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All prices as of 6:30 am Central Time

• Corn is trading lower this morning after yesterday afternoon’s crop progress showed that producers were able to get a good chunk of the crop in the ground despite the scattered rain.
• Corn was 49% planted versus a trade estimate of 48%, 26% complete a week ago, and 42% on average. 12% of the crop is emerged.
• Yesterday’s export inspections were on the low side at 38 million bushels, and the average is 51 mb for inspections to reach the USDA’s estimates.
• Brazil’s second crop corn sales have begun to slow as prices fall and shipping becomes difficult due to bottlenecking at ports. Forward sales hit 24.3% of expected production of 92.2 mmt.

• Soybeans are trading lower this morning after a good jump in crop progress yesterday, and export inspections yesterday morning were decent.
• Crop progress showed that 35% of soybeans are planted which was above trade estimates, with 19% planted a week ago and ahead of the 21% average. 9% of the crop was emerged.
• Yesterday’s export inspections totaled 14.5 mb but 15 mb are needed each week. It is possible that USDA expectations aren’t met despite the fact that year-to-date inspections are above a year ago.
• China’s imports of soybeans fell 10% in April compared to a year ago as stricter clearance processes at customs have delayed the processing of cargoes.

• Wheat is beginning the day mixed with Chicago posting the most losses, KC down slightly, and Minn wheat higher. Poor weather conditions in the US have been supportive.
• Spring wheat is 24% planted, below the average trade guess and below the average of 38% for this time of year. 5% of the spring wheat crop is emerged.
• In winter wheat, the good-to-excellent rating rose 1% to 29%, but the poor-to-very poor rating rose from 42% last week to 44%. 38% of the wheat is headed.
• Tensions between Ukraine and Russia remain high, and the Zaporizhzhia power plant is under threat of a nuclear accident again due to the fighting, but a meeting between Russia, Ukraine, Turkey, and the UN has been pushed up to May 10 where they will discuss the Black Sea agreement.

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 mixed this morning with July a bit higher and Dec lower. With the recent selloff in US corn prices, the US is becoming more competitive with Brazil.
• In both Brazil and the US corn production estimates are positive due to favorable weather and corn sowing that is being favored in the US.
• The recent rainfall in the US has slowed planting a bit but helped soil moisture in areas like Nebraska and western Iowa which were very dry.
• Friday’s CFTC report showed funds adding to the their net short position in corn by 102,849 contracts bringing their total net short position to 118,146 contracts.

• Soybeans are trading higher along with both soybean meal and oil, and crude oil is higher again as well which is offering support along with Argentina’s perpetually shrinking crop.
• Argentina’s struggling crop is providing an offset to Brazil’s record crop which is keeping soybean supplies tighter than expected, and Brazilian soybeans are being shipped to Argentina to their crushing plants.
• Brazilian soy exports reached 12.08 mmt in May versus just 10.27 mmt for the same month a year ago.
• Friday’s CFTC report showed funds as sellers of soybeans by 30,835 contracts reducing their net long position to 56,373 contracts.

• Wheat is trading higher again this morning as traders grow more concerned about the Black Sea grain deal’s potential non-renewal on May 18. Poor crop ratings in the US have also been supportive.
• No new ships were authorized to carry out Black Sea grain exports last Friday after a meeting with Ukraine, Russia, Turkey, and the UN. Daily inspections of previously authorized ships continue however. 
• An estimate for Oklahoma wheat production was cited at 54 mb earlier this week, far less than the 68.6 mb last year and the 115.1 mb produced the year before.
• Friday’s CFTC report showed funds adding to their net short position by 13,312 contracts, increasing that net short position to 126,324 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 and has recovered from yesterday mornings export sales net cancellations which drove prices lower. 
• Non-commercials were net short corn as of last Friday’s CFTC report but with corn technically oversold and the Black Sea grain deal potentially not getting renewed, it is finding some support.
• Global corn stockpiles at the end of the 22/23 season have been raised and are at 288.2 mmt which is up from an April estimate of 285.4 mmt thanks to a bigger India harvest.
• China imported its first cargo of corn from South Africa this week of 53,000 tonnes as they seek to diversify their purchasing markets.

