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All prices as of 6:30 am Central Time

• Corn is trading lower this morning after moving up to the 20-day moving average in overnight trade and then retreating. The $4.25 level may be temporary resistance.
• Estimates for today’s export sales report see corn sales in a range between 900k and 2,000k tons with an average guess of 1,383k tons. This would compare to 2,151k last week and 924k tons a year ago.
• After an unusually warm start to July, more above-normal heat is forecast for the second half of the month, raising concerns about potential pollination issues.

• Soybeans are trading slightly lower to start the day after yesterday’s sharp reversal higher which was caused by a drop in the US dollar and a flash sale that was speculated to be going to China. Soybean meal is lower while bean oil is higher.
• President Trump announced a trade deal with Indonesia earlier this week, with early details indicating the framework includes $4.5 billion in annual U.S. agricultural product purchases.
• Estimates for today’s export sales report see soybean sales in a range between 450k and 1,000k tons with an average guess of 733k tons. This would compare to 751k last week and 735k a year ago.

• All three wheat classes are trading lower to start the day as prices consolidate towards the bottom of their recent trading range. Support for Chicago September wheat futures is around the $5.35 mark.
• Estimates for today’s export sales report see wheat sales in a range between 300k and 700k tons with an average guess of 475k tons. This would compare to 577k last week and 579k a year ago.
• SovEcon reports Russia’s 2025 wheat harvest is off to a slow start, with early yields trailing those of 2024.

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 early Wednesday, extending Monday’s bullish reversal and attempting to hold above the $4 mark.
• Traders expect last week’s ethanol production to average between 1.08 and 1.1 million barrels per day, according to Wednesday’s EIA report. The previous week averaged 1.085 million bpd, with production for the marketing year running 3.7% above last year.
• After an unusually warm start to July, more above-normal heat is forecast for the second half of the month, raising concerns about potential pollination issues.

• Soybeans are trading higher this morning as futures attempt to bounce off of the $10.00 support level that was tested and held to start the week. 
• President Trump announced a trade deal with Indonesia on Tuesday, with early details indicating the framework includes $4.5 billion in annual U.S. agricultural product purchases.
• Wednesday’s NOPA report showed June soybean crush at 185.7 million bushels — a record for the month, though down nearly 4% from May as expected. Soybean oil stocks fell to 1.366 billion pounds, the lowest June level in over 20 years, per Reuters.

• All three wheat classes are holding onto gains to start Wednesday, following corn and soybean futures higher. 
• SovEcon reports Russia’s 2025 wheat harvest is off to a slow start, with early yields trailing those of 2024.
• USDA reported 63% of the U.S. winter wheat crop harvested as of July 13, just 1% behind the five-year average. Spring wheat conditions improved 4% to 54% good-to-excellent, likely due to recent rains in parts of Montana, North Dakota, and Minnesota.

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 to start the day after yesterday’s bullish reversal in December futures. Despite good export demand and oversold technicals, traders are focusing on the good weather and strong crop conditions.
• Yesterday’s Crop Progress report saw corn ratings unchanged at 74% good to excellent. Historically, crop conditions above 70% in July point to final yields above trendline. 34% of the crop is silking and 7% is in dough stage.
• Yesterday’s export sales report were good for corn at 1,287k tons which compared to 1,564k the previous week and 1,100k tons a year ago at this time. Top buyers were Mexico, Japan, and South Korea.

• Soybeans are trading lower with both August and September futures below $10.00 and the November contract only 4 cents above that level. Yesterday’s lows have not been taken out. Both soybean meal and oil are trading lower as well.
• Yesterday’s Crop Progress report saw soybean crop ratings improve 4 points from last week to 70% good to excellent. This was also 2 points higher than last year at this time. 47% of the crop is blooming and 15% is setting pods.
• Yesterday’s export sales report saw soybean sales on the poor side at 147k tons which compared to 400k the previous week and 175k tons a year ago. Top buyers were Mexico, Egypt, and Japan.

