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All prices as of 6:30 am Central Time

• Corn is slightly higher to start the day following yesterday’s sharp decline. July futures have found some support at the $4.30 level but have struggled to rally alongside soybeans and wheat recently.
• The past 6 to 10 days have seen above normal rainfall which caused a reduction in drought areas in the Corn Belt, but forecasts are beginning to turn dry, especially in the West. A hot and dry July and August are still in the forecast.
• Yesterday’s Crop Progress report saw the corn crop’s good to excellent rating improving by one point from last week to 72%. The entire crop has been planted, and 94% is now emerged.

• Soybeans are trading slightly lower after July futures rallied nearly to $10.80 yesterday thanks to extreme bullishness in soybean oil. Yesterday, soybean oil closed expanded limit up, so the whole soy complex will have expanded limits again today. So far, soybean meal and oil are slightly lower.
• Yesterday’s NOPA crush showed May soybean crush at 192.83 million bushels which was below most trade estimates but was higher than the previous month and was the strongest May crush ever.
• Yesterday’s Crop Progress report saw soybean conditions decline by 2 points to 66% good to excellent. This was also 2 points below the average trade estimate. 93% of the crop is planted and 84% is emerged, slightly above the 5-year average of 83% at this time.

• Wheat is trading higher this morning following a mixed bag in Crop Progress but one that still showed crop ratings well behind their average years of 76% good to excellent. Funds hold a very large net short position making the susceptible to short covering.
• Yesterday’s export inspections report saw wheat inspections at 389k tons which compared to 324k last week and 412k a year ago. Top destinations were to Nigeria, the Philippines, and Thailand.
• Yesterday’s Crop Progress saw winter wheat ratings fall by 2 points to 52% good to excellent while spring wheat improved by 4 points to 57% good to excellent. 10% of the winter wheat crop has been harvested.

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 taking back a portion of Friday’s gains that were caused by escalated global tensions. Weather has not been dry enough yet to give corn prices the boost it has needed.
• The past 6 to 10 days have seen above normal rainfall which caused a reduction in drought areas in the Corn Belt, but forecasts are beginning to turn dry, especially in the West. A hot and dry July and August are still in the forecast.
• Friday’s CFTC report saw funds as sellers of corn by 9,977 contracts which increased their net short position to 164,020 contracts. This position is getting dangerously short if conditions turn dry and could turn into short covering.

• Soybeans are trading higher this morning on continued momentum from Friday after biodiesel quotas for 2026 and ’27 came in significantly higher than expected causing a limit up move in soybean oil. Soybean oil is sharply higher again today after gapping up while meal is lower.
• May soybean crush is seen at 193.8 million bushels which would be 5.5% above May of last year and would be 1.9% higher than a month ago. Oil stocks are expected to be lower than a year ago.
• Friday’s CFTC report saw funds buying 17,038 contracts of soybeans which increased their net long position to 25,639 contracts. They sold 7,222 contracts of bean oil as of June 10 and bought 9,909 contracts of meal.

• Wheat is trading lower to start the week after rebounding sharply on Friday posting gains of over 17 cents in the July contract. Rising tensions between Iran and Israel were a large reason, and the fighting will likely continue for now.
• Later today, the USDA will release its Crop Progress report, and expectations are that crop conditions may fall slightly following an increase in drought conditions in the West.
• Friday’s CFTC report saw funds as buyers of Chicago wheat as of June 10 by 6,561 contracts which left them short 94,011 contracts. They bought 3,064 contracts of KC wheat which decreased their net short position to 74,964 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

• Dalian corn futures moved lower, while the USDA pegged U.S. 2024/25 corn carryout at 1.365 billion bushels and 2025/26 at 1.750 billion, citing stronger 2024/25 exports.
• Global 2025/26 corn ending stocks were trimmed to 275.2 mmt from 277.8 mmt in May; China’s 2024/25 corn imports were lowered by 1 mmt to 7 mmt, but 2025/26 was left unchanged at 10 mmt.
• Weekly U.S. corn export sales totaled 791,000 mt, bringing total commitments to 65.9 mmt vs 52.3 mmt a year ago; the USDA’s projection is 67.31 mmt, up from 58.23 mmt last year.

