The CME and Total Farm Marketing offices will be closed Monday, June 19, in observance of Juneteenth
All prices as of 10:30 am Central Time
Corn
JUL ’23
620
12.25
DEC ’23
566
16.75
DEC ’24
525.25
8
Soybeans
JUL ’23
1421.25
33
NOV ’23
1275.25
35.25
NOV ’24
1213
21.5
Chicago Wheat
JUL ’23
645
14.75
SEP ’23
655.75
14.5
JUL ’24
696.5
12.25
K.C. Wheat
JUL ’23
800
14.25
SEP ’23
796.5
14.25
JUL ’24
767.75
11.75
Mpls Wheat
JUL ’23
827
17.75
SEP ’23
826.75
19
SEP ’24
781.75
-3.5
S&P 500
SEP ’23
4447.75
29.25
Crude Oil
AUG ’23
70.2
1.74
Gold
AUG ’23
1965.5
-3.4
The USDA reported an increase of 10.8 mb of corn export sales for 22/23 and an increase of 0.8 mb for 23/24.
Both the European and American weather forecast models have a drier forecast over the next 10 days. If the pressure ridge breaks down, it should allow moisture from the Gulf of Mexico into the Corn Belt, but weather should be dry for at least another week.
Chinese corn production still looks to be on track at 11.0 billion bushels. Also, on their Dalian Exchange, November corn is near one-year lows.
Brazil has not had reports of significant frost damage to their crop, despite the recent cold temperatures.
The USDA reported an increase of 17.6 mb of soybean export sales for 22/23, and an increase of 1.8 mb for 23/24.
The Rosario Grain Exchange reduced their estimate of the 22/23 Argentina soybean crop by 1 mmt (to 20.5 mmt).
July soybean oil closed above the 100 day moving average yesterday. This is the first time this has occurred in 2023.
Malaysian palm oil futures are higher for the third day in a row, giving a boost to soybean oil (and soybeans).
Today, the market will get NOPA crush data. Expectations are for May crush at 175.8 mb.
The USDA reported an increase of 6.1 mb of wheat export sales for 23/24.
There will be some rains in France and Germany, which is pressuring both Matif rapeseed and wheat futures.
Higher corn and soybeans are offering a boost to the wheat market. At midday, all three US wheat futures classes have double digit gains.
The Russian government reportedly set an export floor price for wheat at $240 per ton, for July – August.
Taiwan flour millers are reported to have purchased 56,000 mt of US milling wheat.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing by Stewart-Peterson and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Stewart-Peterson Inc. Reproduction of this information without prior written permission is prohibited. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. Reproduction and distribution of this information without prior written permission is prohibited. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Total Farm Marketing.
Stewart-Peterson Inc., Stewart-Peterson Group Inc., and SP Risk Services LLC are each part of the family of companies within Total Farm Marketing (TFM). Stewart-Peterson Inc. is a publishing company. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of National Futures Association. SP Risk Services LLC is an insurance agency. A customer may have relationships with any or all three companies.
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 prices recovered somewhat from their overnight lows that were weighed down due in part to the rain that fell in parts of the northeastern and eastern Corn Belt yesterday.
An increase in Brazil’s crop production estimate and weakness in their export basis weighed on July soybeans as they may hinder further US sales, while New Crop contracts held small gains in carryover support from yesterday’s rally.
Falling Russian prices and the continuing harvest in Texas added pressure to all three wheat classes and pushed them to close lower.
The two day Federal Reserve meeting to determine whether to increase interest rates concluded this afternoon, leaving the current rates unchanged, which was largely anticipated by the market and may have added pressure to the US dollar and its move lower.
To see the updated 7-day NOAA Precipitation Outlook and, NOAA 8-14 Day Temperature and Precipitation Outlooks scroll down to the Other Charts/Weather Section.
Note – For the best viewing experience, some Grain Market Insider content is best viewed with your phone held horizontally.
Corn
Corn Action Plan Summary
No action is recommended at this time for Old Crop. July corn has had nearly a 60-cent rally in the last couple of weeks. Expect volatility to remain in the market; a changing weather forecast can push the market significantly in either direction. If you still have Old Crop to sell, consider using this rally to begin pricing some of those bushels. Don’t forget, there is a significant inverse between the July and September futures contracts, which could be lost when bids get rolled from one contract to the next.
No action is recommended at this time for New Crop. With dryness building in the Midwest and an estimated fund short position near 40k contracts, we continue to target the 590 – 630 range in the December futures to suggest adding cash sales. If you don’t happen to have any New Crop sold, you should consider targeting the 550 – 560 area to begin pricing bushels.
Continue to hold current sales levels for the 2024 crop year. We will look for opportunities to make further sales as we move through the 2023 growing season as weather volatility builds.
Grain Market Insider Corn open positions listed above.
Corn futures finished mixed on the session, pressured on the overnight session by rainfall in the northeastern and eastern Corn Belt. Concerns regarding the direction of the Fed regarding interest rates limited both commodity and equity markets overall on the day.
