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All prices as of 6:30 am Central Time

• Corn is slightly lower again this morning with the pressure in large part due to China’s cancellation of a big corn shipment from the US, sparking fears that more will come.
• Yesterday, new crop corn declined sharply but rallied to end the day steady, hinting that traders may be concerned about weather delays effecting yields down the road.
• Yesterday’s crop progress showed corn planting advancing from 6% planted to 14%, above the 5-year average of 11% despite weather challenges.
• The 6 to 10 day forecast is calling for lower than normal precipitation in the Corn Belt which will be helpful for planting, but below normal temperatures may slow germination on planted acres.

• Yesterday, soybeans closed sharply lower but are only down slightly this morning with the majority of losses in new crop contracts. Both soybean meal and oil are steady so far despite a decline in crude oil.
• The spread between May futures and Nov is approaching 2 dollars, and as time presses on, Nov will likely gain value to narrow that spread as the Nov contract retains good crush margins which are valuable to processors.
• The crop progress report showed soybean plantings at 9% which were in line with expectations and are also in line with the 5-year average.
• Brazilian cash prices have recently declined sharply, and both the US and Argentina have purchased Brazilian beans, with Argentina needing the soybeans to meet their export needs for soybean meal and oil.

• Wheat is lower again this morning and continues to be pulled down by KC wheat due to the forecast which says that most of Kansas and Oklahoma will receive significant and sorely needed rainfall over the next 7 days.
• Crop progress showed winter wheat good to excellent conditions slipping by 1% to 26%, and the crop conditions for winter wheat are the lowest ever for mid-April. 18% of winter wheat is headed vs the 5-year average of 14%.
• Spring wheat plantings are at 5% complete which is well below the 5-year average of 12%, and better weather will be necessary to improve this crop.
• Russia has threatened to retaliate if the G7 proceeds with a total ban on most exports to Russia, and said they would withdraw the safe-transit deal allowing Ukraine to export through the Black Sea.

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading lower this morning as the 7-day forecast for much of the Corn Belt shows less rainfall and warmer temperatures that should get planting moving.
• Basis bids for corn shipped by barge to US Gulf Coast export terminals declined last Friday, and export premiums fell due to large supplies coming out of South America.
• Friday’s CFTC report showed non-commercials as net buyers the previous week increasing their net long position by 22,322 contracts to 49,434 contracts.
• The spike in spring fieldwork and near-term demand caused fertilizer supplies to tighten at New Orleans and inland, contributing to higher prices for urea, phosphates, and potash.

• Soybeans are mixed this morning with front months slightly higher but deferred contracts lower as domestic demand keeps nearby prices supported but the Brazilian harvest pressures new crop.
• The US has bought Brazilian soybeans after their prices dropped significantly, and two vessels carrying a combined 79,150 tonnes of Brazilian soybeans are heading to the US within the next few days.
• Soybean meal is trading slightly higher while soybean oil is trading lower along with a slight drop in crude oil as palm oil slips as well.
• Friday’s CFTC data showed funds buying 9,760 contracts of soybeans which increased their net long position to 134,782 contracts.

• All three wheat classes are trading higher this morning as more unfavorable weather is forecast. Texas is not forecast to receive rain that they need, and Kansas and Oklahoma are receiving some scattered showers tomorrow but it is likely not enough.
• Jordan’s state grain buyer issued an international tender to buy up to 120,000 tonnes of milling wheat that can be sourced from optional origins.
• IKAR has cut Russian wheat production by 2.3% to 84 m tons from an earlier forecast of 86 m tons due to problems in eastern Russia and the Volga region.
• Friday’s CFTC data showed that funds bought back some of their net short position, buying back 1,264 contracts and reducing their net short position to 102,983 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.