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All prices as of 6:30 am Central Time

• Corn is trading just slightly higher this morning but was lower overnight as weather forecasts remain mixed with showers for some parts of the Corn Belt but mostly hot and dry.
• US ethanol stocks rose by 0.3% to 23.228m bbl, and analyst were expecting 23.17 mln bbl. Plant production was 1.09 m b/d compared to survey averages of 1.058.
• Last night, Russia struck port infrastructure in Ukraine’s Odesa region again, killing a security guard and damaging a cargo terminal.
• A severe dry spell in Indonesia has spurred farmers there to switch from rice to corn with the government planning to import rice.

• Soybeans are higher this morning and overnight the Nov contract got 13 cents away to reaching the contract high at 14.48. Soybean meal is higher but soybean oil is bear spread with the two front months lower and deferred months higher.
• Analysts have raised their projections for 2024 palm oil prices on tight supplies amid the El Nino weather pattern. This could be supportive for soybean oil.
• The Midwest is expected to have two more days of extreme heat before temperatures drop, and there is not much rain forecast outside of Wisconsin and Michigan over the next 7-days.
• The National Weather Service and DTN’s forecasts for August are a bit at odds with NOAA expecting above normal rains in the southern Midwest while DTN sees better chances in the western Plains with above normal temperatures. The USDA’s last yield guess was 52.0 bpa which may be too high.

• Wheat is trading higher this morning with KC leading the way up followed by Minn after Russia struck the port city of Odesa again and the crop tour data is released.
• Day 2 of the crop tour covers North Dakota which was hit by drought and therefore shows an average yield of  45.7 bpa compared to last years tour data of 47.7 bpa.
• Russia has said that it will provide free grain to six African countries over the next three to four months in the amounts of between 25,000 and 50,000 tons each.
• Agritel sees France soft wheat production up 3% year over year in 2023 with production at 34.8 mmt, 1.1 mmt higher than the previous 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 lower this morning as scattered showers appear on the radar for Minnesota and Wisconsin with heavier rains to be expected there over the next few days, but the Corn Belt’s forecast remains hot and dry.
• In Brazil, September corn on the Bovespa exchange is trading near the US equivalent of 5.07 a bushel due to their record 2023 corn crop, and the US is struggling to compete with exports.
• Estimates for ethanol production and stockpiles sees production lower than last week at 1.058 million barrels per day, and the stockpile estimates slightly higher than a week ago.
• Brazilian corn exports were seen reaching 6.43 mmt in July compared to an estimated 6.8 mmt forecast the previous week.

• Soybeans are trading higher this morning led by gains in soybean meal while soybean oil trades lower. The weather outlook into August has trade worried about final yields which has helped support prices.
• While Brazil’s record soy crop has made US soy exports difficult, good demand for soy products domestically has been a very bearish factor sending new crop contracts nearly to contract highs.
• The current incentive to crush soybeans is near its highest levels on record due to big boosts in the values of soybean meal and oil.
• 19% of the Midwest is in D2 to D4 drought conditions with soy crops also dealing with hot temperatures. Some analysts believe that the USDA’s estimate for 52.0 bpa soybeans is too high.

• Wheat is trading lower this morning as traders tire of news out of the Black Sea and focus on the crop at home with new yield estimates from the wheat tour.
• It is day 2 of the Wheat Quality Council’s Spring Wheat and Durham Tour, and yesterday’s tour ended with a yield estimate of 48.1 bpa which is below last year, but was higher than the USDA’s estimate of 47 bpa.
• The International Monetary Fund said that the suspension of the Black Sea grain deal could drive global prices up by 10-15%, but much of this is likely already priced in.
• The Russian wheat harvest has been slowed by heavy rains, and only 14% of planted areas have been harvested as of July 20, compared to 22% 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 lower this morning after yesterday’s rally that was led by more attacks by Russia in Ukraine and the hot and dry forecast.
• Yesterday, the USDA said that 57% of the corn crop is rated good to excellent compared to 57% last week and 61% a year ago. 68% of the crop is silking.
• Temperatures for most apart from northeastern areas of the Corn Belt will reach the 90’s today, and triple digits are expected in Kansas. Drought remains a big concern.
• On Monday, Russia destroyed grain warehouses on the Danube River, and now nearly 30 ships have dropped anchor near Ukraine’s Izmail port city.

