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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. 

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.

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