Midday

All prices as of 10:30 am Central Time

• Corn is trading unchanged to lower near midday as traders wait for next week’s WASDE numbers to be released.
• Net corn sales for 23/24 were 949,700 mt and were primarily to Mexico, unknown destinations, and Columbia, while exports of 515,000 mt brought total exports to 39,469,100 mt which is down 34% from last year.
• Planting estimates for corn are very large at 94.1 million acres, so even with lower yields, ending stocks should come in near 2 billion bushels.
• Brazil’s export group, ANEC, has reported that exports for September are projected to hit 9.67 mmt which is up significantly from the previous year which was 6.85 mmt.

• Soybeans are trading slightly higher after opening on a lower note. Soybean meal is higher, while front month soybean oil is lower and deferred contracts are higher.
• For the week ending August 31, 2023, the USDA reported an increase of 5.7 mb in 22/23 and an increase of 65.5 mb for 23/24.
• Last week’s export shipments of 44.9 mb produced total shipments of 1.992 billion bushels for 22/23.
• Argentina’s soy crop for 23/24 is seen jumping 138% from the previous drought year with planted acres set to expand by 5.6%.

• Wheat is mixed with Chicago and Minneapolis slightly lower and KC slightly higher with very little fresh news to drive the market.
• There is pressure coming from rain in the forecast for Texas, Oklahoma, and Kansas which should help with winter wheat planting conditions.
• The USDA reported an increase of 13.6 mb of wheat export sales for 23/24 and an increase of 0.4 mb for 24/25. Last week’s export shipments were 11.6 mb and below the 14.0 mb needed.
• Ukraine is now attempting to export grains through Croatian ports after Russia’s attacks on the Danube and Black Sea ports damaged infrastructure.

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 has been on both sides of unchanged near midday as markets trade quietly ahead of Tuesday’s USDA report. Hot and dry conditions are causing harvest to begin a bit early.
• StoneX revised their national corn yield estimate to 175 bpa, which is 2 bpa below their previous estimate but in line with the USDA’s last estimate.
• Average estimates for next week’s WASDE report from RJO Brien show corn yields at 173.4 bpa with an ending stocks number of 2,134 mb.
• Brazil’s export group, ANEC, has reported that exports for September are projected to hit 9.67 mmt which is up significantly from the previous year which was 6.85 mmt.

• Soybeans are trading lower along with both soy products, but soybean oil is down sharply despite the recent rally in crude oil. Falling palm oil prices have weighed on soybean oil.
• The hot and dry conditions have really taken a toll on soybeans, giving the feeling that the crop is shrinking. Expectations are that the next crop progress report will show a further drop of crop ratings by 2-3%.
• RJO Brien released estimates for Tuesday’s WASDE report with the average trade guess for soybean yields at 50.1 bpa and 23/24 ending stocks at a very tight 213 mb.
• Customs data has shown that China’s soy imports for August have risen to 9.36 mmt which is up 31% from a year ago, and total imports for the first 8 months are at 71.6 mmt.

• As of midday all three wheat classes are lower after a failed rally attempt earlier in the session.  Weather concerns in some major exporting countries have been supportive of prices.
• While Ukraine has been attempting to export wheat via their own corridor, Russia has continued their drone attacks on both the Black Sea and Danube River ports limiting Ukraine’s export capabilities.
• In Australia’s wheat areas, dryness is expanding after the Bureau of Meteorology revealed that August rain amounts were down nearly 50% from the 30-year average which is detrimental to the crop.
• In Brazil, wheat areas are receiving too much rain with flooding rains in Parana and Rio Grande do Sul threatening yields.

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 higher near midday after yesterday’s Crop Progress report showed a sharper than expected drop in ratings.
• The good to excellent rating fell by 3% to 53% which is the lowest reading since the 2012 drought year. Illinois ratings fell by 10% and Iowa fell by 5%.
• Ag Rural has reported that Brazil’s second crop corn is now nearing 88% harvested, while their first corn crop is nearing 13% planted.
• Weather forecasts for the next 6 to 10 days are trending cooler for the entire Corn Belt with above average precipitation expected for the western Corn Belt.

• November soybeans gapped higher yesterday evening but have moved slightly lower. Soybeans are still trading higher along with soybean meal, while soybean oil is lower.
• Yesterday’s crop ratings showed the good to excellent rating for soybeans falling sharply by 5% to 53%. The poor to very poor rating also increased by 3% to 17%. These are the worst ratings since 2012.
• Soybean export demand has remained active with another sale yesterday announced of 9.2 mb to unknown destinations. This brings new crop total sales to 526 mb.
• Oil World sees Palm oil prices rising by more than 10% in the coming months amid poor production growth. The decline of palm oil production should raise dependence on soybean, sunseed, and rapeseed.

