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All prices as of 6:30 am Central Time

• Corn is trading slightly higher this morning with the European model showing little to no rainfall for the majority of the Corn Belt over the next 10 days.
• Yesterday’s export inspections were solid at 52.1 mb for the previous week which put total inspections at 1,078 mb, down 33% from the previous year.
• Taiwan’s MFIG purchasing group has issued an international tender for 65,000 tonnes of animal feed corn which can be sourced from the US, Brazil, Argentina, or South Africa.
• Crop progress was released and shows corn 81% planted vs 65% last week and 69% a year ago. Emergence is at 52% compared to 30% last week.

• Soybeans, soybean meal and oil are all trading lower this morning on the heels of poor export inspections that were only 5 mb. They need to be an average of 15 mb each week to meet the USDA’s expectations.
• Planting progress is moving along for soybeans as well and is now at 66% planted vs 49% last week and 47% a year ago. Emergence is at 36% vs 20% last week.
• Yesterday’s rally was encouraging, but it was not based off of any new fundamental news and was likely a result of short covering. 
• Unless there are any weather issues, traders are anticipating that US yield outlooks improve, increasing US production. The combination of a record soy crop from both the US and Brazil is concerning for prices.

• All three wheat products are trading slightly higher as US conditions remain poor and issues re-emerge in the Black Sea region.
• Winter wheat is rated 31% good to excellent vs 29% last week. Spring wheat is 64% planted vs 40% last week, and emergence is at 32% vs 13% last week.
• The UN is concerned by the lack of ships going to one port, the largest in Ukraine, in the Black Sea region. They have not received any ships since May 2, and the UN is not sure who is to blame.
• China is reportedly using less soy and corn in their hog feed and instead opting to use wheat in an effort to curb reliance on imports, a theme that has been very apparent lately.

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading slightly higher this morning with July leading the way up after a disappointing close on Friday which led the contract to lose 31-3/4 cents on the week.
• There is a bullish argument concerning the limited number of deliveries for the May contract and the fact that it went off the board 80 cents above current July futures.
• The US Department of Ag announced on Friday an atypical case of mad cow disease in an older beef cow in South Carolina but the animal did not enter slaughter and no trade impacts are expected.
• Friday’s CFTC report showed non-commercials buying back 17,658 contracts and reducing their net short position to 91,985 contracts. 

• Soybeans are trading higher and are possibly gaining support from Argentina’s drought stricken soybean crop. Soybean meal and oil are mixed with losses in the front months and gains in deferred.
• Argentina’s soybean harvest has stalled slightly and is 72% complete. The USDA has not changed their estimate of 27 mmt but that production is likely much lower between 20 and 24 mmt.
• China’s soybean imports from Brazil fell by 16% in April compared with the same month a year ago after delays to their harvest.
• Friday’s CFTC report showed funds as net sellers of 24,517 contracts reducing their net long position to 23,942 contracts.

• Wheat is lower this morning as a more favorable weather pattern brings relief to areas in Kansas, Oklahoma, and Texas which are dealing with drought.
• The HRW wheat crop tour in Kansas has wrapped up and indicated that production will be the lowest in 66 years. Yields are expected to be better than earlier estimates, but large levels of abandonment will cut into production.
• Ukraine’s port of Pivdennyi said Russia is sabotaging its operation by not allowing inspections of inbound vessels in violation of the brokered agreement.
• Friday’s CFTC report showed non-commercials as buyers of 4,137 contracts of wheat, reducing their net short position to 112,769 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 this morning as December corn finds support at the 5-dollar level. The July contract is on track to end the week with a loss while the loss in December would only be slight at these levels.
• July corn struggled more than new crop this week due to poor demand news which included a cancelled Chinese sale and a bad export sales report.
• In Brazil, the upcoming corn crop does not seem to have traders concerned as futures on the Bovespa exchange continue to make new lows.
• Ukrainian corn plantings so far in 2023 are lagging behind the previous year at just 3.3 million hectares vs 4.2 m the previous year. 