The weather forecast overall remains spotty as rainfall coverage is expected to be hit-or-miss for the next seven days. Despite some recent, but limited, rainfall in many areas of the Corn Belt are still in need of additional and timely rainfall.
Demand will stay a focus on Thursday with the USDA releasing weekly export sales. Expectations are for old crop sales to range from –110,000 MT – 550,000 MT and New crop from 0 – 350,000 MT, as U.S. corn export prices struggle against cheaper global competition.
Weekly ethanol margins remain rangebound with the weekly Ethanol Production report showing production of 18,000 barrels/day and stocks down 722,000 barrels. Overall corn usage for ethanol is still behind the USDA pace needed to reach targets for the marketing year.
Above: The breakout above the recent congestion area has the market knocking on the door of the next resistance area between the 100-day moving average near 630 and the April high of 647-1/2, and while a test of the April high is within reach, the market is showing some signs of being overbought. Initial support below the market rests between 595 and 575, with additional support near 550.
Soybeans
Soybeans Action Plan Summary
Grain Market Insider sees a continuing opportunity to sell 2022 Old Crop soybeans and take advantage of the recent rally. July soybeans have rallied nearly 130 cents from the May low and are approaching the psychological resistance level of 1400. Additionally, with a 70+ cent inverse to the August contract, much of that value may be lost as end users roll bids from the July contract.
We recommendnot adding to current sales levels for the new 2023 crop at this time. A quick planting pace with favorable conditions and South American competition greatly pressured soybeans in April and May. The potential remains for a tighter New Crop balance sheet, as the US Drought Monitor map remains concerning. We would consider recommending the next sales in the 1300 to 1350 area.
Continue to hold off on pricing the 2024 crop. We look to make sales further into the 2023 growing season when selling opportunities tend to improve seasonally.
Soybeans ended the day mixed with July lower, but November slightly higher. As for the products, soybean meal closed lower, while soybean oil ended higher despite a decline in crude oil.
Prospects for rain are improving in the forecast with good, widespread rains expected across the Midwest that should begin to fall Thursday and into the weekend. If significant rains fall over the upcoming three-day weekend, prices might face some selling pressure.
Today, the Federal Reserve announced that they would not be raising interest rates this month, but that they would likely implement two more “small hikes” before the year is over. This noticeably weighed on the stock market as the trade was expecting either no more hikes this year or one more, and the comment likely weighed on commodities as well.
The EPA was supposed to make their decision about biofuel mandates today, which had given the soy complex support yesterday, but the decision was delayed until June 21. The decision could provide support for soybeans and the expansion of biodiesel.
Above: After a strong close last week, July soybeans will look for follow-through momentum to turn around a down-trend that has been in place since April. The strong close above the 20-day moving average is a great sign of a short-term trend change higher. If prices were to set back, support should be found near 1340 with nearby resistance near the 1420 area.
Wheat
Market Notes: Wheat
Rain in the Plains states may slow harvest short term. In any case, this year’s winter wheat harvest could be close to the smallest in 50 years because of the drought experienced in the southwestern Plains this growing season.
Western Canada has been too dry in spring wheat areas, but there are chances for rain over the coming week in Alberta and Saskatchewan, and the front could potentially make it into Manitoba as well. This moisture would be welcomed for the spring wheat crop.
Both Brazil and Argentina are experiencing potential frost and freezing conditions. While there is not much concern about Brazil’s safrinha corn at this time, the low temperatures over the next few days could slow germination and growth of Argentina’s winter wheat crop.
This afternoon, the Fed announced a pause in interest rate increases. However, they said there might be a couple more hikes later this year. Financial markets did not like this result, and some of that negativity may have spilled over into the commodity complex.
In general, the grain trade is in a weather market, and the European weather model shows a bit more moisture than it did previously. This offered some weakness to corn and soybeans, which likely weighed on wheat as well.
Chicago Wheat Action Plan Summary
No new action is recommended for the 2022 crop. The market is down more than 300 cents from its October high and has become extremely oversold. With good price action to start June, the market may be positioned for a short covering rally as new crop harvest quickly approaches. We continue to eye the 640 – 670 range to clean up and market any remaining Old Crop inventory.
We recommend not taking any action on the 2023 crop at this time. While the window of opportunity is quickly closing for Old Crop, it is still wide open for better opportunities ahead for New Crop. We are currently targeting a more aggressive window of 720 – 800 to suggest advancing sales and move more New Crop inventory.
No new action is recommended for the 2024 crop at this time. Prices have rallied nicely off of lows to start the month of June. With continued Black Sea tensions July of 2024 futures prices should be able to build off of the recent lows. We are currently targeting the 750-775 area to advance further on sales.
Above: The bullish reversal from May 31 indicates that there is support near 760. US harvest selling pressure should keep upside limited to any near-term rallies. Resistance may be found above the market between 833 and 850, with further support resting below the market near 736-1/4.