• Dalian soybean, soymeal, soyoil, and palm oil futures were all higher, with support from broader commodity strength and anticipation that next week the EPA could announce new biofuel policy.
• The USDA estimated U.S. soybean carryout at 350 million bushels for 2024/25 and 295 million for 2025/26, though some see 2025/26 carryout closer to 500 million due to weaker export expectations; world 2025/26 ending stocks were raised to 125.3 mmt from 124.3 mmt in May.
• Weekly U.S. soybean export sales were just 61,000 mt, with unknown sales down 260,000 mt; total commitments are at 48.7 mmt vs 43.7 mmt last year, with the USDA’s annual goal at 50.35 mmt.

• The USDA held its U.S. wheat crop estimate steady at 1.921 billion bushels and projected 2024/25 carryout at 841 million bushels and 2025/26 at 898 million, with the year-over-year decline driven by higher export expectations.
• Global 2025/26 wheat ending stocks were lowered to 262.7 mmt from 265.7 mmt in May, reflecting tighter global supply.
• Weekly U.S. wheat export sales totaled 389,000 mmt; total commitments reached 5.9 mmt vs 4.8 mmt last year, with the USDA’s export projection at 22.45 mmt vs 22.3 mmt 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. 

All prices as of 6:30 am Central Time

• Dalian corn futures were slightly lower, while U.S. 2024/25 and 2025/26 corn carryout is estimated at 1.392 and 1.792 billion bushels, respectively, in today’s WASDE.
• Vietnam opted to buy U.S. corn over South American supplies, but most global buyers, including Taiwan, continue sourcing from Brazil; Ukraine’s exports are tight, reaching 82% of USDA’s 22 mmt projection.
• U.S. weekly corn export sales are estimated at 700-1200 mt vs 942 mt last week; ethanol production rose 9.5% year-over-year, with stocks up 2.2%.

• Dalian soybean and soymeal futures traded higher, while soyoil and palm oil were lower.
• U.S. soybean carryout is estimated at 351 million bushels for 2024/25 and 298 for 2025/26; world 2025/26 ending stocks are seen at 124.5 mmt vs 124.3 mmt in May.
• China’s soybean imports are expected to hold at 108 mmt after a record May (13.6 mmt); India’s May veg oil imports rose from April but fell year-over-year; U.S. weekly soybean export sales are estimated at 100-500 mmt vs 194 mt last week.

• The USDA is expected to raise Russia’s wheat crop estimate but lower its export outlook; Australia’s crop may also be revised higher, while the EU crop could be near 138 mmt.
• Trade estimates put the U.S. wheat crop at 1.924 billion bushels (vs 1.921 in May), with 2024/25 carryout at 842 and 2025/26 at 924 million.
• Wet weather has returned to the U.S. Southern Plains ahead of harvest; weekly U.S. wheat export sales are estimated at 400-600 mt vs 444 mt last week.

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

• Dalian corn futures ticked slightly higher, with U.S. markets continuing a short-covering rally ahead of Thursday’s USDA report. In contrast, MATIF August corn futures fell to new contract lows.
• Trade estimates U.S. 2024/25 corn carryout at 1.392 billion bushels and 2025/26 at 1.792 billion bushels, though one group sees 2025/26 carryout rising to 2.03 billion on weaker export expectations. World 2025/26 corn ending stocks are projected at 278.8 mmt, slightly above May’s 277.8.
• Vietnam signed a deal to import U.S. corn over South American alternatives. Meanwhile, Ukraine’s corn exports have reached 18 mmt, 82% of USDA’s target, amid tightening supplies.  Taiwan sourced corn from Brazil, which remains the primary supplier for most global buyers. EU corn imports are up 7% year-over-year, while exports are down 41%.

• Dalian soybean and soymeal futures moved higher, while soyoil and palm oil futures declined. In Europe, MATIF rapeseed futures tested key resistance levels before retreating.
• Ongoing uncertainty around the EPA’s biofuel policy clouds the outlook. Trade estimates peg the 2024/25 U.S. soybean carryout at 351 million bushels and 2025/26 at 298 million, though one group sees weaker exports pushing 2025/26 carryout closer to 500 million.
• World 2025/26 soybean ending stocks are estimated at 124.5 mmt, slightly above May’s 124.3. One firm expects U.S. 2024/25 soyoil carryout to fall to 1090 million lbs (vs. USDA’s 1451) due to lower production and stronger exports.

