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All prices as of 6:30 am Central Time

• Corn is trading lower this morning after an impressive move higher over the past week which confirmed that a temporary bottom is likely in. Funds had been heavily short ahead of the WASDE which puts those positions at risk and could result in further short covering.
• The big mover from Friday’s USDA report was the decline in global corn ending stocks by 2.4 mmt. The rest of the report was relatively neutral.
• As of March 5th, the funds were sellers of corn by 1,537 contracts which left them with a large net short position of 296,795 contracts. This number has likely gotten smaller since then with the move higher.

• Soybeans are trading lower along with corn this morning after gaining nearly 33 cents last week in the May contract. The WASDE report was a mixed bag, but funds were still short covering as prices moved well off their contract lows.
• The USDA refused to lower it estimate for Brazilian soybean production much on Friday and only dropped it by 1 mmt to 155 mmt despite many other private analysts expecting a number closer to 149 mmt. US ending stocks were not increased and export sales were not lowered.
• As of March 5, funds sold an additional 11,346 contracts of soybeans which increased their net short position to 171,999 contracts. As in corn, this position is now likely much lower thanks to the higher move.

• All three wheat classes are trading lower along with the rest of the grain complex this morning, but unlike corn and soybeans, ended the week with a loss of 20 cents in the March Chicago contract. New contract lows were made on Friday.
• Wheat continues to struggle with a big lack of export demand, and last week’s cancellation of 130,000 mt of US SRW wheat did not help trader confidence. Friday’s WASDE report increased US ending stocks by 15 mb due to the lack of export sales.
• Friday’s CFTC report showed funds as sellers of 9,213 contracts of wheat increasing their net short position to 65,539 contracts.

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

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

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

All prices as of 6:30 am Central Time

• The corn market is lower this morning with the front months losing to the deferreds as it consolidates in a 4-cent range ahead of today’s 11 a.m. release of the USDA’s WASDE report.
• May corn futures rallied and closed above the 20-day moving average yesterday for the first time since late December.  There is not a lot of fresh news to drive this rally, possibly indicating that it is a technical correction with short covering in preparation of today’s WASDE report. 
• Analysts feel US corn carryout could drop about 17 mb to 2.159 mb in today’s USDA report with slight demand adjustments for ethanol usage or exports. South American production will remain a focus for the trade as well, where the USDA is expected to show little change in Argentina’s crop, but a 1.6 mmt reduction to Brazil’s is anticipated.
• In the USDA’s weekly export sales report, corn sales for the week ending February 29, came in as expected with 43.7 mb sold for the 23/24 marketing year. So far, total commitments of 1.544 bbu are running 28% ahead of last year’s pace with the USDA currently forecasting a 26% increase.
• Managed funds were active in the corn market on Thursday, buying an estimated 6,000 contracts as they covered short positions ahead of today’s USDA report. This brings their total estimated net short position to 343,000 contracts. 

• The soybean complex is trading quietly mixed this morning with front month soybeans lower than the deferreds, and both soybean meal and oil slightly lower.
• Today’s WASDE report isn’t expected to include any major surprises, but analysts expect that the US soybean carryout will see a slight increased by about 5 mb due to a decrease in exports. The trade will still focus on South American production. Where the Argentine soybean crop is expected to increase slightly to 50.3 mmt, while Brazil’s is expected to decrease to 152.8 mmt, from last month’s 156 mmt forecast.
• Stronger than anticipated soybean sales were reported in Thursday’s USDA weekly export sales report. Sales for the week ending February 29th came in at 22.5 mb for the 23/24 season and 2.4 mb for 24/25. Old crop beans sales marked a 7-week high. Though to date, old crop soybean sales remain behind last year’s commitments by 19% where the USDA is currently forecasting a 14% drop. 
• China’s soybean imports for the Jan-Feb time frame dropped to a 5-year low of just 13.04 mmt according to the General Administration of Customs. The drop represents an 8.8% decline from the same time last year. Poor crushing margins and delayed shipments were among the reasons given.
• Like corn, managed funds were active buyers in the soybean complex on Thursday as they covered short positions in anticipation of today’s USDA WASDE report. They bought an estimated 5,000 soybean contracts, 1,500 meal, and 3,500 soybean oil, bringing their total net short positions to 149,000 soybean contracts, 39,000 meal, and 55,000 soybean oil.

