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• Corn futures are trading lower to start the day but have worked off their overnight lows and may post gains on the day. December corn is down 2-1/2 cents to $4.31-3/4 while March is down 2-3/4 to $4.44-3/4.
• A Bloomberg survey shows that the estimates for corn export sales for the week ending October 23 are within a range of 1,100k and 2,100k tons with an average guess of 1,475k tons. This would compare to 2,342k tons a year ago.
• The U.S. and Japan finalized and signed a trade agreement on Tuesday. Over the past five years, Japan has imported an average of $14.3 billion in U.S. agricultural products, with corn accounting for roughly 18% of that total.

Corn Futures Close Above Resistance: Corn futures managed to close above structural resistance in a zone between 430 and 432, but did so in a quiet and unconvincing fashion. Minor support has been established at the bottom side of the zone, near 430. Technical resistance can be found above at the 200-day moving average, near 441.

• Soybean futures are trading higher but have been extremely volatile since the Chinese trade talks and have been in a 33 cent trading range overnight. November soybeans are currently up 6-1/2 cents at $10.86-3/4 and have climbed back from a low of $10.57. March soybeans are up 6 cents to $11.11-1/4, December bean meal is up $3.10, and December bean oil is down 0.28 cents to 49.87 cents.
• President Trump and Xi came to some good agreements regarding trade last night with China agreeing to buy 12 mmt of soybeans this season and a minimum of 12 mmt per year for the next 3 years. Each country has lowered tariffs on the other, and the trade truce has been extended for a year.
• Estimates for export sales as of October 23 see soybeans in a range between 700k and 1,600k tons with an average guess of 1,200k which would compare to 2,136k a year ago.

Soybeans Break Higher: Soybean futures secured their second consecutive close above the trading range that has bound prices for over a year. This could encourage additional technical buying. Strong psychological resistance should be expected as prices approach 1100, with support at the gap, near 1063.

• All three wheat classes are trading lower but have come back from overnight lows. December Chicago wheat is down 5 cents to $5.27-1/4, KC is down 6-3/4 to $5.16, and Minn wheat is down 3 cents to $5.57-1/2.
• Argentina and Australia will soon be harvesting record wheat crops. The Argentina crop is estimated near 23 mmt compared to the USDA estimate of 19.5. The Australian crop is estimated at 38 mmt compared to USDA’s estimate of 34.5.
• Estimates for wheat export sales for the week ending October 23 are in a range between 350k and 900k tons with an average guess of 613k tons. This would compare to 411k tons last year.

Chicago Wheat Breaks Higher: Wheat futures broke through key technical resistance at the 100-day moving average. The 100-day moving average had previously capped any price rallies since late July. With the 100-day moving average now serving as support, the first point of technical resistance can be found at the 200-day moving average, near 539.

KC Wheat Continues Higher, Approaches Resistance: KC wheat has trended higher following a strong daily reversal on October 14. Prices have since managed to break through technical resistance at the 50 and 100-day moving averages and are approaching structural resistance from a previous consolidation phase, near 529. Support can be found at the 100-day moving average, near 517.

Spring Wheat Builds Momentum, Tests Resistance: Spring wheat futures found support near 545 and reversed higher with enough momentum to begin retesting resistance at the 50-day moving average, near 566. Prices have not yet been successful in breaking through this level. A second point of resistance can be found at the 100-day moving average, near 586. Support lies below at 545.

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 futures are trading slightly lower this morning after failing to break through technical resistance during yesterday’s session. December futures are down 3/4 cent to 431-1/4. March futures are 1-1/2 cents lower to 444-1/2.
• The U.S. and Japan finalized and signed a trade agreement on Tuesday. Over the past five years, Japan has imported an average of $14.3 billion in U.S. agricultural products, with corn accounting for roughly 18% of that total.
• December corn futures have gained 17 cents since October 14. Producer selling will likely continue to pressure any additional rallies.

