Corn is leaning higher at midday after March corn reached 6-month highs on Tuesday.
Expanding dry conditions throughout Argentina and Southern Brazil could help keep support on breaks.
Emater estimates that corn plantings in Rio Grande do Sul have reached 95%.
Soybeans are trading higher at midday after a strong close to end 2024 on Tuesday.
Indonesia has not yet finalized their regulations for the implementation of B40 blend biodiesel but is aiming to have this completed this week.
NASS Crush will be released this afternoon with average trade guesses for crush around 206-208.1 mb, which would be about 4% higher from a year ago.
All three wheat classes are trading lower at midday on a higher US dollar and added precipitation across the Plains states in the next 6-10 days.
Mexico announced they will temporarily remove their wheat import tariff to rebuild stocks and lower domestic prices.
EU wheat prices hit 6-month highs overnight, which could offer some support under the 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.
FROM ALL OF US AT TOTAL FARM MARKETING, HAVE A HAPPY AND PROSPEROUS NEW YEAR!
TUESDAY, DECEMBER 31: The CME has regular trading hours, and Total Farm Marketing offices will close at 3:00 p.m. (CT).
WEDNESDAY, JANUARY 1: The CME and Total Farm Marketing offices are closed.
All prices as of 10:30 am Central Time
Corn
MAR ’25
457
4.75
JUL ’25
468
4.75
DEC ’25
443.25
4.25
Soybeans
JAN ’25
992.75
10.75
MAR ’25
1003.25
11.5
NOV ’25
1017
8.75
Chicago Wheat
MAR ’25
550.75
2.5
MAY ’25
561.75
2.75
JUL ’25
568.5
2.25
K.C. Wheat
MAR ’25
558.5
2.75
MAY ’25
567
2.5
JUL ’25
575.75
2.75
Mpls Wheat
MAR ’25
596.5
2.75
JUL ’25
611.25
1.5
SEP ’25
622.5
3.5
S&P 500
MAR ’25
5943.5
-15.25
Crude Oil
FEB ’25
71.74
0.75
Gold
FEB ’25
2637.6
19.5
Corn is trading higher at midday on some end of year support ahead of the New Year’s holiday.
Weather conditions remain favorable for most of Brazil while dryness in Argentina remains a concern if no rainfall lands soon.
China’s corn imports continue to fall well below last year’s pace. January through November corn imports are down 39.9% year-over-year to 13.3 mmt.
Soybeans continue to firm at midday on some flow-over support from funds reducing their net short position yesterday.
Funds sold more than 22,000 soybean oil contracts yesterday, which makes for their largest short positioning in 14 weeks.
USDA attaché in Brazil is now forecasting the 24/25 crop at 165 mmt as planted acreage continues to grow.
All three wheat classes are trading higher at midday on lower Russian production estimates.
Weather in the Northern Plains states will bring subzero temperatures this weekend. Although winterkill is expected to be limited, it will still be an area of concern.
Yesterday’s CFTC report showed managed money holding an 8-month high of short positioning at just over 95,000 contracts. Short covering could move prices in a bullish direction.
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.
FROM ALL OF US AT TOTAL FARM MARKETING, HAVE A HAPPY AND PROSPEROUS NEW YEAR!
TUESDAY, DECEMBER 31: The CME has regular trading hours, and Total Farm Marketing offices will close at 3:00 p.m. (CT).
WEDNESDAY, JANUARY 1: The CME and Total Farm Marketing offices are closed.