• The wheat complex is trading quietly in a 6 – 8 cent range across the complex with Chicago gaining on both KC and Minneapolis as it consolidates from yesterday’s losses ahead of today’s USDA WASDE report.
• Not much change is expected for US wheat in today’s WASDE report. The average trade guess for US wheat carryout is unchanged from last month at 658 mb. The average estimate for world wheat ending stocks comes in at 259.2 mmt versus 259.4 last month. The possibility remains that the USDA may lower US wheat exports from the current 725 mb. 
• Thursday morning the USDA reported that China cancelled 2 cargoes totaling 130,000 mt of US SRW wheat. This report confirmed rumors of cancellations that circulated on Wednesday and contributed to the weakness of the Chicago contracts. The market could see another 2 or 3 more cargoes potentially cancelled.
• Thursday the USDA reported 12 mb of wheat were sold for export in the week ending February 29th. The weekly total fell within expectations, and total 23/24 commitments of 677 mb are up 6% on the year, where the USDA is forecasting a 4.5% drop. 
• It was reported that Egypt cancelled a tender because of high prices, and in the meantime, Russia continues to export about 1 mmt of wheat per week while non-US exporters compete for lower world demand.
• Managed funds weren’t as active in the wheat as they were in the other pits, buying an estimated 500 contracts of Chicago wheat. Their total estimated short position remains near 85,000 contracts.

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading higher this morning with the front months leading the deferreds as the market advances above its recent consolidation range and is trading above the 20-day moving average for the first time this year. 
• Yesterday’s weekly EIA report on ethanol production showed average daily production for the week ending March 1 at 1.057 million barrels, and corn used during the week was 104.91 million bushels, which was above the pace needed to reach the USDA’s target. Ethanol stocks did come in at a record 26.051 million barrels.
• Weekly corn export sales figures for the week ending Feb. 29th will be released later this morning with current estimates running between 45 and 78.4 mb for the 23/24 marketing year. 
• China continues to buy cheaper Ukrainian corn due to its discount on the world market. US FOB prices are currently running about $192/mt versus Ukraine’s $169.
• Managed funds were seen covering some short positions yesterday, buying an estimated 1,000 contracts. They currently hold a net short position estimated at 349,000 contracts.

• The soybean complex is higher across the board with all three commodities trading near the upper end of their recent consolidation ranges, as they regain yesterday’s losses.
• The Chinese Dalian markets were all higher for beans, meal, oil and palm oil, lending some support to the US markets. Although, Malaysian palm oil was slightly lower.
• Export prices in Brazil reported jumped yesterday to $428/mt. Though this is still cheaper than US offers at a comparable $447/mt, the jump likely is adding support to this morning’s prices.
• Weekly soybean export sales figures for the week ending Feb. 29th will be released later this morning with current estimates running between 10.5 and 36 mb for the 23/24 marketing year.
• Managed funds were relatively quiet in yesterday’s trade. Their activity in the soybean pit was estimated to be about even between buying and selling, while they bought an estimated 2,000 meal contracts and 1,500 soybean oil contracts. They are currently estimated to be net short about 154,000 soybean contracts, 40,000 meal, and 58,000 soybean oil.

• The wheat complex is currently higher across all three classes with KC and Minneapolis showing the largest gains.
• Rumors that China may be looking to cancel open US purchases due to the recent price drop, weighed heavily on the markets yesterday in which both Chicago and KC printed fresh contract lows.
• It’s also rumored that Russia’s export prices may have dropped even further to where they may be below $190/mt. This may keep a lid on prices when compared to current US offers near $232/mt.
•  Later this morning weekly wheat export sales figures for the week ending Feb. 29th will be released. Current trade estimates are for 23/24 sale to come in between 15 and 33 mb.
• Managed funds were quite active in the wheat market yesterday, selling an estimated 7,000 contracts of Chicago wheat. This activity now brings their estimated net short position to 85,000 contracts.