Corn Futures Test Resistance: Corn futures rebounded from the 410 level, a key area of structural support. Prices have since broken through resistance at the upper end of their short-term trading range near 424. However, prices were unable to break structural resistance near 430. The 430 level continues to serve as an area of strong technical resistance.

• Soybean futures have slipped lower following their impressive rally since Monday. November futures are down 6 cents to 1072-1/4. January futures are down 6-1/4 cents to 1089.
• President Trump and Chinese President Xi are scheduled to meet this Thursday to discuss a potential trade deal. Treasury Secretary Bessent indicated that China is expected to resume ‘substantial’ purchases of U.S. soybeans, with the planned 100% tariff for November 1 reportedly withdrawn.
• According to StoneX analyst Arlan Suderman, China may need between 5 and 10 million metric tons of soybeans to cover a supply gap before new-crop Brazilian beans become available early next year.

Soybeans Break Higher: Soybean futures have continued to move higher as the market takes an optimistic stance regarding trade tensions with China. Soybean prices gapped higher and closed near the upper end of their trading range from the past year. Strong psychological resistance should be expected as they approach 1100, with support at the gap, near 1063.

• Wheat has followed corn and soybeans lower this morning. December Chicago wheat is down 1-1/2 cents to 527-1/2, KC is down 3/4 cent to 519-1/4, and Minn is down 1 cent to 561.
• Speculative traders were estimated to have purchased around 5,500 Chicago wheat contracts Monday, reducing their net short position to below 90,000 contracts. Open interest fell by roughly 6,000 contracts, indicating potential short covering.
• Argentina and Australia will soon be harvesting record wheat crops. The Argentina crop is estimated near 23 mmt compared to the USDA estimate of 19.5. The Australian crop is estimated at 38 mmt compared to USDA’s estimate of 34.5.

Chicago Wheat Breaks Higher: Wheat futures broke through key technical resistance at the 50-day moving average in a strong fashion. Prices tested resistance at the 100-day moving average, but were unable to close above it. Support lies below at the 50-day moving average, near 517. The 100-day moving average continues to serve as resistance, near 528.

KC Wheat Continues Higher, Approaches Resistance: KC wheat has trended higher following a strong daily reversal on October 14. Prices have since managed to break through technical resistance at the 50-day moving average but were unsuccessful at breaking through the 100-day. The 50-day moving average will now serve as technical support, near 505. The 100-day moving average serves as technical resistance, near 518.

Spring Wheat Builds Momentum, Tests Resistance: Spring wheat futures found support near 545 and reversed higher with enough momentum to begin retesting resistance at the 50-day moving average, near 567. A second point of resistance can be found at the 100-day moving average, near 587. Support lies below at 545.

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 futures are trading higher again this morning on optimism over a Chinese trade deal this Thursday. Dec futures came within 1/4 cent of filling the gap from July 3rd. Dec corn is up 2-1/2 cents to $4.31-1/4 while March is up 2-1/2 cents to $4.46-3/4.
• According to a Bloomberg poll, the corn harvest is estimated to be 73% complete with guesses ranging between 69 and 80%. This would compare to the survey average of 59% last week and 81% a year ago.
• Yesterday, the USDA said that the US inspected 1,188k tons of corn for export as of October 23. This compared to 1,325k last week and 860k tons a year ago at this time. This is up 38.1% year over year. Top destinations were to Mexico, Colombia, and Korean Rep.

Corn Futures Test Resistance: Corn futures rebounded from the 410 level, a key area of structural support. Prices have since broken through resistance at the upper end of their short-term trading range near 424. However, prices were unable to break structural resistance near 430. The 430 level continues to serve as an area of strong technical resistance.

• Soybean futures are higher again today as trade anticipates a trade deal with China incoming. Prices reached their highest levels since October 2024. November soybeans are up 9-1/2 cents to $10.76-3/4 and March is up 10-3/4 cents to $11.06-1/4. December soybean meal is up $3.90 to $302.10 and Dec bean oil is down 0.39 cents to 50.39 cents.
• Surveys estimate that 84% of the soybean crop is now harvested with guesses ranging between 80 and 88%. This would compare to 74% at this time a week ago and 89% a year ago.
• Yesterday’s export inspections report saw 1,061k tons of soybeans inspected for export which compared to 1,590k last week and 2,631k tons a year ago. Top destinations were to Mexico, Egypt, and Italy.

