Corn is trading lower again this morning after yesterday’s selloff which was due to an apparent shift in the weather pattern to wetter.
First notice day for July corn is on Friday, and so far it has not lost nearly as much value as the deferred months with on hand supplies tight.
Current radar is showing some rain in northern Minnesota, eastern Iowa, and northwest Illinois. Wider coverage is being forecast over the next 5 days.
Ukraine’s 2023 grain crop is now being seen at 42.5 mmt, down from 53 mmt in 2022 with 21.1 mmt being corn.
Soybeans, soybean meal and oil are all lower this morning with weather as the main bearish factor. The 5-day forecast is showing good coverage for the entire Corn Belt.
Brazilian soy exports have reached up to 14.2 mmt in June compared to the 14.3 mmt forecast the previous week as the world looks to Brazil for soybeans.
Brazil’s crop is now expected to reach a record breaking 156 mmt of soybeans harvested, far above the initial analyst guesses earlier this year.
Friday morning’s acreage report is expected to show soybean acres up slightly from May intentions with average trade guesses at 87.67 ma, up from the previous estimate.
Wheat is lower again this morning pulled down by lower corn and an improved weather forecast.
While it appears less likely that the Black Sea grain deal will be extended next month, two Ukrainian ports have continued to load ships including two wheat vessels in the last week.
In the US, HRW wheat conditions have been improving, and the spring wheat crop has gotten beneficial rains in North Dakota.
The EU’s soft wheat exports have risen by 11% year over year at 30.8 mmt, compared with 27.7 mmt the previous period with Morocco as a leading destination.
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.
Corn is trading sharply lower this morning despite yesterday’s poor crop progress results as weather patterns turn wetter.
In corn, good to excellent ratings fell 5% from the previous week and are now at just 50%. 4% of corn is silking which is in line with the 5 year average.
Rain forecasts overnight have changed to include SE Nebraska, southern Iowa, and southern Illinois, areas of the Corn Belt that have been in the most need of moisture.
The June acreage report will be released on Friday and is expected to show a small decrease in acres at 91.85 ma which would be down from 92 ma the previous month.
Soybeans and both soybean meal and oil are lower this morning along with corn, again despite poor crop ratings and thanks to improved weather forecasts.
Soybean’s good to excellent ratings fell by 3% to 51% which is the lowest rating for this time of year since 1988. Anticipated rains could bring the crop back to life.
Friday morning’s acreage report is expected to show soybean acres up slightly from May intentions with average trade guesses at 87.67 ma, up from 87.45 ma.
Yesterday’s soybean inspections were poor as Brazil keeps control of the export market with their cheaper soybeans.
Wheat is lower with the rest of the grain complex with Chicago futures leading the way as the wet forecast dominates today’s trade.
Winter wheat good to excellent ratings actually increased by 2% to 40%, but spring wheat fell by 1% to 50%. Winter wheat is now 24% harvested vs 15% last week.
While it is looking less and less likely that Russia will extend the Black Sea deal, markets appear uncaring and are focused on US weather.
Friday’s stocks report will estimate the final ending stocks of 22/23 and the average trade guess is 611 mb, down from 698 mb last year.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing by Stewart-Peterson and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Stewart-Peterson Inc. Reproduction of this information without prior written permission is prohibited. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. Reproduction and distribution of this information without prior written permission is prohibited. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Total Farm Marketing.
Stewart-Peterson Inc., Stewart-Peterson Group Inc., and SP Risk Services LLC are each part of the family of companies within Total Farm Marketing (TFM). Stewart-Peterson Inc. is a publishing company. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of National Futures Association. SP Risk Services LLC is an insurance agency. A customer may have relationships with any or all three companies.
July corn is trading slightly higher while the deferred contracts are lower following weekend rains and beginning and end of a military coup in Russia.
This weekend, beneficial rains fell in a good portion of Iowa and Indiana, but only covered the Northern portion of Illinois.
The 7-day forecast shows wide coverage over the Corn Belt, but those rains are slated to fall over the weekend again which is still a ways off and will need to materialize.
Funds were net buyers of corn last week increasing their net long position by 56,000 contracts to 58,000 contracts.
Soybeans are trading higher this morning along with both soybean meal and soybean oil due to worries about veg oil exports from Ukraine being closed off.
As soybean conditions worsen in the US and drive domestic prices higher, it has also had an effect on global markets with Brazilian prices rising as well.
India’s oilseed exports are expected to grow by 10 to 15% this year as orders from southeast Asia, Latin America, and Africa increase.
Funds were net buyers of soybeans last week and their net long position was increased to 77,000 contracts.
Wheat is trading higher this morning after the Wagner group in Russia began a military coup this weekend and marched towards Moscow, but once they were a few hours from the city, the leader agreed to leave for Belarus in exchange for charges being dropped against him.
