Midday

All prices as of 10:30 am Central Time

• The corn market is firm and trading near mid-range after testing the late November highs around 442. Strong domestic and export demand supports the market, while promising South American crop prospects limit gains.
• Tomorrow’s USDA WASDE report is expected to show US ending stocks dropping to 1.902 bb from 1.938 bb, with little change in South American production. Brazil’s corn crop is estimated at 127.1 mmt and Argentina’s at 50.7 mmt.
• Friday’s Commitment of Trader’s report showed Managed funds selling a net 9,222 corn futures contracts as of December 3, lowering their net long to 88,220 contracts.

• Soybeans are trading near session lows after a 10-cent gain in January futures, pressured by lower soybean oil and meal prices that are well off session highs.
• Strength in soybean meal may stem from drier conditions in Argentina, the world’s largest meal exporter. While rain is forecast, coverage is expected to be spotty rather than widespread.
• Trade may remain choppy ahead of tomorrow’s USDA report, with few changes expected. The trade projects US soybean ending stocks at 467 mb, Brazil’s production at 169.4 mmt, and Argentina’s at 51.4 mmt.
• Friday’s COT report showed managed funds covering 9,255 soybean contracts as of December 3, reducing their net short position to 72,217 contracts.

• All three wheat classes remain higher at midday as buyers follow through on strength from last week’s lows.
• Trade expects minimal changes in tomorrow’s USDA WASDE report, with US ending stocks projected at 814 mb and global stocks at 257.7 mmt.
• Friday’s Commitment of Traders report showed managed funds sold 10,268 Chicago wheat contracts, increasing their net short to 69,386, and 7,769 KC wheat contracts, bringing that net short to 38,430.

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 remains firm at midday on follow-through buying from yesterday’s bullish reversal off trendline support and solid export sales.
• Strong weekly export sales, that were well above expectations, continue to be supportive, with total commitments now 33% ahead of last year at 1.346 bb.
• The USDA will release updated supply and demand numbers on Tuesday. Early trade projections estimate a 32 mb drop in US corn carryout from last month to 1.906 bb, if realized could lend support to prices.

• Soybeans turned lower at midday as they continue to look for direction, caught between supportive demand and rising South American crop estimates, ahead of next week’s USDA report.
• Soybean oil is higher as it follows through on yesterday’s gains after rallying off trendline support on very strong export sales. Meanwhile March meal is setting new contract lows, pressuring soybeans.
• Strong export sales that are pushing total commitments 12% ahead of last year at 1.33 bb, and record crush demand have supported prices, but rising SA crop estimates are a major headwind.
• Early trade estimates for next week’s USDA report project ending stocks at 469 mb, down slightly from last month’s 470 mb, though an export sales increase could lower stocks further and support prices.

• The wheat complex is mostly lower, consolidating yesterday’s rally as trendline resistance and higher Canadian production estimates cap gains.
• Statistics Canada raised its estimate for the Canadian wheat crop to 35 mmt, 665,000 mt higher than trade estimates.
• Wheat found support yesterday from reports of lower Russian supplies due to poor crop conditions and quality concerns with Australia’s crop.
• Early trade estimates for next week’s USDA report predict US wheat carryout to come in at 814 mb (down 1 mb) with global stocks rising slightly to 257.7 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. 

All prices as of 10:30 am Central Time

• Corn is trading slightly higher at midday after export sales announcements beat expectations.
• Weekly export sales for corn came in above expectations at 68 mb. Year-to-date commitments total 1.346 bb, which is 33% higher than a year ago.
• South American crop production remains favorable. Brazil’s Parana state agency reported that 95% of the corn crop is rated as good.
• LSEG raised their Brazil corn production number slightly to 126.7 mmt which is just below the USDA’s 127 mmt projection.

• Soybeans remain higher at midday, getting support from strong export sales announcements.
• Weekly export sales for soybeans came in at the upper end of expectations at 85 mb. Year-to-date commitments total 1.330 bb, which is 12% ahead of last year’s pace.
• Deral announced that crop conditions in Brazil continue to remain favorable with 92% of the Parana state crop rated as good.