Soybeans Break Higher: Soybean futures have continued to move higher as the market takes an optimistic stance regarding trade tensions with China. Soybean prices gapped higher and closed near the upper end of their trading range from the past year. Strong psychological resistance should be expected as they approach 1100, with support at the gap, near 1063.

• Wheat is higher this morning as funds exit short positions as they expect stronger export sales to come. December Chicago wheat is up 5-1/4 cents to $5.31-1/4, KC is up 4-1/2 to $5.19, and Minn is up 4-1/2 cents to $5.64-3/4.
• Estimates see winter wheat plantings at 85% complete with a range of 81 to 89%. This would compare to last week’s progress of 76%. Crop conditions are estimated at 50% good to excellent with a range of 44-55%, and this would compare to 38% last year at this time.
• Yesterday’s export inspections saw wheat at 259k tons which compared to 493k last week and 295k tons a year ago at this time. Top destinations were to Korean Rep, Vietnam, and Japan.

Chicago Wheat Breaks Higher: Wheat futures broke through key technical resistance at the 50-day moving average in a strong fashion. Prices tested resistance at the 100-day moving average, but were unable to close above it. Support lies below at the 50-day moving average, near 517. The 100-day moving average continues to serve as resistance, near 528.

KC Wheat Continues Higher, Approaches Resistance: KC wheat has trended higher following a strong daily reversal on October 14. Prices have since managed to break through technical resistance at the 50-day moving average but were unsuccessful at breaking through the 100-day. The 50-day moving average will now serve as technical support, near 505. The 100-day moving average serves as technical resistance, near 518.

Spring Wheat Builds Momentum, Tests Resistance: Spring wheat futures found support near 545 and reversed higher with enough momentum to begin retesting resistance at the 50-day moving average, near 567. A second point of resistance can be found at the 100-day moving average, near 587. Support lies below at 545.

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 futures are trading sharply higher with prices a penny off their highs from September. December is up 7 cents to $4.30-1/4 and March is up 7-1/2 cents to $4.44-1/2. The next target would be the 200-day moving average at 4.37 for December.
• While traders still anticipate a very large crop to be harvested this season, export demand has been very strong, and there is a possibility that the USDA could increase demand on the balance sheet. Harvest is now past the halfway point.
• With the continued government shutdown, we can only estimate fund activity. Over the past 5 days, funds are estimated to have bought back 6,000 contracts of corn and are likely buying back a significant amount today. Funds still hold a net short position.

Corn Futures Find Support: Corn futures rebounded from the 410 level, a key area of structural support. Prices have since broken through resistance at the upper end of their short-term trading range near 424. However, prices were unable to break structural resistance near 430. The 430 level continues to serve as an area of strong technical resistance.

• Soybean futures are sharply higher this morning thanks to news that a Chinese trade deal is likely. November soybeans are up 23-1/2 cents to $10.65-1/4 while March is up 19-1/2 cents to $10.93-1/4. December soybean meal is up $3.70 to $297.80 and December soybean oil is up 0.50 cents to 50.77 cents.
• Overnight, US Treasury Secretary Bessent told the US Sunday new programs that when China’s Xi and President Trump announced a trade deal on Thursday, US farmers would feel very good about this season and the next few years. This immediately brought prices higher.
• Over the past 5 trading days, funds are estimated to have bought 11,000 contracts of soybeans which would add to their already net long position. They were net buyers of both meal and bean oil.

Soybeans Retest Overhead Resistance: Soybean futures have continued to move higher as the market takes an optimistic stance regarding trade tensions with China. Prices are retesting overhead resistance near 1062. A second point of resistance can be found near 1080, a level that has not been traded above for over a year. Support can be found in a band of moving averages near 1026.