• Soybeans, soybean meal and oil are all trading higher this morning with support from higher crude and a lower US dollar.
• Slowing domestic demand is pressuring the July contract as soybean crush premiums decline to the lowest levels seen since last summer.
• Argentina’s Buenos Aires Grain Exchange cut their soybean forecast again by 6.7% to 21 mmt. Their previous estimate was 22.5 mmt, and the USDA’s estimate remains unchanged at 27 mmt.
• Barge shipments down the Mississippi River declined in the week ending May 13 with soybean shipments down 61% week over week.

• Wheat is trading slightly higher this morning, most likely partially due to end of week profit taking but also in response to the HRW wheat tour results.
• The tour estimated Kansas wheat production at 178 mb with a yield estimate of 30 bpa. The tour estimated a very high level of abandonment expecting only 5.9 million acres vs the USDA’s 6.6 ma.
• Russia is planning to discuss wheat and meat exports at a Chinese business forum where they will attempt to expand exports to China.
• Three new inbound vessels were approved for the Ukraine export corridor following the renewal of the deal. Two of those ships are preparing for inspection in Istanbul and the other was stranded in Ukraine since March 2022 and is finally departing.

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 for the third consecutive day with December below the 5-dollar mark.
• Yesterday’s news that Russia would agree to extend the Black Sea grain deal at the last moment triggered fund selling and added pressure to corn and wheat.
• Yesterday the USDA reported the fourth sales cancellation by China of 10.7 mb of corn, but China still has about 89 mb of outstanding sales in the US.
• Estimates for todays export sales report in corn are between -300k and 650k tons with an average guess of 185k.

• Soybeans and soybean meal are lower this morning while soybean oil is slightly higher as palm oil futures begin to level off.
• China’s soybean imports reached a record high of 8.8 million tons this April as their economy recovers and demand increases.
• Brazil’s soybean harvest achieved its record high mark which the USDA estimates at 155 mmt which is the most soybeans ever grown by any country ever as their production continues to expand.
• Soybean export sales are expected to be in a range between 50k and 600k tons with an average guess of 298k.

• Wheat is trading lower again this morning after yesterday’s surprise renewal of the Black Sea grain deal spurred heavy selling. This agreement will last for two months.
• Yesterday’s crop tour showed wheat yields in Kansas falling below the USDA’s estimates at an average of just 27.5 bpa vs 37 bpa a year ago.
• With the severe drought ravaging US wheat, the US has had to resort to rare wheat imports with two cargoes of Polish grain arriving in Florida this year.
• The HRW wheat crop tour will move to Manhattan, KS today where conditions are more favorable, and the tour will offer its final estimates.

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading lower again after a sharp selloff yesterday that affected the entire grain complex.
• Last week’s WASDE report that estimated US corn production at 2.22 billion bushels while also estimating Brazilian corn production at a record high has had a big bearish effect on grains.
• US export sales will not have much of a window as Brazilian corn is nearing harvest and is expected to be 130 mmt.
• The Black Sea grain deal expires tomorrow and so far there has been no resolution between the countries. 

• Soybeans sold off sharply yesterday led lower by over a 4% decline in July soybean oil. Soybeans, soybean meal and oil are all lower again this morning.
• Soybean oil has been under pressure from the palm oil market which has been floundering as demand from India wanes and supplies remain stout.
• In India, oilmeal exports have fallen significantly with soymeal exports falling to 177,243 tons from 235,233 tons in March.
• Conditions in Nebraska and Kansas remain dry but have received some showers lately but overall, a record soybean crop is possible in the US barring a weather event.

• Wheat is mixed this morning with Chicago lower but KC and Minn slightly higher as the HRW wheat tour finds the crop in Kansas badly damaged by drought and cold.
• Argentina’s 23/24 wheat output is being estimated at 18 mmt which would be a 45% increase year over year, and they have expanded acres by 3%.
• Crop scouts in Kansas are projecting the average yield for the northern part of the state at just 29.8 bpa, the worst for the tour’s first day since 2003.
• With no extension in sight for the Black Sea deal, the corridor is now nearly empty with only seven outbound vessels left in safe passage.

