The corn market is fractionally lower at midday as it remains rangebound following Monday’s rally, pulled between solid demand and prospects of large South American production.
Export sales remain a prominent feature in the market. The USDA reported export sales of 1.495 mmt for the week ending November 14, which pushed commitments 39% above last year, compared to USDA’s 1% projected increase.
Argentina’s corn crop is 39.4% planted, up slightly as farmers prioritize soybeans, according to the Buenos Aires Grain Exchange.
Expectations of sizable South American crops remain, as weather in Brazil has turned more seasonal, promoting favorable crop conditions and alleviated concerns of a potentially late planted safrinha crop.
Soybeans are trading mixed at midday, dragged down by lower soybean oil, while meal trades higher.
Weakness in the world veg oil markets, which saw Malaysian palm oil down 2.7% overnight, continues to weigh on the soybean oil market, which is down 64 points at midday in the January contract.
South American weather remains largely favorable for crop development and planting progress. Argentina’s Buenos Aires Grain Exchange reported that 35.8% of the soybean crop is planted, up from 20.1% last week.
The International Grains Council reduced its estimate of global soybean stocks for the 24/25 season of 82 mmt, from its previous estimate of 86 mmt.
The wheat complex is lower across the board and trading near session lows following earlier back and forth trade as traders begin to take profits and square positions ahead of the weekend.
The International Grains Council estimates global grain stocks for the 24/25 season at a 10-year low. The agency projects world wheat stocks dropping from previous estimates of 266 mmt down to 263 mmt.
Western Australia is seen to be on track for a larger than expected wheat crop. The Grain Industry Association of Western Australia estimates the regions wheat crop at 10.33 mmt for the 24/25 season, roughly 1 mmt more than estimated in September.
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 follows the wheat market lower at midday. Improving weather in South America contributes to the pullback in prices.
Weekly export sales for corn came in at 59 mb, which was in line with expectations. Year-to-date commitments are now at 1.236 bb, which is up 39% from last year.
Average daily ethanol production for the week ending November 15th was a record high at 1.110 million barrels.
Corn used for ethanol came in slightly lower from last week at 110.3 mb but was up from 105.2 mb for the same week a year ago.
Algeria purchased 240,000 mt of South American corn.
Soybeans remain weaker at midday on lack of China demand and improving South America production prospects.
Weekly export sales for soybeans came in above expectations at 68 mb. Year-to-date commitments are at 1.161 bb, which is 9% higher than last year.
China and Brazil signed 40 economic agreements yesterday as their relationship continues to build. Looking ahead, US exports to China could continue to be negatively affected as China looks for other agriculture suitors.
The US share of soybean exports to China were down 13% year-over-year in the Jan-Oct timeframe. China continues to be a large buyer of South American supplies as the possibility of US tariffs loom.
Wheat reverses lower at midday on large Argentine wheat crop estimates.
Weekly export sales for wheat came in at a four-month high of 20 mb. Year-to-date commitments are now 544 mb, which is up 23% from a year ago.
The Rosario Grain Exchange estimates Argentine wheat production to be 30% higher from last year at 18.8 mmt. This would make for the fourth best crop out of the last twenty years if it holds true.
War tensions between Russia and Ukraine continue to be prominent which will offer some support to prices, but upside potential may be limited on larger crop estimates in South America.
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 corn market is trading near session highs at midday after coming off its earlier lows. The December contract is gaining on the March as December options expiration nears on Friday. With First Notice Day next week, processors and exporters seek to keep supply lines full.
The EIA reported ethanol production for the week ending November 15 at 1.11 million barrels/day, right in line with expectations. Stocks were 22.563 million barrels, above expectations and the highest since late September.
Managed funds were light sellers in the corn market Tuesday, selling an estimated 2,000 contracts, which reduced their estimated net long position slightly to 111,000 contracts.
Soybeans continue to extend Tuesday’s losses, pressured by a 2.5% drop in soybean oil, which broke nearby support while tracking sharp declines in Malaysian palm oil. Expectations for a large South American soybean crop remain a bearish factor.
The USDA reported 428,200 mt of soybean export sales for 24/25, including 202,000 mt to China and 226,200 mt to unknown destinations.
