Midday

All prices as of 10:30 am Central Time

• Corn is under pressure this morning and has made a new contract low at 475 in the March contract as traders come to terms with the large US supplies coming to the market soon.
• Although large supplies are pressuring prices, demand has been strong with export sales and shipments up 27% from last year and ethanol demand positive.
• In South America, weather has been a concern, but some showers have fallen over central and northern Brazil this weekend which may have added some selling pressure. Total rainfall is still below normal.
• Brazil’s exporter group ANEC is expecting Brazil’s November exports at 7.9 mmt which would compare to 5.5 mmt at this time a year ago. This is despite the fact that U.S. corn is the cheapest feed grain available right now.

• Soybeans are trading slightly lower today but are faring better than corn and wheat today as trade tries to get a grasp on South America’s crop conditions and upcoming forecast.
• In Soybean meal, the two nearby months are trading higher while deferred contracts are lower, and soybean oil is higher. Based off of January futures, crush margins have been improving lately.
• While central and northern Brazil are too dry, behind on planting, and may have to replant, southern Brazil is far too wet and is only 25% planted which is down from 55% last year.
• Argentina’s crush is said to be down to about 25% of capacity because of a lack of soybeans. Additionally, farmers are said to not be selling. This is in part due to a possible devaluation of their currency, and the possibility that their new president may reduce export taxes.

• Wheat is trading lower today with Chicago leading the way down and near its contract lows. Both KC and Minneapolis wheat have made new contract lows today.
• Russia continues to offer wheat for much cheaper than US and other country’s offers which has severely depressed prices. Paris milling wheat futures in the March contract made a new low and were down in eight of the past ten trading sessions.
• Russia has reportedly set a 24 mmt grain export quota for wheat, barley, corn, and rye, February 15 through the end of June. Additionally, they have issued a ban on Durum wheat exports from December 1 to May 31.
• After more Russian attacks over the weekend, Ukraine is now planning to place convoy vessels in the Black Sea to protect their export corridor.

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 23, 2023: The CME and Total Farm Marketing offices are closed.
Friday, November 24, 2023: The CME closes at noon, and Total Farm Marketing closes at 1:00.

All prices as of 10:30 am Central Time

• The USDA reported an increase of 56.4 mb of corn export sales for 23/24.
• US weather looks mostly dry with cool temperatures. Furthermore, the Midwest looks to remain dry, but the southern part of the country may get some showers. This aligns with a typical El Nino weather pattern.
• It is still raining too much in southern Brazil, but weather looks favorable in Argentina. Central and northern Brazil look like they are getting a break from the rainfall, but longer range forecasts do bring the rain back.
• The Buenos Aires Grain Exchange has said that Argentina’s corn planting is 26% complete.

• There is talk that China may have some interest in US soybeans from the PNW for the January /
• The USDA reported an increase of 35.3 mb of soybean export sales for 23/24, and an increase of 0.3 mb for 24/25.
• Private exporters reported sales of 129,000 mt of soybeans for delivery to China, and 323,400 mt for delivery to unknown, both during the 23/24 marketing year.
• Argentina’s crush is said to be down to about 25% of capacity because of a lack of soybeans. Additionally, farmers are said to not be selling. This is, in part, due to a possible devaluation of their currency, and the possibility that their new president may reduce export taxes.
• The Buenos Aires Grain Exchange has stated that Argentina’s soybean planting is 35% complete.

• The USDA reported an increase of 6.3 mb of wheat export sales for 23/24, and an increase of 0.9 mb for 24/25.  
• Russia has reportedly set a 24 mmt grain export quota for wheat, barley, corn, and rye, February 15^th through the end of June. Additionally, they have issued a ban on Durum wheat exports from December 1^st to May 31^st.
• For 2023, China has imported a record 10.8 mmt of wheat. That represents a 38% increase versus last year.
• Argentina’s wheat harvest is now said to be 27% complete, and the Buenos Aires Grain Exchange is projecting a 14.7 mmt crop.

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 23, 2023: The CME and Total Farm Marketing offices are closed.
Friday, November 24, 2023: The CME closes at noon, and Total Farm Marketing closes at 1:00.

All prices as of 10:30 am Central Time

• Today the USDA reported 128,000 mt of corn sold to unknown destinations for the 23/24 marketing year.
• Corn remains in a relatively sideways pattern as traders remain uncertain about South American weather, Ukraine exports, and the psychological resistance at the five-dollar level.
• Crude oil is sharply lower this morning after OPEC’s weekend meetings could be delayed. However, there is talk that they may issue further production cuts at these lower prices. Reportedly, Israel and Hamas have agreed to a temporary ceasefire which may also be pressuring crude oil.
• Taiwan purchased 65,000 mt of feed corn, which is likely to be fulfilled by the US Gulf. Additionally, South Korea bought 65,000 mt which may be sourced from the US or South America.
• As a reminder, markets are closed tomorrow for the Thanksgiving holiday, and the December grain option expiration is on Friday.