• Wheat is significantly higher to start the day with December Chicago wheat up 13-1/2 cents to $5.26, KC wheat up 12-3/4 to $5.14-1/4, and Minn wheat up 9 cents to $5.66. Chicago wheat is nearly 35 cents off its recent low.
• The IGC raised its estimate for global grain stockpiles on wheat and corn for the 25/26 season. Wheat stockpiles have been increased to 275 mmt from 270 mmt in a previous estimate.
• The Buenos Aires Grain Exchange updated their estimates for wheat planting progress in Argentina. Production is estimated at 22.0 mmt which would compare to 18.6 mmt last year. 5.3% of the crop has been harvested at this point.

Chicago Wheat Approaches Resistance: Wheat futures found support soon after breaking below the 502 level and have since continued to trend slightly higher. Prices are approaching key technical resistance near 517 at the 50-day moving average. Support can be found near 491, the near-term low.

KC Wheat Continues Higher, Approaches Resistance: KC wheat has trended higher following a strong daily reversal on October 14. Prices have risen to approach technical resistance at the 50-day moving average, near 505. Should prices break above, a second point of technical resistance can be found near 518 in the 100-day moving average. Support has been established near 477.

Spring Wheat Finds Support, Reverses Higher: Spring wheat futures found support near 545 and reversed higher in a strong fashion. The first point of technical resistance can be found at the 50-day moving average, near 567.

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 futures are trading slightly lower to start the day after solid gains yesterday and are still trading above the 100-day moving average. December corn is down 1-1/2 cents to $4.26-1/2 and March is down 1 cent to $4.40-1/4.
• Bloomberg estimates for the export sales report for the week ending October 16 that is postponed see corn sales in a range between 800k and 1,600k tons with an average guess of 1,275k tons which would compare to 4,184k tons a year ago.
• The Buenos Aires Grain Exchange updated its crop progress for Argentina with 33.8% of the crop reportedly planted which would be slightly ahead of last year. The 25/26 corn planted area is maintained at 7.8 million hectares.

Corn Futures Find Support: Corn futures rebounded from the 410 level, a key area of structural support. Prices have since risen and started to consolidate under structural resistance near 424. Should prices break above, and with both the 50 and 100-day moving averages now acting as technical support, the next point of technical resistance lies near 430.

• Soybean futures are lower to start the day with November soybeans down 1-3/4 cents to $10.43 and March down 1-1/4 cents to $10.74. December soybean meal is up $0.20 to $292.50 and December bean oil is down 0.19 cents to 50.68 cents.
• President Trump said he expects to reach a deal with China during the meeting with Xi on trade, soybeans, and potentially nuclear arms. This comes after a lot of waffling back and forth this week on whether or not a meeting would take place.
• Bloomberg estimates for the postponed export sales report see soybean sales in a range between 700k and 2,000k tons with an average guess of 1,200k tons. This would compare to 2,088k last year.

Soybeans Retest Overhead Resistance: Soybean futures found strength following dovish rhetoric regarding the current trade situation with China. Prices broke through strong technical resistance found in a band of major moving averages to retest the mid-September high. The next point of resistance can be found near 1062.

• Wheat is mixed to start the day with December Chicago wheat up 3/4 cent to $5.13-3/4, KC wheat up 1-3/4 to $5.01-3/4, and Minn wheat down 1-3/4 cents to $5.56-1/4. Chicago wheat is nearly 20 cents off its recent low.
• The IGC raised its estimate for global grain stockpiles on wheat and corn for the 25/26 season. Wheat stockpiles have been increased to 275 mmt from 270 mmt in a previous estimate.
• The Buenos Aires Grain Exchange updated their estimates for wheat planting progress in Argentina. Production is estimated at 22.0 mmt which would compare to 18.6 mmt last year. 5.3% of the crop has been harvested at this point.

Chicago Wheat Finds Support: Wheat futures found support soon after breaking below the 502 level and have since started to trend slightly higher. With support established near 491, the first point of technical resistance is near 517 at the 50-day moving average.

