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All prices as of 6:30 am Central Time

• Corn is trading lower this morning as the market continues to trade weather which is now calling for a large front that should move from Minnesota and into Iowa and Illinois.
• Recent dryness has been a bullish factor and caused crop conditions to decline, but as soon as the Corn Belt gets a good rain in the upcoming weeks, crops should perk back up.
• Friday’s WASDE report will most likely show a decline in Argentinian corn production as the USDA has stayed far above other analysts, but there is a slight chance they lower US yields too.
• Brazilian corn exports continue to climb and reached 1.66 mmt in June vs 1.503 at this time a year ago.

• Soybeans are mixed this morning with front month July higher but Nov lower, and both soybean oil and meal higher. Crude oil is higher as well.
• Brazilian soy exports reached 13.11 mmt in June compared to 9.946 the previous year. Although Brazil dominates exports, the US had a surprise sale of soybeans to Spain yesterday.
• Chinese May soybean imports reached a record 12 mmt which was the highest ever in a month, and June imports could reportedly be even higher.
• Brazilian farmers will be receiving 7.6 billion reais to cover expenses in a new farming credit program for the 23/24 season. 

• Wheat is mixed this morning with Chicago higher but KC and Minn slightly lower. The quiet action is a bit confusing given the escalation in Ukraine yesterday that affects wheat growing areas.
• The destruction of the dam in Ukraine presumably by Russia threatens agricultural production as the dam was used to help control irrigation.
• The EU’s soft wheat exports rose 11.4% year over year to 28.9m tons, with leading destinations Morocco, Algeria, and Nigeria.
• Ukrainian grain exports are at 45.6 million tonnes so far for the July-June season and are down from 47.2 mmt the same time a year ago.

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 following yesterday’s crop progress report that showed ratings falling, but support is also coming from a 20-cent rally in wheat today as well.
• Corn is now estimated at 96% planted, above 92% last week, but good to excellent conditions have fallen due to recent dryness. Ratings have fallen to 64% from 69% a week ago.
• Yesterday at midday, weather forecasts changed and called for more rain within the next 7 days on the GFS model, but traders are unsure if this will hold.
• Yesterday’s export inspections showed 46.5 mb inspected for 22/23 putting total inspections down 32% from the previous year.

• Soybeans are trading higher along with corn following yesterday’s crop progress, but soy products are mixed with soybean meal higher again but soybean oil lower due to lower palm oil prices.
• Crop progress showed that soybeans were 91% planted compared to 83% last week, emergence is at 74% vs 56% a week ago, and the good to excellent rating is at 62% which was below trade estimates at 65%.
• On Friday, the USDA will release this month’s WASDE and expectations are for old crop ending stocks to rise slightly and for Argentinian production to be lowered.
• India’s palm oil imports hit a 27-month low as buyers seek cheaper soft oils, and palm oil stocks in Malaysia are expecting an output surge that could pressure prices further.

• Wheat is leading the grain complex higher this morning following news that a Ukrainian dam was blown up, fighting there has escalated, and Russia says it does not see a way forward to renew the Black Sea Grain deal.
• Australian wheat production is now expected to decrease by a third due to extreme drought and the second driest May on record.
• Wheat sowing is beginning in Argentina, the major origin country of wheat imported by Brazil. 6.3% of the crop has reportedly been sown so far.
• Crop progress for wheat showed winter wheat 4% harvested  vs 5% a year ago with a good to excellent rating of 36% vs 24% last week. Spring wheat is 93% planted and 76% is emerged.

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 as hot and dry conditions are forecast over the next week with some scattered showers, but according to the GFS model, Sunday and Monday should bring good rains.
• Today’s crop progress report will likely show a decline in corn ratings due to the weather and lower soil moisture levels.
• Mexico has said that they would defend their position on genetically modified corn, but that the use of their local corn for human consumption won’t affect the trade with the US.
• Friday’s CFTC report showed funds as buyers of corn by 46,962 contracts which reduced their net short position to 51,065 contracts.

