The corn market is trading higher and near the top of its range as it follows through on yesterday’s strength with support from fresh export sales reported earlier today.
The USDA reported this morning that private exporters sold 200,480 metric tons of corn for delivery to unknown destinations for the 24/25 marketing year.
Today’s WASDE report is expected to show corn yields lowered slightly from last month to 183.7 bpa. Ending stocks for 24/25 are also expected to be lowered a little to 1.946 billion bushels from 1.999 bb last month.
Thursday the USDA released baseline projections for next year’s 25/26 corn crop, estimating planted acres at 92 million, with an ending stocks figure of 2.269 billion bushels.
Corn plantings in Argentina are projected to cover 6.3 million hectares (15.6 m acres) this year, down from 7.9 m hectares planted last year. The Exchange also estimates that the crop is 37% planted.
Soybeans are lower at midday and trading near session lows after failing to hold above the 50-day moving average. Soybean meal is also trading lower and near the bottom of its range, while soybean oil is mixed with December showing small losses, with the deferred months slightly higher.
Earlier today, the USDA reported that private exporters sold a total of 239,000 metric tons of soybeans to be delivered during the 24/25 marketing year. Of that total, 107,000 mt were sold to China, while 132,000 mt were sold to unknown destinations.
Today’s WASDE report is expected to show soybean yields being lowered from 53.1 bpa last month to 52.9 bpa, along with a drop in projected 24/25 soybean ending stocks from 550 million bushels to 535 mb.
Thursday the USDA released baseline projections for next year’s 25/26 soybean crop, estimating planted acres at 85 million, with ending stocks at 515 million bushels.
The Buenos Aires Grain Exchange expects Argentina’s soybean plantings to cover 18.6 million hectares (46m acres), down from 19 m hectares last year. The Exchange also estimates that soybean planting is 7.9% complete.
The wheat complex is trading near the upper end of the day’s range across all three classes as they continue to consolidate ahead of today’s USDA report.
Today’s WASDE report is expected to show US 24/25 ending stocks increased slightly from 812 mb in October to 813 mb.
Thursday the USDA released baseline projections for the next year’s 25/26 wheat crop, estimating planted acres at 46 million, and ending stocks at 828 million bushels.
StoneX revised its projections for Brazil’s 2024 wheat crop down to 7.5 million metric tons from its previous estimate of 7.9 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.
Corn futures are weaker at midday on improving South America production prospects.
Weekly export sales announcements for corn came in above expectations at 112 mb. Year-to-date commitments now total 1.040 bb, up 48% from a year ago.
South Dakota voters failed to pass a proposal to allow a carbon capture pipeline run through the state which will hamper the ethanol industry.
Algeria announced a tender for 240,000 mt of corn this morning.
Friday’s WASDE report is expected to show corn yields unchanged from last month at 183.8 bpa. Ending stocks are expected to be lowered slightly to 1,946 mb.
Soybeans are firmer at midday on strong export sales announcements.
Weekly export sales announcements for soybeans came in at 75 mb. Year-to-date commitments now total 1.040 bb, up 17% from a year ago.
Brazil’s October soybean exports were down 1.4 mmt from September to October at 4.71 mmt.
There is some chatter that China could be looking to shift soybean demand from US to Brazil.
Friday’s WASDE report is expected to show soybean yields being lowered from 53.1 bpa last month to 52.8 bpa.
Wheat is weaker at midday on rainfall in key growing parts of the US.
Weekly export sales announcements for wheat came in at 14 mb. Year-to-date commitments now total 510 mb, up 18% from a year ago.
London Stock Exchange Group has raised their Argentine wheat production number to 18.20 mmt.
Russia’s Prime Minister has lowered Russia’s total grain crop from 130 mmt to 128 mmt.
Friday’s WASDE report is expected to show US ending stocks slightly raised from 812 mb last month to 813 mb this month.
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 higher on the day, near session highs, as it follows through on yesterday’s strength. The December contract leads the rally after rebounding from overnight lows.
With the US election in the rearview mirror, the market will now focus on Friday’s USDA WASDE report. The average pre-report guess for 24/25 US corn ending stocks is 1.936 billion bushels, with a 183.8 bpa yield. October’s WASDE put corn ending stocks at 1.999 bb.
The European Commission reported that EU corn imports increased 8% year over year to 6.65 million metric tons, as of November 3. This could be one factor supporting US corn exports.
Soybeans are well off their overnight lows and trading near the top of their nearly 21-cent range with support coming from sharply higher soybean oil. Meanwhile, soybean meal is also well off session lows but remains about $2.50 lower on the day in the December contract.