The begin and end of this insurrection combined with the apparent end of the Ukrainian grain deal next month has been supportive of prices.
China has been experiencing excess rainfall in their wheat growing regions which has been another bullish factor.
Funds were buyers of wheat last week by 29,296 contracts, reducing their net short position to 84,134 contracts, still a very short position.
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.
Corn is trading lower this morning as weather models have turned slightly wetter for the driest parts of Illinois and Iowa this weekend.
Illinois is currently the most in need of rain out of the bunch, but wide coverage will be needed and so far weekend rains have been spotty.
Argentina’s corn forecast has been cut by 5.5% due to poor yields after drought, and analysts have cut estimated production by 2 mmt to 34 mmt.
According to NOAA, US corn crops in drought areas have jumped to 64%, up 7% from the previous week.
Soybeans are trading lower this morning pulled lower by soybean meal while soybean oil trades slightly higher in the front months.
Wetter weather models have put pressure on soybeans, but the release of the Renewable Fuel Standard blending mandates was very negative for soybean oil and has dragged down the complex.
Estimates for soybean export sales are showing an average of 506k, but could be as low as 300k.
Forecasts for the Corn Belt over the next 6-10 days are showing above normal rain and near normal temperatures which could continue to put pressure on corn and soybeans.
Wheat is trading lower this morning as it follows moves in corn and has also met some technical resistance after being overbought.
There has been excess rainfall delaying harvest in Texas and Oklahoma and early yield results have not been very good so far.
The UN’s FAO is launching a program to clear mines from Ukrainian land so that small farms and rural families will be able to grow food.
France has begun harvesting its wheat crop and rain is forecast to improve in central France while remaining dry in northwestern France.
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.
Corn is trading lower this morning after overbought conditions caused traders to slow down on purchasing, and weather models shifted slightly overnight.
Weather models are now showing greater chances more more substantial rain in the 7-day forecast for the entire state of Iowa, but Illinois and Indiana are expected to stay very dry.
The recent drop in corn conditions over the past three weeks will likely force the USDA to lower yields on the July WASDE report and therefore ending stocks.
Exports have been stale as US competitiveness weakens due to high prices, especially as Brazil is slated to harvest a big second crop corn.
Soybeans are trading lower along with corn, and both soybean oil and meal are lower as well. The entire soy complex has expanded limits today after soybean oil closed limit down yesterday.
The slight changes in the weather forecast are pressuring soybeans along with the overbought technicals, and the sharp decline in soybean oil has not helped.
The new RFS mandates for 2024 and 2025 show that we would have less soybean processing demand for soybean oil to be used in renewable diesel production.
Argentina has become the second largest buyer of Brazilian soy products this year behind China after their drought severely impacted their crop which they need to meet crush expectations.
Wheat is trading lower this morning along with corn, and weather forecasts are now showing that spring wheat areas will receive some needed rainfall.
India’s wheat output for 2023 is at least 10% lower than the governments estimate which has caused a sharp increase in local prices over the past 2 months.
The Russian wheat crop has also been cut by 1.2 mmt for 2023 due to dry conditions in main growing regions and poor soil moisture.
Russia has stated that they would not renew the Black Sea grain deal again which is a statement they have made many times, but Ukrainian officials are not optimistic that it will be extended this time.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing by Stewart-Peterson and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Stewart-Peterson Inc. Reproduction of this information without prior written permission is prohibited. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. Reproduction and distribution of this information without prior written permission is prohibited. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Total Farm Marketing.
Stewart-Peterson Inc., Stewart-Peterson Group Inc., and SP Risk Services LLC are each part of the family of companies within Total Farm Marketing (TFM). Stewart-Peterson Inc. is a publishing company. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of National Futures Association. SP Risk Services LLC is an insurance agency. A customer may have relationships with any or all three companies.
Corn is trading sharply higher following continued dry weather and yesterday’s crop progress report which showed worsening conditions.
Crop ratings for corn fell to 55% good to excellent which was 6% below the previous week an below analyst expectations. Illinois dropped by 12% and Iowa fell by 11%.
Iowa and Illinois received some rain on Sunday that was not factored into the crop ratings, but more rains would be needed this week to keep soil moisture from getting worse.
Analysts at Barchart reduced their forecast for US corn production estimating yield at 177.76 bpa compared to previous estimates of 177.92 bpa.
Soybeans are trading higher this morning thanks to gains in soybean meal, but soybean oil is lower after the EPA’s biofuel announcement.
Reports that the 2024 and 2025 EPA blending mandates are lower than were previously stated in their proposal was a disappointment and has soybean oil is lower as a result.