KC Wheat Reverses, Begins Trending Higher: KC wheat has trended higher following a strong daily reversal on October 14. Structural support lies below, near 477. The first point of technical resistance can be found at the 50-day moving average, near 506.

Spring Wheat Presses Lower: Spring wheat futures have failed to find solid support, trading at the lowest price since December 2020. The first point of strong resistance sits near 569 at the 50-day moving average. A second point can be found at the 100-day moving average, near 589. Technical support can be found near 540, the bottom of a consolidation range from December of 2020.

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 futures are trading higher this morning following yesterday’s gains and are now trading at the very top of the recent trading range. December futures are up 1-1/2 cents to $4.24-1/2 and March is up 2 cents to $4.37-3/4.
• U.S. corn harvest is estimated to be 60%–70% complete, though rains this week may slow progress. Basis levels around the country remain firm for harvest time, an encouraging sign of underlying demand.
• Bloomberg estimates for the export sales report for the week ending October 16 that is postponed see corn sales in a range between 800k and 1,600k tons with an average guess of 1,275k tons which would compare to 4,184k tons a year ago.

Corn Futures Find Support: Corn futures rebounded from the 410 level, a key area of structural support. Prices have since risen and started to consolidate under structural resistance near 424. Should prices break above, and with both the 50 and 100-day moving averages now acting as technical support, the next point of technical resistance lies near 430.

• Soybean futures are higher this morning following mixed prices yesterday where front months were higher and deferred lower. November soybeans are up 3-3/4 cents to $10.38-1/2 and March is up 5-1/4 cents to $10.68-1/4. December soybean meal is down $0.70 to $289.30 and December bean oil is up 0.67 cents to 50.74 cents.
• President Trump said he expects to reach a deal with China during the meeting with Xi on trade, soybeans, and potentially nuclear arms. This comes after a lot of waffling back and forth this week on whether or not a meeting would take place.
• Bloomberg estimates for the postponed export sales report see soybean sales in a range between 700k and 2,000k tons with an average guess of 1,200k tons. This would compare to 2,088k last year.

Soybeans Retest Overhead Resistance: Soybean futures found strength following dovish rhetoric regarding the current trade situation with China. Prices broke through strong technical resistance found in a band of major moving averages to retest the mid-September high. The next point of resistance can be found near 1062.

• All three wheat classes are trading higher this morning with December Chicago wheat up 1-1/2 cents to $5.05-1/4, KC wheat is up 3-1/4 cents to $4.91-3/4, and Minn wheat is up 1-3/4 cents to $5.49-1/2.
• It has been difficult to find supportive news for the wheat complex, but competitively priced U.S. offerings have kept export inspections running 20% ahead of last year’s pace as of Monday’s data.
• Bloomberg estimates see export sales for wheat for the week ending October 16 between 350k and 750k tons with an average guess of 563k tons. This would compare to 533k a year ago.

Chicago Wheat Finds Support: Wheat futures found support soon after breaking below the 502 level and have since started to trend slightly higher. With support established near 491, the first point of technical resistance is near 517 at the 50-day moving average.

KC Wheat Reverses, Begins Trending Higher: KC wheat has trended higher following a strong daily reversal on October 14. Structural support lies below, near 477. The first point of technical resistance can be found at the 50-day moving average, near 506.

Spring Wheat Presses Lower: Spring wheat futures have failed to find solid support, trading at the lowest price since December 2020. The first point of strong resistance sits near 569 at the 50-day moving average. A second point can be found at the 100-day moving average, near 589. Technical support can be found near 540, the bottom of a consolidation range from December of 2020.

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 futures are trading slightly higher this morning with December up 3/4 of a cent to $4.20-1/2 while March is also up 3/4 of a cent to $4.34-1/2. 
• Export inspections remain a bright spot for the corn market, with Monday’s totals holding 61% ahead of the same period last year.
• U.S. corn harvest is estimated to be 60%–70% complete, though rains this week may slow progress. Basis levels around the country remain firm for harvest time, an encouraging sign of underlying demand.