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

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

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

All prices as of 6:30 am Central Time

• Corn is quietly trading back and forth near unchanged this morning in a tight 2 cent range as the market prepares for Friday’s USDA WASDE update.
• Later today the EIA will release its weekly ethanol production report. Analysts surveyed by Bloomberg are expecting lower production totaling about 1.071 mil. barrels/day with an increase in stocks to 26.132 mil. barrels. If realized this would be the highest stocks figure since last March.
• So far this season since July 1, its estimated that Ukraine’s corn exports are down 16% year over year according to their Ag Ministry. Currently, Ukraine’s corn export prices are the cheapest in the world, though US offers remain competitive when considering freight. 
• In Friday’s WASDE report, the market is expecting to see a slight reduction of the US carryout projection by 17 mb, but the market may focus more on the Argentina and Brazil production estimates. Little change is expected to Argentina’s crop, but a 1.6 mmt reduction to Brazil’s is expected.

• The soybean complex is mixed this morning with soybeans mixed and near unchanged with a 9cent range. While meal trades lower continuing yesterday’s weakness, and bean oil firmer as it continues to consolidate.
• Soybean basis bids firmed yesterday, according to merchandisers, at processing plants and elevators as the futures market slid and farmer selling remained light. Basis at river terminals was mostly unchanged.
• Analyst Dorab Mistry stated that he expects Southeast Aisian palm oil production to drop by 1 million metric tons in Indonesia and remain stagnant in Malaysia the worlds two largest palm oil producers. He also expects total demand to increase by 6 mmt with supplies increasing just 3.1 mmt which could press prices higher for the world’s most prominent veg oil and support bean oil prices.
• Friday’s WASDE report isn’t expected to include any major surprises, but analysts expect that the US soybean carryout will see a slight increase by about 5 mb on reduced exports. A main focus by the trade will be on South American production. The Argentine soybean crop is expected to increase slightly to 50.3 mmt, while Brazil’s is expected to decrease to 152.8 mmt, from last month’s 156 mmt forecast.

• The wheat complex is lower this morning for all three classes, as it follows through from yesterday’s weakness.
• Low export prices out of the Black Sea and Russia continue to pressure the wheat market.  Black Sea FOB values dropped below $200 per mt, with Russia just above that level; this keeps the US uncompetitive in terms of exports. Additionally, since July 1, Ukraine’s wheat shipments are estimated to be about 4% higher than this time last year, with 163k mt shipped so far in March.
• According to Interfax, Vladimir Putin stated that he expects Russia to export 65 mmt of grain for the 23/24 season, which is 5 mmt more than the nation exported last year.
• On Friday’s USDA report, there are few changes expected to the US numbers. The average pre-report estimate for US wheat carryout is 658 mb, which would be unchanged from last month. The world ending stocks estimate comes in at 259.2 mmt versus 259.4 last month. There is a chance that the USDA could lower US wheat exports from the current 725 mb. 

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading slightly lower this morning after yesterday’s gains, but prices have rebounded significantly off last Monday’s contract low which saw May down to $4.08-3/4.
• Early estimates for Friday’s WASDE report show a slight decrease in US corn ending stocks, a decrease in world ending stocks, and nearly unchanged to slightly higher South American corn production.
• In Brazil, safrinha corn planting is now 86% complete which compares to 73% the previous week and 70% a year ago at this time. The summer corn harvest is now 49% complete compared to 37% a year ago at this time.

• Soybeans are trading lower this morning after yesterday’s rally was promptly taken as a selling opportunity. Brazil’s ongoing harvest and lagging export demand has made it difficult for prices to move higher.
• The Brazilian soybean harvest is now 48% complete which compares to 40% a week earlier and 43% the previous year. Cash prices in the country have recently begun to rise which has brought about more farmer selling.
• Yesterday, a flash sale of soybean cake and meal was reported to unknown, and export inspections came in within expectations at 1,021k tons compared to 1,059k tons a week ago.

