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All prices as of 6:30 am Central Time

• Corn is trading lower this morning after overbought conditions caused traders to slow down on purchasing, and weather models shifted slightly overnight.
• Weather models are now showing greater chances more more substantial rain in the 7-day forecast for the entire state of Iowa, but Illinois and Indiana are expected to stay very dry.
• The recent drop in corn conditions over the past three weeks will likely force the USDA to lower yields on the July WASDE report and therefore ending stocks.
• Exports have been stale as US competitiveness weakens due to high prices, especially as Brazil is slated to harvest a big second crop corn.

• Soybeans are trading lower along with corn, and both soybean oil and meal are lower as well. The entire soy complex has expanded limits today after soybean oil closed limit down yesterday.
• The slight changes in the weather forecast are pressuring soybeans along with the overbought technicals, and the sharp decline in soybean oil has not helped.
• The new RFS mandates for 2024 and 2025 show that we would have less soybean processing demand for soybean oil to be used in renewable diesel production.
• Argentina has become the second largest buyer of Brazilian soy products this year behind China after their drought severely impacted their crop which they need to meet crush expectations.

• Wheat is trading lower this morning along with corn, and weather forecasts are now showing that spring wheat areas will receive some needed rainfall.
• India’s wheat output for 2023 is at least 10% lower than the governments estimate which has caused a sharp increase in local prices over the past 2 months.
• The Russian wheat crop has also been cut by 1.2 mmt for 2023 due to dry conditions in main growing regions and poor soil moisture.
• Russia has stated that they would not renew the Black Sea grain deal again which is a statement they have made many times, but Ukrainian officials are not optimistic that it will be extended this time.

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 higher following continued dry weather and yesterday’s crop progress report which showed worsening conditions.
• Crop ratings for corn fell to 55% good to excellent which was 6% below the previous week an below analyst expectations. Illinois dropped by 12% and Iowa fell by 11%.
• Iowa and Illinois received some rain on Sunday that was not factored into the crop ratings, but more rains would be needed this week to keep soil moisture from getting worse.
• Analysts at Barchart reduced their forecast for US corn production estimating yield at 177.76 bpa compared to previous estimates of 177.92 bpa.

• Soybeans are trading higher this morning thanks to gains in soybean meal, but soybean oil is lower after the EPA’s biofuel announcement.
• Reports that the 2024 and 2025 EPA blending mandates are lower than were previously stated in their proposal was a disappointment and has soybean oil is lower as a result.
•  Good to excellent ratings for soybeans fell by 6% and are down to 54% with Illinois falling 14% and Iowa down 10%. Crop progress showed more deterioration than expected.
• China’s soybean imports from Brazil jumped 40% in May compared with imports from a year ago and highlight the competitive export market for soybeans.

• All three wheat contracts are trading higher this morning, in part due to declining spring wheat conditions but also in sympathy with corn and soybeans.
• Spring wheat good to excellent ratings fell by 9% to 51% last week which compares to 59% a year ago, but winter wheat ratings were steady at 38% good to excellent.
• Russia keeps its grip on the export market with Algeria most likely purchasing between 580k and 620k mmt from the country.
• Wheat crops globally are not looking great with weather issues in the US, Russia, Europe, China, and Argentina. China is too wet while the rest listed are too dry.

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 gapped higher on last night’s open with Dec corn getting through the 6 dollar mark but has slowly faded since and is now trading lower.
• Rains over the weekend were spotty with decent coverage in Iowa but below expected and spotty rains in the rest of the Corn Belt.
• Rain chances for Iowa, Illinois, and Indiana look light over the next 7 days, and temperatures are expected to get into the 90’s which could stress already low soil moisture.
• Last week funds became buyers buying back 46,637 contracts leaving them with a net long position of 2,145 contracts.

