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.
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Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing by Stewart-Peterson and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Stewart-Peterson Inc. Reproduction of this information without prior written permission is prohibited. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. Reproduction and distribution of this information without prior written permission is prohibited. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Total Farm Marketing.
Stewart-Peterson Inc., Stewart-Peterson Group Inc., and SP Risk Services LLC are each part of the family of companies within Total Farm Marketing (TFM). Stewart-Peterson Inc. is a publishing company. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of National Futures Association. SP Risk Services LLC is an insurance agency. A customer may have relationships with any or all three companies.
Corn 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.
Despite the report of another flash sale by the USDA, the corn market is trading lower at midday, weighed down by lower wheat and soybeans and potential pre-hedging by grain buyers ahead of this weekend’s harvest activity.
The USDA reported another flash export sale this morning, showing that private exporters sold 136,000 metric tons of corn to Mexico for the 24/25 marketing year.
The US corn area in drought jumped 14% in this week’s updated Drought Monitor to 76% as the Midwest has seen very little rainfall. By comparison, the corn area experiencing drought one month ago was just 25%.
A system of showers moved through the Midwest Thursday and Friday. While some areas experienced heavier amounts, the overall totals will likely not be enough to build moisture levels or disrupt harvest activity in too many areas.
The soybean market is trading lower at midday on technical selling following yesterday’s bearish reversal in the November contract, and weakness in both soybean meal and oil.
This morning the USDA reported a round of private export sales of soybeans totaling 116,000 metric tons for delivery to China for the 24/25 marketing year.
Drought has increased across the US. According to this week’s Drought Monitor the soybean area experiencing drought has reached 68%, a 14% increase from last week, and is 38% higher than a month ago.
Low water levels on the Mississippi River are restricting grain flows to the Gulf, which is driving basis levels higher amid increased export demand. Meanwhile, interior basis levels remain firm at many processors, where profitable crush margins keep facilities focused on replenishing supplies.
The wheat complex is trading lower across all three classes of wheat as December Chicago and KC break below their 50-day moving averages, and KC makes fresh lows for the week.
FranceAgriMer reported that France’s winter wheat planting pace is behind schedule, with 21% of the crop planted as of Monday, October 21, well behind the 5-year average of 47%.
The Turkish statistics office released its updated estimate of the country’s wheat crop, dropping it 5.5% to 20.8 million metric tons.
The percentage of winter wheat areas affected by drought has risen from 52% last week to 58%, as many regions continue to experience low rainfall. By comparison, 49% of winter wheat areas were affected by drought at this time last year.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing by Stewart-Peterson and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Stewart-Peterson Inc. Reproduction of this information without prior written permission is prohibited. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. Reproduction and distribution of this information without prior written permission is prohibited. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Total Farm Marketing.
Stewart-Peterson Inc., Stewart-Peterson Group Inc., and SP Risk Services LLC are each part of the family of companies within Total Farm Marketing (TFM). Stewart-Peterson Inc. is a publishing company. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of National Futures Association. SP Risk Services LLC is an insurance agency. A customer may have relationships with any or all three companies.
Strong export sales announcements led to bullish momentum at midday. December corn looks for a fourth day in a row of higher trading.
Weekly export sales for corn came in above expectations at 165 mb. Year-to-date commitments are now at 924 mb, which is up 34% from a year ago.
USDA announced private corn export sales this morning of 228k mt to Japan and 165k mt to unknown destinations for delivery in 24/25.
Ethanol production for the week ending October 18th came in at 1.081 mbpd, up 3.9% from a year ago.
Soybeans are mixed at midday after a positive start to the session. The November contract traded above the 50-day moving average for the first time in 10 days before running into resistance.
Weekly export sales for soybeans came in at 79 mb, which was in line with expectations. Year-to-date commitments now total 882 mb, which is up 8% from last year.
USDA announced private soybean export sales of 198k mt to unknown destinations for delivery in 24/25.
The USDA’s Brazilian attaché estimates Brazil’s soybean crop at 161 mmt.
All three wheat contracts are trending lower at midday on a strong dollar and potential rainfall in the Plains states.
Weekly export sales for wheat were in line with expectations at 20 mb. Year-to-date commitments total 481 mb, which is up 18% from a year ago.
The London Stock Exchange Group raised their Argentine wheat production estimate 2% to 17.5 mmt.
The USDA’s Australian attaché forecast Australia’s wheat production at 28.5 mmt. This would be down 1.9 mmt from the 10-year average.
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 the report of another flash sale of corn this morning, the corn market continues chop sideways in a rather tight 3 ½ cent range in the December contract as it consolidates from this week’s rally.
This morning the USDA reported a new private export sale of corn totaling 100,000 metric tons for delivery to unknown destinations for the 24/25 marketing year. This marks the sixth consecutive day the USDA has reported flash sales of corn, highlighting the fact that demand remains solid for US corn.
According to Anec, Brazil’s corn exports are projected to increase slightly to 6.24 million metric tons this month, up from 6.22 million metric tons in the previous report.
The soybean market is trading mid-range and off its overnight lows as it garners support from flash sales reported this morning, totaling 389,000 metric tons. Meanwhile, soybean meal and oil remain lower at midday.
The USDA reported new private export sales totaling 130,000 metric tons of soybeans for delivery to China during the 24/25 marketing year and 259,000 mt of soybeans for delivery to unknown destinations for the current 24/25 marketing year.
There are thoughts circulating suggesting that US soybean exporters are hurrying to ship this year’s soybeans before the upcoming US presidential election, driven by concerns over possible policy shifts. This urgency has helped push US soybean export premiums to their highest levels in 14 months.
Anec has revised its October soybean export forecast for Brazil to 4.63 million metric tons, slightly higher than its previous estimate of 4.34 million metric tons.
All three classes in the wheat complex are trading near the tops of their respective ranges at midday after finding buying support near yesterday’s lows.
As of October 20, the EU’s soft wheat exports for the season starting July 1 have declined 31% year-over-year, dropping to 7.02 million metric tons from 10.2 million last year, according to the European Commission.
Ukraine’s agriculture ministry reported that winter crop planting is ahead of last year, with approximately 5.4 million hectares planted so far. This includes 3.8 million hectares of winter wheat, compared to 3.46 million at the same time last year.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing by Stewart-Peterson and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Stewart-Peterson Inc. Reproduction of this information without prior written permission is prohibited. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. Reproduction and distribution of this information without prior written permission is prohibited. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Total Farm Marketing.
Stewart-Peterson Inc., Stewart-Peterson Group Inc., and SP Risk Services LLC are each part of the family of companies within Total Farm Marketing (TFM). Stewart-Peterson Inc. is a publishing company. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of National Futures Association. SP Risk Services LLC is an insurance agency. A customer may have relationships with any or all three companies.
Corn is trading slightly higher at midday, pushing December corn above the 50-day moving average.
Monday’s Crop Progress report showed corn harvest in the US jumping 8% from last week to 65% complete.
USDA announced a sale of 359,500 mt of corn to Mexico for 24/25 which is adding to the support at midday.
Soybeans are strengthening at midday on some carryover support from yesterday’s export sales announcements.
Monday’s Crop Progress report showed soybean harvest in the US improving 14% from last week to 81% complete.
China cut interest rates yesterday which has led some to believe it could boost US exports.
All three wheat contracts are trading higher at midday on lower Russia production estimates.
Monday’s Crop Progress report showed winter wheat is now 73% planted, just below the 5-year average of 76% but up from 64% last week.
SovEcon estimates Russia production for 2025 at 80.1 mmt which is down from 83 mmt last year and would be the smallest crop since the 21/22 season.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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