• Soybeans are trading lower this morning and have given back most of yesterday’s gains as prices meet resistance near their December high and not far from their contract high.
• Yesterday’s crop progress report showed soybeans at a 54% good to excellent rating which was down slightly from last week’s 55% and below last year’s 59%. 70% of soybeans are blooming compared to 56% last week, and 35% are setting pods.
• Weather in the northwestern Plains and Midwest have better rain chances over the 6 to 10-day forecast along with milder temperatures that could help soybeans that are setting pods.
• Yesterday’s export inspections report showed soybean inspections at 10.4 mb which puts total inspections at 1.844 bb, down 5% from last year.

• Wheat is faring better than corn and soybeans this morning with Chicago only down slightly and KC a bit higher after yesterday’s rally.
• A Russian diplomat has said that there are no talks on restoring the grain deal, and based on Russia’s actions in targeting grain facilities, it does not seem like an agreement will be struck anytime soon.
• USDA’s crop progress was released yesterday afternoon and showed 49% of spring wheat rated good to excellent vs 51% last week. The winter wheat harvest advanced to 68% complete vs 56% last week.
• Ukraine has asked the EU for more export transit with the Black Sea deal ended and Ukraine struggling to export what grain they have left.

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 on hot and dry weather this week and Russian strikes on Ukrainian infrastructure.
• Temperatures this week are expected to reach 90 and 100 degree temps this week with little rain expected, which will likely stress the corn crop during pollination.
• According to Ukraine’s agricultural minister, Russia trying to make it difficult to export grain via the Danube River, which is now one of Ukraine’s primary export channels. 
• Grain shipping traffic in the Black Sea has fallen 35% in the last week, since Russia has declared that all ships heading for Ukrainian waters could be deemed as carrying weapons.

• Soybeans and soybean meal are trading higher this morning, gaining support from sharply higher soybean oil, and hot and dry weather.
• Temperatures this week are expected to reach 90 and 100 degree temps this week with little rain expected, which will likely add stress to the already struggling areas.
• Soybean oil this morning is following a sharply higher Malaysian palm oil market which saw over 3% gains yesterday’s trade.
• The added war premium that is being injected into the corn and wheat markets is also likely affecting world veg oil prices due to Ukraine’s role as a lead sunflower oil and meal exporter.

• Wheat is trading higher this morning, erasing Friday’s losses, as it gains support from the corn market and adds war premium.
• Grain shipping traffic in the Black Sea has fallen 35% in the last week, since Russia has declared that all ships heading for Ukrainian waters could be deemed as carrying weapons.
• According to Ukraine’s agricultural minister, Russia trying to make it difficult to export grain via the Danube River, which is now one of Ukraine’s primary export channels. 
• Many insurers have suspended coverage for grain shipments from Ukraine except from smaller ports along the Danube.

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 a rally that lasted five days that was driven by dry weather and the Russian attacks on Ukraine’s port cities.
• Yesterday the National Weather Service released a 30-day forecast which showed lower temperatures and above normal chances of precipitation for the Corn Belt.
• The 7-day forecast is expected to be rough with little rain expected throughout the Corn Belt and higher than normal temperatures.
• After the recent rains of the past few weeks, the US drought monitor showed moderate to intense drought falling by 9 points from the previous week to 55%. The previous high was 70%.

• Soybeans are trading lower along with soybean meal, and soybean is lower with the exception of the August contract which is slightly higher.
• Yesterday’s 30-day forecast which showed more rain and less heat was more of a suppressant on soybean’s rally as the August timeframe is very important weather-wise.
• Palm oil futures have rallied nearly 23% since the lows made in late May, and soybean oil is up about 50% in that same time, so a correction is not surprising.
• Indonesian palm oil exports rose by 4.5% month over month to 2.23 mmt in May from 2.13 mmt in April as output increased.

• Wheat is trading lower this morning with KC wheat leading the way followed by Chicago. News of attacks out of the Black Sea seem to have worn off as futures got overbought.
• Ukrainian exports out of the Black Sea are over at this point with Russia threatening any vessels found there, and they have also started conducting live fire exercises in the Black Sea.
• The damage done my Russia’s drone and missile strikes on all of the Ukrainian port cities is not completely known, but Odessa seemingly got the worst of it with large amounts of grain destroyed.
• The IGC raised global grain production and the stockpiles estimate with world grain production now seen at 2.297 billion tons, but the wheat crop itself has shrunk. 

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 despite fresh attacks by Ukraine on Odessa last night, with each attack reportedly more damaging than the last.
• A few very dry areas in Minnesota received rainfall in the past 48 hours which has eased some concerns for that area.
•  Dec corn appears to be meeting some resistance around the 5.60 area as producers step in to make cash sales to reward this rally.
• US ethanol stocks rose by 2.2% to 23.166 m bbl, and analysts were expecting 22.669 mln bbl. Plant production was at 1.07 m b/d compared to the average guess of 1.042 m.

