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All prices as of 6:30 am Central Time

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

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

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

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

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

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

All prices as of 6:30 am Central Time

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

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

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

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

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

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

All prices as of 6:30 am Central Time

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

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

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

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

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

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

All prices as of 6:30 am Central Time

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

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

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

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

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 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.

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