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All prices as of 6:30 am Central Time

• Corn is trading lower this morning as it continues its downward slide. Although prices traded slightly higher last night, this morning, March corn made a new contract low. Any small rallies lately have been met with sellers.
• Other than the heavy fund selling, a bearish component to the market has been basis contracts coming due where producers have either had to roll or make the sale with many instances of producers being forced to sell.
• Friday’s CFTC report showed funds as sellers of 26,391 contracts bringing them to a net short position of 340,732 contracts which is a new all time record short position.

• Soybeans, along with corn, were higher last night but are currently at new contract lows in the March contract. Soybean meal is trading higher while soybean oil is lower. The total combined short position that the funds hold in the entire soy complex is the second largest in history.
• The Brazilian soybean harvest is now 38.03% complete which compares with 34.51% the previous year. With the ongoing harvest and falling prices, Brazil is now exporting soybeans to the US according to shipping data.
• Friday’s CFTC report showed non-commercials selling 2,177 contracts of soybeans last week leaving them short 136,677 contracts. This is the largest net short position in soybeans since 2019.

• All three wheat classes are trading lower this morning led by losses in Chicago wheat. While wheat is off its contract lows, it is only off by 10 cents, but has not faced the extent of selling pressure that corn and soybeans have.
• Ukraine’s deputy Prime Minister has said that over 160 tons of Ukrainian grain were destroyed in Poland in large scale protests by farmers who are against the import of wheat from Ukraine as it has driven their domestic prices to very low levels.
• As of last Tuesday, non-commercials sold 12,852 contracts of wheat which increased their net short position to 68,524 contracts, but funds are nowhere near record short in wheat like they are in corn and soybeans.

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 by about two cents this morning after prices sold off sharply over the past two days to see the March contract lose over 12 cents, make new contract lows, and get very close to the 4-dollar mark.
• Yesterday’s ethanol production report was slightly friendly with ethanol stocks falling by 1.2% to 25.502m bbl where analysts were expecting 25.982. Plant production came in at 1.084m b/d which compared to survey averages of 1.079m.
• While the majority of the recent selloff has been due to selling pressure by the funds and basis contracts that are coming due, significantly improved weather in Argentina has seen the corn crop there improving.

• Soybeans have been following the same trend as corn in which they open slightly higher and then tend to fade lower throughout the day. Yesterday, March futures came just 1-1/2 cent from taking out last year’s low in May at $11.45.
• Both soybean oil and meal are trading slightly higher this morning, but the overall trend has been lower which has caused crush margins to narrow.
• Following Tuesday’s relatively impressive export inspections number for soybeans, estimates for export sales are within a range of 300k and 800k tons with the average trade guess at 515k. If realized, this would be above the previous week’s exports.

• All three wheat classes are trading higher this morning and are led by Chicago wheat. There has been little wheat news to trade so much of this week’s move was likely short covering.
• March wheat is on track for a gain on the week that is close to taking out the previous week’s losses. The funds do not currently hold as large of a net short position in wheat as they do in corn and soybeans, but they are clearly rolling out of some of it.
• The French wheat crop continues to see issues with soft wheat rated just 69% good to excellent where last year at this time the crop was rated 95% good to excellent. The barley crop is also rated lower than last year.

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 the gains are minimal compared to yesterday’s losses. Pressure from fund selling and improving weather in South America continues to press prices near contract lows.
• On the world front, US corn export prices are becoming less competitive around $190 per metric ton. Brazil is currently closer to $183, and Ukraine is down around $167.
• Open interest in corn has stopped rising by much as basis contracts begin to be priced which reduces the size of the commercials long position. Non-commercials were also estimated to be sellers yesterday of 7,000 contracts.

• Soybeans are trading slightly higher along with corn and wheat this morning after yesterday’s significantly lower prices which saw the March contract just 12 cents away from its May low of $11.45-1/4.
• A large factor in yesterday’s lower prices in the grain complex came from the release of the Federal Reserve meeting minutes which showed that the Fed is more concerned about cutting rates too fast rather than keeping them high.
• This morning, soybean meal is slightly higher while soybean oil is lower. Crush margins in the US have leveled out after falling to lows in January, but they are still profitable.

