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All prices as of 6:30 am Central Time

• Corn is mixed to start the day with the front months trading slightly higher while new crop is fading. March futures have been unable to break resistance at $4.60 so far as funds may be paring down their large net long position ahead of tomorrow’s report.
• Pre-report estimates for Friday’s WASDE see corn ending stocks falling slightly from the December estimate to 1,674 mb as yield estimates are expected to be lowered by 0.4 bpa to 182.7 bpa.
• US ethanol stocks rose by 2.2% to 24.148m bbl while analysts were expecting 23.873m bbl. Plant production came in at 1.102, b/d compared to the average guess of 1.093.

• Soybeans are trading lower this morning and would be on track for a second consecutively lower day at this pace. Futures have been relatively rangebound despite improvements in South American weather. Both soybean meal and oil are trading lower.
• The bearish surprise in Friday’s report could come from changes made to Brazilian production. Many analysts are expecting soybean production to be above 175 mmt, but the USDA’s last estimate in December was 169 mmt.
• In Brazil, the state of Mato Grosso has begun its soybean harvest after dry weather caused planting delays at the beginning of the season. Mato Grosso increased its planted soybean acreage by 1.47% from last year this season.

• Wheat is mixed to start the day with both Chicago and KC wheat slightly lower while Minneapolis trades higher. The dollar is trading higher again today and has been steadily increasing which has pressured futures.
• Pre-report estimates for wheat in Friday’s report see ending stocks increasing slightly by 7 mb to 802 mb. There should be few changes to wheat in this report.
• While wheat futures have struggled largely due to increases in the value of the dollar, globally, the wheat crop may see production issues. Estimates for Russian production have been reduced, while Europe, the Black Sea region, and the US have dealt with weather issues.

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 6:30 am Central Time

• Corn is trading lower this morning after posting a slight gain in yesterday’s session. Funds are holding a very large net long position heading into Friday’s report, so profit taking and position squaring may be seen ahead of then.
• Pre-report estimates for Friday’s WASDE see corn ending stocks falling slightly from the December estimate to 1,674 mb as yield estimates are expected to be lowered by 0.4 bpa to 182.7 bpa.
• The USDA may not make changes to South American production yet, but Brazilian corn production is estimated at 128 mmt while Argentina is estimated at 47 mmt. Both of these numbers are on par with the last USDA guesses.

• Soybeans are trading lower this morning after posting a slight loss yesterday. Improved chances for rain in Argentina have pressured markets and have hit soybean meal in particular. Soybean oil is trading higher this morning.
• Pre-report estimates for soybeans in Friday’s WASDE see ending stocks falling by 12 mb to 458 mb. Yield is expected to be reduced by 0.1 bpa to 51.6 bpa.
• The bearish surprise in Friday’s report could come from changes made to Brazilian production. Many analysts are expecting soybean production to be above 175 mmt, but the USDA’s last estimate in December was 169 mmt.

• All three wheat classes are trading lower this morning after two consecutively higher days. The dollar is trading higher again this morning which may be pressuring futures.
• Pre-report estimates for wheat in Friday’s report see ending stocks increasing slightly by 7 mb to 802 mb. There should be few changes to wheat in this report.
• Condition ratings for winter wheat declined during December in Kansas and Oklahoma according to the USDA despite a slight improvement in the dry conditions. The last wheat ratings saw 55% of the crop rated good to excellent which was the best rating for that time of year in 6 years, but conditions declined.

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 6:30 am Central Time

•  Corn is trading lower this morning after yesterday’s move higher took out the previous day’s high. The rally was mostly driven by a slightly drier Argentinian forecast, but there are now better chances for rain.
• Natural gas, an important input in synthetic nitrogen production, may become more expensive over the next few weeks as an artic air blast hits the US this week followed by a cold plunge for Europe in late January. 
• Yesterday’s CFTC report showed funds buying back a whopping 67,859 contracts of corn as of December 31 which has left them with a net long position of 228,806 contracts.