All prices as of 10:30 am Central Time
Corn
MAR ’25
451
-3
JUL ’25
462
-2.5
DEC ’25
438.75
-2
Soybeans
JAN ’25
977.5
-2.5
MAR ’25
988.75
-1
NOV ’25
1004.5
0
Chicago Wheat
MAR ’25
545.25
-1.25
MAY ’25
556
-0.75
JUL ’25
563.25
-0.5
K.C. Wheat
MAR ’25
552.75
-1.75
MAY ’25
561.25
-1.5
JUL ’25
569.25
-2.25
Mpls Wheat
MAR ’25
593
-2.25
JUL ’25
608.5
-2.25
SEP ’25
617.75
-2.5
S&P 500
MAR ’25
5956.25
-70.75
Crude Oil
FEB ’25
71.31
0.71
Gold
FEB ’25
2610.8
-21.1
Corn prices fall at midday. A higher close today would mark the corn market’s seventh consecutive daily gain.
Expanding dryness in Argentina and northern Mexico is boosting the market, with no relief expected in the forecast for the next two weeks.
Ethanol’s average daily production for the week of December 20th was 1.107 mb, a 0.4% increase from the previous week, but unchanged compared to the same period last year.
Soybeans are trading lower at midday, with soybean meal posting gains, while soybean oil is experiencing a decline.
USDA confirms the sale of 23,000 tons of U.S. soy oil for delivery in India in 24/25 year.
Widespread rain showers continue across central Brazil, creating favorable conditions for the filling of soybean pods. However, a below-average rainfall forecast in Argentina raises concerns for the later stages of the growing season.
All three wheat classes are trading lower at midday, despite recent revisions that lower supply expectations in Russia.
Colder temperatures moving across the Plains and last week’s large purchases by Algeria and Egypt could provide additional price support to the wheat markets.
Wheat prices are gaining support from recent international demand and expectations of lower supply in Russia. Consultant Sovecon forecasts a 17% drop in Russia’s wheat exports for the 2025/2026 season, as weather conditions for winter wheat deteriorate in Russia’s central and Volga regions.
According to the Buenos Aires Grain Exchange, the wheat harvest in Argentina is 88.5% 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.
Despite yesterday’s breakout, corn trading is mixed at midday, with March corn closing above the 200-day moving average.
The market remains volatile due to a drier forecast for Argentina, though soil moisture levels are currently adequate. Meanwhile, weather in Brazil continues to be favorable for corn development.
Turkey has announced that its corn production will decline by 10% this season, falling from 2.4 mt to 850,000 tons due to reduced domestic production caused by dry weather conditions across the country.
Soybeans remain lower in midday trading, along with soybean meal, while soybean oil continues to trade higher.
Argentina’s dry weather continues to drive volatility in the soybean markets, with rainfall in January crucial for the continued development of crops. Meanwhile, northern and central Brazil are still experiencing favorable conditions, supporting expectations for a record soybean crop.
Over the past two days, soybean open interest has declined by approximately 22,000 contracts as short funds exit the market ahead of year-end.
All three wheat classes are trading lower at midday, following a higher movement across the board in yesterday’s trade.
An expected reduction in Russia’s wheat export quota could provide much-needed support to the wheat markets.
Russia’s IKAR agricultural consultancy has revised its 25/26 wheat export projections to 41 mmt, down from 43.5 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 trades higher at midday. March futures have now traded above the 200-day moving average for the first time since May.
Brazil’s corn exports are expected to total 4.1 mmt for the month of December according to ANEC. This was unchanged from their previous estimate.
Weather conditions in Argentina remain favorable but could see some dryness in the southeast portion of the country over the next 10 days.
Soybeans are seeing double digit gains at midday after the Brazilian real trades higher. The two have been positively correlated recently.
Conab reported that Brazil is expected to export 105.5 mmt of soybeans in the 24/25 season. Through November of this year, the country’s soybean exports total 96.8 mmt, which is down 46% from the previous period.
Brazil’s weather forecasts continue to show rainfall which will keep conditions favorable for the soybean crop.
All three wheat classes are higher at midday after Russia increased missile attacks on Ukraine’s energy grid yesterday.
Israel has reported that over 40 square kilometers of wheat sown in November has been destroyed due to drought.
Western Plains states will lean drier over the next week while the Eastern half could receive up to 2 inches of rain.
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.