• Wheat is trading higher today as global wheat production in countries apart from Russia is seen falling, and as Russia attacked more port cities in Ukraine.
• Overnight, Russia sent drones to both the Odesa and Danube River ports delivering three-hour drone strikes which damaged several agricultural and port facilities.
• The Australian wheat crop has suffered heat and drought and is now being estimated at just 25.4 mmt which would be down 36% from last year.
• SovEcon has raised their estimates for Russian 23/24 wheat exports to 48.6 mmt citing increases in the production 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 higher and has rebounded from today’s earlier lows as the hot and dry weather over the weekend likely did further damage to the crop.
• Later this afternoon, the Crop Progress report will be released, and most analysts expect the good to excellent rating to fall by 2-3 percentage points.
• Basis bids for corn shipped by barge to the U.S. Gulf Coast were higher on Friday as the low Mississippi River water levels slow the flow of grain.
• The Brazilian second crop corn harvest is nearing completion and record production is expected but planted acres of corn for 23/24 are expected to shrink.

• While corn prices have recovered, soybeans have not and are trading lower along with both soybean meal and oil despite poor weather and another flash sale this morning.
• Private exporters reported sales of 251,000 metric tons of soybeans for delivery to unknown destinations during the 2023/2024 marketing year.
• Crude oil is trading sharply higher today after Saudi Arabia said that it would extend the voluntary cut of 1 million barrels per day until the end of the year. This should be supportive to soybean oil.
• The Energy Department reported that a record 1.27 billion pounds of bean oil were consumed for biofuels which is up 49% from a year ago.

• All three wheat products are trading higher today following a weekend attack on a Ukrainian port by Russia, and Putin announcing that he would not renew the grain deal after meeting with Turkey.
• Russia booked a sale of wheat to Egypt in a private tender selling 480,000 mt over the weekend. Russia was passed over by Egypt for their previous two sales.
• Russian exporters are reportedly offering wheat at $245-$250/mt FOB versus the recommended government floor level of $270/MT.
• The Argentinian wheat crop has been struggling with dry conditions, but recent rainfall may have been enough to relieve the 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. 

The CME and Total Farm Marketing offices will be closed
Monday, September 4, in observance of Labor Day

 

All prices as of 10:30 am Central Time

• Corn is trading higher at midday to start the month as heat and dryness remain in the forecast over the next 7 days and may threaten yields.
• There were zero deliveries tendered against the September futures contracts.
• September’s WASDE report may show reduced yield numbers but may also show increases in acreage, which could offset some of the production from yield loss.
• US corn demand has picked up with export sales reported at 39 mb yesterday from 23/24 as the US has become competitive with Brazil.

• Soybeans are relatively unchanged and have slipped from their earlier morning highs. Soybean meal is lower, while soybean oil is higher thanks to higher crude oil.
• There were zero deliveries against September soybean futures and both soy products.
• There are slight chances for better rainfall in the middle of the Corn Belt over the next 7 days, but the benefits may be limited with harvest nearing.
• Barge rates are soaring to over 42% this year as water levels in the Mississippi River fall again with little rain forecast to help. Barge rates are currently 85% over the 3-year average.

• All three wheat contracts are trading higher with KC leading the way to start the month. Contract lows were made yesterday as reports that the spring wheat harvest may reveal better yields than expected.
• On Monday, Putin and Edrogan from Turkey are expected to meet to discuss renewing the Black Sea grain deal.
• Ukraine has been using its own humanitarian corridor to export grains with two more vessels leaving the region earlier today.
• Australia has been dealing with hot and dry weather which has seriously impacted yields lowering their wheat outlook. China is a key buyer for Australian wheat.

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 CME and Total Farm Marketing offices will be closed
Monday, September 4, in observance of Labor Day

 

All prices as of 10:30 am Central Time

• Corn is trading slightly higher after opening lower last night as trade remains quiet, but the hot and dry weather forecast may be giving prices some support.
• Corn export sales for 22/23 were 71,700 mt which was down 39% from the prior 4-week average. Sales for 23/24 were 991,800 mt, and exports were 663,400 mt, which was up 34% from the previous week.
• Temperatures in the Corn Belt are expected to reach the 90’s and 100’s with virtually no rain expected which could cause the crop to mature too quickly.
• The EIA reported yesterday that ethanol production in the US fell by 5.2% last week, but inventory was down 50 million gallons due to increased gasoline demand.

