Midday

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• Corn prices are slightly weaker at midday, pressured by harvest progress. December corn is down 00-3/4 to $4.26-00.
• Weekly export sales for corn came in at 49 mb, which was in line with expectations. Year-to-date commitments for the 2025/26 marketing year now total 938 mb, up 68% from last year.
• According to China’s General Administration of Customs website, August corn imports were down 90.5% compared to August of 2024. Year-to-date corn imports for China were also down 92.9% year-over-year to 880k mt.
• Rainfall across the Western and Central Corn Belt is likely to delay harvest progress as precipitation chances are high over the next 5 days.

• Soybeans are being pulled lower by soybean oil as that market is awaiting more direction from the EPA regarding SRE exemptions. November soybeans are down 5-00 to $10.38-3/4, with January futures 5-00 lower to $10.59-00.
• Weekly soybean export sales totaled 34 mb, which was in line with expectations. Year-to-date commitments for the 2025/26 marketing year sit at 378 mb, down 36% from a year ago.
• President Trump and China’s Xi are expected to meet virtually tomorrow. It is still unclear whether the two will discuss agriculture products or not.

• Wheat prices are mostly lower at midday as beneficial rains fall and global production estimates rise. December Chicago wheat is down 00-1/2 to $5.27-3/4.
• Weekly export sales for wheat were in line with expectations at 14 mb. Year-to-date commitments total 481 mb, up 20.5% from the year prior.
• According to Stats Canada, the 2025/26 wheat crop is seeing 1.1 mmt higher than the group’s previous estimate back in August. The group cited higher yields as the reason for the increase in production.
• Taiwan has pledged to purchase 3.6 mmt of wheat worth $1.3 billion from the US during a three-year period between 2026 and 2029. Both the Taiwan Flour Millers Association and US Wheat Associates have signed an agreement.

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. 

Grain Market Insider Interactive Quote Board

• Corn futures are under pressure and trading lower at midday as increased harvest activity weighs on prices.
• LSEG has lowered its EU corn production estimate by 2.4% to 57.5 million tons, citing reduced output in Romania and Bulgaria. French production was also trimmed slightly to 13.6 million tons, down from 13.9 million.
• Brazil’s ethanol output is projected to rise by 17% over the next two years, while U.S. weekly ethanol production is expected to decline.
• Ethanol production slipped to 310 million gallons for the week ending Friday, September 12, down from 325 million gallons the previous week, marking the lowest output in 17 weeks. Despite the weekly decline, production was still up 0.6% year-over-year. Approximately 105 million bushels of corn were used in the production process.

• Soybeans turned lower at midday as traders begin positioning ahead of Friday’s scheduled call with China, and in part by a modest rebound in the U.S. dollar. Soybean meal is trading higher, while soybeans and soybean oil are under pressure and trading lower.
• U.S. soybean prices remain well below those of South American origins, helping to keep U.S. soybeans competitive on the global market.
• Crops across Brazil are expected to see some relief in the coming weeks, as the dry season nears its end and showers are forecast to begin next week.
• In the U.S., the central and western Corn Belt are forecast to receive showers throughout the next week, accompanied by temperatures that remain above seasonal norms.

• Wheat prices are under pressure and trading lower at midday, as updated forecasts point to increased global output.
• LSEG further raised its Russian wheat production estimate to 84.7 million tons overnight, up 1.5% from its previous forecast, citing better yields in key producing regions. The group also increased its Australian production estimate by 4.2%, to 33.7 million tons.
• Despite another decline in the U.S. dollar, wheat prices in Russia and France continue to trade below those in the U.S. 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. 

Grain Market Insider Interactive Quote Board

• Corn futures are stronger at midday, supported by expected rainfall over the next few days which could cause harvest delays. December futures are up 5-3/4 to $4.29-00.
• Monday’s Crop Progress report showed corn ratings slipping 1 point from last week to 67% good-to-excellent. Harvest is in line with the 5-year average of 7% complete but is currently 1% behind last year’s pace.
• According to Safras and Mercado, Brazil’s first corn crop is seen reaching 25.4 mmt, which if realized would be up from last year’s output of 24.73 mmt.

• Soybean prices are firm at midday on a weaker dollar and better than expected crush for August. November soybeans are 5-1/4 higher to $10.48-00.
• Yesterday’s Crop Progress report showed soybean ratings fell 1 point from last week to 63% good-to-excellent. Harvest is running ahead of the 5-year average at 5% but below last year’s pace of 6% finished at this time.
• NOPA members crushed 189.810 mb during August, up 20.1% from August 2024 but down from 195.699 mb crushed in July.