Good to excellent ratings for soybeans fell by 6% and are down to 54% with Illinois falling 14% and Iowa down 10%. Crop progress showed more deterioration than expected.
China’s soybean imports from Brazil jumped 40% in May compared with imports from a year ago and highlight the competitive export market for soybeans.
All three wheat contracts are trading higher this morning, in part due to declining spring wheat conditions but also in sympathy with corn and soybeans.
Spring wheat good to excellent ratings fell by 9% to 51% last week which compares to 59% a year ago, but winter wheat ratings were steady at 38% good to excellent.
Russia keeps its grip on the export market with Algeria most likely purchasing between 580k and 620k mmt from the country.
Wheat crops globally are not looking great with weather issues in the US, Russia, Europe, China, and Argentina. China is too wet while the rest listed are too dry.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing by Stewart-Peterson and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Stewart-Peterson Inc. Reproduction of this information without prior written permission is prohibited. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. Reproduction and distribution of this information without prior written permission is prohibited. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Total Farm Marketing.
Stewart-Peterson Inc., Stewart-Peterson Group Inc., and SP Risk Services LLC are each part of the family of companies within Total Farm Marketing (TFM). Stewart-Peterson Inc. is a publishing company. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of National Futures Association. SP Risk Services LLC is an insurance agency. A customer may have relationships with any or all three companies.
Corn gapped higher on last night’s open with Dec corn getting through the 6 dollar mark but has slowly faded since and is now trading lower.
Rains over the weekend were spotty with decent coverage in Iowa but below expected and spotty rains in the rest of the Corn Belt.
Rain chances for Iowa, Illinois, and Indiana look light over the next 7 days, and temperatures are expected to get into the 90’s which could stress already low soil moisture.
Last week funds became buyers buying back 46,637 contracts leaving them with a net long position of 2,145 contracts.
Soybeans opened strong last night along with corn but have slipped since as funds take profits and producers who received decent rains made cash sales.
Goldman Sachs downgraded their forecast of Chinese GDP growth which traders think could curt soybean demand.
Deferred soybean meal contracts turned lower overnight as well as soybean oil, but crude oil is unchanged so far on the day.
Funds were buyers of soybeans by 33,901 contracts last week increasing their net long position to 47,882 contracts.
Wheat futures are lower this morning along with corn and beans but have not seen the rally corn has enjoyed and has remained in a sideways trading range.
Weather has not been supportive for wheat futures as the southern Plains have received plenty of rainfall over the past month and the Dakota’s as well for spring wheat.
Russia has stated that the Ukrainian export corridor will not be extended, but at this point traders have heard this so often it has become an idle threat.
Funds were buyers of wheat last week by 6,044 contracts, reducing their net short position to 113,430 contracts.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing by Stewart-Peterson and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Stewart-Peterson Inc. Reproduction of this information without prior written permission is prohibited. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. Reproduction and distribution of this information without prior written permission is prohibited. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Total Farm Marketing.
Stewart-Peterson Inc., Stewart-Peterson Group Inc., and SP Risk Services LLC are each part of the family of companies within Total Farm Marketing (TFM). Stewart-Peterson Inc. is a publishing company. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of National Futures Association. SP Risk Services LLC is an insurance agency. A customer may have relationships with any or all three companies.
Corn is trading higher again today on continued dryness in the eastern Corn Belt which may turn out to be a high risk area in 2023.
The southwestern Corn Belt is forecast to receive moderate rains over the next few days while Wyoming and Colorado are dealing with flood watches.
Brazilian corn prices traded higher yesterday as a result of price movement in the US, and beans on the Bovespa exchange are trading at the equivalent of $4.84 per bushel.
Regardless of the dry weather, the US will have trouble competing with Brazil for exports as their corn crop is expected to be record large.
Soybeans are trading higher again this morning along with soybean meal and oil as dry weather continues to keep traders buying grains.
November soybeans have rallied $1.83 just since the end of May and are now threatening to close above the 100-day moving average for the first time since the beginning of the year.
Yesterday’s drought monitor showed very few areas across the Midwest that aren’t being threatened by drought at this time which is rare for the month of June.
NOPA crush that was released yesterday was also behind the rally with 177.915 mb being crushed, the highest ever for May.
All three wheat products are trading higher again today with support from the corn and soybean markets which are on fire. Funds will need to begin covering their large net short position.
In the US, ending wheat supplies for 23/24 are being estimated at their lowest levels in 16 years with the lowest ending stocks to use ratio in 10 years.
The winter wheat harvest is beginning and will be among the lowest in 50 years, and the spring wheat crop will be confined to its smallest area in 50 years.