KC Wheat Action Plan Summary
No new action is recommended for the 2022 crop. Though most, if not all, of your Old Crop 2022 wheat may be sold, consider storing any remaining Old Crop, if possible, in anticipation of a short new crop this year, and marketing it along with the new crop.
We continue to look for better prices before making any 2023 sales. While Crop ratings have improved and the Black Sea export corridor remains open, questions remain about the size of the HRW crop, whether Russia will continue to agree to keep the Black Sea corridor open, and what production looks like in Europe and Australia. We continue to target 950 – 1000 in the July futures as a potential level to suggest the next round of New Crop sales.
Patience is warranted for the 2024 crop. With continued issues in the Black Sea region and with major exporting countries’ stocks expected to fall to 16-year lows, we are willing to be patient with further sales of New Crop HRW wheat. We are targeting just below the 900 level on the upside while keeping an eye on recent lows for any violation of support.
Above: The bullish reversal from May 31 indicates that there is support near 760. US harvest selling pressure should keep upside limited to any near-term rallies. Resistance may be found above the market between 833 and 850, with further support resting below the market near 736-1/4.
Mpls Wheat Action Plan Summary
Grain Market Insider recommends selling 2022 Old Crop MINNEAPOLIS Wheat. Prices haven’t moved much over the last couple of weeks and it’s disappointing to see the lack of upside opportunities that the market has offered following the large snowfall and the late start to planting this spring. Yet, the marketing year for Old Crop is quickly winding down and any additional upside opportunities may be more difficult to come by before New Crop harvest, especially given record European wheat shipments and falling Russian prices. Also, we typically recommend finishing up sales on any remaining Old Crop bushels by mid-June, as bids will soon shift from the July to September contract and there is currently no carry offered.
No action is recommended on the 2023 crop at this time. The September ’23 contract had a 120-cent range in the month of May where it found support just above 770. While the planting has largely been completed, dryness in some areas is increasing. With the market still largely oversold on the weekly charts and a full growing season ahead of us, we are not looking to make any sales right now.
We continue to be patient to market any of the 2024 crop. The market for the 2024 crop continues to be illiquid, and it may be early summer before we post any recommendations, continue to be patient.
Above: The July contract continues to be weak and consolidate. With winter wheat harvest on the horizon, spillover selling pressure could plague the spring wheat market in the weeks to come. Resistance currently sits between 820 and 855 and then the recent high of 888-1/2. Support below the market may be found between 770 and 760.
The EU weather model has turned a little bit more wet, offering some resistance to the grain complex. However, parts of Wisconsin, Illinois, Iowa, and Indiana still look mostly dry on that model.
At today’s FOMC meeting the Fed may raise interest rates by 25 basis points. There is some speculation that they will pause the rate increase, however, especially after CPI data showed some easing of inflation.
Yesterday, December corn rallied but found resistance at the 100-day moving average. Currently at midday it is trading below that average, which is around 5.56.
There is reportedly another frost risk for Brazil, but so far there is no indication of harm to their corn crop. They are still looking for record corn production at this time.
Soybean export premiums in Brazil continue to be on the decline. As long as they have enough supply, this may reduce the amount of US soybeans sold.
China may issue a stimulus package to help their economy. This offers some hope that their economy will improve and help commodity prices. It remains to be seen if this is just a “band-aid” to cover bigger issues, though.
July soybean oil gained 1.45 cents yesterday, with support from higher crude oil, as well as world vegetable oils.
July soybeans on China’s Dalian Exchange are around the equivalent of $15.45 per bushel (and near a 1-month high).
This year’s US winter wheat harvest may be one of the smallest in 50 years due to poor growing conditions in the southern Plains.
Dry conditions in western Canada’s wheat growing regions may get some relief with chances of rain for Alberta and Saskatchewan in the coming days.
Low Russian export prices are pressuring the wheat complex, and the EU is also exporting record amounts of wheat, offering resistance as well.
Soil moisture in Argentina is not optimal, and frost / freezing conditions over the next few days could slow germination for their winter wheat.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing by Stewart-Peterson and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Stewart-Peterson Inc. Reproduction of this information without prior written permission is prohibited. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. Reproduction and distribution of this information without prior written permission is prohibited. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Total Farm Marketing.
Stewart-Peterson Inc., Stewart-Peterson Group Inc., and SP Risk Services LLC are each part of the family of companies within Total Farm Marketing (TFM). Stewart-Peterson Inc. is a publishing company. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of National Futures Association. SP Risk Services LLC is an insurance agency. A customer may have relationships with any or all three companies.
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.
The rolling of long positions from the July to the New Crop contracts likely added to the weakness in the July, while December held onto some of its gains from a drop in the good to excellent ratings to 61%.
The lowest good to excellent rating for this time since 2013, 59% according to the USDA, and sharp gains in soybean oil, gave soybeans the energy to rally sharply on the day.
