Midday

All prices as of 10:30 am Central Time

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

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

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

Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.

Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing by Stewart-Peterson and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Stewart-Peterson Inc. Reproduction of this information without prior written permission is prohibited. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. Reproduction and distribution of this information without prior written permission is prohibited. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Total Farm Marketing.

Stewart-Peterson Inc., Stewart-Peterson Group Inc., and SP Risk Services LLC are each part of the family of companies within Total Farm Marketing (TFM). Stewart-Peterson Inc. is a publishing company. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of National Futures Association. SP Risk Services LLC is an insurance agency. A customer may have relationships with any or all three companies. 

All prices as of 10:30 am Central Time

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

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

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

Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.

Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing by Stewart-Peterson and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Stewart-Peterson Inc. Reproduction of this information without prior written permission is prohibited. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. Reproduction and distribution of this information without prior written permission is prohibited. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Total Farm Marketing.

Stewart-Peterson Inc., Stewart-Peterson Group Inc., and SP Risk Services LLC are each part of the family of companies within Total Farm Marketing (TFM). Stewart-Peterson Inc. is a publishing company. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of National Futures Association. SP Risk Services LLC is an insurance agency. A customer may have relationships with any or all three companies. 

HAPPY THANKSGIVING FROM ALL OF US AT TOTAL FARM MARKETING!

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

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

All prices as of 10:30 am Central Time

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

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

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

Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.

Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing by Stewart-Peterson and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Stewart-Peterson Inc. Reproduction of this information without prior written permission is prohibited. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. Reproduction and distribution of this information without prior written permission is prohibited. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Total Farm Marketing.

Stewart-Peterson Inc., Stewart-Peterson Group Inc., and SP Risk Services LLC are each part of the family of companies within Total Farm Marketing (TFM). Stewart-Peterson Inc. is a publishing company. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of National Futures Association. SP Risk Services LLC is an insurance agency. A customer may have relationships with any or all three companies. 

HAPPY THANKSGIVING FROM ALL OF US AT TOTAL FARM MARKETING!

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

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

All prices as of 10:30 am Central Time

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

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

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

Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.

Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing by Stewart-Peterson and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Stewart-Peterson Inc. Reproduction of this information without prior written permission is prohibited. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. Reproduction and distribution of this information without prior written permission is prohibited. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Total Farm Marketing.

Stewart-Peterson Inc., Stewart-Peterson Group Inc., and SP Risk Services LLC are each part of the family of companies within Total Farm Marketing (TFM). Stewart-Peterson Inc. is a publishing company. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of National Futures Association. SP Risk Services LLC is an insurance agency. A customer may have relationships with any or all three companies. 

HAPPY THANKSGIVING FROM ALL OF US AT TOTAL FARM MARKETING!

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

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

All prices as of 10:30 am Central Time

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

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

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

Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.

Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing by Stewart-Peterson and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Stewart-Peterson Inc. Reproduction of this information without prior written permission is prohibited. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. Reproduction and distribution of this information without prior written permission is prohibited. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Total Farm Marketing.

Stewart-Peterson Inc., Stewart-Peterson Group Inc., and SP Risk Services LLC are each part of the family of companies within Total Farm Marketing (TFM). Stewart-Peterson Inc. is a publishing company. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of National Futures Association. SP Risk Services LLC is an insurance agency. A customer may have relationships with any or all three companies. 

All prices as of 10:30 am Central Time

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

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

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

Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.

Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing by Stewart-Peterson and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Stewart-Peterson Inc. Reproduction of this information without prior written permission is prohibited. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. Reproduction and distribution of this information without prior written permission is prohibited. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Total Farm Marketing.

Stewart-Peterson Inc., Stewart-Peterson Group Inc., and SP Risk Services LLC are each part of the family of companies within Total Farm Marketing (TFM). Stewart-Peterson Inc. is a publishing company. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of National Futures Association. SP Risk Services LLC is an insurance agency. A customer may have relationships with any or all three companies. 

All prices as of 10:30 am Central Time

• The corn market is 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. 

All prices as of 10:30 am Central Time

• 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 15^th 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. 

All prices as of 10:30 am Central Time

• 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.

Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.

Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing by Stewart-Peterson and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Stewart-Peterson Inc. Reproduction of this information without prior written permission is prohibited. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. Reproduction and distribution of this information without prior written permission is prohibited. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Total Farm Marketing.

Stewart-Peterson Inc., Stewart-Peterson Group Inc., and SP Risk Services LLC are each part of the family of companies within Total Farm Marketing (TFM). Stewart-Peterson Inc. is a publishing company. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of National Futures Association. SP Risk Services LLC is an insurance agency. A customer may have relationships with any or all three companies. 

All prices as of 10:30 am Central Time

• Corn is 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%.

Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.

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