• Soybeans are beginning the week higher but soy products are mixed with soybean meal slightly higher and soybean oil lower despite higher crude.
• Just as corn is trading the weather very closely, so are soybeans. The recent hot and dry weather has been supportive, but soybeans can wait longer to receive good rains than corn can and barring a drought, US soybean production is expected to be large.
• Friday’s WASDE report will likely show small changes but the largest one may be a revision lower to Argentina’s production. The USDA last estimated it at 7 to 8 mmt higher than other analysts and exchanges.
• Friday’s CFTC data showed funds as net sellers of soybeans by 3,618 contracts leaving them net long only 529 contracts at this point.

• Wheat is higher this morning due to the weather as well as attention on Friday’s WASDE report which will likely show lower US production.
• One ship departed a port in Ukraine over the weekend carrying 33,000 mt of wheat, and 5 other ships left the Black Sea carrying 210,471 mt of agricultural products.
• Friday’s CFTC report showed funds as net sellers of wheat by 8,210 contracts increasing their net short position to a very large 126,998 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 with July down 9 cents and Dec down only 3. Dryness in the short term has been a concern, but today’s forecast calls for more scattered showers.
• Yesterday evening, the Senate voted to suspend the debt ceiling through January 1, 2025, avoiding risk of default and giving traders some confidence back.
• While rain is forecast in the second half of June, dry weather in the interim has been a concern and was likely behind yesterday’s gains.
• Export sales will be released at 7:30 and will likely show disappointing numbers again as Brazilian corn remains cheaper than the US.

• The soy complex is beginning the day mixed with soybeans and soybean meal lower, but soybean oil higher as it gains support from higher crude and higher palm oil.
• Yesterday’s rally can be attributed to oversold technicals and a dry 10 day forecast in which the Midwest will receive only scattered showers with the bulk of rain falling in the western Plains.
• Soybean export sales are also expected to be low again today as Brazil dominates the market having already exported 15.1 mmt. They have harvested 5.70 billion bushels at this point, the most by any country.
• Yesterday, USDA’s NASS said that 187 mb of US soybeans were crushed in April, up 3% from a year ago, and that soybean oil stocks at the end of April totaled 2.08 billion pounds, the highest in over a year.

• Wheat is mixed with Chicago relatively unchanged, KC down slightly, and Minn up slightly. All three products are on track for lower closes on the week.
• The war in Ukraine doesn’t seem to matter to traders anymore despite the fact that vessels leaving the Black Sea are sparse and that Russia is intentionally trying to slow inspections and traffic down.
• Today’s export sales report will likely show shipments of wheat below the necessary 39 mb needed to meet the USDA’s estimates and could result in a revision lower on the WASDE for exports.
• Argentina’s wheat planting has been delayed due to poor soil moisture with only 6.3% planted, and China’s wheat crop in the Henan province is receiving too much rain which could result in a loss of 10 to 20 mmt.

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading higher to begin the month with the deferred contracts leading, and for all the volatility last month, July corn actually gained 9 cents.
• Rains that were expected in the 7-day forecast were pushed West of most growing areas into Saskatchewan and Montana while the rest of the Corn Belt should receive only scattered showers.
• Brazilian corn remains cheap and on the Bovespa exchange, July corn is trading at the equivalent of $4.44 a bushel.
• Refinitiv Commodities analysts expect US corn production to be fractionally better than the previous year citing rapid plantings and decent early season conditions.

• Soybeans are trading higher as well to begin the month with both soy products higher but crude oil slightly lower. 
• Yesterday, November soybeans hit a new one year low, and with the losses in soy products, crush premiums fell back to 1.60 a bushel, the lowest incentive for processors in two years.
• Soybean meal has fallen sharply caused by feed demand concerns, chiefly California’s Prop 12, but yesterday’s rally in lean hogs breathed some life into meal futures.
• Yesterday, shipping data from Reuters showed Brazil exporting 178,800 tonnes of soybeans to buyers in the US in a rare move, but still a bargain for the importers.