In northern Europe, Russia, and India, conditions are dry, and in wheat growing regions of China, conditions are too wet.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing by Stewart-Peterson and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Stewart-Peterson Inc. Reproduction of this information without prior written permission is prohibited. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. Reproduction and distribution of this information without prior written permission is prohibited. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Total Farm Marketing.
Stewart-Peterson Inc., Stewart-Peterson Group Inc., and SP Risk Services LLC are each part of the family of companies within Total Farm Marketing (TFM). Stewart-Peterson Inc. is a publishing company. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of National Futures Association. SP Risk Services LLC is an insurance agency. A customer may have relationships with any or all three companies.
Corn moved higher overnight after forecasts shifted rain to the southwest which is causing more heat and dryness in the Midwest.
There are flood watches in Wyoming and southern Gulf states, but the central Corn Belt is expected to be bone dry today, while the southwestern Corn Belt is expected to get rain.
December corn is trading above the 100-day moving average, and a close above that level would be the first one since November of last year.
Estimates for corn in today’s weekly sales report show an average of 275k tons, but demand has been light and those levels could turn out lower.
Soybeans and both soy products are trading higher today with soybean oil leading the way, and crude oil is higher as well.
Soybeans are dealing with similar weather conditions to the corn crop, and although they have a larger window to wait for rain, the forecast still has traders worried.
Argentina’s Rosario grain exchange cut their soybean production estimate again today by 5% to 20.5 mmt. The previous estimate was 21.5 mmt, both way below the USDA’s 25 mmt estimate.
India’s May palm oil imports fell to a 27-month low dropping 14% from a month ago after buyers started cancelling expensive cargoes in favor of soy and sunflower oil.
All three wheat products are trading higher with Chicago leading the way as US wheat continues to face challenges and is on track for the smallest harvest in 50 years for winter wheat.
US ending wheat stocks are estimated to have their lowest ending stocks to use ratio in 10 years, but the market has still been unable to find demand for US wheat.
Southern Alberta and the Dakotas are receiving rain today, but better rain chances are expected across the northwestern US Plains in the middle of next week that could last until the end of June.
The European grain crops are estimated to be cut by 5.4 mmt due to dryness with wheat and barely mainly in trouble.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing by Stewart-Peterson and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Stewart-Peterson Inc. Reproduction of this information without prior written permission is prohibited. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. Reproduction and distribution of this information without prior written permission is prohibited. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Total Farm Marketing.
Stewart-Peterson Inc., Stewart-Peterson Group Inc., and SP Risk Services LLC are each part of the family of companies within Total Farm Marketing (TFM). Stewart-Peterson Inc. is a publishing company. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of National Futures Association. SP Risk Services LLC is an insurance agency. A customer may have relationships with any or all three companies.
Corn is trading lower this morning with July leading the way down as first notice day approaches and funds begin to roll into deferred months.
The forecast for the northwestern Plains and southeastern Corn Belt have turned wetter over the next five days, while states near the great lakes are only expecting moderate amounts.
Potential frosts for Brazil’s second crop corn have not caused prices to move higher and are still sitting at the equivalent of $4.62 a bushel.
Brazil’s safrinha corn crop is now being estimated at a record 96.3 mmt, 12% above last season’s production.
All three soy products rallied impressively yesterday, in part due to the dry weather, but also due to the pending EPA announcement which has been delayed.
The EPA was scheduled to give their announcement on biodiesel requirements today which could be very supportive for the soy complex, but the decision is now postponed to June 21.
NOPA May US soybean crush is seen at 175.880 million bushels as processing pace likely continues to slow. Some producers have said that they have idled plants for maintenance.
Soybeans met some technical resistance yesterday against the 50-day moving average and one month high, but are far below the 100-day average.
Wheat is trading lower along with corn and soybeans this morning as the US struggles to compete with Russian and Ukrainian export offers.
Russia is reportedly considering leaving the Ukrainian grain deal after Putin expressed frustration about the destinations of the Ukrainian wheat on TV yesterday.
French wheat stocks estimates increased as their season comes to a close with their stockpile seen at 2.89m tons, 3.8% above last season.
Outside of poor weather in the US, northern Europe and Russia’s spring wheat areas are dry, and China’s Henan province is receiving excessive rain that is damaging the crop.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing by Stewart-Peterson and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Stewart-Peterson Inc. Reproduction of this information without prior written permission is prohibited. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. Reproduction and distribution of this information without prior written permission is prohibited. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Total Farm Marketing.
Stewart-Peterson Inc., Stewart-Peterson Group Inc., and SP Risk Services LLC are each part of the family of companies within Total Farm Marketing (TFM). Stewart-Peterson Inc. is a publishing company. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of National Futures Association. SP Risk Services LLC is an insurance agency. A customer may have relationships with any or all three companies.