• All three wheat classes are trading higher this morning with the majority of gains in the KC contract. Wheat has behaved interestingly this week as it is set up for a gain of over 20 cents this week while corn and soybeans have sold off on the week.
• El Nino is expected to steadily weaken this spring with four of the seven climate models predicting a neutral ENSO pattern by April, with all seven in agreement that the current El Nino pattern will end by May.
• Russia continues to lower its wheat prices as it competes with Ukraine. Russian FOB offers as low as $218/mt are they lowest that have been reported since 2020. Ukraine has been lowering its prices to match Russia’s and has picked up some export business as a result.

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

• After printing minor gains on Monday, corn futures are trading lower this morning in sympathy with neighboring soybeans and wheat.
• The Biden administration and the EPA will approve the request from a group of Midwest Governers to allow year-around sales of E15 gasoline, but the measure is not set to become fully effective until 2025.
• Ag Secretary Vilsack made comments to that he is confident that waivers will be available this summer to sell E15, and that he is also working to ensure that there will be guidance under new US tax credits to include biofuels as feedstock for Sustainable Aviation Fuel.
• On the world front, US corn export prices are becoming less competitive around $190 per metric ton. Brazil is currently closer to $183, and Ukraine is down around $167.
• Managed Funds continue to carry a near record net short position.  Yesterday funds bought an estimated 2,000 contracts and are currently net short an estimated 306,000 contracts of corn. 

• The soybean complex is mostly lower this morning, currently giving up a large portion of yesterday’s gains. Soybean meal and oil are lower as well, adding pressure to beans. 
• South American crop watcher Agroconsult lowered its estimate of Brazil’s soybean crop to 152.2 mmt from their previous estimate of 153.8 mmt. The agency cited the adverse weather and poor conditions in key states.
• There are concerns in the trade that the soybean market will be unable to sustain rallies ahead of the South American harvest. Currently, Brazil’s export prices are more competitive than the US for both beans and meal. Brazil is close to $411 per metric ton versus US at $463, and US meal is currently about $416 per metric ton versus Brazil’s $404.
• Funds continue to hold the largest short position since May of 2019, and have been net sellers of soybeans for 13 weeks in a row. In yesterday’s rally, its estimated that funds bought about 3,000 contracts of soybeans. With that, they currently hold an estimated net short of 143,000 soybean contracts.

• All three wheat classes are a little weaker this morning as short-term speculators likely attempt to book any profits from yesterday’s rally.
• There is little news to explain yesterday’s strong short covering rally. After printing fresh contract lows in the March and May contracts for both Chicago and Minneapolis, the wheat complex market appeared to run out of sellers and rallied into the close posting bullish reversals across all three classes.
• Wheat prices in the EU, Australia, and Russia continue to trend lower and have offered resistance for US prices and exports. Russia continues to dominate the world wheat export market with prices near $217 per metric ton, compared to US offers that are closer to $253.
• While managed funds have been net buyers in the wheat complex lately, they continue to hold a net short position across all three classes of wheat. Yesterday, its estimated that managed funds bought 8,000 contracts of Chicago wheat, bringing there net short in Chicago to 64,000 contracts.
• El Nino is expected to steadily weaken this spring with four of the seven climate models predicting a neutral ENSO pattern by April, with all seven in agreement that the current El Nino pattern will end by May.

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 a loss of 12-1/2 cents in the March contract last week and its lowest close in the life of the contract on Friday. 
• Non-commercials are near their record short position in corn and may have even broken that record as of last week. Traders will expect a bottom in corn once the funds begin unrolling that large short position.
• Brazil’s estimated corn production for 23/24 has been reduced to 125.9 mmt by Safras & Mercado which compares to their estimate of 140.1 mmt in December.
• Friday’s CFTC report showed that as of Tuesday 13th, funds sold an additional 16,597 contracts of corn increasing their net short position to a near record 314,341 contracts.

• Soybeans gapped higher this morning after last week’s lower prices. China is back from its holiday today and is expected to begin buying soybeans again, but most of the business will likely go to South America.
• In Brazil, soybean premiums improved last week despite the ongoing harvest. Farmers were unwilling to sell at the low prices causing premiums to improve.
• The Brazilian harvest is now 31.10% complete which compares to 24.78% at this time last year. South American weather remains favorable.
• Last week’s CFTC report showed non-commercials as sellers of 4,200 contracts of soybeans which increased their net short position to 134,500 contracts and nearing their record short position.