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 in the December contract but found support yesterday near the 5 dollar level.
• Yesterday evening, the USDA said that 65% of the corn crop has been planted which is above the 5-year average of 59%.
• Iowa and Illinois are 86% and 84% completed respectively while North Dakota is the most behind at just 5% planted.
• With corn production in Brazil expected to be record large at 130 mmt, July corn prices on the Bovespa exchange fell 1.2% yesterday to a new 2-year low.

• Soybeans are trading lower with soybean meal and oil lower as well. Soybean oil has the largest percentage loss due to lower crude oil.
• Trade is bracing for a record US soybean harvest this fall and Brazil is already highly expected to produce a record crop, but Argentina is expected to produce nearly half of what it would in a normal year due to drought.
• The USDA reported a private sale yesterday of 100,000 tonnes of US soybean meal to Poland for the 22/23 marketing year.
• The USDA said that the soybean crop is now 49% planted vs 35% last week, and 27% this time a year ago. Emergence is at 20% from 9% last week.

• Wheat is slightly lower after yesterday’s rally but is hesitant to move higher until there is some word on the Black Sea grain deal.
• The UN has been attempting to get Russia to agree to extend the deal but has not been successful with the deadline just two days away. The final two ships under the agreement will leave the Black Sea today.
• The HRW wheat quality tour is beginning today and will shed light on how bad the wheat crop is. Kansas is estimated to have the lowest crop in over 50 years.
• The USDA said yesterday that 29% of the winter wheat crop is rated good to excellent while 68% of the Kansas crop is rated poor to very poor, the worst assessment since 1989.

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

• July corn is trading higher this morning and is getting support from the large premium left by May corn now that it is off the board. December is slightly lower under pressure from good US weather and large supplies of Brazilian corn.
• Higher wheat prices are giving some support to corn as wheat production in the US is struggling with many producers abandoning fields due to drought.
• Rains fell over the northwestern Plains and Minnesota with much of it falling over dry areas but some of the rains causing delays for producers as they wait for fields to dry.
• Friday’s CFTC report showed funds lightening up on their short position a bit, buying back 8,503 contracts for a net short position of 109,643 contracts. 

• Soybeans are finding support this morning after falling to the lowest levels this year in the Nov contract. Soybean meal is higher while soybean oil is lower despite higher crude oil.
• The US soybean crush for April is being estimated at 174 mb  which is 2.7% higher than April of last year, but down 6.2% from the previous month.
• The soybean harvest is now complete in Brazil, and producers are hesitant to sell spot beans when they are able to store them. Some producers are opting to exchange soybeans for inputs and fertilizers for next year’s crop.
• Friday’s CFTC report showed non-commercials as sellers of 7,914 contracts, decreasing their net long position to 48,459 contracts.

• Wheat is trading higher this morning as the HRW wheat quality tour begins today and traders will get an idea of just how bad the crop is.
• The USDA estimated HRW wheat production at 514 mb which was less than expected. Winter wheat production for Kansas was estimated at 191.4 mb, the lowest in 50 years and down 244.3 mb last year.
• There has still been no word on whether Russia will agree to extend the Black Sea corridor with a deal that expires this Thursday. Ukrainian officials are preparing for no extension and no talks are planned for this week.
• Non-commercials added to their large net short position last week selling 9,418 contracts bringing the total net short position to 116,906 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 this morning as the May contract prepares to go off the board today at nearly a 50-cent premium to July.
• The first deliveries against the May contract were made last night at 50,000 bushels delivered by ADM.
• Today’s WASDE may show small declines in export sales and ethanol production but could raise feed and residual usage.
• The USDA will likely have new crop ending stocks above 2 billion bushels, and are expected to increase Brazilian production but lower Argentinian production.

• Soybeans are trading higher with soybean meal posting the biggest percentage gains but soybean oil moving higher as well thanks to slightly higher crude.
• Brazil’s soybean production is estimated at 154.8 mmt by CONAB vs previous estimates of 153.6 mmt. Analysts in a Bloomberg survey are expecting 155.1 mmt.
• Argentina’s soybean harvest is estimated at 51.6% complete with production estimates unchanged at 22.5 mmt.
• Despite falling crush margins, NOPA April US soybean crush was seen at 174.17 mb compared to 185.81 mb the previous month.