MERRY CHRISTMAS FROM ALL OF US AT TOTAL FARM MARKETING!
TUESDAY, DECEMBER 24: The CME closes at 12:15 p.m. (CT), and Total Farm Marketing offices close at 1:00 p.m. (CT). There will be no End of Day Grain Market Insider
WEDNESDAY, DECEMBER 25: The CME and Total Farm Marketing offices are closed.
All prices as of 10:30 am Central Time
Corn
MAR ’25
448.25
0.5
JUL ’25
456.75
1
DEC ’25
438
0.75
Soybeans
JAN ’25
972.75
3.25
MAR ’25
978.75
3.25
NOV ’25
991.25
4.25
Chicago Wheat
MAR ’25
534.5
-6
MAY ’25
545.25
-5.75
JUL ’25
552.75
-5.5
K.C. Wheat
MAR ’25
543.5
-7.5
MAY ’25
552
-7
JUL ’25
561
-6
Mpls Wheat
MAR ’25
588.75
-6.75
JUL ’25
604.75
-5.75
SEP ’25
619.5
0
S&P 500
MAR ’25
6080.75
44.75
Crude Oil
FEB ’25
70.16
0.92
Gold
FEB ’25
2631.6
3.4
Corn continues to trade in the green at midday on some flow over support from yesterday’s export sales announcement of 132,000 mt for delivery to unknown destinations for 24/25.
Yesterday’s corn export inspections came in at 44.2 mb for the week ending December 19. This was down slightly from the week prior and the same week last year.
Deral estimates that Parana’s first corn crop will now reach 2.64 mmt compared to 2.59 mmt in their previous estimate.
China announced a 10-year plan to increase whole grain consumption. The plan states that it will encourage local governments to implement policies that will boost whole grain consumption while also citing the health benefits associated with whole grains.
Soybeans remain firm at midday on support from strong export inspections yesterday.
Soybean export inspections came in at 64.2 mb for the week ending December 19. This was higher than last week and last year.
Deral slightly raises Prana’s soybean production to 22.2 mmt, up just 0.5% from their previous forecast, but up 20% from last year.
Weather forecasts in Brazil remain ideal for the next two weeks, which could continue to boost their production chances.
All three wheat classes have reversed lower at midday on rainfall across the southern portion of the Plains states. Weather forecasts over the next 10 days call for rain for the rest of the region which could limit upside potential.
Yesterday’s wheat export inspections came in at 14.8 mb for the week ending December 19. This was up slightly from the previous week.
Sovecon lowered their 24/25 Russian wheat export forecast from 44.1 mmt to 43.7 mmt. This is due to lower expected production across the country.
Turkey announced they will ease their wheat import policy in the new year. This will allow the private sector to purchase more wheat from abroad than previously allowed.
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.
MERRY CHRISTMAS FROM ALL OF US AT TOTAL FARM MARKETING!
TUESDAY, DECEMBER 24: The CME closes at 12:15 p.m. (CT), and Total Farm Marketing offices close at 1:00 p.m. (CT). There will be no End of Day Grain Market Insider
WEDNESDAY, DECEMBER 25: The CME and Total Farm Marketing offices are closed.
All prices as of 10:30 am Central Time
Corn
MAR ’25
446.5
0.25
JUL ’25
454.75
0.25
DEC ’25
437.25
-0.5
Soybeans
JAN ’25
968
-6.5
MAR ’25
974
-5.25
NOV ’25
984.75
-2.5
Chicago Wheat
MAR ’25
540
7
MAY ’25
550.25
7.5
JUL ’25
557.25
7
K.C. Wheat
MAR ’25
551.5
6.75
MAY ’25
559.25
6.75
JUL ’25
566.5
5.75
Mpls Wheat
MAR ’25
595.25
5
JUL ’25
610.5
4.5
SEP ’25
620
5
S&P 500
MAR ’25
5994
-7.75
Crude Oil
FEB ’25
68.81
-0.65
Gold
FEB ’25
2625.4
-19.7
The corn market is mixed and near unchanged in quiet two-sided trade with little fresh news in a shortened holiday week.