• Soybeans opened strong last night along with corn but have slipped since as funds take profits and producers who received decent rains made cash sales.
• Goldman Sachs downgraded their forecast of Chinese GDP growth which traders think could curt soybean demand.
• Deferred soybean meal contracts turned lower overnight as well as soybean oil, but crude oil is unchanged so far on the day.
• Funds were buyers of soybeans by 33,901 contracts last week increasing their net long position to 47,882 contracts.

• Wheat futures are lower this morning along with corn and beans but have not seen the rally corn has enjoyed and has remained in a sideways trading range.
• Weather has not been supportive for wheat futures as the southern Plains have received plenty of rainfall over the past month and the Dakota’s as well for spring wheat.
• Russia has stated that the Ukrainian export corridor will not be extended, but at this point traders have heard this so often it has become an idle threat.
• Funds were buyers of wheat last week by 6,044 contracts, reducing their net short position to 113,430 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 again today on continued dryness in the eastern Corn Belt which may turn out to be a high risk area in 2023.
• The southwestern Corn Belt is forecast to receive moderate rains over the next few days while Wyoming and Colorado are dealing with flood watches.
• Brazilian corn prices traded higher yesterday as a result of price movement in the US, and beans on the Bovespa exchange are trading at the equivalent of $4.84 per bushel.
• Regardless of the dry weather, the US will have trouble competing with Brazil for exports as their corn crop is expected to be record large.

• Soybeans are trading higher again this morning along with soybean meal and oil as dry weather continues to keep traders buying grains.
• November soybeans have rallied $1.83 just since the end of May and are now threatening to close above the 100-day moving average for the first time since the beginning of the year.
• Yesterday’s drought monitor showed very few areas across the Midwest that aren’t being threatened by drought at this time which is rare for the month of June.
• NOPA crush that was released yesterday was also behind the rally with 177.915 mb being crushed, the highest ever for May.

• All three wheat products are trading higher again today with support from the corn and soybean markets which are on fire. Funds will need to begin covering their large net short position.
• In the US, ending wheat supplies for 23/24 are being estimated at their lowest levels in 16 years with the lowest ending stocks to use ratio in 10 years.
• The winter wheat harvest is beginning and will be among the lowest in 50 years, and the spring wheat crop will be confined to its smallest area in 50 years.
• In northern Europe, Russia, and India, conditions are dry, and in wheat growing regions of China, conditions are too wet.

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 moved higher overnight after forecasts shifted rain to the southwest which is causing more heat and dryness in the Midwest.
• There are flood watches in Wyoming and southern Gulf states, but the central Corn Belt is expected to be bone dry today, while the southwestern Corn Belt is expected to get rain.
• December corn is trading above the 100-day moving average, and a close above that level would be the first one since November of last year.
• Estimates for corn in today’s weekly sales report show an average of 275k tons, but demand has been light and those levels could turn out lower.

• Soybeans and both soy products are trading higher today with soybean oil leading the way, and crude oil is higher as well.
• Soybeans are dealing with similar weather conditions to the corn crop, and although they have a larger window to wait for rain, the forecast still has traders worried.
• Argentina’s Rosario grain exchange cut their soybean production estimate again today by 5% to 20.5 mmt. The previous estimate was 21.5 mmt, both way below the USDA’s 25 mmt estimate.
• India’s May palm oil imports fell to a 27-month low dropping 14% from a month ago after buyers started cancelling expensive cargoes in favor of soy and sunflower oil.

• All three wheat products are trading higher with Chicago leading the way as US wheat continues to face challenges and is on track for the smallest harvest in 50 years for winter wheat.
• US ending wheat stocks are estimated to have their lowest ending stocks to use ratio in 10 years, but the market has still been unable to find demand for US wheat.
• Southern Alberta and the Dakotas are receiving rain today, but better rain chances are expected across the northwestern US Plains in the middle of next week that could last until the end of June.
• The European grain crops are estimated to be cut by 5.4 mmt due to dryness with wheat and barely mainly in trouble.