Soybean oil followed Malaysian palm oil and crude oil higher, and while soybean meal saw significant gains for New Crop, the mere 10-cent gain in July was not enough to keep pace with soybeans as July Board Crush margins fell 10-1/4 cents.
All three wheat classes traded on both sides of unchanged today but succumbed to pressure as corn prices faded with K.C. and Minneapolis contracts finishing lower on the day while Chicago held some strength with some mild short covering.
The US Dollar closed lower today, likely in anticipation of no change in interest rates at the end of the Federal Reserve meeting that is being held today and tomorrow. As of now the market is estimating a 95% chance that rates will remain unchanged, with a 5% chance of a 0.25% increase.
Note – For the best viewing experience, some Grain Market Insider content is best viewed with your phone held horizontally.
Corn
Corn Action Plan Summary
No action is recommended at this time for Old Crop. July corn has had nearly a 60-cent rally in the last couple of weeks. Expect volatility to remain in the market; a changing weather forecast can push the market significantly in either direction. If you still have Old Crop to sell, consider using this rally to begin pricing some of those bushels. Don’t forget, there is a significant inverse between the July and September futures contracts, which could be lost when bids get rolled from one contract to the next in the next couple of weeks.
No action is recommended at this time for New Crop. With dryness building in the Midwest and an estimated fund short position in excess of 40k contracts, we continue to target the 590 – 630 range in the December futures to suggest adding cash sales. If you don’t happen to have any New Crop sold, you should consider targeting the 550 – 560 area to begin pricing bushels.
Continue to hold current sales levels for the 2024 crop year. We will look for opportunities to make further sales as we move through the 2023 growing season as weather volatility builds.
Grain Market Insider Corn open positions listed above.
Corn prices finished mixed on the day as prices faded off early session strength supported by a further reduction in crop ratings.
Spread activity in the later part of the session pressured prices as traders moved long positions out of the July contract. The spread between July and September corn futures has dropped 20 cents from 85 cents to 65 cents in the past four trading sessions.
Weekly Crop ratings slipped again on the USDA Crop Progress report, dropping an additional 3% to 61% good/excellent. Analysts were expecting 62% good/excellent as dry conditions still pressure the crop.
Brazilian corn harvest is starting to pick up, and the push of cheaper, fresh corn supplies hitting the market may limit the front end of the corn market as U.S. prices are well above global competition for export demand.
The weather forecast overall remains spotty as rainfall coverage is expected to be hit-or-miss for the next seven days.
Above: The breakout above the recent congestion area has the market knocking on the door of the next resistance area between the 100-day moving average near 630 and the April high of 647-1/2, and while a test of the April high is within reach, the market is showing some signs of being overbought. Initial support below the market rests between 595 and 575, with additional support near 550.
2023/24 Corn condition percent good-excellent (red) versus the 5-year average (green) and last year (pink).
Soybeans
Soybeans Action Plan Summary
July soybeans have rallied 128 cents from the May low and are approaching 1400 psychological resistance. With a 78 cent inversion to the August contract, Grain Market Insider recommends taking advantage of the recent rally to make a sale for the old 2022 soybean crop.
We recommendnot adding to current sales levels for the new 2023 crop at this time. A quick planting pace with favorable conditions and South American competition greatly pressured soybeans in April and May. The potential remains for a tighter New Crop balance sheet, as the US Drought Monitor map remains concerning. We would consider recommending the next sales in the 1300 to 1350 area.
Continue to hold off on pricing the 2024 crop. We look to make sales further into the 2023 growing season when selling opportunities tend to improve seasonally.
Soybeans closed significantly higher today thanks to gains in soybean oil, crop progress that showed conditions declining, and an EPA decision that will be announced tomorrow about biofuel mandates that could be bullish for the soy complex.
Planting progress showed that the soy crop is 96% planted (which is above 86% on average) and 86% emerged vs 70% on average. The good to excellent rating fell by 3 points to 59% due to dry conditions, and the poor to very poor rating rose to 9%.
The Environmental Protection Agency has a June 14 deadline for announcing final renewable volume obligations that will impact the profitability of renewable diesel. The outcome of this decision could be very supportive to the soy complex.
Soybean oil was supported by a jump in crude oil and an increase in palm oil which gained 2.5% today. Soybean oil has become overbought, but it has followed palm oil very closely and will likely continue to do so.
Above: After a strong close last week, July soybeans will look for follow-through momentum to turn around a down-trend that has been in place since April. The strong close above the 20-day moving average is a great sign of a short-term trend change higher. If prices were to set back, support should be found near 1340 with nearby resistance near the 1420 area.
2023/24 Soybeans condition percent good-excellent (red) versus the 5-year average (green) and last year (pink).
Wheat
Market Notes: Wheat
Despite earlier strength, wheat posted gains of just a couple cents in the Chicago contract, while Kansas City and Minneapolis contracts were mostly lower. This is likely because wheat acted as a follower today, and as the gains in corn faded, so did wheat.
