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All prices as of 6:30 am Central Time

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

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

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

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

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

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

All prices as of 6:30 am Central Time

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

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

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

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

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

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

All prices as of 6:30 am Central Time

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

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

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

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

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

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

All prices as of 6:30 am Central Time

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

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

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

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

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

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

All prices as of 6:30 am Central Time

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

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

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

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

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

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

All prices as of 6:30 am Central Time

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

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

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

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

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 about a penny lower this morning and is likely being pressured by lower wheat, but the fears and unknowns of the impact of the avian flu is likely still pressuring the corn complex as it could slightly effect feed demand, especially if it becomes prominent in chickens.
• Yesterday, export inspections were released and were strong with 55.9 mb inspected which brings the pace up 35% from last year. Inspections were large for Mexico and a good amount were headed to China as well.
• In the US, corn plantings have begun and are 3% complete which is slightly above the 5-year average. Forecasts are also favorable for planting with warm conditions expected over the next two weeks.

• Soybeans are trading lower this morning but have remained in a tight range over the past week with multiple closes between the 40 and 50-day moving averages. Soybean meal is lower while soybean oil is just a bit higher.
• Brazil’s soybean harvest was estimated at 78% complete yesterday by AgRural. This would be below last year’s pace of 82% as some soybeans were planted late, and some work has been delayed due to rain. AgResource has estimated Brazil’s total soybean production at 145.46 mmt, far below the USDA’s estimate.
• Yesterday’s export inspections for soybeans were soft again which has become the norm with Brazilian offers cheaper. 17.8 mb of soybeans were inspected for export which brings total inspections down 19% from last year.

• All three wheat classes are trading lower this morning and are dragging both corn and soybeans down as well. Over the past few weeks, wheat has trended higher as there has been a rally in global wheat prices.
• In India, wheat production is expected to rise to 105.8 mmt in 23/24 from 102.9 mmt the previous year due to increased planted acreage and better yields. India will need to buy 31 mmt of this crop for its state reserves.
• Yesterday’s export inspections for wheat were stronger than usual with 18.3 mb inspected which met the 18.2 mb needed each week. Some of that wheat is headed to China which is supportive.

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 in quiet trade with the May contract still rangebound and hovering right near the 40-day moving average. The spread of bird flu in dairy cattle has traders a bit weary on the possibilities of changing feed demand.
• The Buenos Aires Grain Exchange has cut its estimate for corn production by 2 mmt citing disease in parts of the crop caused by bacteria carrying insects. Production is now expected at 52 mmt and the crop is reportedly 11.1% harvested.
• Friday’s CFTC report showed funds as sellers of corn by 7,826 contracts which increased their net short position to 259,556 contracts.

• Soybeans are mixed this morning with the front months slightly higher and the November contract lower. There is currently negative carry from the front month into new crop, and this is not helped by the prospect of increased planted acreage this year.
• Soybean oil has been following the moves in palm oil closely, and it has moved lower over the past three days as prices correct. Soybean meal is higher this morning, but there may be pressure when Argentina gets its harvest further underway.
• Friday’s CFTC report said that as of April 2, funds sold 3,476 contracts of soybeans which increased their net short position to 138,256 contracts. Between corn, soybeans, meal, bean oil, and wheat, funds are short 593,000 contracts which is the largest in years.

• Wheat is mixed this morning with Chicago wheat slightly lower, but KC and Minneapolis wheat higher. Overall, trade in the grain complex is quiet to begin the week. Chicago wheat has been in a steady uptrend since its March lows as Russian export prices have firmed.
• Last week, it was reported that Russia was having problems with poor quality wheat which had importers complaining and caused Russia to halt as many as 500,000 mt of loaded wheat shipments.
• On Friday’s CFTC report, funds reportedly bought back 158 contracts of Chicago wheat which reduced their net short position to 91,944 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 as prices try to battle back after a poor start to the week. Export sales reported yesterday for corn were near the lower end of expectations, but export shipments posted a new marketing-year high. 
• US corn exports in February were strong at 211 million bushels, up 64% from last February and 14% above the 5-year average. 
• Extended outlooks into late April appear promising for US corn planting to make strong early progress after the last few weeks of wet weather. 

• Soybeans are trading slightly higher this morning along with the rest of the grain complex as prices try to build some strength into the end of the week. 
• Palm oil futures retreated Friday on suspected profit-taking after trading to new contract highs earlier this week. 
• Soybean harvest is just underway in Argentina but showers this weekend and into next week will likely hinder early harvest progress but help to finish late maturing crops.

• All three wheat classes are higher this morning with front month Chicago wheat testing the 50-day moving average. Front Month Continuous Chicago wheat has not closed above the 50-day since late January.  
• After a dry March, temperatures will continue to be very warm across much of the Black Sea region into mid-April, this will have a negative effect on winter crop development. 
• Ukraine fired more than 40 drones into Russia’s bordering Rostov region according to a Moscow defense official on Friday. The attack appears to be one of the biggest air offensives of the war and reportedly damaged a power substation. 

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 a higher close yesterday. Prices are trying to recover from concerns over feed demand related to the avian flu, and an uptick in farmer selling after last week’s friendly report.
• US ethanol stocks rose by 1.2% to 26.416m bbl according to the Department of Energy’s ethanol report yesterday, and plant production came in at 1.073m b/d which was above the survey average of 1.046m.
• In South America, both Argentina and Brazil are expecting widespread rains which will slow the soybean harvest but will benefit the second crop corn. Northern Argentina may experience some flooding, but Brazil is expected to be warm and wet over the next 10 days. 

• Soybeans are trading slightly higher this morning along with the rest of the grain complex as it attempts to recover from the 5-day sell off, but May futures have hovered between the 40 and 50-day moving averages. Soybean meal is higher while soybean oil is slightly lower.
• While last Thursday’s report was within trade expectations in both the stocks and acreage, 2 more million acres of soybeans are expected to be planted which is not particularly friendly considering that export demand is already low.
• Palm oil has been the driver of higher soybean oil which in turn has supported soybeans, and Malaysian palm oil reserves were seen at an 8-month low on strong exports which shows the strong recent demand for veg oils.

• All three wheat classes are trading higher this morning after a strong showing yesterday which saw Chicago wheat up 11 cents. Part of that strength could come from meteorologists maintaining that weather for world wheat production has not been favorable.
• Meteorologist John Barnick has said that the US Southern Plains have been too dry, that parts of western Europe have been too wet, and that the Black Sea region has been too warm and dry, not to mention at war.
• Today’s expectations for wheat in the export sales report are low with the trade range between sales reductions of 100k tons and sales of 400k tons. Last week, 339.6k tons were reported as sold.

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

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