• Soybeans are higher again today along with both soybean meal and oil as crude oil begins to mover higher back above 70 dollars a barrel.
• Palm oil has finally made a reversal gaining 5% due to an expected drop in palm oil stocks and increased demand. Soybeans and soybean oil have been looking to world veg oil prices for direction.
• Brazil’s lack of storage for their record crop are pressuring premiums in both corn and beans, and the negative premiums may result in losses of 2.30 billion dollars this year for the sector.
• Barge shipments down the Mississippi River have fallen to 595k tons for the week ending April 29 from 657k tons the previous week as high water levels remain an issue.

• Wheat is trading higher for what would be the third consecutive day as poor US crop conditions, an attempted drone attack on Russia, and the potential non-renewal of the Black Sea grain deal bolster prices.
• The Taiwan Flour Millers’ Association purchased an estimated 52,225 tonnes of milling wheat to be sourced from the United States in a tender on Friday.
• The FAO raised the EU’s wheat crop outlook to 139.5 mmt for 2023, but they cut the outlook for Turkey and Pakistan’s crop due to drought.
• An estimate for Oklahoma wheat production was cited at 54 mb earlier this week, far less than the 68.6 mb last year and the 115.1 mb produced the year before.

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 a bit lower this morning after rallying yesterday following an alleged assassination attempt by Ukraine on Vladimir Putin and attack on the Kremlin. No one was hurt and it is unclear who was behind the attack.
• Estimates for today’s export sales report for corn are between  negative 300k and 900k tons with an average of 175k. Net sales cancellations could pressure prices.
• Ethanol stocks have fallen by 3.9% to 23.363 mln bbl while analysts were expecting 24.423. Plant production is at 0.976 m b/d vs the survey average of 0.963 m
• Unfavorable weather and harvest delays have cut Argentinian corn production with an average estimate of 34.6 mmt, down 1% from the previous update. 

• Soybeans are trading lower this morning but essentially have gone nowhere in the past week despite plenty of volatility. Both soybean meal and oil are lower while crude oil is slightly lower.
• Estimates for today’s USDA export sales report in soybeans are between 100k and 500k tons with an average of 332k. Good exports for soybeans may begin to trend slightly higher as Brazilian farmers begin to slow sales.
• The 6-day forecast for most of the Corn Belt calls for slightly above average precipitation but warmer than normal temperatures with the warm temperatures moving North as well.
• July soybean meal closed at a new 5-month low yesterday and crush premiums have continued to slide lower, near the lowest in a year.

• Wheat rallied sharply yesterday after the Kremlin accused Ukraine of launching a drone attack in order to assassinate Putin. The attack was shot down and no one was hurt, but it is unclear if Ukraine was even involved.
• The deadline for the Black Sea grain deal is approaching on May 18, and yesterday’s stunt doesn’t lend much confidence that Russia will agree to extend the deal.
• Ukraine’s next wheat crop is expected to be the lowest since 2012/13 at just 15.04 mmt, and yield estimates are below the 5-year average.
• Adding more support to the wheat complex yesterday was the crop tour which expects Oklahoma to raise the smallest wheat crop since 1955 due to the extreme 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 has turned lower this morning and has taken out the low from last Friday, in part due to hesitancy about today’s Fed announcement and also due to speculation about a large 2023 corn crop.
• Today at 1pm central the Federal Reserve will announce their potential rate hike. They will likely announce a 25 basis point increase but there is a small possibility that rates are left unchanged due to the recent bank failure.
• Brazilian corn prices have fallen to the equivalent of 5.18 for the July contract on the Bovespa exchange as their safrinha corn receives beneficial weather.
• Ethanol production is projected to be lower than the previous week at 963k b/d, while the stockpile average estimate is 24.423 m bbl vs 42.306m a week ago.

• Soybeans are trading lower this morning with both soybean oil and soybean meal trading lower as well, and crude oil continues its slide lower and is down over 2 dollars a barrel.
• The Fed rate announcement is casting a bearish sentiment over commodities today but more bearish for soybeans is StoneX’s new estimate for the Brazilian crop which is now at 157.7 mmt for 22/23.
• Earlier this week, NASS reported an increase in the soybean crush to 198 mb in March, but crush premiums have fallen significantly and may continue to drop.
• In the North where fields are too wet, soybean plantings may increase as corn runs out of time, but temperatures are expected to rise over the next two weeks, drying things out.