• All three wheat classes are higher at midday, supported by a two-month low in the US dollar. December Chicago wheat is up 7-3/4 to $5.32-3/4.
• Spring wheat harvest advanced 9% to 94% done, just ahead of last year’s pace of 91% complete through the same week. Winter wheat planting climbed to 11%, which is behind last year’s planting pace and the 5-year average which both stand at 13%.
• France has raised their wheat production forecast according to the agriculture ministry. Production is now seen at 33.3 mmt, up from August’s projection of 33.1 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. 

Grain Market Insider Interactive Quote Board

• Corn futures are weaker at midday after a strong close to end last week. December corn futures are 5-1/2 cents lower at 424-1/4. July futures are 5-1/4 cents lower at 458-1/4.
• Friday’s bullish trader reaction came despite record-large yield and production estimates of 186.7 bpa and 16.81 bb.
• Some rain is expected this week west of the Mississippi River, but for most areas corn harvest should start to push along rapidly.

• Soybean futures are slightly lower to start the week. November futures are 2-1/2 cents lower at 1043-3/4. July soybean futures are 2-3/4 cents lower at 1100-1/4.
• Soybeans rallied late Friday afternoon as traders seemed skeptical of the USDA’s record soybean yield projection of 53.5 bpa after a record dry last 45 days across portions of the Corn Belt.
• U.S. Treasury Secretary Scott Bessent is meeting with China’s Vice Premier this week on trade negotiations. Traders remain hopeful a deal could jumpstart the slow U.S. soybean export program.

• Wheat futures are mixed to start the week. December CBOT wheat futures are currently 1-1/2 cents higher at 525-1/4. December KC wheat futures are 1-1/2 higher at 516-1/4 and December Spring wheat futures are 1-1/2 cents lower at 570-1/4.
• Friday’s September WASDE raised U.S. wheat exports by 25 mb, but prices rallied despite sharp production gains among other major exporters. In total, other exporters were reported to have production up 9.3 mmt when compared to August.
• Recent rains in Australia and Argentina—both key Southern Hemisphere wheat producers—should aid crops and likely act as a headwind for 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. 

Grain Market Insider Interactive Quote Board

• Corn prices are continuing to see some short covering going into this morning’s WASDE report. December corn is trading 5-00 higher to $4.24-3/4.
• Expectations for today’s WASDE report are to show both corn yield and ending stocks being cut. This has led to some support in prices for the past few days.
• Brazil has increased their corn production estimate for the 2024/25 season to 139.67 mmt compared to a previous estimate of 137 mmt.

• Soybeans are finding strength at midday as expectations in today’s report are to show yield and ending stocks lower than previously reported. November soybeans are 10-1/2 higher to $10.43-3/4.
• Conab has raised their soybean production estimate in Brazil by 1.82 mmt from last month to 171.47 mmt.
• NOPA soybean cruch for August is estimated to reach 182.857 mb. If realized, crush for August would be down 6.6% from July but up nearly 16% from August of last year.

• Wheat prices are cooling off at midday as the market awaits what is expected to be a somewhat neutral report. December Chicago futures are 1-3/4 lower to $5.19-3/4.
• Conab has cut their wheat production forecast for Brazil to 7.54 mmt. This is down from the groups previous estimate of 7.81 mmt.
• Wheat exports continue to outpace last year’s numbers. However, cheap Black Sea supplies are causing some competition as the world’s top wheat buyer, Egypt, has been a recent buyer of Russia, Ukraine, Romania, and Bulgarian supplies.

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. 

Grain Market Insider Interactive Quote Board

• The corn market is trading mixed ahead of tomorrow’s USDA report, with expectations of a moderate decline in yield and production.
• Tomorrow’s USDA report is expected to show corn yield at 186.2 BPA, down from 188.8 BPA in last month’s estimate. New crop ending stocks are projected at 2.011 billion bushels, a decrease from last month’s 2.117 billion.
• The Rosario Grain Exchange has raised its 2024/25 Argentine corn production estimate by 1.5 million metric tons to 50 million, and its 2025/26 forecast to 61 million, driven by a 10% increase in planted area.
• Early yield estimates from Missouri to southern Illinois have been disappointing, as a dry finish and disease pressure have taken a toll on crop performance.