• All three wheat classes are lower to start the day as crop conditions for spring wheat improved and the winter wheat harvest continues. September Chicago wheat futures are currently trading at support levels.
• Yesterday’s Crop Progress saw spring wheat good to excellent ratings improve by 4 points to 54%. This is still far behind last year’s 77% at this time. The winter wheat crop is now 63% harvested compared to 53% last week.
• Export sales were within trade estimates yesterday at 440k tons which compared to 522k the previous week and 622k tons a year ago at this time. Top buyers were Mexico, the Philippines, and Republic of South Africa.

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading higher this morning and the December contract has rallied off its overnight low by 9-1/2 cents. There has been some positivity to be found in strong exports and a relatively friendly WASDE report on Friday.
• Friday’s USDA report reduced 24/25 US ending stocks by 25 mb to 1.340 bb thanks to increases in exports and feed demand. Brazilian corn production estimates were lowered by 2 mmt, and global stocks were reduced as well.
• Friday’s CFTC report saw funds as buyers of corn as of July 9 by 2,602 contracts which reduced their net short position to 203,861 contracts, still a very large position.

• Soybeans are higher to start the day and like corn, have rallied sharply off their overnight low. November soybeans have gained 15 cents since their low of $9.98-1/4 last night. Both soybean meal and oil are higher as well.
• Last week’s WASDE report was mostly neutral with US ending stocks for 24/25 unchanged at 350 mb while 25/26 ending stocks were called 15 mb higher from the previous month at 310 mb. Exports were reduced while soybean crush was increased.
• Friday’s CFTC report saw funds as sellers of soybeans by 6,641 contracts which left them with a net short position of 6,216 contracts. They sold 1,670 contracts of bean oil and bought 459 contracts of meal. 

• All three wheat classes are higher to start the week with KC wheat leading the way higher, over 10 cents off overnight lows. The WASDE report held few surprises for wheat, but traders may now be taking advantage of oversold conditions.
• US 24/25 ending stocks were increased by 10 mb to 851 mb while 25/26 stocks were reduced slightly by 8 mb. Global stocks were lowered, but the Argentinian crop is expected to improve thanks to recent rainfall.
• Friday’s CFTC report saw funds as buyers of Chicago wheat by 7,477 contracts which decreased their net short position to 55,594 contracts. They sold 971 contracts of KC wheat which left them short 43,319 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 but has gotten a reprieve from its sell-off over the past two days. Yesterday’s export sales were friendly, but traders still anticipate a large crop.
• Brazil’s CONAB has updated its estimates for 24/25 corn production at 132.0 mmt which is up 3.7 mmt from last month and is up 115.5 mmt from this time a year ago, a 14.3% increase.
• Estimates for today’s WASDE report see corn ending stocks for 24/25 at 1.35 bb which would be down slightly from the June estimate due to an increase in export demand, yields are expected to be unchanged at 181.0 bpa.

• Soybeans are trading lower this morning but are 10 cents off yesterday’s low which saw August get down to $10.01-3/4 showing that the $10 mark is resistance. Meal is higher this morning while bean oil is lower.
• Pre-report estimates for today’s USDA report peg old crop soybean ending stocks at 358 mb which would be up from 350 mb the previous month. New crop ending stocks are estimated at 302 mb compared to 295 mb in June.
• Brazil’s CONAB said that estimates for the 24/25 soybean crop would be cut to 169.49 mmt which would be down slightly from June citing slight decreases in yield, but is still a record crop.

• Wheat is mixed to start the day as Chicago wheat is slightly lower while KC and Minneapolis are trading higher. Today’s WASDE report may show a reduction in winter wheat production, but world numbers could lean bearish.
• Yesterday’s export sales for wheat came in at 577k tons which was down slightly from last week’s 586k but up from 240k tons a year ago at this time. Top buyers were South Korea, Japan, and Mexico.
• For today’s USDA report, wheat ending stocks for 25/26 are estimated at 894 mb which would be down slightly from last month’s 898 mb as production is expected to come in slightly lower on lower yields.