• The wheat complex is mixed today with Chicago and Minn slightly lower but KC a bit higher. Overall, wheat is faring the best today between corn and soybeans as the US faces very tight wheat supplies.
• The Oklahoma wheat crop is now seen at 54.3 million bushels, the lowest crop since 1955 due to extreme drought and low yields.
• Russian wheat exports in this season are now seen at 44.4 mmt versus previous estimates of 44.5 mmt according to Sov Econ. Russian traders have struggled to compete due to the unofficial price floor of $275/ton.
• Spring wheat areas should benefit from warmer temperatures forecast over the next two weeks, but some fields may still be too wet and may keep plantings below the 10.57 million that the USDA has estimated.

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 after prices reversed on Friday and have been trying to work higher since.
• Yesterday afternoon the USDA released their crop progress report which showed corn at 26% planted which is in line with the 5-year average. Iowa is at 29% complete and Illinois at 40%.
• Strong winds blew through the Midwest yesterday causing dust storms, and one in Illinois caused a 100 car pileup. There are currently red flag warnings in Minnesota.
• Barge traffic has been closed along the Mississippi River due to high water levels impacting the already slow export business.

• Soybeans are higher again which would make it the third day in a row if the trend continues. Export inspections were good and domestic demand has been robust.
• The USDA reported that 19% of the soybean crop is planted which is well ahead of the 5-year average of 11% for this time of year. Illinois is at 39% complete and Iowa is at 16%.
• Both soybean meal and oil are higher and supporting soybeans, and soybean oil continue to work higher despite declines in crude oil.
• The Fats and Oils report from NASS showed both soybean oil and soybean meal stocks down 7% from a year ago.

• Wheat is trading slightly higher and is trying to find a bottom after is fell to its lowest levels since mid 2021.
• Last week’s rain in some of the southwestern Plains was not enough to significantly help the winter wheat crop with the USDA reporting an increase of only 2% in the good to excellent rating to 28%.
• The poor to very poor rating for winter wheat increased from 41% to 42% with the ratings for Kansas even worse and increasing from 62% to 64%.
• The USDA has said that 12% of the spring wheat crop has been planted, below the 5-year average of 22%. Warmer temperatures this month should help increase that number, but a lot of prevent plants are likely.

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 under more bearish pressure from Brazil’s expected record safrinha corn crop which has good weather forecast for this week.
• Chinese markets are closed for holiday but on Friday, July corn on the Dalian exchange posted a contract low as they expect large supplies from Brazil.
• In the US, temperatures have been cool and the Midwest received some rain this weekend but the forecast going forward is warmer and drier which should get the planters rolling in bigger numbers.
• Last week’s CFTC data showed what everyone was anticipating which was funds taking a net short position in corn. They sold 64,731 contracts bringing them to a net short position of 15,297 contracts.

• Soybeans are trading higher this morning and appear to be continuing the reversal seen on Friday. Tight on hand supplies may be supporting the soy complex.
• Soybean meal is slightly higher while soybean oil is lower as crude oil falls by over 1.50 a barrel to 75 dollars a barrel.
• Brazil’s record harvest may be priced in for the moment after Brazilian farmers sold everything they could not store and now hold everything they can causing prices there to rise.
• Friday’s CFTC data as of April 25 showed funds as sellers of 47,574 contracts reducing their net long position to 87,208 contracts.

• Wheat is trading lower again and is now the lowest it’s been since July of 2021. Improving winter wheat crop ratings following last week’s rains add to the pressure.
• European officials made a deal with five eastern European countries which allows them to ban imports of Ukrainian grain as long as they allow grain to pass through the rest of Europe.
• Russia is looking unlikely so far to extend the Black Sea grain deal on May 18 unless their demands are met, and the missile attacks on Ukraine continue. If grain shipments slow out of the Black Sea, it could be supportive for US prices.
• Friday’s CFTC data showed funds adding to their net short position. They sold 10,029 contracts increasing their net short position to 113,012 contracts.

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading slightly lower again on the momentum from yesterday’s 9.1 mb of sales cancellation to China. This week’s total cancellations are now at 25 mb.
• Open interest in corn has fallen by 112,000 contracts over the last 7 sessions indicating massive long liquidation. Today’s CFTC data will show how much non-commercials have sold.
• The Biden administration has issued an emergency waiver that will allow widespread sales of higher ethanol E15 gasoline this summer to combat high pump prices.
• The Midwest has received early morning freezes in some areas that may damage emergent corn.