Corn Futures Find Support: Corn futures rebounded from the 410 level, a key area of structural support. Prices have since risen to retest overhead structural resistance near 424. Should prices break above, and with both the 50 and 100-day moving averages now acting as technical support, the next point of technical resistance lies near 430.

• Soybean futures are slightly higher this morning with November soybeans are up 3-1/4 cents to $10.34 and March is up 2-3/4 cents to $10.65-1/2. December soybean meal is down $0.70 to $286.20 and December soybean oil is up 0.11 cents to 50.75 cents.
• In comments yesterday, President Trump suggested that his upcoming meeting with Chinese President Xi may not occur. The ongoing back-and-forth, coupled with the lack of data during the government shutdown, has kept soybean traders hesitant to extend risk.
• Soybean oil futures were pressured Tuesday after the American Petroleum Institute reiterated its opposition to reallocating renewable volume obligations, a decision that the EPA has yet to announce.

Soybeans Retest Overhead Resistance: Soybean futures found strength following dovish rhetoric regarding the current trade situation with China. Prices broke through strong technical resistance found in a band of major moving averages to retest the mid-September high. The next point of resistance can be found near 1062.

• Wheat is trading mixed to start the day, December Chicago wheat is unchanged at $5.00-1/4, KC wheat is up a 1/4 cent to $4.85-1/4, and Minneapolis wheat is up a 1/2 cent to $5.45-1/4.
• Gold futures suffered their largest one-day drop in prices yesterday, adding pressure to other commodity markets. The decline followed a surge to new all-time highs above $4,300 per ounce earlier in the week.
• It has been difficult to find supportive news for the wheat complex, but competitively priced U.S. offerings have kept export inspections running 20% ahead of last year’s pace as of Monday’s data.

Chicago Wheat Finds Support: Wheat futures found support soon after breaking below the 502 level. With support established near 491, the first point of technical resistance is near 517 at the 50-day moving average.

KC Wheat Reverses, Begins Trending Higher: KC wheat has trended higher following a strong daily reversal on October 14. Structural support lies below, near 477. The first point of technical resistance can be found at the 50-day moving average, near 507.verage.

Spring Wheat Presses Lower: Spring wheat futures have failed to find solid support, trading at the lowest price since December 2020. The first point of strong resistance sits near 570 at the 50-day moving average. A second point can be found at the 100-day moving average, at 591. Technical support can be found near 540, the bottom of a consolidation range from December of 2020.

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 futures are mixed and trading quietly to start the day with December down 1/4 cent to $4.23 while March is up 1/4 cent to $4.37-1/4. Corn basis has been relatively steady at around 40 cents under December.
• Estimates according to a Bloomberg poll see the US corn harvest at 59% complete as of October 19 which would compare to last week’s survey average of 45%. This would compare to the USDA last year at 65%.
• Yesterday’s export inspections report saw corn inspections at 1,318k tons which compared to 1,210k tons last week and 1,001k a year ago. Top destinations were to Mexico, Japan, and Spain.

Corn Futures Find Support: Corn futures rebounded from the 410 level, a key area of structural support. Prices have since risen to retest overhead structural resistance near 424. Should prices break above, and with both the 50 and 100-day moving averages now acting as technical support, the next point of technical resistance lies near 430.

• Soybean futures are higher again today with continued hope that the US and China will come to a trade agreement. November soybeans are up 5-3/4 cents to $10.37-1/2 and March is up 5-1/2 cents to $10.69-1/2. December soybean meal is up $1.20 to $286.40 and December soybean oil is up 0.02 cents to 51.34 cents.
• The US soybean harvest is estimated to be 74% complete with a range between 61-80%. This would compare to last week’s survey guess of 60% and would compare to 81% at this time a year ago.
• Yesterday’s export inspections saw soybean inspections at 1,474k tons which compares to 1,017k last week and 2,550k tons a year ago at this time. Top destinations are Mexico, Bangladesh, and Pakistan.