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 with July leading the way down as first notice day approaches and funds begin to roll into deferred months.
• The forecast for the northwestern Plains and southeastern Corn Belt have turned wetter over the next five days, while states near the great lakes are only expecting moderate amounts.
• Potential frosts for Brazil’s second crop corn have not caused prices to move higher and are still sitting at the equivalent of $4.62 a bushel.
• Brazil’s safrinha corn crop is now being estimated at a record 96.3 mmt, 12% above last season’s production.

• All three soy products rallied impressively yesterday, in part due to the dry weather, but also due to the pending EPA announcement which has been delayed.
• The EPA was scheduled to give their announcement on biodiesel requirements today which could be very supportive for the soy complex, but the decision is now postponed to June 21.
• NOPA May US soybean crush is seen at 175.880 million bushels as processing pace likely continues to slow. Some producers have said that they have idled plants for maintenance.
• Soybeans met some technical resistance yesterday against the 50-day moving average and one month high, but are far below the 100-day average. 

• Wheat is trading lower along with corn and soybeans this morning as the US struggles to compete with Russian and Ukrainian export offers.
• Russia is reportedly considering leaving the Ukrainian grain deal after Putin expressed frustration about the destinations of the Ukrainian wheat on TV yesterday.
• French wheat stocks estimates increased as their season comes to a close with their stockpile seen at 2.89m tons, 3.8% above last season.
• Outside of poor weather in the US, northern Europe and Russia’s spring wheat areas are dry, and China’s Henan province is receiving excessive rain that is damaging the 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 again this morning after yesterday’s weather driven rally. Yesterday’s crop progress showed corn ratings slipping more than expected.
• Crop progress showed the corn crop at 93% emerged which was up from 85% last week and up from the average, but the good to excellent rating fell more than expected to 61% from 64% last week due to dry conditions.
• While most of the Corn Belt is dry, the 5-day forecast shows beneficial rainfall totals in the area with a focus on Minnesota, Iowa, and Missouri. The rains are expected around Thursday and Friday.
• Corn prices in Brazil remain significantly cheaper than in the US, cutting into export business. Corn in Brazil is trading at the equivalent of $4.61 a bushel.

• Soybeans are trading higher this morning after yesterday’s crop progress report. Soybean meal is higher as well as soybean oil which is getting support from palm oil which is up 2.5%.
• Crop progress showed soybeans 86% emerged which was up from 74% last week, but the good to excellent rating fell to 59% from 62% a week ago, below trade expectations.
• The Environmental Protection Agency has a June 14 deadline for announcing final renewable volume obligations that will impact the profitability of renewable diesel.
• Crop ratings for both corn and soybeans saw the biggest declines in eastern states, so the benefit of Sunday’s rains likely weren’t included in yesterday’s ratings.

• Wheat is trading lower this morning as harvest begins, and crop ratings improved from the previous week after recent rains.
• Winter wheat is now rated 38% good to excellent which is up from 36% a week ago, 89% of the crop is headed and 8% is harvested which compares with 4% a week ago.
• Spring wheat is 90% emerged which compares with 76% a week ago, but good to excellent ratings fell to 60% from 64% a week ago.
• The high plains drought is so bad that Kansas is reportedly importing wheat from Europe in a rare move.

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading higher this morning after weekend rains left much to be desired. Rain only fell in select areas of the Belt but areas that did receive rain got a healthy amount.
• There is only light rain forecast near Colorado and east of Michigan today, and areas that did not receive rain over the weekend are struggling.
• Dr. Cordonnier lowered his US corn yield to 179 bps which would bring production down to 14.94 billion bushels. Acreage was left alone at 91.5 mb.
• Friday’s CFTC report showed funds as of June 6 buying back 6,573 contracts of corn, decreasing their net short position to 44,492 contracts.

