Midday

All prices as of 10:30 am Central Time

• Corn prices are trending higher at midday on some flow over support from yesterday’s export sale of 136,000 mt of corn to unknown destinations.
• ADM has declared force majeure at their Gulf ports in the U.S. due to the historic snowstorm event that blanketed the Southern U.S. with snow.
• There is some uncertainty surrounding the ethanol industry as Secretary of Agriculture Brooke Rollins has been opposed to ethanol mandates and farm subsidies in the past.

• Soybeans are trading higher at midday after a sluggish start on news of China suspending soybean imports from Brazil.
• China has suspended soybean imports from Brazil after contamination was found from five shipping firms. Brazil has notified China that they will increase inspections and request the suspensions be lifted.
• There are some concerns around biofuels after the Biden administrations 45z biofuel tax credit was halted by the new administration for 60 days for review.

• Wheat futures are trading higher at midday on drier weather forecasts for the Plains states over the next five days.
• The U.S. attache in Australia left their Australian wheat production number unchanged at 32 mmt, but raised ending stocks 3.112 mmt.
• French dockworkers unions are scheduled to go on strike today which will affect port operations and wheat shipments.

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 10:30 am Central Time

• Corn prices are lower at midday, influenced by the potential for improved weather conditions in parts of Argentina and ongoing negotiations regarding potential tariffs.
• USDA confirms sale of 136,000 mt of U.S. corn delivery to unknown destinations in the 24/25 year.
• Dr. Cordonnier reduced his Argentine corn estimate by 1 mt, bringing it to 48 million, compared to the USDA’s estimate of 51 million, while leaving Brazil’s forecast unchanged.
• Corn prices remain supported by expectations that President Trump will urge China to honor the Phase 1 trade agreement from his first term, potentially leading to significant U.S. corn purchases.

• Soybean prices continue to decline at midday, following China’s announcement today. While soybeans and soybean oil remain lower, soybean meal experiences some gains.
• China has suspended soybean imports from five Brazilian firms due to failure to meet phytosanitary standards. Sources indicate concerns arose after shipments were found to contain chemical contaminants, pests, and insects.
• The U.S. dollar is slightly lower today following a sharp decline yesterday. Despite the currency drop, Brazilian soybeans remain significantly cheaper than U.S. prices, which could slow the rally, particularly with expectations of improved harvest conditions in Brazil in the coming weeks.
• Deral reports that the soybean harvest in Brazil’s state of Paraná is 8% complete, while Mato Grosso’s harvest is 2% finished, compared to 13% at this time last year. The delay is attributed to unfavorable weather conditions.

• Wheat prices are higher at midday, bolstered by a weaker dollar, continued cold temperatures, and several global demand tenders.
• Concerns about winter kill persist for exposed winter wheat due to a lack of snow cover and the ongoing cold snap across the U.S.
• Russian wheat delivery for the first part of February fell to $234 pet MT, down $3 from the previous week, reported by the IKAR consultancy.

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 10:30 am Central Time

• Corn trends higher at midday on tariff delays and a lower dollar which could help to keep export business positive.
• CFTC data from Friday showed funds hold their largest net long position in 2 years at just under 300,000 contracts.
• AgRural has said that safrina corn planting in the central-southern region of Argentina is just 0.3% complete. This compares to 4.91% last year.

• Soybeans continue to firm at midday on Trump’s decision to delay tariffs and light rainfall in Argentina over the weekend.
• President Trump has mentioned he will limit used cooking oil imports from China which has given the soy complex a positive boost.
• AgRural says harvest in the Mato Grosso area is at its slowest pace since the 2010 timeframe, but drier conditions could help to speed things up.

• The wheat market is higher at midday on extreme cold temperatures across the Plains states and a lower US dollar.
• IKAR says Russian wheat prices have fallen $3/MT to $234/MT. President Putin has also mentioned he is ready to talk with President Trump about the ongoing war with Ukraine.
• Interfax reported that Ukraine’s grain and oilseed exports have risen since July to 24.19 mmt which is 2 mmt higher than a year ago.

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 CME and Total Farm Marketing offices will be closed Monday, January 20, in observance of Martin Luther King Jr Day.

 

All prices as of 10:30 am Central Time

• Corn continues to trade higher at midday after finding some support from yesterday’s drop in prices. March futures are trading at their highest level since June 16, 2024.
• The International Grains Council lowered their global corn stocks forecast from 275 mmt to 272 mmt.
• Buenos Aires Grain Exchange reported that corn crop conditions in Argentina have fallen from 42% good-to-excellent last week to 39% good-to-excellent this week.