According to the USDA, 38% of the winter wheat crop is rated good to excellent vs 36% last week. Also, 8% of the crop is harvested vs 9% average.
The USDA also said that 97% of the spring wheat crop is planted which is in line with average. Only 60% of that crop is rated good to excellent, compared with 64% last week.
Russian export values continue to fall, with reports that they are talking about lowering the floor to $230 per metric ton. This is below current offers of $235-$240 and is well below the $275 floor that was encouraged a couple months ago.
The developing El Nino weather pattern is expected to cause drought in Australia, lowering their wheat production.
Despite a large wheat crop in India which is expected to be 113.5 mmt, tight stocks may mean that they don’t export much wheat this year, if any at all. This could contribute to tighter global availability.
Chicago Wheat Action Plan Summary
No new action is recommended for the 2022 crop. The market is down more than 300 cents from its October high and has become extremely oversold. With good price action to start June, the market may be positioned for a short covering rally as new crop harvest quickly approaches. We continue to eye the 640 – 670 range to clean up and market any remaining Old Crop inventory.
We recommend not taking any action on the 2023 crop at this time. While the window of opportunity is quickly closing for Old Crop, it is still wide open for better opportunities ahead for New Crop. We are currently targeting a more aggressive window of 720 – 800 to suggest advancing sales and move more New Crop inventory.
No new action is recommended for the 2024 crop at this time. Prices have rallied nicely off of lows to start the month of June. With continued Black Sea tensions July of 2024 futures prices should be able to build off of the recent lows. We are currently targeting the 750-775 area to advance further on sales.
Above: The bullish reversal from May 31 indicates that there is support near 760. US harvest selling pressure should keep upside limited to any near-term rallies. Resistance may be found above the market between 833 and 850, with further support resting below the market near 736-1/4.
2023/24 Spring wheat condition percent good-excellent (red) versus the 5-year average (green).
KC Wheat Action Plan Summary
No new action is recommended for the 2022 crop. Though most, if not all, of your Old Crop 2022 wheat may be sold, consider storing any remaining Old Crop, if possible, in anticipation of a short new crop this year, and marketing it along with the new crop.
We continue to look for better prices before making any 2023 sales. While Crop ratings have improved and the Black Sea export corridor remains open, questions remain about the size of the HRW crop, whether Russia will continue to agree to keep the Black Sea corridor open, and what production looks like in Europe and Australia. We continue to target 950 – 1000 in the July futures as a potential level to suggest the next round of New Crop sales.
Patience is warranted for the 2024 crop. With continued issues in the Black Sea region and with major exporting countries’ stocks expected to fall to 16-year lows, we are willing to be patient with further sales of New Crop HRW wheat. We are targeting just below the 900 level on the upside while keeping an eye on recent lows for any violation of support.
Above: The bullish reversal from May 31 indicates that there is support near 760. US harvest selling pressure should keep upside limited to any near-term rallies. Resistance may be found above the market between 833 and 850, with further support resting below the market near 736-1/4.
2023/24 Winter wheat condition percent good-excellent (red) versus the 5-year average (green) and last year (pink).
Mpls Wheat Action Plan Summary
No action is currently recommended for the 2022 crop. With planting concerns and a seasonal tendency for old crop prices to increase over the next 4-5 weeks, we are continuing to wait for better prices to develop. The calendar is becoming a constraint though, and we’ll be looking to part with any remaining old crop bushels by mid-June or so.
No action is recommended on the 2023 crop at this time. The September ’23 contract had a 120-cent range in the month of May where it found support just above 770. While the planting has largely been completed, dryness in some areas is increasing. With the market still largely oversold on the weekly charts and a full growing season ahead of us, we are not looking to make any sales right now.
We continue to be patient to market any of the 2024 crop. The market for the 2024 crop continues to be illiquid, and it may be early summer before we post any recommendations, continue to be patient.
Above: The July contract continues to be weak and continues to consolidate. With winter wheat harvest on the horizon, spillover selling pressure could plague the spring wheat market in the weeks to come. Resistance currently sits between 820 and 855 and then the recent high of 888-1/2. Support below the market may be found between 770 and 760.
2023/24 Spring wheat condition percent good-excellent (red) versus the 5-year average (green).
The USDA rated the corn crop 61% good to excellent (down 3% from last week).
The western corn belt has rain in the forecast later this week, but it is expected to remain scattered and spotty.
Brazil has a frost risk this week, but still looks like they will produce a record corn crop of 132 mmt.
December corn futures have gained roughly 70 cents since the May 18 low. The Dec contract did gap higher yesterday indicating market strength; however, that gap could be filled down the road.
As reported by CNBC, one vessel left Ukraine over the weekend, hauling 69,000 mt of corn to Spain.
The USDA rated the soybean crop 59% good to excellent (down 3% from last week). This is the worst rating for this time of year since 2013.