• Soybeans are trading higher this morning but have not kept up with the gains in corn. Dryness over the weekend has been a bullish factor, but soybeans can wait a bit longer for rain before it becomes an issue.
• Light to moderate rains are forecast across the Midwest this week, but models are mostly dry west of Indiana and north of Missouri.
• Malaysian May palm oil stocks rose to 1.69m tons from 1.5m tons in April which has been a main pressure for lower soybean oil lately.
• Friday’s CFTC report showed funds adding to their net long position buying 13,452 contracts, increasing their net long position to 13,981 contracts.

• Wheat is mixed this morning with Chicago and Minn higher but KC lagging behind as weather, Russia, and small changes in the WASDE affect prices.
• Kansas, Oklahoma, and Texas have all received beneficial rains recently improving the HRW wheat crop, but further north, the majority of the western Canadian Prairies were mostly dry, although rains are forecast later this week.
• USDA’s NASS made a small increase to its winter wheat production estimate going from 1.130 bb to 1.136 bb, largely based on an 11 mb increase in the HRW wheat estimate.
• Friday’s CFTC report showed funds buying back some of their short position by 7,524 contracts, decreasing their net short position to 119,474 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 lower this morning as forecasts predict that a front will move through the Midwest bringing showers to most areas.
• Today’s WASDE report will be released at 11 central and traders are expecting old crop ending stocks to rise slightly and for exports to drop.
• US corn crops in drought areas jumped to 45% with corn crops experiencing moderate drought rose by 11% from the previous week.
• Brazilian corn production has been estimated higher by Bloomberg around 130.3 mmt, 4.7 mmt higher than the previous estimate.

• Soybeans are trading higher across the board with gains in soybean oil and meal as well. Crude oil is also trading higher.
• Helping soybeans and soybean oil is India cutting their palm oil imports in favor of soybean oil and sunflower oil, with imports of soybean oil jumping to 301,000 tons vs 262,000 tons last month.
• Barge shipments on the Mississippi River fell for the week ending June 3 with soybean shipments down 26% from the previous week.
•  Today’s WASDE report will likely show a decrease in Argentinian production and US ending stocks may also be increased.

• Wheat is mixed this morning with Chicago trading slightly higher but KC and Minneapolis down ahead of the WASDE.
• HRW wheat conditions have improved significantly thanks to recent rains, but the good to excellent ratings are still at only 36%.
• China will reportedly feed more wheat to animals after heavy rains damaged high quality wheat which could see their import demand for wheat rise.
• Traders are expecting that Friday’s WASDE will show a jump in US winter wheat yields over last month’s USDA 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 lower this morning following another change in the forecast yesterday evening that calls for wetter weather.
• The GFS model has been calling for more rain than the European but yesterday the European started following the GFS more closely.
• Today’s export sales will be likely show fair to poor numbers as South American offers remain significantly cheaper.
• Brazilian corn production has been estimated higher by Bloomberg around 130.3 mmt, 4.7 mmt higher than the previous estimate.

• Soybeans and soybean meal are mixed with front months higher but deferred months lower, but soybean oil slightly higher along with crude oil
• Bloomberg has estimated the Brazilian soy crop higher by 0.7 mmt for a total of 155.6 mmt.
• In May, Brazil’s shipments to China rose 60% compared to the same period last year, and shipments to Argentina were 979,000, a record high for that destination.
• China’s soy imports have hit a record after previously delayed for inspection vessels were able to unload at once. The imports are 66% higher than the previous month.

• Wheat is trading slightly higher after yesterday’s sharp selloff. The wheat fundamentals are strong but the market is largely controlled by funds who have an advantage in this thinly traded market.
• Traders are waiting to hear the extent of the impact of Ukraine’s destroyed dam which has displaced thousands of residents and ruined the irrigation system.
• India received 57% below average rains in the first week of June despite a large monsoon waiting off the southern coast.
• Traders are expecting that Friday’s WASDE will show a jump in US winter wheat yields over last month’s USDA 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.