A dealer survey in India indicated that the country’s palm oil imports for the month of October rose 59% to a three-month high, with sunflower oil imports up 57% compared to September. While soybean oil imports, fell 10%, the overall increase in demand is supportive to world veg oil prices.
The trade also estimates Brazilian soybean production at 168.6 million metric tons, versus 169 last month, with Argentina’s soybean production estimated at 51.3 mmt from 51.0 mmt.
Conab reported that Brazil’s soybean planting was 53.3% complete as of Sunday, Oct. 3, a 15% increase from the week prior, and 4.9% ahead of last year.
Friday the USDA will release its November WASDE report. The average trade guess for 24/25 soybean ending stocks is 535 million bushels, 15 million lower than last month. The trade also estimates yield to come in at 52.9 bpa from 53.1 in October.
The wheat complex, like corn, has rebounded from overnight lows and is trading mostly higher, near session highs across all three classes, though still within the week’s consolidation range.
Ukraine’s trade union UGA reported that the country’s grain and oilseed exports increased to 5.28 million metric tons in October from 3.13 mmt last year. Of that total 1.65 mmt was wheat.
Soft wheat exports from the EU dropped 32% year over year for this season as of Nov. 3, to 7.76 mmt from 11.33 mmt, according to the European Commission.
The average trade estimate for 24/25 wheat ending stocks in Friday’s WASDE report is 813 million bushels, nearly unchanged from 812 mb in October.
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 struggles to hold on to gains at midday after wheat pulls back.
Monday’s Crop Progress report showed corn harvest at 91% complete compared to 81% a week ago and the 5-year average of 75%.
AgRural estimates Brazil’s first corn crop plantings are at 60% complete.
StoneX lowered their 24/25 corn yield estimate from 184 bpa last month to 183.7 bpa.
Soybeans remain firm at midday on yield cut forecasts and stronger energy prices.
Monday’s Crop Progress report showed soybean harvest at 94% complete compared to 89% a week ago and the 5-year average of 85%.
AgRural estimates that Brazil’s soybean plantings are at 54% complete.
StoneX lowered their 24/25 soybean yield estimate from 53.5 bpa last month to 52.6 bpa.
Argentina’s soybean export sales continue to be strong. The country’s oilseed consultancy announced export revenue was 200% higher in October than it was in October of 2023.
All three wheat contracts have pulled back at midday on additional rain in the forecasts for the Plains states.
Monday’s Crop Progress report showed winter wheat plantings at 87% compared to 80% a week ago and the 5-year average of 89%.
Russia’s Ag Minister said that the country could lose between 20 mmt and 22 mmt of grains this year.
Egypt purchased 290,000 mt of wheat in their tender with Ukraine, Romania, and Bulgaria origins.
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 remains firm at midday as bull spreading pushes the December contract higher relative to the deferred contracts as hedge activity slows with harvest beginning to wrap up and farmer selling slows.
The USDA reported new flash export sales this morning totaling 270,000 metric tons of corn for delivery during the 24/25 marketing year. Of that total, 150,000 mt were sold to Mexico, with 120,000 going to unknown destinations.
The USDA reported that 440 million bushels of corn were used in ethanol production in September, a 2.7% increase from the same month last year, indicating sustained strong demand.
Commitment of Traders report released by the Commodity Futures Trading Commission showed that, as of October 29, managed funds had covered nearly 54,000 short corn futures contracts, reducing their net short position to just 17,703 contracts.
Safras & Mercado, another firm, estimates that Brazil’s Center-South is 72.3% done with corn planting, which compares to 72.7% last year, and the five year average of 72.1% complete.
Though still higher on the day, the soybean market is well off session highs as it trades just above the day’s lows. Sharp losses and a key bearish reversal in soybean oil is weighing on soybeans while meal trades higher, reversing Friday’s losses.
The USDA reported a new flash soybean export sale this morning totaling 132,000 metric tons for delivery to unknown destinations during the 24/25 marketing year.
US soybean crush activity remains robust, with the USDA reporting a total of 186.5 million bushels crushed in September, marking a 6.7% increase from last year.
The Commitment of Traders report released on Friday by the CFTC showed that managed funds sold 12,652 soybean futures contracts, expanding their net short position to 72,226 contracts.
Brazilian ag consulting firm Patria Agronegocios estimates that Brazil’s 24/25 soybean crop is 52.9% planted, compared to 50.6% at the same time last year.
The wheat complex is posting modest gains across all three classes, with December contracts mostly consolidating within Friday’s trading range. Of the three, December KC is the only contract to dip slightly below Friday’s low.
Ukraine’s agriculture ministry reported a 56% year over year increase in grain exports, totaling 14.4 million metric tons. Wheat exports totaled 7.7 million metric tons, up 67% from the same period last year
Managed funds activity was rather light in the week ending Oct. 29. According to the CFTC’s Commitment of Traders report on Friday, managed funds sold just over 2,200 Chicago wheat futures contracts, increasing their net short position to slightly above 31,000 contracts.