• Showers are expected in China and southern Russia, but Saskatchewan may miss beneficial rainfall. In the U.S. Southern Plains, drier weather should aid the wheat harvest.
• Russian wheat crop estimates have been raised to 84 mmt, and the EU’s crop could reach 138 mmt. However, EU wheat exports are down 32% year-over-year, while Australian wheat futures are trading near a 7-month low. 
• The U.S. wheat crop is estimated at 1.924 billion bushels, nearly unchanged from May. U.S. 2024/25 wheat carryout is projected at 842 million bushels, rising to 924 million in 2025/26.

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 today following steep losses in yesterday’s session as funds continue piling onto their short positions with weather remaining beneficial.
• Yesterday’s Crop Progress report saw the good to excellent rating for corn rising to 71% which was above the average trade guess and compared to 69% last week. 87% of the crop is now emerged which compares to 78% a week ago and the average of 87%.
• This Thursday, the USDA will release its WASDE report, and early estimates see corn production slightly lower from last month but relatively unchanged. Ending stocks are expected to fall slightly to 1.789 bb.

• Soybeans are mixed again today with the two front months trading higher while the deferred months are lower. While the rest of the grain complex sold off sharply yesterday, soybeans were only slightly lower. Soybean meal is currently lower while soybean oil is higher.
• The trade talks between the US and China yesterday reportedly went well but a deal is has not yet been released. Trade deals with Japan, India, Vietnam, and South Korea are reportedly very close.
• Yesterday’s Crop Progress saw the good to excellent rating for soybeans up 1 point from last week at 68%. This was on par with trade estimates. Iowa is leading the pack with ratings of 80%. 90% of the soybean crop is planted and 75% is emerged.

• All three wheat classes are trading lower again today after sharp losses posted yesterday. Paris milling wheat is lower again and has been dragging US futures down with it. Improving crop ratings have been bearish as well.
• Sov Econ has just increased their estimates for the Russian wheat crop by 1.8 mmt to 82.8 mmt and has also increased export estimates. Russian FOB values are cheap around $225/mt.
• Yesterday’s Crop Progress saw the spring wheat good to excellent rating improve by 3% to 53% while winter wheat was up 2 points to 54%. 4% of the winter wheat crop is now harvested and 82% of spring wheat is emerged.

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 in relatively quiet trade following four consecutively higher closes. Weather forecasts are wet over the next week before they are expected to turn drier this summer.
• This Thursday, the USDA will release its WASDE report, and early estimates see corn production slightly lower from last month but relatively unchanged. Ending stocks are expected to fall slightly to 1.789 bb.
• Friday’s CFTC report saw funds sell a whopping 53,283 contracts of corn which left them with a net short position of 154,043 contracts.

• Soybeans are mixed this morning with the July contract trading higher while deferred contracts are lower. Today would be a fifth consecutive higher close if momentum improves. Soybean meal is trading lower while soybean oil is higher.
• Today, trade officials from the US and China are meeting in London to discuss the trade dispute. After last week’s call between Trump and Xi that was described as productive, things seem to be moving in a positive direction.
• Friday’s CFTC report saw funds as sellers of soybeans by 28,096 contracts which left them with a long position of 8,601 contracts. They sold 21,998 contracts of oil and 2,932 contracts of meal.

• All three wheat classes are trading lower this morning as funds continue to pile into their massive short position. Global weather and escalations between Ukraine and Russia remain bullish fundamentally.
• Last week, Russia retaliated on Ukraine for the attack that wiped out a large portion of Russia’s air force. This retaliation is causing fears that crucial Black Sea grain exporting infrastructure will be damaged which would be friendly for prices.
• Friday’s CFTC report saw funds as buyers of Chicago wheat by 654 contracts leaving them short 100,572 contracts. They bought back 1,333 contracts of KC wheat which left them short 78,028 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 lower to start the day following yesterday’s gains in the deferred contracts. In counter seasonal fashion, the July contract has been losing value against new crop contracts.
• The Buenos Aires Grain exchange has released a crop progress report showing that the corn harvest has advanced to 43.8% from 40.5% last week with rains slowing progress. Estimated production was unchanged at 49.0 mmt.
• Yesterday’s export sales report came in below the average estimate for corn at 1,102k tons but was up from last week’s 948k tons. Primary destinations were to Mexico, Japan, and South Korea.