Abiove forecasts Brazil’s 2025 soybean crop at 167.7 mmt, up 14.4 mmt from last year and just below the USDA’s 169 mmt estimate. Exports are projected at 104.1 mmt, slightly under the USDA’s 105 mmt forecast.
China’s October US soybean imports surged to 541,434 mt, nearly doubling last year, as buyers accelerated purchases amid trade tension concerns. Imports from Brazil totaled 8.09 mmt, maintaining its position as China’s top supplier.
Managed funds sold an estimated 4,000 contracts of soybeans in Tuesday’s session, bringing their net estimated short position to 58,000 contracts.
The wheat complex is trading higher across the board and near session highs at midday as it rebounds from overnight losses in choppy trade.
Soft-wheat exports from the EU are down 31% year over year for the season as of Nov. 17. Total exports were 8.79 mmt, down from 12.7 mmt last year, according to the European Commission.
Improved US winter wheat ratings, the highest in years after recent rains, and increased Argentine and Australian exports continue to weigh on prices.
Managed funds buying an estimated 1,000 Chicago wheat futures Tuesday, bringing their estimated net short to 44,000 contracts. Across all wheat classes, their short position totals a record estimated 200,000 contracts.
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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 following the wheat market higher at midday. December corn is making a push up to the recent range of resistance near 434.
According to AgRural, Brazil’s summer corn planting in the Center-South region has reached 86% complete compared to 80% last year.
Algeria announced a tender for 240,000 mt of corn.
Soybeans continue to lean lower at midday on better South America production prospects and shifting China demand due to potential tariffs.
According to AgRural, Brazil’s 24/25 soybean planting is now 80% complete. This compares to 67% a week ago and 68% last year.
Yesterday, the USDA announced export sales of 261,264 mt of soybeans to Mexico, 135,00 mt of soybean meal to the Philippines and 30,00 mt of soybean oil to India.
Wheat is strengthening at midday as war tensions between Russia and Ukraine increase.
Ukraine’s Ag Minister announced the possibility of their 2025 wheat crop reaching 25 mmt compared to 22 mmt this year.
Corteva Agriscience announced a new seed development in their non-GMO winter wheat which could improve yields by up to 10%.
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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 corn market has reversed off its overnight and early morning lows to trade mostly higher as it garners strength from neighboring wheat to follow through on Friday’s gains, with little fresh news to trade.
Basis continue to be firm as domestic and export demand outpace farmer selling. The firm demand is also helping press the December/March corn spread to its tightest levels since June.
Friday’s Commitment of Traders report indicated that managed funds bought a net 87,946 corn futures contracts in the week ending November 12. This brought their net long position to nearly 110,000 contracts.
Soybeans have firmed at midday, trading off the lows as buying entered the market following the report of fresh export sales. Soybean meal has also firmed, while bean oil remains weak.
This morning the USDA reported fresh export sales of soybeans, meal, and oil for delivery during the 24/25 marketing year. Private exporters sold 261,264 mt of soybeans to Mexico, 135,000 mt of soybean cake and meal to the Philippines, and 30,000 mt of bean oil to India.
It’s been reported that China is expected to cut its export tax rebate on used cooking oil, which could curb some US imports of the product to produce biofuel.
AgRural reported that Brazil’s 24/25 soybean crop is 80% planted as of last Thursday. This is up from 67% the previous year, and 68% last year.
The wheat complex is trading near session highs across all three classes after gapping higher on the market’s open Sunday night on news that the US will allow Ukraine to use long range missiles in its war with Russia.
Friday’s Commitment of Traders report showed that managed funds sold a net 14,526 contracts of Chicago wheat in the week ending November 12, which brought their total net short position in Chicago wheat to 45,307 contracts.
While much needed rain is moving across much of the winter wheat areas, any bearish affect the rain may be having on the markets appears to be largely offset by the potential escalation of the Russia/Ukraine war.
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 corn market has rebounded off its lows from overnight and is trading near session highs, as it gains support from higher soybeans and wheat.
The USDA released its weekly export sales report this morning, showing 51.77 mb (1,315,100 mt) were sold in the week ending November 7, for the 24/25 marketing year, as expected. This was down 53% from the previous week and 52% below the 4-week average.