• All three wheat classes are trading lower this morning with Chicago wheat leading the way lower and nearing its contract lows. This comes as wheat exports reach their lowest levels in 50 years as Russia continues to offer cheaper wheat.
• Friday’s WASDE report will likely make adjustments to its export estimate due to the lack of demand. Analysts are estimating that the USDA may slightly reduce its last estimate of 725 mb.
• Winter wheat conditions have been downgraded but are still largely above average for this time of year. The good to excellent rating in Kansas fell to 53% from 57%, in Oklahoma it fell to 65% from 70%, and in Texas it fell to 43% from 46%.

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 and has traded within a narrow range since rebounding from its contract lows last Monday. Early support in corn is coming from higher soybean meal.
• South American weather has remained favorable with Argentina’s corn crop getting a steady supply of rain which has increased the crops good to excellent rating to 87%. The Brazilian safrinha corn is being planted in good conditions as well.
• Friday’s CFTC report showed that as of February 27, funds bought back 45,474 contracts of corn which reduced their net short position to 295,258 contracts.

• Soybeans are trading higher this morning as well and are leading the grain complex after last week’s lower trade that saw prices hit a new contract low before rebounding on Friday. Soybean meal is higher and soybean oil is lower this morning.
• StoneX has been one the few firms to increase their estimates for the Brazilian soybean crop. They have increased their estimate to 151.6 mmt which is up 0.8% from their estimate last month. This is still lower than the USDA’s last guess of 156 mmt.
• Friday’s CFTC report showed funds as sellers of soybeans by 23,976 contracts which increased their net short position to 160,0653 contracts. Soybeans were the only grain that funds were sellers of.

• Wheat is mixed this morning with Chicago slightly lower and May KC and Minn wheat a bit higher. Wheat has struggled to move higher as global cash prices slip due to cheap Russian and Ukrainian wheat.
• In the US, winter wheat conditions are better than last year at this time, but certain parts of the country have dealt with strong winds and wildfires which are causing concerns for soil moisture levels.
• Friday’s CFTC report showed funds buying back 12,198 contracts of wheat which decreased their net short position to 56,326 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 lower this morning after four consecutive higher closes. The trend this week has shown prices lower in the morning followed by a rebound later in the day, and corn remains well off its contract lows.
• The CME reported just 3 deliveries against the March corn contract yesterday evening which hasn’t had much effect on trade unlike yesterday’s large amount of deliveries against soybeans.
• The Buenos Aires Grain Exchange has kept its estimates for Argentinian corn production unchanged at 56.5 mmt as favorable weather improves crop conditions.

• Soybeans are trading higher today but remain rangebound and only slightly off their contract lows. Favorable South American weather and significantly cheaper cash offers out of Brazil have pressured futures.
• Yesterday evening, the CME reported 502 deliveries against March soybeans along with 1 delivery against March soybean meal and 37 deliveries against March soybean oil. Futures are higher despite this.
• As in corn, Argentina has left its estimate for soybean production unchanged at 52.5 mmt which would be more than double last year’s production. 72.2% of the Argentine crop is rated adequate to optimal.

• All three wheat classes are trading lower this morning with the majority of losses in the KC wheat contract. Overall, wheat prices remain relatively rangebound and off their contract lows.
• The CME reported that there were 116 deliveries against March Chicago wheat yesterday evening, 10 against March KC wheat, and 2 against March Minn wheat. This was relatively light considering these low prices.
• Yesterday’s export sales showed total sales for 23/24 up 6% from the previous year but shipments down 11%. China had been an active buyer of US wheat a few months ago but there has been little activity since then.

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading lower this morning after three consecutively higher closes and the start of first notice day this morning. Funds should be rolled out of the March contract and basis contracts have been rolled to the next month.
• There have been no deliveries so far on March corn to start first notice day which is friendly and likely the reason why corn is only down a penny while delivered on soybeans are down over 10 cents.
• The trend this week has been grains opening lower but then steadily rising throughout the day for a higher close. For the week, corn is on track for a gain but on the month, it is on track for a loss of about 30 cents.