• Soybeans are trading slightly lower as soybean meal falls but soybean oil trades higher along with higher crude oil.
• At some point today, the National Weather Service will release their forecast for August. This should have some effect on prices with August weather being critical for soybean yield.
• The USDA attaché has put the Argentinian soy crop at 21.25 mmt which is 3.75 mmt below the most recent USDA estimate.
• Chinese June soybean imports from Brazil were up 32% on the year as China stocks up on cheap soy products. China imported 9.53 mmt of oilseed compared to 7.24 mmt a year earlier.

• Wheat has turned lower this morning but was higher overnight after reports of a third attack on the Ukrainian port city of Odessa came in and are said to be even worse than the attack the previous night.
• With the grain deal off the table, Russia is wasting no time ramping up attacks on Ukraine and seems to be targeting port cities on the Black Sea to limit their exports.
• The previous night’s attack on Odessa destroyed 60,000 tons of grain that were being stored there, and more was likely destroyed last night.
• Technically, December wheat may have found resistance at the 200-day moving average ay 7.60 because futures slightly exceeded that level before backing off lower.

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 continuing its rally after Russia attacked Ukraine’s port city of Odessa again last night inflicting much more damage than the previous night.
• The 10-day forecast for the Corn Belt is still showing dry conditions with temperatures turning the hottest of the season beginning this weekend. Minnesota received some light showers overnight.
• Projections for ethanol production for the week ending July 14 is showing production higher than the previous week at 1.042 million b/d with the stockpile average estimate above a week ago.
• Barchart has raised their corn yield estimates to a yield of 177.97 bpa which compares the the USDA’s most recent forecast of 177.76 bpa.

• Soybeans are trading higher again this morning with the Nov contract making a new high for 2023. Soybean meal’s gains are helping this rally, and soybean oil is higher as well.
• Forecasts are predicting that August will begin with higher than normal temperatures in the Western Corn Belt, so rainfall will be important to shore up the poor current soil moisture levels.
• The NWS will likely release their 30 and 90-day forecasts this week which the soy complex will watch closely for an idea on moisture and temperature into pod fill season.
• India’s oilmeals exports fell to 280,001 tons in June from 436,596 tons in May.

• Wheat is beginning the day higher with Chicago wheat leading the way followed by KC and Minn following news of last nights Russian attack on Ukraine’s port city.
• After Russia withdrew from the grain deal they attacked Ukraine’s port city of Odessa with minimal damage and no casualties, but reports have come in of a second attack from last night which a spokesperson from Odessa called it a “hellish night”. It is assumed much more damage was done during this attack.
• This morning, Russia said that ships in the Black Sea would be “in danger”, but they have also said that they would be willing to come back to negotiate in 3 months if the UN makes good on Russian demands.
• The UN is apparently “floating” ideas on how to get Ukrainian and Russia grain out to the rest of the world as the Black Sea is closed.

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 reports came in that Russia attacked Ukraine’s port city of Odessa, seemingly solidifying their withdrawal from the grain deal and retaliating for the Crimea bridge attack.
• Crop conditions showed the good to excellent rating for corn improving by 2% to 57%, on par with trade guesses. This is still the third worst rating for this date since 1988, however.
• The three worse ratings in mid July were in 1988, 2012, and 2005, but those crops did not trend higher in mid July, and this year’s corn crop has improved by 7% in just three weeks.
• The 8 to 14 day forecast is still showing below normal precipitation and above normal temperatures primarily in the eastern Corn Belt which may be adding some weather premium today.

• Soybeans are trading higher this morning and are being led by soybean meal which is on a strong rally, while soybean oil is slightly higher.
• Crop progress showed the soy crop’s good to excellent rating improving by 4% last week to 55% which was above the average trade guess and a result of rainfall in the past few weeks.
• Soybean meal has been rallying due to Argentina’s shrinking soy crop which is estimated at 21 mmt (4 mmt below the last USDA estimate), and Argentina is the largest exporter of soybean meal.
• NOPA June soybean crush fell to a 9-month low of 165.023 million bushels, down from the 177.915 mb processed in May.

• Wheat is trading higher alongside corn and soybeans this morning with Chicago leading the way, followed by KC. Russia’s attack on the port city of Odessa is likely helping futures.
• Crop conditions showed spring wheat good to excellent ratings improving by 4% from last week to 51%, 10 points below last year’s rating at this time.
• The winter wheat harvest is now 56% complete compared to 46% last week, but behind last year’s 71% at this time.
• After Russia blamed Ukraine for the attack on the Crimean bridge over the weekend, Russia withdrew from the grain deal and promised retaliation which came in the way of the attack on Ukraine’s port city of Odessa, but only 1 person was injured and nearly all of the missiles and drones were shot down.