• There is talk that China may have some interest in US soybeans from the PNW for the January / February time frame. Unconfirmed rumors indicate they may have purchased 5-8 cargoes.
• Lower crude oil futures are also weighing on soybean oil, and therefore soybean futures this morning.
• Southern Brazil continues to see too much rain, with flooding as a result. Nationally, CONAB said that 65% of Brazil’s soybean crop is planted as of Monday, 10% behind last year and 17% behind the average. However, their production estimate is unchanged at 162.5 mmt.
• Despite no official adjustments, some private estimates of the Brazilian soybean crop are as low as 156 mmt due to the drought and heat that have so far affected the central and northern areas.
• Argentina’s soybean meal exports are said to be down 6.6 mmt, 36% below a year ago levels – this should continue to support US meal demand.

• Wheat is trading higher today after reports came in regarding a new attack on Ukraine’s port city of Odesa by Russia, and also supportive was a flash sale of wheat reported this morning.
• This morning, the USDA said that 110,000 tons of SRW wheat were sold to China for the 23/24 marketing year. Chinese purchases of wheat are always surprising and encouraging with the world mostly shunning US wheat in favor of Russia.
• Ukrainian exports of grain are down 28% so far in 23/24 at just 12 mmt, and the UN is expressing concerns about whether Ukraine will have enough supplies to cover domestic and export demand. Since July, 28 attacks have been reported on Ukrainian port infrastructure.
• Non-commercials currently hold a large net short position in wheat and part of the rally between yesterday and today has been due to short covering. If more friendly news comes out for wheat, funds could be forced to cover this short position in a bigger way.

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 23, 2023: The CME and Total Farm Marketing offices are closed.
Friday, November 24, 2023: The CME closes at noon, and Total Farm Marketing closes at 1:00.

All prices as of 10:30 am Central Time

• Corn is trading higher again today with support from the soy complex and would be on track for a second consecutively higher close at this level.
• Yesterday’s Crop Progress report pegged the corn harvest at 93% complete which was below expectations and the average trade guess by a few points. Michigan and Pennsylvania are the furthest behind with 30% left to harvest.
• In Argentina, news of the election of Javier Milei and his intention to drastically lower export taxes on agricultural products has farmers holding off on selling their grain until the tax changes are in effect, and this has been supportive short term.
• Brazilian summer corn planting for 23/24 is now reported at 86.3% complete which is slightly below the 5-year average. Mato Grosso is behind at 81.2% as it deals with the bulk of the hot and dry weather.

• Soybeans are trading higher today but have backed off their bigger gains earlier this morning that saw futures as much as 21 cents higher. Soybean meal was initially higher but has reversed lower, while soybean oil is now higher.
• Following yesterday’s bullish key reversal in soybeans, the January contract has now gained 48 cents from yesterday’s low with support from lower-than-expected precipitation amounts in Brazil.
• Yesterday’s export inspections were ok at 59 mb but are still trailing behind last year with total inspections down 8% from a year ago. Exports to China have also improved significantly, but total exports are also behind last year by 21%.
• In South America, scattered showers fell across Brazil and Argentina yesterday, but forecasts have turned drier and there are more reports of farmers abandoning their soy crops to plant cotton instead.

• Wheat is trading higher near midday with support from firmer corn and soybeans after choppy trade earlier.
• The main story for wheat has been the lack of export demand and the grip that Russia has had on global exports. Without significant demand to speak of, futures continue to slip and make new contract lows.
• Yesterday’s Crop Progress report showed wheat at 95% planted with the good to excellent rating rising one point to 48%, but the poor to very poor rating is at 17% and Kansas is worse at 32%.
• Yesterday’s export inspections of 13.2 mb were better than the previous weeks, but exports are still over 90 mb behind 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. 

All prices as of 10:30 am Central Time

• Corn is trading slightly lower today in quiet trade ahead of Thanksgiving and remains rangebound. Better chances of rain in Brazil have had little effect on prices so far.
• Last night, libertarian candidate for the Argentinian presidency, Javier Milei, won the election, and traders are expecting a decline in the peso and large tax cuts as the country deals with massive 140% inflation.
• While Brazil now has better rain chances through the rest of the month, temperatures have begun to soar and reach as high as 110 degrees in Mato Grosso, a main agriculture state.
• With US corn futures near their lows, US corn is now the cheapest feed grain in the world, and exports have been strong running 33% higher than last year.