• Soybeans are trading sharply lower this morning as the arrival of first notice day brought 702 deliveries on the March soybean contract. Soybean meal is lower while soybean oil is mixed.
• The large amount of deliveries have brought front month soybeans down to new contract lows while corn has managed to remain off its lows by 17 cents thanks to better export sales and no deliveries.
• Estimates for today’s export sales report are within a range of 100k and 600k tons for soybeans with an average of 334k tons. These estimates are on the low end as there are fears of more sales cancellations.

• Wheat is mixed this morning with KC wheat posting the largest losses and Chicago trailing behind while Minneapolis wheat trades higher. For the week, wheat is on track to post a slight loss and a loss of around 26 cents on the month.
• There were a large number of unexpected deliveries in wheat with 591 delivered against Minneapolis, 484 contracts for Chicago, but just 56 for KC wheat. This was relatively heavy and is pressuring wheat.
• India is reportedly planning to buy as much as 32 mmt of wheat from its own farmers from the 23/24 crop. India is the second largest wheat producer in the world and they are expecting production of 114 mmt.

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading unchanged to slightly lower this morning after two consecutive days of gains to begin the week. Tomorrow is first notice day, and funds likely have a large portion of their net short position in March that they will need to roll out of.
• Estimates for today’s EIA report see ethanol production lower than the previous week at 1.072m barrels per day. If true, this would be the first time that production has fallen in five weeks. Stockpiles are predicted to increase slightly to 25.641m bbl.
• China has reportedly purchased a sizeable amount of corn from Ukraine. While the exact amount is unknown, Traders are estimating that the sale totaled around 240,000 metric tons with price estimates between $227 and $230 a ton.

• Soybeans are trading slightly lower this morning but unlike  corn, have not moved sharply off their lows from Monday. Yesterday looked promising before prices faded, and prices are now just 8 cents off their contract lows.
• First notice day for March grains is this Thursday, so there is an expectation to see spreading out of the March contracts and into the May, but so far that has not been evident. Spreading action may be holding off until tomorrow.
• This February has been uncharacteristically warm which has not helped the situation on the Mississippi River where water levels are again too low. Levels on the River typically rise this time of year, and this could impact shipping.

• All three wheat classes are trading lower this morning with the majority of losses in the KC wheat contract. KC wheat prices benefitted from freeze concerns earlier in the week, but temperatures are expected to warm back up next week.
• In the UE, soft wheat exports fell by 3% year over year in February to 20.5 mmt. This comes as Russia and Ukraine continue to compete with each other’s low prices and in turn are taking the bulk of global export business.
• The International Grains Council has given an early projection to global wheat production at 799 mmt which was up 1% from its 23/24 estimate due to an expected increase in Russia’s 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

• Corn is trading slightly higher this morning after yesterday’s impressive turnaround which saw March futures fall as low as $3.94-1/2 before rallying over 12 cents to end in the green.
• Yesterday, export inspections were strong with 48.9 mb inspected which was above the high range of analysts guesses and put total inspections up 36% from the previous year.
• With spot corn prices so low, end user margins are widening and those who use corn for feed or to produce ethanol may be increasing their demand. This could eventually be a catalyst for funds to begin unrolling their record short position.

• Soybeans are significantly higher this morning and both the corn and soy markets may have put a temporary bottom in yesterday. There is strength in both soybean meal and oil this morning.
• First notice day for March grains is this Thursday, so there is an expectation to see spreading out of the March contracts and into the May, but so far that has not been evident. Spreading action may be holding off until tomorrow.
• Brazil’s soybean harvest is now estimated at 40% complete which compares with 33% the previous year at this time, and the average guess for production is seen at 147.7 mmt. This remains below the USDA’s last guess of 156 mmt.

• All three wheat classes are trading higher along with the rest of the grain complex this morning and also rebounded significantly from yesterday’s lows. KC wheat is the leader so far this morning.
• Support in the wheat complex yesterday was driven by weather forecasts showing a cold front sweeping through the winter wheat areas which poses a freeze concern. The front should be gone next week with warmer weather taking over.
• While wheat futures in the US have held up relatively well lately, Russia and Ukraine continue to try to undercut each other with wheat prices which has hurt prices globally.

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.