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 and gapped slightly higher overnight after Russia announced that it was withdrawing from their participation in the Ukrainian grain deal.
• The crucial grain deal was ended abruptly because the Kremlin has claimed that it is not being used for the benefit of countries that it was intended for, but the move also comes as tensions heighten.
• Weather has been another bullish factor this morning as a large portion of the Corn Belt is forecast to be dry over the next 7 days with warmer than normal temperatures.
• Friday’s CFTC report showed funds increasing their net short position by a whopping 45,000 contracts which now puts them short over 63,000 contracts.

• November soybeans are continuing to move higher but still have found resistance at the 14 dollar mark. Crude oil is trading lower below 75 dollars a barrel, but both soybean oil and meal are higher.
• Soybeans dipped lower after the USDA report that showed higher ending stocks estimates than expected, and focus has shifted back to weather and world veg oils.
• The closing of the Ukrainian grain deal does not impact soybeans directly, but it does impact the value of soybean oil as that region exports a lot of sunflower oil and meal.
• Friday’s CFTC data showed funds as net sellers of soybeans by 6,394 contracts reducing their net long position to 82,748 contracts.

• Wheat is trading higher this morning after the end of the Ukrainian grain deal which obviously impacts wheat the most, but also comes during the US’s winter wheat harvest.
• As winter wheat harvest presses on, the new supplies could make it difficult for futures to rally, and funds have already been content as sellers.
• Spring wheat may be facing more weather related challenges as rain is needed in the southern Canadian prairies and in North Dakota with a drier and warmer 8 to 14 day forecast.
• Friday’s CFTC data showed funds as net buyers of wheat by just 1,878 contracts, slightly reducing their net short positions to 52,128 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

• The corn market is trading higher this morning and near the top end of its range, with support likely coming from a lower US Dollar and slow farmer selling.
• US export sales commitments for the 22/23 corn crop at 1.555 bb are down 35% from last year’s levels, and current 23/24 sales commitments at 159 mb are down from year-ago levels of 269 mb, the lowest since 2019. 
• According to the Rosario Grain Exchange, Argentina’s corn production is seen at 32 mmt, which is down 40% from previous expectations. Additionally, harvest has been slow and is estimated at only 40% complete due to high moisture.
• The latest US Drought Monitor shows 64% of the corn crop is in a drought area, though down 3% from last week with the recent rainfall, leading some to question the USDA’s current yield forecast of 177.5 bpa.
• Some areas of the Midwest will see enough rain through the middle of next week to boost soil moisture, but some will miss out, creating a mixed bag of conditions for developing corn and soybeans, while long-range forecasts show the possibility of drier conditions in the North/Central Midwest.

• Thoughts of a better US economy following yesterday’s friendly inflation data and a lower US dollar are offering support to the soybean complex which is trading near its highs so far this morning.
• Updated Producer Price Index, or PPI, information released yesterday showed inflation levels are slowing, reducing the possibility of further rate hikes by the Fed.
• Following Wednesday’s surprising USDA report, some are questioning the USDA’s 52 bpa yield estimate with 57% of the US soybean crop experiencing some level of drought, though this is down 3% from last week.
• Some areas of the Midwest will see enough rain through the middle of next week to boost soil moisture, but some will miss out, creating a mixed bag of conditions for developing corn and soybeans, while long-range forecasts show the possibility of drier conditions in the North/Central Midwest.
• Total export sales commitments for 22/23 are down 11% from last year versus the USDA’s revised estimate of a 8% reduction. Total sales commitments for 23/24 are only 153 mbu which are historically low compared to 509 mbu sold last year at this time.

• The wheat markets are trading higher this morning on talk of India banning rice exports, and possibly wheat exports as well. 
• Considering India is the world’s largest rice exporter this may add demand to wheat as the next closest substitute.
• Currently, 52% of the winter wheat crop is experiencing drought, down 2% from last week, while spring wheat areas in drought climbed 6% to 25% as the dryness continues in the northern Plains.
• The Northern Plains are expected to have a couple of chances for rain in the next week, but amounts are expected to be below normal with below normal temperatures. The Central/Southern Plains are expected to receive periodic rainfall with a decent frequency of activity for this time of year with mild temperatures, although the rainfall may further disrupt wheat harvest.  
• Minneapolis wheat could lead the wheat complex higher with the growing dryness in the region and falling crop conditions.

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

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