August palm oil futures are up 2.5%, lifting soybean oil, and providing support to soybean futures.
Tomorrow the EPA will announce biofuel mandates for 2023 – 2025. Depending upon what the ruling is, this could have a large impact on soybean oil and soybean demand as more plants come online.
Chinese soybean imports to date are ahead of last year, however there is still concern about what their demand will look like down the road if their economy does not pick up.
The USDA said 8% of the winter wheat crop is harvested (vs 9% average), and that crop is rated 38% good to excellent (up 2% from last week).
The USDA said 97% of the spring wheat crop is planted (in line with average) and is rated 60% good to excellent (down 4% from last week).
Though it is early, wheat inspections for 23/24 are only at 12 mb, which is down 50% from last year.
Russian FOB offers are now said to be as low as $235-$240 per metric ton. Russia is reportedly talking about lowering that floor to as little as $230. This is certain to keep pressure on the US export market.
India is expected not to export wheat this year despite a large crop (due to tight stocks).
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 slightly higher again this morning after yesterday’s weather driven rally. Yesterday’s crop progress showed corn ratings slipping more than expected.
Crop progress showed the corn crop at 93% emerged which was up from 85% last week and up from the average, but the good to excellent rating fell more than expected to 61% from 64% last week due to dry conditions.
While most of the Corn Belt is dry, the 5-day forecast shows beneficial rainfall totals in the area with a focus on Minnesota, Iowa, and Missouri. The rains are expected around Thursday and Friday.
Corn prices in Brazil remain significantly cheaper than in the US, cutting into export business. Corn in Brazil is trading at the equivalent of $4.61 a bushel.
Soybeans are trading higher this morning after yesterday’s crop progress report. Soybean meal is higher as well as soybean oil which is getting support from palm oil which is up 2.5%.
Crop progress showed soybeans 86% emerged which was up from 74% last week, but the good to excellent rating fell to 59% from 62% a week ago, below trade expectations.
The Environmental Protection Agency has a June 14 deadline for announcing final renewable volume obligations that will impact the profitability of renewable diesel.
Crop ratings for both corn and soybeans saw the biggest declines in eastern states, so the benefit of Sunday’s rains likely weren’t included in yesterday’s ratings.
Wheat is trading lower this morning as harvest begins, and crop ratings improved from the previous week after recent rains.
Winter wheat is now rated 38% good to excellent which is up from 36% a week ago, 89% of the crop is headed and 8% is harvested which compares with 4% a week ago.
Spring wheat is 90% emerged which compares with 76% a week ago, but good to excellent ratings fell to 60% from 64% a week ago.
The high plains drought is so bad that Kansas is reportedly importing wheat from Europe in a rare move.
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.
Increasing dryness and a forecast for limited moisture rallied July corn to test the 100-day moving average for the first time in two months.
Weak export inspections and Fund spreading weighed heavily on Old Crop contracts, while New Crop was able to close on the positive side of unchanged as weather premium is added to the market.
Carryover strength from corn helped to boost Chicago and Minneapolis contracts, while K.C. contracts saw continued pressure from better than expected crop numbers in Friday’s USDA report.
Limited rainfall this past weekend brought the buyers out for the New Crop contracts as the market turned its attention to the weather, and with some rain chances expected in the next week a keen eye will be on Iowa, Illinois, and Missouri.
To see the updated NOAA 8-14 Day Temperature and Precipitation Outlooks and 7-day NOAA Precipitation Outlook scroll down to the Other Charts/Weather Section.
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Corn
Corn Action Plan Summary
No action is recommended at this time for Old Crop. July corn has had nearly a 60-cent rally in the last couple of weeks. Expect volatility to remain in the market, a changing weather forecast can push the market significantly in either direction. If you still have Old Crop to sell, consider using this rally to begin pricing some of those bushels. Don’t forget, there is about an 80-cent inverse between the July and September futures contracts, which could be lost when bids get rolled from one contract to the next in the next few weeks.
No action is recommended at this time for New Crop. With dryness building in the Midwest and an estimated fund short position in excess of 40k contracts, we continue to target the 590 – 630 range in the December futures to suggest adding cash sales. If you don’t happen to have any New Crop sold, you should consider targeting the 550 – 560 area to begin pricing bushels.
Continue to hold current sales levels for the 2024 crop year. We will look for opportunities to make further sales as we move through the 2023 growing season as weather volatility builds.
Grain Market Insider Corn open positions listed above.
Corn futures finished higher on the session as recent rainfall lacked the coverage and intensity that was anticipated, causing additional short covering as prices pushed higher through some levels of resistance.
Weekly crop ratings will be released on Monday afternoon, and expectations are for an additional drop in corn ratings to 62% good/excellent, down 2% from 64% last week.
The weather will stay as the market’s focus as weather models are variable over the next 10 days as overall rainfall still looks limited, pressuring the stressed crop.