• Soybeans are bouncing back after yesterday’s sharp pullback. March futures are back above the 100-day moving average. Bean oil and meal are also higher at midday.
• President Trump’s Treasury Secretary nominee has mentioned he will push China to adhere to the Phase 1 purchase agreements that were signed during Trump’s first term. This has kept some level of support in the market in hopes the reported tariffs won’t be as bearish for US agriculture as originally thought.
• The Buenos Aires Grain Exchange reported that soybean crop conditions have deteriorated in Argentina. Conditions have fallen from 49% good-to-excellent last week to 32% good-to-excellent this week. This also compares to 40% good-to-excellent last year.

• Wheat futures are following the rest of the grain complex higher. March Chicago futures have gained back almost half of what was lost yesterday.
• SovEcon estimates that Russia’s December 1 wheat stocks are at 18.7 mmt, which is down from 24.8 mmt from a year ago.
• The International Grains Council lowered their global grain stocks estimate by 3 mmt to 573 mmt.

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 CME and Total Farm Marketing offices will be closed Monday, January 20, in observance of Martin Luther King Jr Day.

 

All prices as of 10:30 am Central Time

• Corn continues to trade lower at midday on forecasted rainfall in Argentina this weekend and lighter trading volume.
• Weekly corn export sales came in at 40 mb, which was on the high end of trade expectations. Year-to-date commitments total 1.585 bb, which is up 28% from last year.
• Weekly US ethanol production was 4% higher than the same week last year at 1.095 million barrels.
• Rosario Grain Exchange cut their Argentina corn crop estimate to 48 mmt, down from 50 mmt in their last forecast.

• Soybeans are lower at midday on expected rainfall in South America which will help to boost their production prospects.
• Weekly soybean export sales came in at 21 mb, which was in line with trade expectations. Year-to-date commitments total 1.502 bb which is up 9% from a year ago.
• NOPA crush for the month of December came in at a record 206.6 mb. This compares to 195.3 mb crushed in December of last year.

• Wheat remains lower at midday, following the rest of the grain market. Good winter wheat conditions in the US and the dollar rising have made it hard for wheat to sustain any rally.
• Weekly wheat export sales came in above trade expectations at 19 mb. Year-to-date commitments total 644 mb which is up 9% from last year.
• Russian wheat ending stocks are estimated at 10 mmt which is down from 20.2 mmt last year.
• According to SovEcon, Russian wheat shipments through the first half of January are 900,000 mt. This compares to 1.4 mmt in the first half of January 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 10:30 am Central Time

• Corn futures continue to trade higher at midday, building on gains despite Tuesday’s declines.
• The USDA lowered its final estimate for the 2024 U.S. corn harvest by nearly 2%, bringing it to 14.867 bb. Additionally, it reduced its forecast for U.S. corn stocks at the end of the 24/25 marketing year by 11%, from the December estimate to 1.54 bb.
• Temperatures in Argentina are expected to be 1 to 3.5°C above normal across most of the country over the next 10 to 15 days. With dry conditions and minimal rainfall forecast, this trend is very unfavorable for crops.
• Ukraine’s corn exports for the marketing year have reached 10.87 mt, down from 11.01 mt last year.
• Ethanol production this week decreased by 1,095 tbd, or 322 million gallons, dropping from 324 million gallons the previous week. However, it remains 3.9% above the YA.  

• Soybeans are trading mixed at midday after a mixed start to the day. Soybeans and soybean meal are lower, while soybean oil sees some gains.
• Brazil’s forecast calls for a mild temperature pattern over the next couple of weeks, with precipitation expected over the next 10 days, creating favorable growing conditions for soybeans.
• Brazil’s crop agency Conab on Tuesday raised its soybean production forecast to 166.32 mmt, up from 166.21 mmt, citing favorable weather conditions ahead.
• Potential moisture relief for Argentina is expected over the next week, though showers will be scattered, and some areas may not receive enough rain to prevent further deterioration of conditions.

• Wheat is trading lower at midday, pressured by the strength of the U.S. dollar and weakening export demand.
• Concerns are growing for the U.S. winter wheat crop as the cold snap continues across much of the central U.S. The crop has little to no ground cover, increasing fears of winterkill.
• Ukraine’s exports for the 24/25 season have reached 10.336 mt, compared to 8.19 mt last year, but the pace has been slowing down over the last couple weeks.
• Mexico’s wheat production has been impacted by drought in the northern half of the country, and there are concerns that wheat imports may be necessary this 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 10:30 am Central Time

• Corn futures looked to bounce back higher after opening lower but strong price increases over the past two days have caused a slight pullback today.
• AgResource slightly lowered their estimate for Brazil’s 24/25 corn crop from 123.56 mmt to 122.39 mmt.
• Taiwan’s MFIG purchasing group announced an international tender for 65,000 mt of animal feed corn. The corn can be sourced from the US, Argentina, Brazil, or South Africa.

• Soybeans are weaker at midday after two strong trading days in a row. Slow harvest pace in Brazil could keep support under the market on breaks.
• AgRural estimates that soybean harvest in Brazil is 0.3% done as of January 9^th. This compares to 2.3% completed the same week last year.
• The USDA confirmed the sale of 198,000 mt of US soybeans to China for delivery in 24/25.

