the US over the next week helping to improve soil moisture levels. 

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 beginning the day slightly lower as has seemed to have been the trend over the past week. Prices have generally worked higher into the close which has resulted in a 30-cent move off of the low in May so far.
• Yesterday’s export inspections were good for corn with 44.2 mb inspected which put the total number at 859 mb for 23/24. This is up 33% from the previous year at a time where the US has the export advantage.
• In Brazil, the winter corn crop is estimated at 93% planted which compares to 86% last week and 82% the previous year. Scattered showers have continued to fall over the country. In the southern region, the corn harvest is 57% complete.

• Soybeans are trading slightly lower this morning but have been in an upward trend with prices in May now 49 cents off the lows. Soybean meal is higher this morning while soybean oil is lower despite higher crude oil.
• As the Brazilian harvest presses on, soybean premiums have trended higher since January due to a lack of farmer selling at those low prices. This morning, CONAB will update its estimates for Brazilian production.
• Yesterday’s export inspections totaled 26 mb which was on the low side but within the trade range. Total inspections for the year are now at 1,286 mb which is down 19% from the previous year.

• All three wheat classes are trading lower this morning after yesterday’s impressive reversal off the contract low. With little new fundamental news, the move was likely technical. May wheat is 19 cents off its low.
• Winter wheat crop conditions were largely unchanged over the previous week with Kansas’ good to excellent rating unchanged at 53%, Oklahoma unchanged at 53%, and Texas raised slightly to 44%.
• Wheat inspections totaled 14.8 mb which puts inspections for the year down 16%. China did cancel a previous purchase of 9.7 mb which brings all recent cancellations to 18.5 mb.

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

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