• Wheat is trading higher with July KC having climbed back above the 8 dollar mark. While good to excellent ratings improves slightly, there are major concerns about the US HRW wheat crop.
• The SRW wheat crop is looking good so far and the spring wheat crop is mostly getting planted, but it seems that the US wheat crop will be similar to the low levels of the past two years.
• Russian farmers have begun to suspend wheat deliveries to exporters while waiting for higher prices after the export duty will be reduced on June 7 which is causing wheat to pile up in Russia.
• Canadian wheat production for 23/24 is expected to be in line with last season despite area expansions due to poor soil moisture conditions in the Southern Prairies. Canadian wheat production is estimated at 33.3 mmt, down 1% from last season.

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 futures are lower again this morning following yesterday’s selloff as wetter weather is forecast for the end of June.
• Planting progress showed that 92% of the corn crop is planted compared to 81% last week with 72% emerged and a rating of 69% good to excellent compared to 73% a year ago.
• The best chances of rain in the seven day forecast are in the western Plains with some falling in the central and Eastern Corn Belt, with better rains expected the second week of June.
• Concerns that the US debt deal could fall through Congress is weighing on markets with most commodities falling.

• Soybeans are also trading lower after their sharp selloff yesterday with soybean oil leading the way lower yesterday and today.
• Planting progress showed that 83% of the soybean crop has been planted compared to 66% last week, with emergence at 56% compared to 36% a year ago. Soybeans have not received a rating yet.
• Soybean inspections yesterday were 8.8 mb for 22/23 putting total inspections down 2% from the previous year. The USDA is estimating soybean exports at 2.015 bb, down 7% from the previous year.
• China’s economic growth may be lagging, and July soybeans on the Dalian exchange closed down by 1.6% putting prices at their lowest levels in the past two years.

• Wheat is trading lower along with the rest of the grain complex this morning due to more favorable weather in the extended forecast and yesterday’s crop progress report.
• The winter wheat good to excellent ratings jumped to 34%  vs 31% last week thanks to the recent rains. Spring wheat is 85% planted vs 64% last week, and emergence is at 57% vs 32% last week.
• Wheat inspections totaled 14.0 mb for the week ending Thursday May 25, putting total inspections at 719 mb and down 2% from the previous year.
• Russian farmers have begun to suspend wheat deliveries to exporters while waiting for higher prices after the export duty will be reduced on June 7. This is causing wheat to pile up in Russia.

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 quietly with front month July slightly higher but deferred months a bit lower.
• Weather forecasts have begun to show models turning cool and wet for the second half of June, but it should remain dry before then.
• Brazil’s corn production has been estimated higher to 137 mmt by Safras & Mercado, and their previous estimate was 130 mmt.
• July corn on the Bovespa exchange in Brazil ended at the equivalent of $4.95 while July corn on the Dalian exchange was lower at the equivalent of $9.38 a bushel, down 7% on the year.

• Soybeans and both soy products are lower this morning as well as crude oil, possibly due to the favorable forecast in the second half of June.
• For the moment, trade appears to be expecting a record crop from the US and has already priced in Brazil’s record crop, but weather could still be a factor in the US.
• Soybean meal is taking a hit this morning and is still under pressure from California’s Proposition 12 requirements.
• Friday’s CFTC data showed funds as sellers of soybeans by 19,795 contracts reducing their net long position to just 4,147 contracts.

• Wheat is trading lower along with the rest of the grain complex as recent rains in HRW wheat areas have fallen, and export demand remains poor.
• Russia reportedly attacked central Ukraine with Iranian drones on Sunday which was the 1,500th anniversary of Ukraine’s capital. Attacks were also directed at the port of Odesa.
• Crop exports out of the Black Sea corridor are the slowest they have been since the agreement was originally struck with only 3 vessels being completed for inspections per day.
• Friday’s CFTC report showed funds adding to their net short position. They sold 6,019 contracts increasing their short position to 118,788 contracts.

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading slightly higher in the front month but lower in the deferred contracts as tight on-hand supplies support nearby corn.
• The Corn Belt is still forecast to be dry over the next 10 days but there are some chances for light rains and temperatures should remain above normal.
• Today’s focus will be the export sales report which will need to take into account last week’s sales cancellation of 10.7 mb by China, but this may already be priced in.
• According to the US Department of Energy, ethanol weekly stocks fell by 5% to 22.041 mln bbl, and analysts were expecting 22.978.