• All three wheat contracts are higher at midday on reports of poor Russian winter wheat crop ratings. Winter wheat ratings in the country are 31% good, which is well below last year’s rating of 74%.
• Weekly export sales for wheat came in at 14 mb, which was in line with expectations. Year-to-date commitments total 571 mb, which is 19% better than last year.
• Ukraine’s July-December wheat exports reached 9 mmt, which is up over 50% from last year.
• LSEG made changes to their world wheat outlook. They increased Chinese production 1% to 141.6 mmt while also raising Australia’s wheat production 5% to 30.9 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. 

All prices as of 10:30 am Central Time

• The corn market remains soft at midday while it trades in the middle of its range after trading on both sides of unchanged in a tight 2 ½ – 4-cent range.
• Weekly ethanol production averaged 1.073 million barrels/day, below expectations, with stocks at 23.003 million barrels — higher than the prior week but still below estimates.
• The EU agreed to delay its deforestation law, which restricts imports of ag goods from deforested land, by one year. The law could significantly affect ag giants like Brazil and Indonesia, potentially benefiting US exports.

• The soybean complex remains under pressure at midday as South American weather remains favorable for production, and the delay in 45Z biofuel tax credit guidance adds pressure to bean oil.
• The USDA announced a sale of 30,000 mt of soybean oil to South Korea for 24/25 delivery, briefly boosting the market before gains faded.
• The Biden administration stated that it won’t finalize 45Z fuel tax credit guidance before the end of its term, a development that continues to pressure the soybean oil and corn markets.
• Malaysian palm oil stocks fell 4.3% in November and 25% year-over-year. The decline, due to harvest and transportation disruptions, has supported prices, now at a premium to soybean oil.

• The wheat complex remains in negative territory at midday, led by losses in the Chicago wheat contracts as they trade through nearby support and post fresh contract lows.
• Ukraine’s Ag Ministry reported that the country’s total grain exports have increased 39% year-over-year for the season that began July 1, with total wheat exports up nearly 55% at 8.96 mmt.
• The rise in Black Sea wheat exports has come largely at the expense of European Union wheat exports. EU soft-wheat exports for the season that began July 1 have dropped 31% to 9.48 mmt as of Dec. 1 from 13.8 mmt last year according to the European Commission.
• With largely favorable global wheat crop conditions, some believe many buyers remain sidelined, waiting for lower prices, keeping market rally potential limited.

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 reverses lower at midday after some estimates put South America’s corn crop at a record.
• China’s lower import demand is also weighing on the market as many feel exports to date are front loaded ahead of Trump’s tariff proposal.
• The Rosario Grain Exchange estimates Argentine corn production between 50-51 mmt. This is in line with the USDA’s 51 mmt number.
• Corn used for ethanol in October came in at 460.49 mb compared to 462.35 mb last year.

• Soybeans remain firm at midday, with support from both soybean oil and meal.
• The Rosario Grain Exchange estimates Argentine soybean production around 53-53.5 mmt. The USDA currently has soybean production in Argentine forecasted at 51 mmt.
• October crush hit a new all-time high for any month at 215.80 mb. Soyoil stocks remain tight with October inventory coming in at 1.486 billion pounds. This compares to 1.501 billion pounds in September and 1.502 billion pounds in October 2023.

• All three wheat contracts are higher at midday after weather forecasts turn drier in the Plains states for the next two weeks.
• SovEcon lowered their Russian wheat export forecast slightly from 4.2 mmt to 4.1 mmt for November.
• India, the world’s second largest wheat producer, is expecting a warmer winter which could cut wheat yields dramatically. Now the country could be looking at importing the product to keep prices affordable for its citizens.

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

• The corn market is trading near the upper end of the day’s range despite pressure from a stronger US dollar and threats of 100% tariffs on BRICS nations if they move away from using the US dollar as their reserve currency.
• Favorable weather in South America continues to support crop development. With Brazil’s soybean crop nearly planted, the risk of a late-planted safrinha corn crop has been significantly reduced, increasing the likelihood of a large harvest.
• Although US export demand has been strong, there is speculation that current sales are front-loaded. This could align total sales more closely with historical averages as the marketing year progresses, potentially putting downward pressure on prices.