This morning the USDA announced private export sales totaling 132,000 tons of corn for delivery to unknown destinations for the 24/25 marketing year.
According to Friday’s CFTC report, managed funds sold 6,475 corn contracts during the week ending December 17, reducing their net long position to 159,415 contracts as of Tuesday, December 17.
The Buenos Aires Grain Exchange reported that Argentina’s corn planting progress has reached 65.8%, up from 55.6% the previous week.
Soybeans are trading near the low end of their trading range despite a flash sale to China, with pressure coming from lower soybean meal on reports of unexpected weekend rainfall in Argentina.
This morning the USDA announced private export sales totaling 132,000 tons of soybeans for delivery to China for the 24/25 marketing year.
Friday’s CFTC report showed managed funds selling 17,932 soybean futures contracts as of Tuesday, December 17, increasing their net short position to 76,252 contracts.
The Buenos Aires Grain Exchange reported that 76.6% of Argentina’s soybean crop has been planted, up from 65.7% the previous week, with a total planted area of 18.6 million hectares.
The wheat complex is higher across all three classes as traders begin to square positions ahead of the Christmas holiday break with little fresh news to trade.
Friday’s CFTC report showed managed funds selling 20,622 Chicago wheat contracts, increasing their net short position to 87,401 contracts. In KC wheat, funds covered 3,369 contracts, reducing their net short position to 33,067 contracts. Meanwhile, funds bought 4,045 Minneapolis wheat futures to bring their net short position to 27,017 contracts.
SovEcon lowered its Russian wheat crop estimate by 3 mmt to 78.7 mmt, the smallest crop since 2021. Reduced Russian production could support higher wheat futures.
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.
MERRY CHRISTMAS FROM ALL OF US AT TOTAL FARM MARKETING!
TUESDAY, DECEMBER 24: The CME closes at 12:15 p.m. (CT), and Total Farm Marketing offices close at 1:00 p.m. (CT). There will be no End of Day Grain Market Insider
WEDNESDAY, DECEMBER 25: The CME and Total Farm Marketing offices are closed.
All prices as of 10:30 am Central Time
Corn
MAR ’25
438
0.75
JUL ’25
447.25
0
DEC ’25
432
-1
Soybeans
JAN ’25
959.25
7.5
MAR ’25
961.25
8
NOV ’25
972.5
6.75
Chicago Wheat
MAR ’25
532.5
-8.75
MAY ’25
542.75
-9
JUL ’25
550.25
-8.75
K.C. Wheat
MAR ’25
543
-5.75
MAY ’25
551.25
-5.5
JUL ’25
559
-5.75
Mpls Wheat
MAR ’25
586.25
-5.75
JUL ’25
603
-4.5
SEP ’25
614.25
-3
S&P 500
MAR ’25
5961.25
21
Crude Oil
FEB ’25
69.39
-0.63
Gold
FEB ’25
2603.3
-50
Corn continues its positive momentum, trading higher as we hit midday, supported by strong export demand and a tighter supply outlook highlighted in the USDA’s Supply and Demand report released last week.
The USDA has confirmed the sale of 150,000 MT of U.S. corn for delivery to Colombia in the 24/25 year. Year-to-date U.S. corn exports are up 31% compared to the same period in the 23/24 year.
While U.S. exports are strong in 24/25, this growth is expected to slow as the South American corn harvest becomes available.
Soybeans continue to show strength at midday, driven by soybean meal, while soybean oil remains lower.
U.S. soybean exports have increased by 22% in the 24/25 year compared to the same period in 23/24. However, these strong exports are expected to decline as global buyers anticipate a robust harvest in South America.
Weather conditions in Brazil continue to bring scattered showers, with favorable conditions expected through the year-end, aiding the filling of soybean pods. In southern South America, precipitation remains below normal, but it is timely enough to support soybean growth.