• Soybeans continue to be pulled lower by soybean meal, but soybean oil has trended slightly higher over the past few days thanks to increases in crude oil.
• The front month crush margins keep getting tighter for processors and it doesn’t help that Brazil is shipping Argentina soybeans for them to crush to keep plants open.
• Rains in areas of Argentina are slowing planting progress, but the rains are helping with soil moisture which should improve the outlook for upcoming wheat and barley crops. 
• Palm oil futures may increase significantly in the second half of this year due to an El Niño weather event.

• All three wheat products are lower again as rains falling in the southern Plains trigger selling despite the fact that the poor crop likely won’t benefit too much from it at this point.
• The situation in the Black Sea hasn’t improved and Russia is still refusing to allow ships into Ukraine’s largest port, and no ships have moved out of the other two ports for the past six days.
• Russia’s wheat crop is now estimated at 86 mmt according to IKAR which is up from the previous estimate of 84 mmt. IKAR also boosted potential exports from 42 mmt to 44 mmt.
• Today’s export sales report is not expected to show much activity on the trade wire as Russia picks up most of the export business. 

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 in the front month but lower in the deferred contracts as tight on hand supplies support nearby corn.
• The Corn Belt is still forecast to be dry over the next 10 days but there are some chances for light rains and temperatures should remain above normal.
• Today’s focus will be the export sales report which will need to take into account  last week’s sales cancellation of 10.7 mb by China, but this may already be priced in.
• According to the US Department of Energy, ethanol weekly stocks fell by 5% to 22.041 mln bbl, and analysts were expecting 22.978.

• Soybeans continue to be pulled lower by soybean meal, but soybean oil has trended slightly higher over the past few days thanks to increases in crude oil.
• The front month crush margins keep getting tighter for processors and it doesn’t help that Brazil is shipping Argentina soybeans for them to crush to keep plants open.
• Rains in areas of Argentina are slowing planting progress, but the rains are helping with soil moisture which should improve the outlook for upcoming wheat and barley crops. 
• Palm oil futures may increase significantly in the second half of this year due to an El Niño weather event.

• All three wheat products are lower again as rains falling in the southern Plains trigger selling despite the fact that the poor crop likely won’t benefit too much from it at this point.
• The situation in the Black Sea hasn’t improved and Russia is still refusing to allow ships into Ukraine’s largest port, and no ships have moved out of the other two ports for the past six days.
• Russia’s wheat crop is now estimated at 86 mmt according to IKAR which is up from the previous estimate of 84 mmt. IKAR also boosted potential exports from 42 mmt to 44 mmt.
• Today’s export sales report is not expected to show much activity on the trade wire as Russia picks up most of the export business. 

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 as the speedy pace of planting pressures prices.
• North Dakota is the outlier in planting progress with wet fields causing them to be only 32% complete with over 2.6 million acres left to plant.
• Traders are uneasy buyers as the threat of more Chinese cancellations remains a threat.
• Brazil is expected to harvest a very large second corn crop thanks to high yields. They are projected to export 54 million tonnes of corn in 22/23.

• Soybean futures closed down hard yesterday wiping out all gains from the previous day and are lower again this morning along with both soy products.
• July soybean meal is making new lows as Brazil exports soybeans into Argentina so that they can offset their crush facilities form their poor crop.
• Brazilian soy exports have reportedly reached 15.9 mmt in May which was above expectations of 15.76 mmt.
• In the EU, soybean imports fell by 12% for the 22/23 year, while rapeseed imports rose by 40%.

• All three wheat products closed higher yesterday but all three are lower this morning along with the rest of the grain complex.
• Yesterday, markets got a boost from the report that Russia was not allowing Ukraine’s largest port to receive vessels, and Russia is reportedly slowing down other ship traffic as well.
• Soft red winter wheat yields in Illinois are now being estimated at a whopping 97.12 bpa by the Illinois wheat association which exceeds the USDA’s forecast of 78 bpa.
• Ukraine’s grain exports have fallen by 4.6% so far in the season that began last July with wheat exports declining by 18%.

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

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