Consultancy firm Safras & Mercado raised its estimate for Brazilian corn production by 1 mmt, to 134.8 mmt, 7% higher than last year’s production, due primarily to increased planted area.
Soybeans are higher at midday, trading near session highs and back above the $10 mark in the January contract, supported by higher meal and sharply higher soybean oil, which rebounded off trendline support.
The USDA stated in its weekly export sales report that 57.15 mb (1,555,400 mt) of soybeans were sold in the week ending November 7, for the 24/25 marketing year. The print was in line with expectations, and down 24% from the week prior and the 4-week average.
The monthly NOPA crush report will be released later today. The trade expects total crush for October to be a record 196.843 mb, with soybean oil stocks rising for the first time in seven months to 1.09 billion pounds.
Soybean planting is progressing well according to the Buenos Aires Grain Exchange, with 20% of the crop planted. Total estimated area for soybeans remains at 18.6 m hectares (46m acres).
The wheat complex has rebounded from overnight lows and is trading near session highs across all three classes, led by the Chicago contracts.
The USDA reported that 14 mb (381,100 mt) of wheat were sold in the week ending November 7, for the 24/25 marketing year, in line with expectations. While the total was 1% than the previous week, it was 17% below the 4-week average.
Ukraine’s grain harvest is estimated to be 95.7% complete at 52.1 mmt, according to the Ag Ministry, with 22.4 mmt being wheat. The Ministry also reported that Ukraine’s year over year wheat exports for the season that began July 1, reached 8.3 mmt, a 60% increase from the same time 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.
Corn is weaker at midday on a lower wheat market and higher US dollar.
Yesterday, the USDA announced a sale of 401,357 mt of US corn to Mexico and another 290,820 mt sold to unknown destinations.
Conab raised their Brazilian corn crop estimate slightly from 119.74 mmt last month to 119.82 mmt.
Soybeans are lower at midday on reports of the possibility of lower exports to China.
Soybean oil continues to see a pullback after President-elect Trump appointed Lee Zeldin to head the EPA. Zeldin may not be as friendly towards biofuels as some originally thought.
The USDA confirmed a sale totaling 176,000 mt of US soybeans to unknown destinations.
Conab raised their Brazilian soybean crop estimate slightly from 166.05 mmt last month to 166.14 mmt. They also significantly raised their soybean export number from 92.4 mmt to 98 mmt.
Wheat futures are lower at midday on rainfall prospects and potential for peace negotiations between Russia and Ukraine.
Conab lowered their Brazilian wheat crop from 8.26 mmt last month to 8.11 mmt.
Agrimer estimates that French SRW exports will be around 9.9 mmt, down from 10.03 last month and 40.5% lower than 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.
The corn market is feeling pressure from lower wheat and soybeans as it trades below support from earlier this week. Slow producer selling and strong demand are supportive for the December contract versus the deferred contracts.
The USDA reported private export sales of corn totaling 692,177 mt for delivery during the 24/25 marketing year. Of that total, 401,357 mt were sold to Mexico. The other 290,820 mt were sold to unknown destinations.
The USDA reported that as of Sunday, Nov. 10, the corn harvest was 95% complete. This is well ahead of last year’s pace of 86% complete, and 11% ahead of the 5-year average.
Conab is expected to release its updated crop estimates for the 24/25 season on Thursday. The trade expects Brazil’s corn production to come in at 123.5 mmt, 3.8 mmt higher than its last projection.
Soybeans are trading lower across the board at midday, weighed down by further declines in both soybean meal and oil. Processors’ need to keep supply lines full may be supporting nearby contracts versus the deferred.
The USDA reported the soybean harvest to be 96% complete as of Sunday, Nov. 10. With harvest nearly done, this will likely be the final crop progress report of the year.
Conab is expected to release its updated crop estimates for the 24/25 season on Thursday. The trade expects Brazil’s soybean production to be near 168.3 mmt, with estimates ranging between 166.2 mmt and 171.8 mmt.
China’s COFCO estimates that the country’s soybean imports may drop by 9.5% for the 24/25 marketing year. Officials also stated that Chinese buyers stockpiled soybeans ahead of the US elections out of concern for deteriorating relations with the US.