Soybeans Retest Overhead Resistance: Soybean futures found strength following dovish rhetoric regarding the current trade situation with China. Prices broke through strong technical resistance found in a band of major moving averages to retest the mid-September high. The next point of resistance can be found near 1062.

• Wheat is trading lower to start the day but remains 10 cents off recent contract lows. December Chicago wheat is down 2 cents to $5.02-3/4, KC wheat is down 2-1/4 cents to $4.87-3/4, and Minn wheat is down 3/4 cent to $5.47-3/4.
• Bloomberg surveys show that the winter wheat crop is likely 76% planted within a trade range of 74-80%. This would compare to 65% in last week’s survey and the 73% from the USDA last year.
• Yesterday’s export inspections report saw wheat inspections at 481k tons which compared to 448k last week and 271k a year ago at this time. Top destinations were Nigeria, Thailand, and Korean Republic.

Chicago Wheat Finds Support: Wheat futures found support soon after breaking below the 502 level. With support established near 491, the first point of technical resistance is near 517 at the 50-day moving average.

KC Wheat Reverses, Begins Trending Higher: KC wheat has trended higher following a strong daily reversal on October 14. Structural support lies below, near 477. The first point of technical resistance can be found at the 50-day moving average, near 507.verage.

Spring Wheat Presses Lower: Spring wheat futures have failed to find solid support, trading at the lowest price since December 2020. The first point of strong resistance sits near 570 at the 50-day moving average. A second point can be found at the 100-day moving average, at 591. Technical support can be found near 540, the bottom of a consolidation range from December of 2020.

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 futures are unchanged to slightly higher but are still above the 100-day moving average. December is unchanged at $4.22-1/2 while March is up 1/2 cent to $4.37.
• In Brazil, corn prices are moving higher on the spot market as producers are focused on the 25/26 planting season and are less focused on closing deals. Values at ports have remained firm.
• While the Commitment of Traders report is indefinitely delayed due to the shutdown, it is estimated that funds were buyers of 25,500 contracts of corn over the past 5 trading days. Funds are estimated to be short around 70,000 contracts.

Corn Futures Find Support: Corn futures have trended sideways to lower over the past month, pressured by harvest selling and the bearish September Grain Stocks report. The market found support in the 50-day moving average and October 1 low. The market was able to close above the 100-day moving average, which will now offer support.

• Soybean futures are sharply higher to start the day on hope for a China deal. November soybeans are up 9-1/2 cents to $10.29 while March is up 10 cents to $10.60-3/4. December soybean meal is up $4.30 to $285.30 and December soybean oil is down 0.12 cents to 51.01 cents.
• US Treasury Secretary Scott Bessent said last Friday that he would meet with Chinese Vice Premier to avoid an escalation of US tariffs on Chinese goods. President Trump is also expected to meet with President Xi within two weeks.
• Over the past 5 trading days funds are estimated to have bought back 17,500 contracts of soybeans which may have brought them back to a small net long position. They were likely buyers of both soybean meal and oil.

Soybeans Fail to Break Resistance: Soybean futures have pressed lower following concerns of worsening trade relations between the U.S. and China. Following this news, soybean futures fell away from a zone of strong technical resistance and have since traded sideways as the market awaits additional information. The first point of technical support lies at the psychological level of 1000, with a secondary point of trend support near 974.

• Wheat is trading quietly lower with December wheat down 1/4 cent to $5.03-1/2, Dec KC wheat down 1/2 cent to $4.91, and Minneapolis wheat down 1 cent to $5.48-1/2.
• In Australia, projections for the wheat crop continue to improve as harvest begins. Analysts have raised their estimates according to a Reuters poll due to better than expected yields. Estimates call for around 35.7 mmt of wheat produced or more.
• Over the past 5 trading days funds are estimated to have bought back 4,500 contracts of what which would leave them with a net short position of approximately 90,000 contracts.

Chicago Wheat Breaks Below Support: Wheat futures have fallen below the technical support level of 502 driven by the strength in the U.S. dollar. The first point of technical support is near 475, a relative low established in June of 2020. The first point of technical resistance is near 519 at the 50-day moving average.  