• Soybeans are trading higher today despite scattered showers across South America and despite Javier Malei being elected in Argentina whose agricultural policies could pressure prices.
• In the driest areas of Brazil, there have been many reports of farmers being forced to abandon their soybeans in favor of planting cotton or another crop in Mato Grosso.
• In China, the General Administration of Customs has reported that October soy imports from Brazil were up 71% from the previous year at 4.8 mmt.
• Soybean meal is trading lower today after becoming overbought recently, while soybean oil is higher with support from palm oil and good domestic demand.

• Wheat is trading lower today on a lack of fresh news and continuously poor export sales. Russia’s wheat prices have been very cheap at $230 to $235/mt on an FOB basis.
• Overall sales of US wheat are 7% lower than a year ago with sales for HRW even worse, and while the recent decline in the dollar should be supportive for exports, there has been little activity.
• In Argentina, 25% of the wheat crop has reportedly been harvested, and the Buenos Aires Grain Exchange has dropped the estimated production to 14.7 mmt which is below the USDA’s 15.0 mmt estimate.
• Friday’s CFTC report showed funds buying back wheat for the second week in a row, this time buying 2,951 contracts and reducing their net short position to 89,311 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 trading lower today after mixed trade yesterday, which initially saw corn sharply lower before rebounding on strong export sales.
• Last week’s export sales rose to 71 mb from 40 mb the prior week, with Mexico doing the heavy lifting with purchases. So far, the export pace is ahead of the USDA’s forecast.
• In Argentina, the corn crop is currently rated at just 29% good to excellent due to hot and dry weather conditions, and 6% of the crop is rated poor to very poor.
• US corn FOB offers are now at a sharp discount to offers out of Brazil, especially since Brazilian corn futures have rallied by 7% and are near their yearly high.

• Soybeans are lower again today, as they remain under pressure from the updated Brazilian forecast, which shows better chances for rain over the next week. Prices are at support near the 100-day moving average.
• Soybean meal is trading lower, while soybean oil is higher, and this could be the start of a reversal in the recent trend as Argentina is expected to export more soybean meal next year, although US demand for soybean oil as biofuel is expected to continue to grow.
• Yesterday, the USDA reported 144 mb of soybean sales for last week, plus a new sale of 8.1 mb to unknown destinations. China has been the largest buyer over the past few weeks.
• While central and northern Brazil, along with Argentina, are expected to get more frequent showers, southern Brazil continues to get rain and is too wet.

• Wheat is trading lower today, with KC still posting the biggest losses and making new contract lows, while Chicago and Minneapolis stay slightly off their lows.
• While Australia’s wheat crop has struggled with hot and dry conditions, harvest has been ahead of pace with yields so far coming in better than expected, but still more than a third below last year.
• Export sales were poor again yesterday at just 6.5 mb for last week, and now near the halfway point of the season, only 267 mb of wheat has shipped, 20% less than a year ago at this time.
• In Argentina, 25% of the wheat crop has reportedly been harvested, and the Buenos Aires Grain Exchange has dropped the estimated production to 14.7 mmt, which is below the USDA’s 15.0 mmt estimate.

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 trading lower today due to improved rain chances in South America and pressure from sharply lower soybeans. Export sales were good and are providing some support.
• For the week ending November 9, the USDA reported an increase of 71.2 mb of corn export sales for 23/24. Last week’s export shipments of 26.9 mb were below the 42.9 mb needed each week to meet the USDA’s export estimate. Primary destinations were to Mexico, Columbia, and Honduras.
• In South America, improved chances of rain are forecast from this Sunday through the end of November or longer, in what would be a reversal from the hot and dry conditions that the crop was planted in.
• Dry weather in the U.S. is helping the corn harvest wrap up on a high note, but the expected production of 15.234 bb of new corn supplies is pressuring prices.

• Soybeans are sharply lower today following an updated weather forecast for South America, which is calling for better rain chances throughout November. Both soybean meal and oil are trading lower.
• While central and northern Brazil, along with Argentina, are expected to get more frequent showers, southern Brazil continues to get rain and is too wet.
• Following a string of sales recently to both China and unknown, another flash sale was reported this morning of 220,000 mt of soybeans for delivery to unknown destinations for 23/24.
• For the week ending November 9, the USDA reported an increase of 144.0 mb of soybean export sales for 23/24, a marketing year high. Last week’s export shipments of 73.2 mb were above the 30.6 mb needed each week to meet the USDA’s expectations. Primary destinations were to China, the Netherlands, and Bangladesh.