• All three wheat classes are trading higher this morning after making and recovering from a double bottom at $5.56-1/4 in March Chicago wheat.
• Russian wheat exports are currently on track to total 52.9 mmt in 23/24, but that number could drop to 48.1 mmt in the following marketing year according to the consensus forecast.
• Australia is currently forecast to be hit by a third tropical cyclone within two months with a system forming off the northern coast and could make landfall near Queensland. This could be detrimental to the wheat crop there.
• Friday’s CFTC report showed funds as buyers of 11,066 contracts of wheat which reduced their net short position to 55,672 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 following two consecutively poor closes this week as funds likely engage in some profit taking ahead of the long weekend.
• Yesterday’s export sales report was within expectations and maintains this year’s exports well above last year at this time, but most of the business has gone to Mexico with the country as the top buyer with 421k tons last week.
• The estimate for global corn production in the 23/24 season was increased by 4 mmt to 1.23 billion tons. For 24/25, corn planted acreage is expected to increase.

• Soybeans are trading higher as well this morning following the past two days where 24 cents were lost in the March contract between Wednesday and Thursday. Soybean meal is higher this morning while soybean oil is lower along with lower crude.
• Yesterday’s NOPA crush report showed crush numbers falling slightly from the previous month with narrowing crush margins. January crush came in at 185.78 million bushels which was below last month but still a record high for January.
• Argentina began receiving rains at the beginning of this week and there has already been a large improvement in the quality of the soy crop there following the hot and dry spell. The soy crop is 100% planted at this point.

• All three wheat classes are trading lower this morning as they refuse to follow the trend in corn and soybeans. March Chicago wheat had been in a tight trading range but has broken out to the downside over the past three trading sessions.
• The soft wheat crop in France is now in worse condition than the 2023 crop with just 68% rated good to excellent as of February 12. At this time last year, the crop was rated at 93% good to excellent.
• Australia is currently forecast to be hit by a third tropical cyclone within two months with a system forming off the northern coast and could make landfall near Queensland. This could be detrimental to the wheat crop there.

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 following yesterday’s lower close that set a new contract low for March corn. December is at its lowest levels since October 2021.
• This morning, the USDA released it’s outlook forum numbers which were within expectations. Expected planted corn acres were reduced by 3 million acres to 91.0 ma. This is down from last year’s 94.6 ma.
• According to the outlook forum, with the decrease in planted acres but an increase in expected trendline yield to 181.0 bpa, ending stocks for 24/25 are forecast to increase to 2,532 mb.
• US ethanol stocks rose by 4.2% to 25.81m bbl according to the US Department of Energy’s weekly report. Plant production was above the average estimates at 1.083m b/d.

• Soybeans are trading lower this morning as well after a poor close yesterday as funds continued to add to their short position selling an estimated 6,500 contracts. Both soybean meal and oil are lower as well.
• This morning’s outlook forum numbers showed expected planted soybean acres for 24/25 increased from 83.6 ma to 87.5 ma. This was within trade expectations.
• With this increase in expected planted acres and using the higher trendline yield of 52.0 bpa, ending soybean stocks are estimated higher at 435 mb.
• US January soybean crush is expected at 189.7 mb which would be 6% higher than January of last year but 2.9% lower than last months record number.

• All three wheat classes are trading lower this morning after sharp losses yesterday which saw KC wheat hit new contract lows.
• This morning’s outlook forum numbers from the USDA showed estimates of planted wheat acres falling to 47.0 million acres in 24/25 from 49.6 ma the previous year.
• In France, soft wheat stocks were seen 37% higher than the previous year at 3.5m tons which was up from a previous estimate of 3.44.
• Russia is currently harvesting a huge wheat crop and is running into shipping issues with limited capacity in its grain elevators as they need to store over 166 million tonnes of grain.

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 posting small gains both Monday and Tuesday. 
• Ukraine reportedly sunk a Russian military vessel near Crimea Wednesday morning. The market has appeared to pay little attention in the past months to the Russian/Ukraine conflict. 
• Showers are expected to be widespread and heavy for much of Brazil by this weekend. Southern Brazil, which is in need of rain the most, will turn back to a drier pattern next week. 
• The US had 1.9 million farms in 2022, a 6.9% drop from five years ago and the lowest since 1992, according to data from the USDA’s Census of Agriculture. The total acreage used in farms dropped about 2.2% from five years ago as well. The average age of producers continued to climb, reaching 58.1 years in 2022. 