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 to start the day and has recovered from lower prices overnight. Today’s low of $3.96-1/4 have not taken out yesterday’s lows.
• US ethanol stocks fell by 0.7% to 23.96m bbl according to the weekly petroleum report, slightly below analyst expectations. Plant production of 1.085m b/d was above trade guesses.
• Estimates for today’s export sales report see corn sales in a range between 400k and 1,400k tons with the average guess at 975k tons. This would compare to 1,473k a week ago and 669k last year.

• Soybeans are mixed to start the day with the front month August slightly lower and deferred months higher. November futures dropped down to $10.02-1/4 last night before recovering.
• Pre-report estimates for tomorrow’s USDA report peg old crop soybean ending stocks at 358 mb which would be up from 350 mb the previous month. New crop ending stocks are estimated at 302 mb compared to 295 mb in June.
• Estimates for today’s export sales report see soybean sales in a range between 300k and 900k tons with an average guess of 613k tons. This would compare to 702k last week and 320k a year ago.

• All three wheat classes are trading higher to start the day and are now 10 cents off the low from overnight as prices find some technical support.
• Canadian wheat yield outlooks reportedly remain steady despite recent dryness. Production for 25/26 is estimated at 35.0 mmt. Rainfall is forecast to fall in key areas that have seen moisture deficits over the next 10 days.
• Estimates for today’s export sales report see wheat sales in a range between 200k and 600k tons with an average guess of 419k tons. This would compare to 586k last week and 805k at this time 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 overnight low hit 398 vs Sep; Sep-Dec corn spread held support near -15 as Dalian corn futures dropped to 6-week lows on higher China supply talk.
• Favorable U.S. Midwest weather during pollination have some looking for harvest lows toward 360; South American supplies weigh on U.S. export outlook.
• Trump’s tariff hike on S. Korea and Japan adds trade risk; EU corn imports up 4%, while exports down 41% year-over-year.

• U.S. new crop soybean export sales hit multi-decade lows; Dec-Mar soymeal spread hits record -10.
• Global oilseed markets active: Dalian soy complex higher, lifting palm and soyoil; Brazil and Argentina soybean stocks above last year.
• Traders eye EPA ruling on refinery exemptions; EU oilseed and meal imports up 13% and 14% year-over-year.

• EU protein concerns are boosting talk of stronger milling wheat demand, while a smaller EU corn crop may increase wheat feeding.
• EU 24/25 wheat exports seen at 21.6 MMT, down 34% from last year; current season exports also down 19% year-over-year.
• Canadian wheat crop conditions strong: Manitoba 90% good/excellent, Saskatchewan 65% good/excellent, and Alberta 62% good/excellent.

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 again this morning and is now just 1 cent off contract lows in the September contract following Crop Progress ratings showing the corn crop improving again. Yesterday’s new tariff announcement has not been friendly either.
• Yesterday’s Crop Progress showed good to excellent ratings for corn improving 1 point to 73%, and poor to very poor ratings were reduced to just 5% of the crop. 18% of the crop is silking.
• Yesterday’s CFTC report showed funds as sellers of corn as of July 1 by 24,181 contracts. This increased their net short position to 206,463 contracts, although it is likely now much larger after yesterday’s move.

• Soybeans are lower to start the day with front month August leading the way lower and prices now near recent support. Soybean meal is dragging prices lower while soybean oil has recovered a bit and is trading higher.
• The Crop Progress report showed soybean crop ratings unchanged from last week at 66% good to excellent which is 2 points below a year ago at this time. 32% of the crop is blooming and 8% is now setting pods.
• Yesterday’s CFTC report saw funds as sellers of 23,023 contracts of soybeans which left them with a net long position of just 425 contracts. Funds sold 4,908 contracts of bean oil and sold 21,858 contracts of meal.