• Soybeans are trading lower at midday with soybean meal lower as well, but soybean oil higher with support from higher crude oil.
• Export sales were good overall despite net sales reductions for 22/23 of 50,700 mt which was a marketing year low. For 23/24, sales were 1,123,800 mt and were primarily to unknown destinations and China. Exports of 319,700 mt were down 29% from the previous week.
• Some crop scouts and analysts are expecting yields for the soybean crop to fall below 50 bpa which would be down 2 bpa from current USDA projections.
• In India, record low levels of rain are being reported which may require larger imports of vegetable oils for the month of August.

• Wheat began the day lower but has recovered and is now trading higher in Chicago wheat while KC is unchanged, and Minneapolis is lower.
• There were significant deliveries against the September wheat contracts with 1,113 contracts of Chicago wheat delivered, which was more than expected, 168 contracts against KC, and very few commercial takers of the deliveries.
• Egypt’s GASC tendered yesterday for wheat and ended up buying 120,000 mt of French and 120,000 mt of Romanian wheat, and both were offered more cheaply than Russian wheat.
• The consultant firm IKAR raised their estimate for Russian wheat production to 91 mmt and are projecting wheat exports there to be 49.5 mmt.

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

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

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

All prices as of 10:30 am Central Time

• Corn began the morning trading higher but has slipped and is now lower despite a hot and dry forecast expected to last over the next 14 days.
• There are concerns that water levels on the Mississippi River will be low again this year which would impact barge traffic and shipping.
• Rains continue to fall in Brazil which is keeping the harvest pace slow but also may create an early planting possibility in September.
• Brazilian corn exports in the month of August are expected to reach 9.19 million tons versus 6.89 million tons in the same month a year ago.

• Soybeans also began the day on a higher note but have moved lower and have now filled the gap left over the weekend. Soybean meal is lower along with soybean oil front months, while deferred soybean oil contracts are higher.
• The 14-day forecast which is hot and dry would be expected to offer support, but prices seem to be running into some resistance at the 14-dollar level in November.
• This morning, the USDA reported a sale of 10.0 mb of new crop soybeans to unknown destinations which comes after a string of recent export sales.
• Crush demand has been firm as margins increase with one bushel of 14-dollar soybeans reportedly able to be crushed into 17.35 worth of soybean meal and oil.

• Wheat is mixed with Chicago trading higher but KC and Minn contracts lower as prices struggle to find support despite tight ending stocks.
• Both US and HRW wheat are expecting their second-lowest ending stocks-to-use ratios in 10 years, but the lack of export demand is weighing on prices.
• Wheat production in Canada is expected to be 14.2% lower than last year’s crop, according to estimates released Tuesday by Statistics Canada on its website.
• Fighting escalated between Russia and Ukraine again last night after Ukraine fired several drones into Russia and reportedly destroyed some Russian military planes.

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 at midday following crop progress that showed less deterioration of the crop than previously expected by trade.
• Temperatures were in the 60’s this morning through the Corn Belt with showers near the Oklahoma panhandle, but conditions are dry otherwise and are forecast to be hot and dry over the next 14 days.
• Crop progress showed corn’s good to excellent rating falling to 56% from 58% last week and the average trade guess being 55%. 88% of the crop is in the dough stage, 51% is dented compared to 35% last week, and 9% is mature compared to 4% a week ago.
• Brazil is currently harvesting their safrinha corn, but harvest pace is slow due to wet conditions in the South. Brazil’s total corn crop for 23/24 is projected at 133 mmt.

• Soybeans are trading slightly lower and have come off the earlier morning lows with a recovery by soybean oil, while soybean meal trades lower.
• Surprisingly, yesterday’s crop progress data showed little degradation in the soybean crop with good to excellent ratings falling only one point to 58% despite the heat and dry weather.
• This morning private exporters reported a sale of 246,100 metric tons of soybeans to delivery to unknown destinations for 23/24, and a sale of 105,000 metric tons of soybean cake and meal to unknown destinations for 23/24.
• Argentina is attempting to encourage farmer selling by possibly implementing a temporary forex rate for processors where 75% of revenues are exchanged at the official rate of about 350 pesos per dollar and the other 25% could be sold on parallel markets trading at more than 700 pesos per dollar.