• Soybeans are trading higher at midday, seeing a modest bounce ahead of tomorrow’s USDA supply and demand report, with expectations that soybean yield will be revised slightly lower compared to last month’s estimate.
• Last month’s USDA supply and demand report pegged soybean yield at 53.6 bushels per acre (BPA), but this month’s estimate is expected to dip slightly to 53.3 BPA due to drier weather in key growing regions and the impact of disease-affected crops.
• Trade tensions with China remain a major concern for the soybean market, with tomorrow’s new crop export figures expected to provide key insight into whether the USDA anticipates progress toward a deal. At this time last year, China had already booked 12–13 million metric tons of U.S. soybeans for the September–November shipment window. So far this year, no purchases have been reported.
• The Rosario Grain Exchange expects Argentine’s bean production in 25/26 to be down 2.5 million tons from the current season to 47 million tons, on a 4.3% drop in planted area.

• Wheat is trading mixed at midday, as the market lacks fresh headlines and expectations remain low for any major surprises in tomorrow’s USDA report.
• With abundant global supply and competitively low prices from Russia and the EU, U.S. wheat is likely to struggle to rally until global supplies tighten and prices in those regions begin to rise.
• Expana raised its EU soft red wheat (SRW) harvest estimate overnight to a record high of 136.1 million metric tons, up 3.3 million from its previous projection. Russia’s wheat crop estimate was also revised higher, adding further pressure to the global supply outlook.

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. 

Grain Market Insider Interactive Quote Board

• Corn continues to edge lower at midday, with daily trading volume slowing ahead of Friday’s USDA Supply and Demand Report. Traders appear cautiously optimistic about the upcoming estimates. December corn is down 2 cents at 417 ¼.
• Strong demand continues to support the corn market, with U.S. corn prices remaining competitive. This suggests that the USDA is unlikely to make any significant revisions in Friday’s supply and demand report.
• Dry conditions are expected to persist across the central and eastern Midwest over the next two weeks, accompanied by rising temperatures.
• Ukraine has raised its production estimates due to a strong crop outlook, while parts of the EU may face yield losses as heavy rains and storms have caused crop damage.
• Ethanol production rose to 325 million gallons for the week ending Friday, August 29th, up from 316 million the previous week and 2.3% higher year-over-year. This marks the highest production level in 12 weeks and exceeded market expectations. Approximately 110 million bushels of corn were used in the production process.

• The soybean market remains under pressure amid the continued absence of Chinese demand, as China has already secured 95% of its October needs from Brazil. November soybeans are down 4.6 cents at 1027 ¼ at midday.
• Concerns are mounting that the USDA may be forced to lower new crop export estimates in Friday’s supply and demand report due to the continued lack of Chinese purchases. If this trend persists, the U.S. could potentially lose over 15 million tons of soybean demand from China by year-end.
• Soybean planting has begun in Brazil; however, soil moisture levels in Mato Grosso are currently the lowest in 10 years, according to South American weather service EarthDaily Agro.
• Dry weather persists across the eastern half of the Corn Belt, with limited chances of rain in the northern Plains. Rising temperatures are helping to eliminate frost risk for the remainder of the month.

• Wheat continues to move lower at midday as there is little to no fresh news to put any drive under the wheat markets.  December Chicago wheat is 3.4 cents lower at 517 ¼.
• Chicago wheat prices remain under pressure, showing little to no movement over the past five sessions, as weak global prices continue to weigh on U.S. futures.
• No significant changes or surprises are expected for wheat in Friday’s USDA report.
• LSEG raised its Ukraine wheat production estimate by 3.3% from last month but left Canadian production unchanged.

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. 

Grain Market Insider Interactive Quote Board

• Corn futures are weaker at midday, pulled down by the wheat market. December corn is 1-0 lower to $4.20-3/4 while the March contract is 1-0 lower to $4.38-1/2.
• Monday’s Crop Progress report showed corn ratings falling 1 point to 68% good-to-excellent. This compares to 64% good-excellent at this time last year. Harvest is on track with last year at 4% complete.
• S&P Global pegs US corn yield is 189.1 bpa, above the USDA’s estimate of 188.8 bpa. Expectations for this Friday’s WASDE report are that the USDA will adjust their yield estimate lower.