Demand remains a concern as the weekly export inspection report was released on Monday morning. Last week, U.S. exporters shipped 1.169 MMT of corn, near the top end of expectations, but still behind the pace needed to reach the USDA corn export goal. Corn shipments are still down 31% year–over-year.
Brazil corn harvest of their second crop corn is starting to begin. Private analyst, AgRural, forecasted that Brazilian farmers have harvested 2.2% of the area planted for corn. This is down from 6.6% last year.
Above: The breakout above the recent congestion area has the market knocking on the door of the next resistance area between the 100-day moving average near 630 and the April high of 647-1/2, and while a test of the April high is within reach, the market is showing some signs of being overbought. Initial support below the market rests between 595 and 575, with additional support near 550.
Corn Managed Money Funds net position as of Tuesday, June 6. Net position in Green versus price in Red. Money Managers net bought 6,573 contracts between May 31 – June 6, bringing their total position to a net short 44,492 contracts.
Soybeans
Soybeans Action Plan Summary
The trend in the soybean market since early April has been down. Since the bullish reversal on 5/31, the market has found some support near 1270 and has formed a possible head-and-shoulders bottom. The Old Crop balance sheet remains on the tight side, and as dryness continues to build, we remain in a seasonal window that is conducive to upside opportunity and volatility. Continue to hold on progressing any Old Crop sales for now.
We recommendnot adding to current sales levels for the new 2023 crop at this time. A quick planting pace with favorable conditions and South American competition greatly pressured soybeans in April and May. The potential remains for a tighter New Crop balance sheet, as the US Drought Monitor map remains concerning. We would consider recommending the next sales in the 1300 to 1350 area.
Continue to hold off on pricing the 2024 crop. We look to make sales further into the 2023 growing season when selling opportunities tend to improve seasonally.
Soybeans ended the day mixed with the July contract posting losses and deferred contracts gaining as first notice approaches and funds likely rolled out of some of their Jul contracts and into Sep and Nov. Soybean meal closed slightly higher, while soybean oil fell alongside crude.
Export inspections for soybeans were low at 5.2 mb and put total inspections for 22/23 at 1.794 bb which is down 3% from last year. The USDA is estimating soybean exports at 2.000 bb for 22/23 which is down 7% from last year.
Weather has been a key factor for the moves in corn and this past weekend’s rains were spotty and underwhelming, but soybeans have more time before rains become crucial and so did not keep up with the gains in corn today.
Crop progress will be released later today, and estimates are that the good to excellent rating in soybeans will drop to 60% from 62% last week, and that 96% of the crop will be planted which would be up from 91% last week.
Above: After a strong close last week, July soybeans will look for follow-through momentum to turn around a down-trend that has been in place since April. This week’s strong close above the 20-day moving average is a great sign of a short-term trend change higher. If prices were to set back, support should be found near 1340 with nearby resistance near the 1420 area.
Soybeans Managed Money Funds net position as of Tuesday, June 6. Net position in Green versus price in Red. Money Managers net bought 13,452 contracts between May 31 – June 6, bringing their total position to a net long 13,981 contracts.
Wheat
Market Notes: Wheat
After a two-sided trade, the wheat complex closed mostly higher. Wheat acted as a follower today and was likely pulled higher by the corn market into the end of the session.
Weekly wheat export inspections were pegged at 9.1 mb., bringing total 23/24 inspections to 12 mb. The USDA is estimating 23/24 wheat exports at 725 mb versus 775 for 22/23.
Some support may have come from higher Paris milling wheat futures. Dry conditions in Spain and northern France may be the reason for Matif wheat’s uptrend since the May 31 lows, and because of this dry weather, one analyst group is estimating a decline in European wheat production of 2.1 mmt.
Managed funds are estimated to still be net short 122,280 contracts of Chicago wheat. With uncertain weather, in addition to global political and economic uncertainties, this could prime the wheat market for a short covering rally.
On Friday’s USDA report, US HRW wheat production was increased by 11 mb, and this is being attributed to recent rains in Texas and Oklahoma that helped the crop. Kansas production was left unchanged in the report.
Chicago Wheat Action Plan Summary
No new action is recommended for the 2022 crop. The market is down more than 300 cents from its October high and has become extremely oversold. With good price action to start June, the market may be positioned for a short covering rally as new crop harvest quickly approaches. We continue to eye the 640 – 670 range to clean up and market any remaining Old Crop inventory.
We recommend not taking any action on the 2023 crop at this time. While the window of opportunity is quickly closing for Old Crop, it is still wide open for better opportunities ahead for New Crop. We are currently targeting a more aggressive window of 720 – 800 to suggest advancing sales and move more New Crop inventory.
No new action is recommended for the 2024 crop at this time. Prices have rallied nicely off of lows to start the month of June. With continued Black Sea tensions July of 2024 futures prices should be able to build off of the recent lows. We are currently targeting the 750-775 area to advance further on sales.