Chicago wheat is leading the wheat complex lower at midday, pressured by improved crop conditions and expectations of additional moisture in the Plains states.
The USDA reported an increase in winter wheat crop conditions in this week’s crop progress report. The good to excellent categories improved 3% from the week prior to 44%, due to the increased moisture.
In its first projection, SovEcon pegged Ukraine’s 2025 wheat crop at 21.1 mmt, below the 5-year average.
As of Nov. 10, the EU’s wheat exports for the current season that started July 1, dropped 29% to 8.7 mmt, from 12.3 mmt exported by this time 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.
Corn reverses lower at midday following the rest of the grain market. December corn is looking at a second straight day of lower trading after running into some resistance around the 430 level.
Brazil’s first corn crop planting is estimated to be 72% complete, compared to 59% last week and 76% a year ago.
France has increased their corn production estimate from 14.5 mmt last month to 14.6 mmt.
The USDA confirmed a sale of 110,500 mt of US corn for delivery to Mexico in 24/25.
Algeria tendered for 240,000 mt of corn overnight thought to be from South America origin.
Soybeans continue to trade lower at midday on fear of a potential trade war between US and China leading to weakness in demand. Sharply lower soybean oil is also adding pressure to the market.
It is reported that Brazil’s soybean planting has reached 67% compared to 54% last week.
Central and Northern Brazil continue to see favorable weather conditions, adding fuel to large production totals and pressuring the soybean market.
All three wheat contracts are trading lower at midday on increased farmer selling due to rainfall in key growing parts of the US and a higher US dollar.
Winter wheat ratings are expected to see additional improvements in this afternoon’s crop progress report after rainfall in the Plains states. Good-to-excellent ratings currently sit at 45%.
Ukraine’s winter wheat plantings are 96% complete according to the agricultural ministry. Of that total 4.4 hectares (10.9 million acres) of winter wheat has been planted, 97% of the expected area.
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.
So far today the corn market is softer at midday with December showing the most strength as it trades near the lower end of its range, with carryover weakness from lower wheat.
China’s agricultural ministry reported that China’s bumper corn harvest close to being complete, leaving the country with sufficient corn supplies. Although continued rainfall in northeastern the regions may compromise grain quality and transportation.
The USDA released its monthly supply/demand report on Friday. They showed average corn yield dropping more than expected to 183.1 bpa, which helped bring projected 24/25 ending stocks down to 1.938 billion bushels.
After the market closed on Friday, the Commitment of Traders report was released, showing that managed funds’ corn net position shifted to net long for the first time since August 2023, to 22,043 contracts.
Soybeans are currently near the low end of the trading range after hitting resistance near Friday’s highs and reversing. Lower soybean oil is likely weighing on soybeans as it reversed from posting fresh highs overnight. Meanwhile meal is higher on the day as it remains largely rangebound for the month.
Patria Agronegocios reported that Brazil’s soybean planting is ahead of last year’s pace. The firm estimated that 68.36% of the soybean crop has been planted so far, versus 61.28% a year ago.
Friday the USDA released its November supply/demand projections for the 24/25 crop year. Yield projections were dropped from 53.1 bpa last month to 51.7 bpa. This lowered projected 24/25 ending stocks much more than expected to 470 million bushels from 550 mb in October.
Managed funds were relatively quiet in the soybean market in the week ending Nov. 5. Funds bought a net 2,114 contracts, which brought their net short position for that week to 70,112 soybean futures contracts.
The wheat complex remains sharply lower at midday led by losses in the Chicago contracts after traders came out selling Sunday evening as much needed rain moved through HRW country, with more expected this weekend.
Ukraine’s 24/25 grain production and export projections remain unchanged from last month according to analyst APK-Inform. Production is seen at 52.5 million metric tons, with exports remaining at 37.3 mmt versus 51 mmt for 23/24.
Friday’s November WASDE report didn’t offer any significant market moving news. The USDA raised US wheat ending stocks for the 24/25 marketing year 3 million bushels to 815 mb, from October.
Managed funds were very quiet in the Chicago wheat market in the week ending Nov. 5. Managed funds bought a mere net 391 Chicago wheat futures contracts, which isn’t very surprising considering the lack of price movement during that time. Managed funds’ overall Chicago wheat net short position was 30,781 contracts.
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