• Soybeans are trading lower to start the day following three consecutive days of gains which brought prices back above the 100-day moving average. A close firmly above the 100-day would be technically bullish. Soybean meal is lower while bean oil is trading higher.
• In Argentina, the yields for soybeans are now being forecast above previous estimates as wet soil slows harvest efforts. The crop is now 80.7% harvested compared to 80.7% last week, and production estimates are unchanged so far at 50.0 mmt.
• Yesterday’s export sales were below the average trade guesses for soybeans at 198k tons which compared to 179k tons last week. Primary destinations were to Bangladesh, Norway, and Taiwan.

• All three wheat classes are trading lower this morning after two consecutive days of gains but are now nearly 40 cents off last month’s low in the July contract. 
• In China, the drought happening in the wheat belt is expected to cause a decrease in wheat production. Areas in the Henan providence have received as little as 30mm over the past three months and yield will likely be impacted.
• Yesterday’s export sales were below the average trade estimates at 396k tons and compared to the previous week’s 583k tons. Top buyers were Nigeria, unknown destinations, and Mexico.

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 again this morning following yesterday’s strength and is on track for a third consecutively higher close after nearing contract lows earlier this week.
• Near-term forecasts remain wet across much of the Corn Belt, but the 8-14 day and extended outlooks into late June are trending hotter and drier than normal, raising concerns for crop development.
• Estimates for today’s export sales report see corn sales in a range between 800k and 1,600k tons with an average guess of 1,156k tons. This would compare to 948k last week and 1,294k a year ago at this time.

• Soybeans are trading lower this morning following yesterday’s gains that saw the July contract close just above the 50-day moving average but has now slipped below it. Both meal and bean oil are lower and pressuring soybeans.
• Soybean oil stocks as of May 1 were reported 18% below last year’s levels. This drawdown comes despite sluggish biofuel demand so far in 2025, as political uncertainty continues to cloud the sector’s outlook.
• Estimates for today’s export sales report see soybean sales in a range between 100k and 600k tons with an average guess of 278k tons. This would compare to 179k last week and 263k a year ago at this time.

• All three wheat classes are trading higher to start the day and may see continued support as a result of dry global weather and improved demand.
• In China, the drought happening in the wheat belt is expected to cause a decrease in wheat production. Areas in the Henan providence have received as little as 30mm over the past three months and yield will likely be impacted.
• Estimates for today’s export sales report see wheat sales in a  range between 100k and 800k tons with an average guess of 531k tons. This would compare to 583k last week and 388k a year ago at 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. 

All prices as of 6:30 am Central Time

• Corn is trading higher this morning as futures attempt to build on yesterday’s reversal from multi-month lows.
• Near-term forecasts remain wet across much of the Corn Belt, but extended outlooks into late June are trending hotter and drier than normal, raising concerns for crop development.
• July corn futures briefly hit a new 2025 low on Tuesday before recovering to close slightly higher. The market remains technically oversold and is hovering near a key support level that has attracted buying interest in recent months.

• Soybeans are trading higher early Wednesday, building on Tuesday’s rebound that ended a four-day losing streak.
• Market sentiment is finding some support from the White House’s continued optimism that President Trump and China’s President Xi will hold direct talks, offering hope for improved trade relations.
• Soybean oil stocks as of May 1 were reported 18% below last year’s levels. This drawdown comes despite sluggish biofuel demand so far in 2025, as political uncertainty continues to cloud the sector’s outlook.

• Wheat futures are slightly higher this morning, supported by strength in corn and soybean markets.
• Dry conditions persist across key global production areas, including the Black Sea region and much of China’s primary wheat-growing provinces, adding underlying concern.
• Domestically, wheat condition ratings improved last week for both winter and spring varieties. Notably, North Dakota’s spring wheat showed a strong rebound from its historically low initial rating.

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

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