Above: The market appears to have put in short-term lows to end the month of May near the 575 level. A close above the 660 area would be a supportive sign of a trend change to higher. The next area of possible support, if the late May lows do not hold, would be below the market near the September ’20 low of 533-1/4. Resistance above the market could be found between 670 and 724.
Chicago Wheat Managed Money Funds net position as of Tuesday, June 6. Net position in Green versus price in Red. Money Managers net bought 7,524 contracts between May 31 – June 6, bringing their total position to a net short 119,474 contracts.
KC Wheat Action Plan Summary
No new action is recommended for the 2022 crop. Though most, if not all, of your Old Crop 2022 wheat may be sold, consider storing any remaining Old Crop, if possible, in anticipation of a short new crop this year, and marketing it along with the new crop.
We continue to look for better prices before making any 2023 sales. Crop ratings overall are at historically low levels, and production concerns persist. Additionally, any unforeseen geopolitical changes in the Black Sea region could cause the market to bounce and retrace 25% towards the 2022 high.
Patience is warranted for the 2024 crop. With continued issues in the Black Sea region and with major exporting countries’ stocks expected to fall to 16-year lows, we are willing to be patient with further sales of New Crop HRW wheat. We are targeting just below the 900 level on the upside while keeping an eye on recent lows for any violation of support.
Above: Last week Wednesday’s bullish reversal indicates that there is support near 760. US harvest selling pressure should keep upside limited to any near-term rallies. Resistance may be found above the market between 833 and 850, with further support resting below the market near 736-1/4.
K.C. Wheat Managed Money Funds net position as of Tuesday, June 6. Net position in Green versus price in Red. Money Managers net sold 2522 contracts between May 31 – June 6, bringing their total position to a net long 7,106 contracts.
Mpls Wheat Action Plan Summary
No action is currently recommended for the 2022 crop. With planting concerns and a seasonal tendency for old crop prices to increase over the next 4-5 weeks, we are continuing to wait for better prices to develop. The calendar is becoming a constraint though, and we’ll be looking to part with any remaining old crop bushels by mid-June or so.
No action is recommended on the 2023 crop at this time. The September ’23 contract had a 120-cent range in the month of May where it found support just above 770. While the planting pace has largely caught up to the 5-year average, dryness in some areas is increasing. With the market still largely oversold and a full growing season ahead of us, we are not looking to make any sales right now.
We continue to be patient to market any of the 2024 crop. The market for the 2024 crop continues to be illiquid, and it may be early summer before we post any recommendations, continue to be patient.
Above: The July contract continues to be weak and showing signs of being oversold after breaking back below the 800 level this week. With winter wheat harvest on the horizon, spill over selling pressure could plague the spring wheat market in the weeks to come. Resistance currently sits between 820 and 855 and then the recent high of 888-1/2. Support below the market may be found between 770 and 760.
Minneapolis Wheat Managed Money Funds net position as of Tuesday, June 6. Net position in Green versus price in Red. Money Managers net sold 1,271 contracts between May 31 – June 6, bringing their total position to a net short 8,974 contracts.
Over the weekend, rainfall in the Midwest was scattered and spotty. Additionally, the week one weather forecast shows a few light showers in the Midwest with temperatures below normal. The second week shows better chances for rain and temperatures warming up.
Outside markets could be an influence this week. The Fed will come out with their decision on interest rates, and whether or not they will take a pause, or issue another increase.
Brazil is experiencing some cold temperatures with more in the forecast, which could impact their later planted corn crop.
Ag Resource has reportedly dropped their US corn yield projection to 177 bpa. The USDA is using a yield of 181.5 bpa.
At midday, crude oil is down over $3 per barrel. This is likely weighing on soybean oil and limiting upside price movement in soybeans.
China has been accused of shipping “fake” biodiesel to secure European grants. This could increase US soybean oil demand from Europe if they reduce imports from China.
According to the Malaysian Palm Oil Board, stocks of palm oil at the end of May were up 13% from the previous month.
Expectations for this afternoon’s Crop Progress report are to show a decline in the good to excellent rating for soybeans (and corn).
On Friday’s report, the USDA lowered Argentina’s soybean crop by 2 mmt to 25 mmt. Argentina’s exchanges, however, are 3 mmt lower at 22 mmt.
Funds are reported to be net short 122,280 contracts of Chicago wheat.
Friday’s USDA report showed higher US HRW wheat production on the order of 11 mb. This is interesting, considering the recent challenges faced in the US southern Plains, but is attributed to the recent rains in Texas and Oklahoma.
Dryness in Spain and northern France could mean lower wheat crops there. One group is estimating a decrease of European wheat production by 2.1 mmt for this reason. This would bring the European wheat crop to 142.4 mmt.
Alberta, Canada received some rain this weekend, but most of the Canadian prairies remain too dry.
The USDA raised their estimate of global wheat ending stocks on Friday’s report. This adds to pressure on US futures and may be one reason why wheat is trading mixed to lower at midday.
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.