• Soybeans are trading lower this morning down to new lows for its recent move lower. 
• Heavy rain returned to Argentina’s crop producing regions this week easing the hot and dry conditions that plagued many areas for about the last month. Another round of storms are expected to move in this weekend.  
• US soybean crush is forecast to slow in January (from the record months of November and December) as a mid month record cold snap disrupted operations at several processing plants. The NOPA report is scheduled for release at 11 am CST on Thursday. 
• Dr. Michael Cordonnier lowered his Brazilian soybean production forecast this week to 147 mmt. Many estimates out of South America continue to peg the Brazilian crop near or below the 150 mmt level versus the USDA’s February estimate at 156 mmt.

• All three wheat classes are trading lower this morning as prices remain rangebound. Lower prices in corn and soybeans are adding pressure as well this morning. 
• Nearby spreads in all three wheat contracts are at very small carries or inverted. This along with stronger trending basis levels is generally an attempt by the market to encourage selling and discourage storage. 
• Ukrainian grain producers are expected to plant 2% more wheat and 7% more barley acres than last year according to a Ukraine Agriculture Ministry survey recently conducted. 
• Japan’s Ministry of Agriculture, Forestry and Fisheries is looking to buy a total of 115,035 metric tons of food-quality wheat from the US, Canada and Australia in a regular tender that will close on February 15th. 

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 posting a small gain yesterday, but prices remain near contract lows.
• On Thursday, the USDA will begin its Outlook Conference for 2024 which will likely end up showing increased ending stocks with a trend line yield of around 183 bpa, above 2023’s record yield of 177.3 bpa.
•  Yesterday. corn inspections totaled 34.6 mb for the week ending February 8. Total inspections for 23/24 are now at 577 mb which is up 31% from the previous year.
• Brazil’s safrinha corn crop production estimates have been raised by 5 mmt to 91.2 mmt with increased planted acreage and improved weather conditions.

• Soybeans are slightly lower this morning after a rebound yesterday. Lower soybean meal is adding pressure while soybean oil is higher along with crude oil.
• Yesterday, soybeans got support from the export inspections report which showed 48.7 mb of soybeans inspected which was above expectations. Total inspections are now at 1,131 mb, down 23% from last year.
• In the USDA’s crop outlook forum, 24/25 crops are expected to be similar in size to last year, but fewer corn acres could be planted in favor of more soybeans and wheat.
• Malaysian palm oil stocks fall by 11.83% at the end of January with exports falling by 0.85%. The decline in stocks is positive for soybean oil.

• All three wheat classes are trading lower this morning as prices remain rangebound and traders struggle to find news that will cause the complex to rally.
• In Texas, the winter wheat crop ratings fell to 42% good to excellent from 46% the previous week, but the poor to very poor rating fell from 20% to 19%.
• Yesterday’s export inspections were better than the previous week for wheat at 15 mb, and there were cargoes to China, but total inspections are still down 18% from last year.
• In Russia, the Ag Ministry has proposed to raise its grain export quota to 28 mmt from 24 mmt for 2024 with a separate quota for wheat.

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

• March corn is trading higher this morning but still remains just a few cents off its contract low with the expectation of large South American supplies.
• In Brazil, farmers are selling very little corn as they remain hopeful that prices will improve with possible lower production in 23/24.
• Rains have begun to fall in Argentina and continue to fall throughout Brazil. The Argentinian rains are crucial after a period of hot and dry weather.
• Last Friday’s CFTC report showed funds as sellers of 17,593 contracts of corn leaving them with a nearly record net short position of 297,744 contracts.

• Soybeans are trading higher this morning along with corn as prices attempt to rebound after Friday’s poor close and overall bearishness from the WASDE report.
• More Brazilian farm land is boing sold to larger companies such as BrasilAgro due to low prices causing farmers to reduce their planted areas.
• The Brazilian soybean harvest is now estimated to be around 23.83% complete for the 23/24 marketing year which compares to 17.39% at this time last year.
• Friday’s CFTC report showed funds as sellers of 22,053 contracts of soybeans increasing their net short position to 130,300 contracts, the largest since 2019.

• All three wheat classes are trading lower this morning despite higher corn and soybeans as US winter wheat quality benefits from improved weather.
• In Ukraine, wheat production has been assessed and showed that while winter wheat acres are down, they will likely be replaced with spring wheat for total acres to be unchanged.
• Friday’s CFTC report showed funds adding to their net short position by 1,920 contracts which has left them with a net short position of 66,738 contracts.

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

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