Wheat faces resistance at midday, trading lower due to strong export competition and the strength of the U.S. dollar.
Earlier this week, Russia lowered its 2025 wheat crop forecast by 4%. This projected decline in Russia’s wheat production, the world’s top wheat exporter, could provide support for wheat prices, potentially driving them higher.
Since the start of the 24/25 marketing year on July 1st, U.S. wheat exports are up 28% compared to the same period in 23/24. However, the current strong export pace may face resistance due to the strength of the U.S. dollar, which could hinder foreign demand.
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 continues to trend weaker at midday on an increasing US dollar and weaker wheat market.
Weekly corn export sales came in at 46.2 mb, which was in line with expectations. Year-to-date commitments total 1.429 billion bushels.
Estimates for Brazil’s corn crop vary from one group to another, but most forecasts remain above the USDA’s 127 mmt. Investment group Patria estimates Brazil’s corn crop at 129.27 mmt while LSEG estimates the crop at 127.3 mmt.
China’s Sino grain announced they will restrict sales on auction out of their corn reserves due to corn futures in China trading at contract lows.
The soy complex continues to strengthen at midday after yesterday’s sharp pullback. March soybeans are bouncing off contract lows but remain about 44 cents off the 50-day moving average.
Weekly soybean export sales came in at 52 mb, which was in line with expectations. Year-to-date commitments total 1.422 billion bushels.
The USDA confirmed the sale of 227,200 mt of US soybeans for delivery to unknown destinations. The sale will be split for delivery in 24/25 and 25/26.
Investment group, Patria, estimates Brazil’s soybean crop at 170.41 mmt versus the USDA’s 169 mmt estimate.
All three wheat classes continue to weaken at midday on a stronger dollar and recent increases to global wheat production estimates.
Weekly export sales for wheat came in at 16.8 mb, which was in line with expectations. Year-to-date commitments total 593 mb.
Strategie Grains has raised their EU SRW wheat production estimate to 126.6 mmt for 25/26, compared to 114.2 mmt last year.
According to India’s Food Secretary, the country does not see a need to import wheat despite high domestic prices in the country. However, with the break this week, there have been several tenders this week between Thailand, Tunisia, South Korea, and Algeria.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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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 surrendered earlier gains and is now trading near the bottom of its 5 ½ cent range, pressured by sharply lower soybeans despite reports of another flash sale and solid ethanol production.
The USDA reported private exporters sold 135,000 mt of corn for delivery to Colombia during the 24/25 marketing year.
A federal budget bill under consideration includes a provision for nationwide, year-round sales of 15% ethanol blends, which could add 35–40 mb of corn usage to the US balance sheet.
Ethanol production for the week ending Dec. 13 averaged 1.103 million barrels/day, with estimated corn use at 111.28 million bushels, well above the 104.41 mb needed to meet USDA projections.
Soybeans remain sharply lower at midday, under pressure from both products. Soybean meal is currently down over $6/ton, while bean oil is about 100 points lower.
The USDA reported private export sales of 120,000 tons of soybean cake and meal for delivery to Colombia during the 24/25 marketing year.
The 40B tax credit for sustainable aviation fuel (SAF) expires this year, and without 45Z guidance, biodiesel and SAF production may decline, reducing soybean oil demand and pressuring bean oil and soybeans.
One factor in this sell-off, which has driven soybeans to new contract lows, is the devaluation of the Brazilian real against the rising US dollar. This has made Brazil significantly more competitive in global exports.
The wheat complex remains higher across the board, though off session highs, as it gains support from Russian production cuts and higher Paris milling wheat.
Ukrainian grain exports are up 22% year-over-year, including 9.2 mmt of wheat, a 37% increase from last season.
SovEcon reduced its estimate for the Russian wheat crop to 78.7 mmt, the lowest since 2021 and down 3 mmt. This reduction in Russian production could support higher wheat futures.
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.