• All three wheat classes are trading lower with KC wheat leading the way down. Despite declines in crop conditions and a falling US dollar, funds continue to short the grain markets.
• Yesterday’s Crop Progress report saw winter wheat good to excellent ratings unchanged at 48% while spring wheat conditions fell again by 3 points to 50%, down from 75% a year ago at this time. 61% of the spring wheat crop is headed while 53% of winter wheat is now harvested.
• Yesterday’s CFTC report saw funds as buyers of 1,596 contracts of Chicago wheat leaving them short 63,071 contracts. They bought back 1,114 contracts of KC wheat leaving them short 42,348 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 sharply lower this morning and gapped down in overnight trade following the holiday weekend. Traders were anticipating an announcement from President Trump regarding trade in Iowa which did not come.
• Last week on Wednesday and Thursday, futures moved significantly higher on likely short covering but also on some expectation of friendly news. Instead, weather forecasts remain bearish with good amounts of moisture.
• Last week, export sales were good for corn at 1,473k tons which compared to 1,047k the previous week and 669k tons the previous year. Top buyers were Mexico, South Korea, and Colombia.

• Soybeans are significantly lower along with the rest of the grain complex following the absence of an announced trade deal, but also worrying traders is the upcoming tariffs in which the original pause is approaching its deadline. Both soybean meal and oil are lower as well.
• Argentina has now completed its soybean harvest and has also updated its production citing better than expected yields. The country is said to have produced 50.3 mmt which is slightly above last year’s 50.2 mmt.
• Last week’s export sales for soybeans were below expectations at 701k tons but larger than last week’s 559k and last year’s 379k. Top buyers were unknown destinations, Egypt, and Mexico.

• All three wheat classes are trading lower this morning but are not faring quite as poorly as corn and soybeans so far. The winter wheat harvest is behind schedule but is still pressuring the market, and spring wheat received needed rains over the weekend.
• According to the Food an Agriculture Organization, global grain production is expected to come in at a record high for the 25/26 season as supplies are seen to be large enough to meet demand. Wheat stockpiles are estimated at 321.0 mmt which was up 11m tons from the previous forecast.
• Last week’s export sales report saw wheat sales at 586k tons which compared to 255k the previous week and 805k tons the previous year. Top buyers were the Philippines, Thailand, and the Dominican Republic.

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 optimism continues over various trade deals either being completed or in the works which could improve demand for US grains. Prices have backed off the overnight highs slightly.
• US corn used for ethanol came in at 449.4 million bushels in May which was up from April but down 1.3% from a year ago at this time.
• Due to the 4th of July holiday, the Commitment of Traders will not be released until Monday, but funds are estimated to have bought 15,500 contracts of corn yesterday and an estimated 29,500 contracts total over the past 5 days.

• Soybeans are trading higher along with corn on bullish momentum that comes despite beneficial weather recently through most of the Corn Belt. Soybean meal is higher while bean oil is lower along with crude oil.
• In India, palm oil imports shot higher by 61% to hit an 11-month high for the month of June as a result of lower domestic inventories. This is bullish for all veg oils.
• Estimates for today’s export sales report see soybean sales in a range between 400k and 900k tons with an average guess of 594k tons. This would compare to 559k a week ago and 320k tons the previous year.

• Wheat is mixed to start the day with Chicago and KC slightly lower but looking to turn positive while Minneapolis is higher. Falling crop conditions have helped markets move higher despite the ongoing winter wheat harvest.
• More rain is expected to fall this week in soft red wheat areas which could delay harvest at times. Europe is currently experiencing a heat wave which could slow harvest there as well.
• Estimates for today’s export sales report see wheat sales in a range between 200k and 60ok tons with an average guess of 334k tons. This would compare to 255k last week and 805k tons the previous year.

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

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