• All three wheat classes reversed higher at midday as the dollar backs off a 26-month high.
• IKAR estimates Russian wheat exports for January were down 3.8% from December at 2.2-2.5 mmt. This is the lowest monthly exports for the month of January since 2019.
• Subzero temperatures are expected for much of the plains states this weekend and into next 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 10:30 am Central Time

• Corn futures are higher across the board at midday, continuing their rally higher after Friday’s supportive data from the USDA.
• Strong demand and lower production have driven U.S. corn carryout estimates down by 517 million bushels since September, now pegged at 1.54 billion bushels in the January report.
• The Biden Administration is expected to release guidance this week on a climate model for clean fuel tax credits. According to Reuters, the proposed changes could significantly limit ethanol producers’ access to subsidies for sustainable aviation fuel production.

• Soybeans are higher at midday on follow-through buying from Friday’s friendly USDA report.
• Soil moisture levels in Argentina are continuing to diminish across many regions due to well-above-normal temperatures and minimal rainfall. Relief is not expected until this coming weekend, when chances for precipitation may improve.
• The USDA announced this morning the sale of 198,000 tons of soybeans for delivery to China during the current 2024/25 marketing year.

• Wheat futures are higher at midday following the lead of the corn and soybean markets higher.
• After a strong finish to last week the US dollar index is higher again on Monday and back above its recent highs.
• Due to the National Day of Mourning last week for Jimmy Carter, CFTC Commitment of Traders data will be released this afternoon.

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 10:30 am Central Time

• Corn is trading mixed at midday ahead of today’s USDA WASDE report, but still showing some strength due to a tighter supply outlook for 2025.
• China has significantly reduced its estimated corn imports for the 24/25 season, lowering the forecast from 13 mt last month to 9 mt. While this would typically be bearish for the corn market, today’s USDA report is expected to show a decline in ending stocks, helping to support prices.
• Rains are urgently needed to replenish Argentina’s stressed corn crop after several weeks of hot, dry weather, but showers are expected within the next week. As the world’s third-largest corn exporter, Argentina has received little to no rain since December in its primary growing region, making these upcoming rain showers crucial for sustaining crop development.

• Soybeans are trading higher at midday as traders await the USDA WASDE report, scheduled for release at 11 AM Central. While soybeans and soybean oil are making gains, soybean meal is trading lower.
• The soybean market is receiving support today, driven by a sharp rally in soybean oil overnight. This surge follows reports that the Biden Administration plans to release short-term guidance on clean fuel tax credits today while leaving the final decision to the incoming Trump Administration.
• The USDA plays a significant role in today’s trade through the release of the WASDE report, but traders remain focused on weather conditions in Argentina and Southern Brazil. Dry and hot weather continues to stress crops in these regions; however, showers are expected next week, potentially providing much-needed relief.

• Wheat prices are trading lower at midday, as the strength of the U.S. dollar and weakening exports continue to pressure the market.
• The wheat market remains quiet ahead of today’s USDA report, largely due to expectations of burdensome U.S. ending stocks and a generally weak technical outlook.
• The USDA is expected to forecast total winter wheat seedings at 33.37 million acres, slightly down from 33.39 million acres last year.
• The winter wheat crop in the southern Plains received beneficial moisture yesterday and overnight, but conditions are expected to dry out across most of the Plains over the next 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 10:30 am Central Time

• Corn is slightly lower at midday with little trading activity due to the shortened trading hours.
• Drought conditions in Mexico have caused the country to ramp up corn purchases from the U.S. The dry pattern is expected to continue which could keep Mexico active in buying U.S. grain.
• Yesterday’s EIA report showed ethanol production at 1.102 mbpd which was down 9% from last week but up 3.8% from the same week last year. Ethanol stocks increased to 24.148 mb which was the highest since May 17, 2024.

• Soybeans remain mostly lower at midday on potential rainfall in Argentina in the 10–15 day forecast.
• Soybean harvest has started in Brazil’s largest soybean production state. According to IMEA, an agriculture institute in the Mato Grasso state, soybean production is estimated to rise 12.78% to 44 mmt.
• According to Anec, Brazil’s January soybean exports are estimated at 1.71 mmt, which is down almost 30% from January 2023.

• Wheat continues to trade lower at midday on rain showers in Texas and Oklahoma and estimates of rising U.S. ending stocks in tomorrow’s WASDE report.
• Bolivia’s government extended their tariff exemption on wheat imports through August 31, 2025. The exemption was originally scheduled to end on December 31, 2024. The government hopes this will help build wheat and wheat flour supplies after producers mentioned they would increase prices.
• India’s wheat production forecast was unchanged from the previous forecast at 112.7 mmt.

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.