• Wheat is trading lower again as it continues its lower trend, and December Chicago wheat has taken out its contract low as prices slump during harvest.
• Yesterday’s crop progress said 54% of the spring wheat crop was harvested and 37% of it was rated good to excellent. Minnesota has the best crop ratings at 63% good to excellent and Washington is the worst at 25%.
• Russia is currently harvesting their wheat crop which is estimated at a huge 85.0 mmt for 23/24 and will likely be big enough for them to maintain their hold on world wheat exports again.
• The President of Turkey is expected to meet with Vladimir Putin next week to discuss the grain deal with hopes Russia will agree to renew it.

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 higher this morning as more hot and dry weather is forecast over the next 7 days which could impact crop ratings further. Yield estimates are between 173 and 177 bpa.
• The Pro Farmer tour wrapped up last week with an average national yield guess of 172 bpa. The USDA typically estimates yields a few bpa higher than this crop tour.
• A flash sale was reported this morning of 123,000 metric tons of corn for delivery to Mexico during the 23/24 marketing year.
• US corn exports have become more competitive with Brazil after a rise in Brazil’s basis levels.

• Soybeans are trading higher this morning, along with both soybean meal and oil, as markets trade the hot and dry weather forecast which could cause the crop to deteriorate further.
• Pro Farmers crop tour ended last week with an average yield estimate of 49.7 bpa, which compares to the USDA’s guess of 50.9 bpa.
• A flash sale was reported for soybeans this morning of 296,000 metric tons for delivery to unknown destinations for the 23/24 marketing year.
• Exports have picked up for soybean meal as Argentina’s exports slip 27% from a year ago. Argentina’s crushing production has been limited due to their small soybean crop.

• Wheat is trading lower again to begin the week as prices hover near their lows, but are unable to gain momentum higher with the US completing harvest and Russia selling wheat so cheaply.
• A second ship that has left Ukraine through the Black Sea in Ukraine’s new humanitarian corridor safely reached Romania despite Russia backing out of the grain deal.
• There is dryness in both Argentina and Australia that could impact wheat yields, and India is having weather issues too which could impact their production.
• Yields for spring wheat in Minnesota and North Dakota are expected to be better than trade initially thought. This is in contrast to the USDA which has shown poor crop conditions.

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

• Chairman Powell spoke this morning, indicating that the Federal Reserve may issue more interest rate increases to combat inflation. EU inflation is higher than in the US, so there is also talk that their central bank may raise interest rates as well.
• There are still concerns about China’s economy and what that might do to demand for goods and food. The Shanghai Composite Index had the lowest close for the year so far. This index tracks stocks on the Shanghai Stock Exchange, and is one barometer for their economy.
• Corn has traded both sides of neutral so far this morning, which is a bit disappointing given the recent heat and dryness. With that said, temperatures for much of the Midwest are cooling off and will continue to do so into the weekend.
• Brazil may get some decent rains over the next week or so in the central and southern regions. This may cause harvest delays, but the moisture will help planting in the long run.
• November corn on China’s Dalian Exchange closed at the equivalent of $9.43 per bushel, giving them plenty of incentive to import. However, Brazil is likely to get most of that business, keeping pressure on US exports.

• Private exporters reported sales of 121,000 mt of soybeans for delivery to China during the 23/24 marketing year.
• Both the 6-10 and 8-14 day forecasts are mostly dry and warm for the Midwest, which may cause further stress to the crop.
• October soybean meal saw an $11.10 gain yesterday, offering support to beans and incentivizing processors to crush.
• November soybeans on China’s Dalian Exchange closed at a new high this year, at the equivalent of $19.03 per bushel.

• Chi wheat has traded both sides of neutral this morning, but is lower at midday. Pressure is being added by the US Dollar Index, which continues to trend higher, reaching the highest level in almost three months.
• Stats Canada will release crop production estimates on Tuesday, August 29. There is some expectation that their wheat production will fall below the USDA estimate of 33 mmt, due to the dry weather they have experienced.
• According to consultancy group, Agritel, Russia’s 23/24 wheat exports are expected to be record large at 49 mmt. Additionally, the production estimate from Sov Econ is up 5 mmt from last month.
• Reportedly, Turkey is advocating for the re-opening of the Black Sea export corridor. They are encouraging Russia to allow this to take place and government officials may be meeting with Putin.
• Ag Resource has reduced their projection of the Argentina wheat crop from 17.5 mmt to 15.9 mmt.

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

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