• Soybeans are being pulled lower by lack of Chinese demand despite higher Brazil prices and a weaker dollar. November soybeans are down 0-3/4 to $10.33-00, while the January contract is a penny lower to $10.51-3/4.
• Yesterday’s Crop Progress report showed soybean ratings dropped 1 point to 64% good-to-excellent. This is down 1 point from last year’s conditions at 65% good-to-excellent.
• According to AgRural, Brazil has just started soybean seeding in the Parana region with just 0.2% of the area planted. This compares to 0% at through the same week last year.

• All three wheat classes are lower at midday despite the US dollar index hitting a 6-week low. December Chicago wheat is trading 2-1/4 lower to $5.21-1/2.
• Spring wheat harvest advanced 13% from last week to 85% complete. Harvest is now slightly ahead of last year’s pace. Winter wheat plantings are seen at 5% done, just below the 5-year average of 6% planted at this time.
• SovEcon has raised their wheat production forecast for Russia to 86.1 mmt, up from the groups previous estimate of 85.4 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. 

Grain Market Insider Interactive Quote Board

• December corn futures are down 1-1/2 cents at 416-1/2 here at midday Monday.
• The California Senate approved E15 gasoline last week, making the state the last in the nation to legalize its sale. The move is expected to ease pump prices for Californians, who face the highest fuel costs in the U.S.
• Corn has lost a bit of its competitive edge as both South American and Ukraine corn premiums have fallen hard lately. Ukraine has begun its corn harvest and APK Inform again raised total Ukraine grain production by 5.6 million metric tons (mmt) to 58.8 mmt. Corn harvest is pegged at 30.3 mmt.

• November soybean futures are 1-1/4 cents lower at 1025-3/4 to start the week.
• Weekend frost in the northern Corn Belt likely cut short grain fill in late-developing soybeans, with Minnesota and North Dakota facing the heaviest damage.
• Over the past four months, China’s soybean imports have run at a record pace—yet none have come from the U.S. This raises trader concerns that even if a trade deal is reached, China’s appetite for U.S. soybeans may remain limited.

• Wheat futures are higher this morning with December Chicago wheat 2 cents higher at 521-1/4. December Spring wheat futures are 3-3/4 cents higher at 569-3/4.
• U.S. spring wheat harvest is in its final stretch, with spot basis levels weakening. In the Southern Plains, hard red winter wheat basis is reported at 95 under futures, making wheat more competitive with corn.
• Argentina’s wheat crop was likely damaged by recent frost, with additional frost events expected this week that could further impact production.

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. 

Grain Market Insider Interactive Quote Board

• The corn market continues to trade higher at midday, supported by growing weather concerns as drought conditions expand and frost is forecasted in the northern half of the Corn Belt within the next two weeks.
• Dry conditions across the Midwest are expected to persist over the next two weeks, with the percentage of corn under drought rising by 4%.
• Weather and crop disease pressures have led most analysts to expect the USDA to lower yield estimates in next week’s Supply and Demand report. StoneX has already adjusted its projection to 186.9 bushels per acre, down from 188.1 last month and below the USDA’s current estimate of 188.8.
• The recent absence of corn flash sales has added pressure to the market, as traders grow increasingly concerned about demand ahead of a potential record crop.

• Soybeans are trading steady to higher at midday, supported by a weaker U.S. dollar and the announcement of two flash sales. Both soybeans and soybean meal are posting gains, while soybean oil continues to trade lower.
• The USDA has confirmed export sales of U.S. soybeans for delivery to unknown destinations in the 2025/26 marketing year, totaling 123,000 tons and 204,650 tons.
• President Trump has requested an expedited review of the tariffs by the Court of Appeals, but a final decision could take several months. This uncertainty may prompt China to delay progress on a trade agreement as they await the court’s ruling.
• StoneX has lowered its U.S. soybean yield estimate to 53.2 bushels per acre, down from 53.6 last month.
• The percentage of U.S. soybean area under drought conditions rose by 5% this week to 16%, compared to 19% at the same time last year.

• Wheat is trading higher at midday, driven by a weaker U.S. dollar and receiving additional support from the strength in the corn market.
• U.S. wheat prices have struggled to rally this week, while European prices hit year-and-a-half lows amid increasing export competition.
• Winter wheat area under drought conditions increased by 3% to 34%, still well below last year’s 52% at this time. The drought area for HRS wheat remained unchanged.
• Ukraine’s Economic Ministry reports that 22 million tons of wheat have been harvested so far, slightly ahead of last year’s 21.8 million tons at this time.

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

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