• Wheat is trading lower today in what appears to be a risk-off day for most commodities. Export sales for wheat were poor again, but both corn and soybeans had strong weeks and are trading lower anyways.
• For the week ending November 9, the USDA reported an increase of 6.5 mb of wheat export sales, which was 50% lower than the previous week. Last week’s export shipments of 11.4 mb were below the 14.8 mb needed each week, and primary destinations were to the Philippines, Mexico, and South Korea.
•  Ukrainian grain exports have fallen by 30% year over year due to Russia’s attacking of port cities, with 5.2 mmt of wheat exported for the season, which is down 12% from last year.
• While Australia’s wheat crop has struggled with hot and dry conditions, harvest has been ahead of pace with yields so far coming in better than expected, but still more than a third below 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. 

All prices as of 10:30 am Central Time

• Corn is trading lower near midday, after trading higher earlier this morning following friendly Producer Price Index data, which showed inflation receding. Yesterday’s CPI data was also friendly and brough the dollar to a two-month low.
• This morning, private exporters reported a flash sale of 124,000 metric tons of corn for delivery to Japan during the 2023/2024 marketing year.
• Values of corn on a FOB basis have shown a discount for US corn compared to Brazil, but Brazilian exports remain active with ANEC expecting November shipments at 8.3 mmt.
• The severe drought in the Amazon region of Brazil has caused water levels on rivers used for grain transportation to fall lower than expected, which is limiting barge movement for corn and soybeans.

• Soybeans are trading lower today, after giving up earlier strength from overnight. Soybean meal is slightly lower, while soybean oil is higher.
• Brazilian soybean exports are expected to reach 5.106 million tons in November, which would compare to 1.918 in the same month a year ago.
• NOPA October US soybean crush is expected to be a record 187.237 mb. If that number is realized, October crush would be up 13.2% from September’s crush of 165.456 mb.
• Analysts are expecting that the El Nino weather pattern will support crude palm oil prices, as major palm oil producing countries’ output will likely decline in 2024.

• Wheat is mixed today, with Chicago and Minneapolis are slightly lower, but KC higher after yesterday’s friendly CPI data, and today’s friendly PPI data caused the dollar to drop significantly, showing that inflation may be easing.
• Ukrainian grain exports have fallen by 30% year over year due to Russia’s attacking of port cities with 5.2 mmt of wheat exported for the season, which is down 12% from last year.
• Wheat production in Kazakhstan has fallen by an estimated 5.6% from the last update or 13.0 mmt due to heavy rains and a delayed harvest.
• Russia continues to dominate global wheat exports with the cheapest wheat available, and US exports have fallen sharply to the lowest levels in 52 years.

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 trading mixed near midday on the heels of yesterday’s rally, but prices are nearing resistance at the 40 and 50-day moving averages which are near $4.97 in March.
• Today, private exporters reported a flash sale in the amount of 101,745 metric tons of corn for delivery to Mexico during the 23/24 marketing year.
• For the week ending November 9, the U.S. inspected 609k tons of corn for export which compared to 575k tons a week prior and 536k a year ago.
• France raised its estimates for its corn crop due to beneficial weather and is now seeing the crop at 12.5 million tons which is up from October’s estimate of 12.1 mmt.

• Soybeans are trading lower today after yesterday’s impressive soybean meal led the rally, as chances for rain in northern Brazil over the next 7 days are reportedly improved.
• Soybean meal is trading slightly lower today, but is not far from yesterday’s contract high, as strong meal exports support the futures. Soybean oil is trading higher, along with palm oil and crude oil.
• Analysts are expecting that the El Nino weather pattern will support crude palm oil prices, as major palm oil producing countries’ output will likely decline in 2024.
• Brazilian soybean planting is reportedly 61% complete for 23/24, which compares with 51% the prior week. Due to the dry weather in Mato Grosso, Ag Rural has cut the state’s output by 1.1 million tons.

• Wheat has turned higher after a lower start and now all three contracts are higher, with the most gains in the Minneapolis contract. Prices remain just off their recent lows.
• Crop progress showed that 93% of the winter wheat crop was planted and 81% emerged, but the good to excellent rating slipped by 3 points to 47% and 17% rated poor to very poor.
• The Consumer Price Index increased by less than expected, which could cause the Fed to abstain from another rate hike. This has caused the stock market to rally and the US dollar to fall sharply, which is supportive for wheat.
• Prices remain near contract lows due to poor export sales. Yesterday, weekly export inspections were a meager 207k tons, down 26% from the previous 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. 