A report issued by the Institute for Agricultural Market Studies in Russia indicated that Russia’s 2025 grain harvest could reach 130 million metric tons. Of this total, they estimate that 85 mmt would be wheat, though they note that wheat development lags, which could still lower estimates.
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 higher at midday after holding support overnight at the 50-day moving average (411) in the December contract and the report of another large flash sale of corn to Mexico. Although, trade has struggled to remain above the 100-day moving average (414 ½) so far.
The USDA reported private export sales of corn to Mexico totaling 715,800 metric tons for delivery during the 24/25 marketing year, and 65,532 mt for delivery during the 25/26 marketing year.
The Buenos Aires Grain Exchange (BAGE) reported that 34.5% of Argentina’s corn crop has been planted, a 5.6% increase from the week prior.
BAGE also reported that this year’s corn area could surpass the 6.3 million hectares (15.6 mil acres) currently anticipated due to improving profit margins and a lower presence of leafhopper insects than last year.
The corn market is trading higher at midday after holding support overnight at the 50-day moving average (411) in the December contract and the report of another large flash sale of corn to Mexico. Although, trade has struggled to remain above the 100-day moving average (414 ½) so far.
The USDA reported private export sales of corn to Mexico totaling 715,800 metric tons for delivery during the 24/25 marketing year, and 65,532 mt for delivery during the 25/26 marketing year. The Buenos Aires Grain Exchange (BAGE) reported that 34.5% of Argentina’s corn crop has been planted, a 5.6% increase from the week prior.
BAGE also reported that this year’s corn area could surpass the 6.3 million hectares (15.6 mil acres) currently anticipated due to improving profit margins and a lower presence of leafhopper insects than last year.
The wheat complex is mostly higher at midday, with Chicago and KC contracts remaining firm, while Minneapolis contracts trade mixed. Overnight strength faded quickly following the day session opening at 8:30 AM CDT, leading to choppy, two-sided trade with prices fluctuating on both sides of unchanged as the complex appears to consolidate heading into the weekend.
Argentina’s 24/25 wheat harvest has begun according to the Buenos Aires Grain Exchange. 7.7% of the country’s anticipated 18.6 million metric tons of wheat have been harvested. Last year, Argentina produced 15.1 mmt.
Ukraine’s grain harvest is estimated to be 91.2% complete, according to the country’s ag ministry, harvesting a total of 48 million metric tons. Of that total, 22.3 mmt is wheat, which already exceeds the ministry’s forecast of 22 mmt.
Ukraine’s agriculture ministry reported that October grain exports rose 58.6% from last year, reaching 3.95 mmt compared to 2.49 mmt. October wheat exports totaled 1.64 mmt, bringing the season’s total to 7.7 mmt as of November 1 for the 24/25 marketing 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 higher at midday after a sluggish opening thanks to strong weekly export sales. December corn trades just above the 50-day moving average at 411.
Weekly corn export sales came in at 92 million bushels, which was in line with expectations. Year-to-date commitments are at 1.017 bb and 41% higher than a year ago.
SovEcon slightly raised their Russian corn export number from 2.2 million metric tons to 2.4 mmt.
Daily ethanol production for the week ending October 25 averaged 1.082, which was 2.9% better than the same week last year.
Soybeans remain higher at midday on strong export sales announcements and US harvest nearing the finish line.
Weekly soybean export sales came in at a new marketing year high of 84 million bushels. Year-to-date commitments total 965 mb, which is 13% higher than a year ago.
Conab estimates soybean acres in Brazil to be 2.8% larger than previously reported.
Weather in South America remains favorable for their crop production which could limit upside momentum.
All three wheat contracts continue to trade lower at midday on overnight rainfall and increased chances of precipitation for the Plains states over the weekend.
Weekly wheat export sales came in at 15 million bushels, in line with expectations. Year-to-date commitments total 496 mb, which is 19% better than a year ago.
SovEcon lowered their Russian wheat export estimate from 47.2 million metric tons to 45.5 mmt.
Conab has said that Brazilian wheat harvest is 56% complete.
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 mostly lower at midday with bear spreading weighing on the December contract versus the deferred, in choppy sideways trade and a tight 2 ½ cent range.
The EIA reported average daily ethanol production for the week ending October 25 at 1.082 million barrels per day, up 0.1% from the week prior, and 2.9% higher than last year. Estimated corn used for production came in at 109.17 million bushels, exceeding the 104.32 mb needed to reach the USDA’s goals.
This morning the USDA announced private export sales totaling 273,048 metric tons of corn for delivery to unknown destinations for the 24/25 marketing year.