• Wheat is trading higher ahead of today’s WASDE report as trade worries about yield estimates the USDA may provide.
• Traders are expecting new crop ending stocks to be estimated at just over 600 mb which would leave a similar all wheat balance sheet to the one we have this year.
• The meetings between Russia, Ukraine, Turkey, and the UN ended yesterday without an agreement to the continuation of the Black Sea grain deal which is supporting prices today.
• Argentina’s is trying to bring its genetically modified wheat to market and has been significantly expanding access to distributors in Argentina.

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 ended the day yesterday higher but is trading lower this morning ahead of the export sales report which is expected to show another week of poor exports.
• Brazil’s total corn output will grow by 12% from the previous cycle reaching a projected 126.7 mmt in 22/23 according to a Reuters poll.
• Ethanol production fell the past week and production pace has been below the levels needed to meet the USDA’s estimates.
• Corn may end up trading quietly until tomorrow’s WASDE numbers are revealed, and traders get a look at estimates for the US carryout and South American production.

• Soybeans are trading lower this morning and the Nov contract made new lows overnight. Soybean meal is relatively unchanged while soybean oil is lower with lower crude.
• Technically, a close under the March low at 12.47 for the the Nov contract could open up a move to 12.17, which were the lows made last July before the weather rally kicked in.
• Argentina’s Rosario Grains exchange cut their forecast for the 22/23 soybean crop by 6.5% to 21.5 mmt which compares to a previous estimate of 23 mmt.
• China is continuing their efforts to stabilize their soybean imports and diversify their sources by promoting higher domestic production.

• Wheat is trading lower across the board today ahead of export sales and following more rain in the forecast for drought stricken areas in the southwest.
• The EU’s soft wheat exports in the season beginning July 1 rose 11% and has reached 26.5 mmt as of May 7, compared with 23.9 mmt the previous year.
• China is expecting a strong wheat harvest  and stable prices over the summer with a low possibility of the government buying crops to support prices.
• The EU’s wheat crop outlook has been raised to 130 mmt, with stockpiles possibly ending 22/23 at an extremely high level. Spain is expected to produce less due to persistent drought.

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading lower again this morning following yesterday’s Chinese import cancellation of US corn. This is the third cancellation and there are fears more will come.
• On Friday the USDA will release their WASDE report with estimates for the US 23/24 corn carryout at 2,094, the Brazilian corn crop at 126 mmt, and Argentina at 35 mmt. The estimates for Brazil were higher than the previous month while estimates for Argentina are lower.
• There have still been no deliveries for the May corn contract and it is now 8 days into the delivery period.
• Between the planting progress which is ahead of schedule, increased Brazilian production, and the sales cancellation, the market is under pressure.

• Soybeans are trading lower again this morning along with soybean meal and oil. Crude oil is lower as well, sitting just under 73 dollars a barrel.
• Trade estimates for the US 23/24 carryout in Friday’s WASDE is 293, a higher guess than last month. The Brazilian soybean crop is now estimated at 155 mmt vs the previous 154 mmt, and Argentina is expected to produce 24 mmt vs 27 mmt.
• Lower Chinese demand is concerning, but the USDA is expected to keep Chinese imports near 96 mmt but could see more exports from Brazil.
• Yesterday, managed money were net sellers of 8,000 contracts of soybeans, bringing their net long position down to just 53,000.

• Wheat is lower again, but KC wheat and Minn have been holding up better than Chicago due to the poor crop conditions and slow spring wheat planting pace.
• Outbound inspections have resumed under the Black Sea grain deal, but the deal has still not been renewed and Russia’s terms to continue the agreement are lofty.
• Yesterday, managed money were net sellers of 4,000 contracts of Chicago wheat, adding to their net short position and bringing it to 113,000 contracts.
• Tensions between Ukraine and Russia are high, and the Ukrainian nuclear power plant is under threat of nuclear accident again due to the fighting.

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