All prices as of 10:30 am Central Time

All prices as of 10:30 am Central Time

Corn DEC ’23 472.5 8.5 MAR ’24 488 9 DEC ’24 513.5 6.75 Soybeans JAN ’24 1377 29.5 MAR ’24 1389 28.25 NOV ’24 1300.25 20.5 Chicago Wheat DEC ’23 576.25 1 MAR ’24 600.25 1 JUL ’24 628.5 -0.25 K.C. Wheat DEC ’23 638 -2 MAR ’24 648.5 -2.25 JUL ’24 660.75 -3 Mpls Wheat DEC ’23 731.25 0.75 MAR ’24 743.5 1 SEP ’24 768.5 -5.5 S&P 500 DEC ’23 4422.25 -8.25 Crude Oil JAN ’24 78.08 0.93 Gold JAN ’24 1949.1 1.1

Corn is trading unchanged to slightly higher in quiet trade, with support from higher soybean prices. This morning, December corn made a new two year low at $4.61. This morning, private exporters reported a flash sale of 143,637 metric tons of corn for delivery to Mexico during the 23/24 marketing year. Exports have been slow, and most sales have been to Mexico. In Brazil, the northern regions remain hot and dry with temperatures expected to rise. This will likely cause replanting of soybeans, which would delay safrinha corn planting. Domestically, ethanol margins are very profitable despite prices falling to two-year lows. Export demand for corn would be very poor without the business from Mexico.

Soybeans are trading sharply higher near midday, after gapping higher on Sunday night’s open and receiving support from a rally in soybean meal that has the December contract at new contract highs. Soybean oil is slightly lower despite higher crude oil. Due to Brazil’s hot and dry weather, it is being estimated that 20-25% of the soybean crop will need to be replanted, which would also have implications for corn plantings. This morning, private exporters reported a flash sale of 204,000 metric tons of soybeans for delivery to China during the 2023/2024 marketing year. The USDA announced over 100 million bushels of soybean sales last week, which were mainly to China in a big turnaround from the low exports a few months ago.

All three wheat products are trading lower despite sharply higher soybeans and higher corn as the lack of export sales weighs on prices. According to the Buenos Aires Grain Exchange, the 23/24 wheat crop production is still at 15.4 mmt, but harvest has advanced to 14.4% complete, versus 9.3% last week. In last week’s WASDE report, Russian wheat production was estimated higher by 5 mmt to 90 mmt, but world wheat ending stocks are still forecast to be the lowest in 15 years. While Russia has been dominating global exports, last week their FOB values moved higher by $5-$7/mt in a sign that global prices may be increasing.

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 unchanged to slightly higher in quiet trade, with support from higher soybean prices. This morning, December corn made a new two year low at $4.61.
• This morning, private exporters reported a flash sale of 143,637 metric tons of corn for delivery to Mexico during the 23/24 marketing year. Exports have been slow, and most sales have been to Mexico.
• In Brazil, the northern regions remain hot and dry with temperatures expected to rise. This will likely cause replanting of soybeans, which would delay safrinha corn planting.
• Domestically, ethanol margins are very profitable despite prices falling to two-year lows. Export demand for corn would be very poor without the business from Mexico.

• Soybeans are trading sharply higher near midday, after gapping higher on Sunday night’s open and receiving support from a rally in soybean meal that has the December contract at new contract highs. Soybean oil is slightly lower despite higher crude oil.
• Due to Brazil’s hot and dry weather, it is being estimated that 20-25% of the soybean crop will need to be replanted, which would also have implications for corn plantings.
• This morning, private exporters reported a flash sale of 204,000 metric tons of soybeans for delivery to China during the 2023/2024 marketing year.
• The USDA announced over 100 million bushels of soybean sales last week, which were mainly to China in a big turnaround from the low exports a few months ago.

• All three wheat products are trading lower despite sharply higher soybeans and higher corn as the lack of export sales weighs on prices.
• According to the Buenos Aires Grain Exchange, the 23/24 wheat crop production is still at 15.4 mmt, but harvest has advanced to 14.4% complete, versus 9.3% last week.
• In last week’s WASDE report, Russian wheat production was estimated higher by 5 mmt to 90 mmt, but world wheat ending stocks are still forecast to be the lowest in 15 years.
• While Russia has been dominating global exports, last week their FOB values moved higher by $5-$7/mt in a sign that global prices may be increasing.

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.