Soybeans are trading higher at midday, following through on overnight gains and reversing yesterday’s losses, supported by higher soybean oil and the report of two flash sales totaling 264,000 metric tons of soybeans.
Today the USDA announced two separate flash soybean sales. The first, private exporters sold 132,000 metric tons to China for the 24/25 marketing year, and the second sale was for 132,000 metric tons for delivery to unknown destinations, also for the 24/25 marketing year.
The Chinese government is reportedly closing some of its ports for the next 20 days in an effort to relieve congestion and oversupply of inventory. Due to potential delays, shippers may begin to incur demurrage, which could soften bids for exported supplies from the US and Brazil.
Seasonal declines in palm oil production are giving world vegetable oil prices a lift and adding support to soybean oil, which is trading higher after holding above its 100-day moving average for the third consecutive day.
All three wheat classes are trading higher at midday following a weaker overnight trade, led by Minneapolis and Chicago futures, and followed by KC, as buyers return following much lower-than-expected winter wheat ratings.
Interfax reported data from railway operator Rusagrotrans, that Russia’s October wheat exports are expected to reach a record 5.9 million metric tons, with July-October exports also reaching a record 20.8 mmt.
There are rumors that Morocco bought three cargoes of French wheat, which helped to support Matif prices, and possibly US prices due to the close spread relationship between Matif wheat and US wheat.
Some much needed rain is expected to fall in the Plains states over the next week, which will help crop conditions improve before dormancy.
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 trades higher at midday, supported by yesterday’s export sales announcements and by December corn holding above the 50-day moving average.
Monday’s Crop Progress report showed corn harvest at 81% complete compared to 65% last week and the 5-year average of 64%.
Yesterday, the USDA confirmed export sales of 124,000 mt of US corn to Japan and 120,000 mt of US corn to unknown.
AgRural estimates that Brazil has 52% of its corn crop planted which is slightly behind last year’s pace of 53% planted at this time.
Soybeans are lower at midday as ag giants, Bunge and Cargill announce slowdowns in soybean buying as they wait for more policy guidance for biofuels.
Monday’s Crop Progress report showed soybean harvest at 89% complete compared to 81% last week and the 5-year average of 78%.
South American weather forecasts remain favorable for their crop production which could pose some bearish risk in soybeans.
All three wheat contracts are higher at midday on drier weather and a poorly rated winter wheat crop.
Monday’s Crop Progress report showed that 80% of the winter wheat crop has been planted with only 38% of the crop rated good-to-excellent.
Ukraine says their winter wheat sowing is 90.2% complete while their July-September exports are near double last year’s pace.
Foreign agriculture groups range Russian wheat prices between $232-$240 per metric ton.
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.
December corn is currently trading at the upper end of its rather tight 3 ¼ cent range as it garners support from fresh export sales while being weighed down by lower soybeans and wheat.
This morning the USDA reported new private export sales totaling 244,000 metric tons for the 24/25 marketing year, of which 124,000 mt is to be delivered to Japan, with 120,000 mt for delivery to unknown destinations.
The USDA Ag Attache estimates Argentina’s 24/25 corn crop at 48 million metric tons, 2.5 mmt less than last year due largely to a decrease in planted area. They forecast Argentina’s corn exports at 35 mmt.
Friday the CFTC (Commodity Futures Trading Commission) released its updated Commitment of Traders report, showing that managed funds bought 15.5k corn futures contracts the week of October 16 – 22. This brought their net short position down to 71,499 contracts.
January soybeans are trading near the lower end of their range at midday, pressured by weaker soybean meal and a sharp decline in bean oil, which is down about 150 points at the time of writing. Crude oil is leading bean oil lower, trading nearly $4 lower (5.4%), as Israel’s retaliatory strike on Iran targeted only military, not energy, assets.
Friday’s CFTC report indicated that managed funds sold just over 39,000 contracts of soybeans between October 16 – 22, which brought their total net short position to 59,574 soybean contracts.
Brazil’s soybean crop is estimated to be 35.9% planted according to Patria Agronegocios, which is only 3.2% behind last year’s pace of 39.1% planted.
All three classes in the wheat complex are trading lower at midday, as technical selling pressures the market following Friday’s close below the 50-day moving average in the December contracts.
The Ukrainian Ag Ministry reported that the country harvested 45.1 mmt of grain so far. Of that total, 22.3 mmt was wheat, which is 0.5 mmt more than the ministry’s projection of 21.8 mmt.
In Argentina, the Rosario Grain Exchange reported that Argentina’s wheat exports could reach 13.3 mmt for the 24/25 season. The second highest on record, behind only the 21/22 season’s exports 15.4 mmt, if realized.
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.