• Soybeans remain lower at midday, as it comes under pressure from lower meal and oil and prospects of large crops in South America.
• The USDA reported private export sales of 134,000 mt of soybeans for delivery to China during the 24/25 marketing year.
• Growing weather in South America remains mostly favorable for crop development. Estimates suggest Brazil’s soybean crop could reach 172–176 mmt, while Argentina’s crop is estimated at 52–55 mmt. This higher potential supply continues to pressure US soybean and meal prices.

• The wheat complex has turned mostly higher at midday, with all three classes trading near the upper end of the day’s range after finding buying support near Friday’s lows.
• Interfax reported that Russian customs officials approved a lower wheat export quota of 11 mmt for the second half of the country’s export season. This reduction is largely due to a 10% smaller wheat harvest, which could open the door for higher US exports.
• Argentina is aiming to make its first wheat sales to China since the 1990s. With a bumper wheat crop and the possibility of US tariffs on China, Argentina’s export potential could increase at the expense of US market share.

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. 

HAPPY THANKSGIVING FROM ALL OF US AT TOTAL FARM MARKETING!

THURSDAY, NOVEMBER 28: The CME and Total Farm Marketing offices are closed.

FRIDAY, NOVEMBER 29: The CME closes at noon, and Total Farm Marketing closes at 1:00 p.m. (CST).

All prices as of 10:30 am Central Time

• The USDA reported an increase of 41.8 mb of corn export sales for 24/25 and an increase of 2.6 mb for 25/26. Shipments last week at 39.8 mb were under the 47.9 mb pace needed to reach the
• USDA’s export goal of 2.325 bb. Commitments have reached 1.278 bb for 24/25 which is up 33% from last year.
• India had reached their ethanol blending target of 10% (E10) ahead of schedule in 2022. For reference, their blend was only about 1.5% in 2013-2014. They now aim to have a 20% blend (E20) by the end of 2025.
• US ethanol production on Wednesday was a new record at 1.119 million barrels per day. Demand for ethanol has been strong, and this in part is helping to keep nearby corn futures supported above 400.

• The USDA reported an increase of 91.5 mb of soybean export sales for 24/25 and an increase of 0.7 mb for 25/26. Shipments last week at 76.5 mb exceeded the 29.5 mb pace needed per week to reach the USDA’s export goal of 1.825 bb. Commitments have reached 1.245 bb which is up 10% from last year.
• In daily sales announcements, private exporters reported sales of 840,000 mt of soybeans for delivery to unknown destinations, along 151,700 mt also to unknown destinations, and both for the 24/25 marketing year.
• Palm oil was higher on Thursday and is sharply higher again on Friday. This is giving a boost to soybean oil this morning. However, soybean meal is trading lower, which may be keeping a lid on soybean futures prices.

• The USDA reported an increase of 13.5 mb of wheat export sales for 24/25. Shipments last week at 15.9 mb were under the 16.5 mb pace needed per week to reach the USDA’s export goal of 825 mb. Commitments have reached 557 mb which is up 20% from last year.
• US wheat is trading in mixed fashion this morning with Chicago mostly higher, Kansas City mostly lower, and Minneapolis higher. Both the KC and MPLS futures made new contract lows on Wednesday, keeping the downtrend intact. However, futures are at or near technical oversold levels that could indicate a bottom is near.
• Argentina’s wheat export values are said to be around $216 per mt FOB. This is about $10 below Russian wheat, which is already cheap itself. These low global export offers are keeping pressure on the US market.

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. 

HAPPY THANKSGIVING FROM ALL OF US AT TOTAL FARM MARKETING!

THURSDAY, NOVEMBER 28: The CME and Total Farm Marketing offices are closed.

FRIDAY, NOVEMBER 29: The CME closes at noon, and Total Farm Marketing closes at 1:00 p.m. (CST).

All prices as of 10:30 am Central Time

• The anticipation that the Trump administration may issue tariffs on both Canada and Mexico continues to limit upside movement for corn futures.
• South American weather remains favorable, and the extended outlook continues to look that way into mid-December. This may also limit upside potential for corn and soybeans too.
• According to export group ANEC, Brazilian November corn exports declined to 5.1 mmt, when compared with 7 mmt last year.
• First Notice Day for December futures is this Friday, and with Thanksgiving tomorrow, this means that long contract holders will need to exit today or be at risk of being delivered against. This may also keep some selling pressure on corn today.