KC Wheat Fails to Find Support, Makes New Lows: KC wheat has trended lower following contract rollover on August 14. The market has since returned to price levels not seen since the fall of 2020. The first point of technical support can be found near 465, a consolidation range from September of 2020. The first point of technical resistance is near 510, at the 50-day moving average.

Spring Wheat Presses Lower: Spring wheat futures have failed to find solid support, trading at the lowest price since December 2020. The first point of strong resistance sits near 574 at the 50-day moving average. A second point can be found through a cluster of moving averages near 600. Technical support can be found near 540, the bottom of a consolidation range from December of 2020.

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 futures are trading higher this morning as harvest hits around the halfway mark . December futures are up 2-1/2 cents to $4.24-1/4 and are up 11 cents on the week. March corn is up 2-1/2 cents to $4.38.
• Although with the government shutdown, USDA export sales are delayed indefinitely, estimates have still been released. Corn export sales as of October 9 are forecast to come in between 1,200k and 2,000k tons with an average estimate of 1,450k tons which would compare to 2,226k a year ago.
• Brazilian corn production for 25/26 is estimated between 128.9 and 148.2 mmt with an average guess of 138.4 mmt as strong demand drives the expansion of acreage. This estimate is above the USDA’s most recent guess of 131 mmt.

Corn Futures Find Support: Corn futures have trended sideways to lower over the past month, pressured by harvest selling and the bearish September Grain Stocks report. The market found support in the 50-day moving average and October 1 low. The market was able to close above the 100-day moving average, which will now offer support.

• Soybean futures are higher to start the day with November up 4-1/4 cents to $10.15 and is up 8-1/2 cents on the week. March soybeans are up 4-1/4 cents to $10.48, December soybean meal is up $2.90 to $279.80 and December bean oil is down 0.35 cents to 50.50 cents.
• Estimates for the export sales report ending the week of October 9 see soybean sales in a range between 400k and 1,400k tons with an average estimate of 975k tons. This would compare to 1,703k a year ago.
• The NOPA crush report for September showed US soybean crush topping estimates at 197.86 million bushels which was up 4.2% from August and up 11.6% from September last year. Domestic demand is encouraging given Chinese absence.

Soybeans Fail to Break Resistance: Soybean futures have pressed lower following concerns of worsening trade relations between the U.S. and China. Following this news, soybean futures fell away from a zone of strong technical resistance and have since traded sideways as the market awaits additional information. The first point of technical support lies at the psychological level of 1000, with a secondary point of trend support near 974.

• All three wheat classes are higher this morning with December Chicago wheat up 1-3/4 cents to $5.04-1/4, KC wheat is up 1-1/4 cents to $4.90, and Minn wheat is up 2-3/4 cents to $5.52-1/4.
• Estimates for wheat export sales ending the week of October 9 see sales between 300k and 700k tons with an average guess of 538k tons. This would compare to 504k tons a year ago.
• Russia reportedly sees their grain export potential for 25/26 at 50 mmt and has already harvested nearly 132 mmt of grain and 90 mmt of wheat with harvest 91% complete. Russia has also resumed exporting wheat to Indonesia after trade negotiations.

Chicago Wheat Breaks Below Support: Wheat futures have fallen below the technical support level of 502 driven by the strength in the U.S. dollar. The first point of technical support is near 475, a relative low established in June of 2020. The first point of technical resistance is near 519 at the 50-day moving average.  

KC Wheat Fails to Find Support, Makes New Lows: KC wheat has trended lower following contract rollover on August 14. The market has since returned to price levels not seen since the fall of 2020. The first point of technical support can be found near 465, a consolidation range from September of 2020. The first point of technical resistance is near 510, at the 50-day moving average.

Spring Wheat Presses Lower: Spring wheat futures have failed to find solid support, trading at the lowest price since December 2020. The first point of strong resistance sits near 574 at the 50-day moving average. A second point can be found through a cluster of moving averages near 600. Technical support can be found near 540, the bottom of a consolidation range from December of 2020.

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.