• Soybeans are trading slightly higher this morning with support from soybean meal and oil. Soybeans have had 7 consecutively lower closes but today could end that streak.
• The CME reported 199 deliveries of May soybean oil, but there were no deliveries for soybeans or soybean meal.
• Barge shipments on the Mississippi declined to 657k tons from 756k the previous week, and soybean shipments were down 34% week over week.
• Soybeans have not seen sales cancellations like those in corn, and that could make a bullish case for soybeans despite Brazil’s new supplies on the market.

• Wheat contracts are trading slightly higher after a very sharp selloff yesterday caused by improving US weather and heavy fund selling.
• The EU’s soft wheat production in the 23/24 season is now seen at 130.2 million tons versus the March estimate of 130.9 million tons.
• India has ramped up their wheat purchases with more already bought in the current marketing year than the total purchases made in the previous year. 
• The CME reported 854 deliveries for May Chicago wheat, none for KC wheat, and 104 deliveries of Minneapolis wheat.

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 continues its downward trajectory and July futures are nearing their  March low at 5.97 which could act as support. Pas that level is an unfilled gap from last July at 5.95-1/2 which may need to be filled.
• There are chances for rain in the northwest part of the Corn Belt today and tomorrow, but Iowa and Illinois are dry with below-normal precipitation in the 8 to 14-day forecast.
• The US had a good string of sales to China over the past few weeks but that one cancellation earlier this week put a negative tone on the market with traders fearing that there are more to come.
• The spike in fieldwork as planting begins has increased demand for fertilizer, therefore, limiting supply and increasing prices.

• Soybeans are lower for what would be the seventh consecutive day if this holds, and soybean meal has been a factor in dragging soybeans lower while soybean oil has struggled with a sharp decline in crude oil.
• Cargill is now planning to expand their soybean processing, biofuel output, and storage and export capacity in Brazil. As Brazil’s soy production grows each year, they will become a bigger player in the exports of soy products.
• Palm oil has been a big driver of soybean oil, and Indonesia announced that they will tighten their palm oil export ratio after the Ramadan holiday which could be friendly to bean oil futures.
• The USDA attaché in Brazil sees their 23/24 crop rising to 159 mmt as planted area is forecast to increase by 3.9%. Crushing is expected to ride by 5% to 55.8 m tons.

• Wheat is lower again with KC once again leading the way down. July Chicago wheat has fallen to its lowest level since July of 2021 as funds continue to short this market.
• Canada is expected to plant 27 million acres of wheat which would be a 6.2% increase from last year, with canola acres expected at 21.6 million.
• Soft wheat exports in the EU have rises 9.7% year over year at 25 m tons which compares with 22.8 m tons the previous year.
• The USDA attaché is forecasting the Australian wheat crop for 23/24 wheat at 29 mmt, a strong but nowhere near record-breaking number.

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 funds who were previously exiting commodities may now see the oversold technicals as a buying opportunity.
• Brazilian corn exports are now seen at 166,552 tons in April vs 186,552 estimated tons. Brazil still has corn to sell but may begin running low.
• China plans to grow 88% of their own grain by 2032 which will mainly effect corn, soybeans, wheat, and rice.
• Below normal temperatures in the Midwest have caused some early morning freezes the past few days which could damage emerging corn.

• Soybeans are trading slightly higher while both soybean meal and oil are lower. The fundamental picture is not friendly short term with Brazil’s harvest, so today’s bounce is likely technical with soybeans oversold.
• Traders will continue to watch the Brazilian export values vs those of the US, and as long as Brazil remains so much cheaper it will be difficult for futures to gain momentum.
• The USDA attaché now sees the Brazilian 23/24 soy crop at a whopping 159 mmt as their planted acres are planned to expand.
• As US exports lag, Brazilian soy exports are seen reaching 14.1 million tons in April vs the 15.15 million tons expected in previous estimates. 

• Chicago and KC wheat are trading slightly higher while Minn is a bit lower. Not much has changed in the fundamental picture, but the grain complex has a friendlier feel today with the sharp decline in the US dollar.
• Poland has signaled that they will not lift the Ukrainian import ban in June. The ban came after the influx of Ukrainian grains drove down local prices in Poland, hurting their producers.
• Canadian wheat farmers have asked their country to step in to end the strike in the country. The public sector started a massive strike which is threatening shipments of grain.
• On Monday, the International Grains Council estimated that world wheat production will drop from 803 mmt in 22/23 to 787 mmt in 23/24, and will be short of demand by 7 mmt.

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

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