• Despite palm oil gaining 1.3% on Wednesday, soybean oil is down sharply this morning, which may be keeping a lid on soybean futures.
• Rain is expected over the next couple of weeks in the dry areas of Paraguay, Argentina, and southern Brazil, which could result in 2-4 inches of rain. This has some analysts projecting between 700-750 mb of increased soybean production for South America when compared to last year.
• According to export group ANEC, Brazilian November soybean exports declined to 2.4 mmt, when compared with 4.6 mmt last year.

• Argentina’s currency, the Peso, has hit a record low level, and with their wheat export offers have also fallen. With harvest taking place there and in Australia, this is keeping pressure on the US market.
• The US Southern Plains have received a combination of rain and snow which should keep winter wheat crop prospects high. Monday’s rating of 55% good to excellent is the highest in four years.
• EU wheat exports are said to be down 30% year on year, after a disappointing harvest this year, which could be a bullish factor. Additionally, Black Sea tensions may keep wheat prices supported over the summer lows.

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. 

HAPPY THANKSGIVING FROM ALL OF US AT TOTAL FARM MARKETING!

THURSDAY, NOVEMBER 28: The CME and Total Farm Marketing offices are closed.

FRIDAY, NOVEMBER 29: The CME closes at noon, and Total Farm Marketing closes at 1:00 p.m. (CST).

All prices as of 10:30 am Central Time

• Corn has pulled back at midday as the market digests the news of a potential 25% tariff on imported goods from Mexico.
• The shortened holiday week with December long contracts needing to be offset before tomorrow’s close could lead to some additional pressure on prices this week.
• AgRural estimates that summer corn planting in Brazil has now reached 93%, up 7% from last week.

• Soybeans and meal are trading lower at midday after President-elect Trump posted news of a 10% tariff on imported goods from China. This could shift Chinese export demand from the US to South America which would hurt US prices.
• AgRural estimates that soybean planting in Brazil has reached 86%, up 6% from last week.
• South American weather remains favorable for production prospects and will continue to keep upside potential limited.

• All three wheat contracts are trading higher at midday as weather forecasts for the Plains states turn drier over the next 10 days.
• Yesterday’s Crop Progress report showed 97% of the winter wheat crop has been planted with 55% of the crop rated good-to-excellent.
• President-elect Trump shared he would impose an additional 25% tariff on goods imported from Canada, which could limit upside price action.
• SovEcon lowered their 24/25 Russian wheat export forecast from 45.9 mmt to 44.1 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. 

All prices as of 10:30 am Central Time

• The corn market is trading near the low end of a tight 4-cent range, extending Friday’s weakness, with additional pressure from lower trade in the wheat complex.
• Today the USDA reported private export sales of corn totaling 454,090 mt for delivery to Mexico. Of this, 364,792 mt are for the 24/25 marketing year, and 89,298 mt are for 25/26.
• Friday’s Commitment of Traders report showed funds were net buyers of corn as of November 19, adding 4,639 contracts and increasing their net long position to 114,628 contracts, the highest since March 2023.
• Ukraine’s Ag Ministry reported this year’s corn harvest is 5% behind last year’s pace, with 23.6 mmt harvested by the third week of November compared to 24.9 mmt a year ago.

• The soybean market remains firm at midday, supported by sharply higher soybean meal, likely driven by short covering. Meanwhile, soybean oil has turned sharply lower, pressured by weaker crude oil, which adds overhead resistance to soybeans as traders continue to liquidate long positions
• Friday’s Commitment of Traders report showed funds sold 13,165 soybean contracts in the week ending November 19, increasing their net short position to 67,701 contracts.
• In Brazil, 24/25 soybean planting reached 86% of expected areas as of last Thursday, up from 74% at the same time last year. Weather has remained favorable, with scattered showers across the country.

• The wheat complex continues to trade lower to start the week as traders press the market amid a lack of major Black Sea news.
• Friday’s Commitment of Traders report indicated that managed funds sold 6,239 contracts of Chicago wheat, increasing their net short position to 51,546 contracts.
• IKAR raised its estimate for Russia’s total grain harvest from 124.5 mmt to 125 mmt, while the Russian Deputy Prime Minister stated that total grain exports would be near 60 mmt, down from last year’s 72 mmt, with total wheat production projected at 83 mmt.

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