• Soybeans are trading lower this morning and so far have taken back all of yesterday’s gains that were driven by Argentinian weather concerns. Soybean meal is trading lower while soybean oil is higher.
• Indonesia has just been admitted as a full member of the BRICS bloc of developing countries with Brazil presiding. This is significant to soybeans because Indonesia is the top producer of palm oil in the world.
• Yesterday’s CFTC report showed funds as buyers of soybeans as of December 31. The bought back 25,436 contracts which decreased their net short position to 42,447 contracts.

• Wheat is mixed to start the day with Chicago trading slightly lower, KC higher, and Minneapolis is higher as well. Yesterday, futures rallied off of contract lows in tandem with the rest of the grain market.
• Condition ratings for winter wheat declined during December in Kansas and Oklahoma according to the USDA despite a slight improvement in the dry conditions. The last wheat ratings saw 55% of the crop rated good to excellent which was the best rating for that time of year in 6 years, but conditions declined.
• Yesterday’s CFTC report saw funds as net buyers of wheat as of December 31. They bought back 8,247 contracts of Chicago wheat and 1,075 contracts of KC wheat. This left them net short 86,762 contracts of Chicago and short 33,861 contracts of KC.

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 6:30 am Central Time

• Corn is trading higher to start the week after a sharply lower finish to last week. March corn ran into resistance last week at the $4.60 area, last weeks low near $4.50 will be first support this week. 
• Strong demand, both domestically and for export continue to provide underlying support to the corn market. While export sales were down from the previous week last week, total sales have reached 62% of the USDA’s full marketing year estimate, this is above the 10-year average of 54%. 
• Natural gas, an important input in synthetic nitrogen production, may become more expensive over the next few weeks as an artic air blast hits the US this week followed by a cold plunge for Europe in late January. 

• Soybeans are trading higher to start the week after Friday’s sharp setback in prices. After a breakdown, then recovery in prices to end 2024 soybeans appear to be back in rangebound trade near the $10 level. 
• The US soybean export window to China will likely close this month as Brazil new crop beans will be available for export. China has been mostly absent buying US soybeans so far in the 2024/25 marketing year. 
• The USDA’s WASDE and Quarterly Grain Stocks reports set for release this Friday, January 10, will be closely watched for stockpile and demand insights, likely leading to choppy trading this week.

• All three wheat classes are trading higher this morning after Chicago and spring wheat March futures fell to new contract lows to end last week. 
• More forecast moisture for the Plains over the weekend, a 26-month high in the US dollar and marketing year low weekly export sales weighed heavily on wheat futures to end last week
• Given the New Year’s holiday last week CFTC commitment of traders data will be delayed until this afternoon. 

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 6:30 am Central Time

• Corn is trading lower this morning following a move higher yesterday which brought March futures up to the 2-year downward trend line which it was not able to break. March futures now sit above all moving averages, however.
• Estimates for today’s export sales report see corn sales in a range between 800k and 1,450k tons with an average guess of 1,158k tons. This would compare to 1,721k last week and 367k a year ago.
• US ethanol stocks rose by 2.4% to 23.639m bbl while analysts were expecting 23.308m bbl. Plant production was higher than expected at 1.111m b/d compared to the average guess of 1.082m.

• Soybeans are trading lower to start the day with larger losses in the back months. March futures may have found some resistance at the 100-day moving average and are technically overbought. Both soybean meal and oil are trading lower.
• Estimates for today’s export sales report see soybean sales in a range between 500k and 1,050k tons with an average guess of 783k tons. This would compare to 1,103k a week ago and 202k a year ago.
• US soybean crushings came in at 210 million bushels for November which was above the average trade guess and was 5% higher than the same period last year. Crude oil production was 7.1% higher than the same period last year.

• All three wheat classes are trading lower this morning after lower trade yesterday as well. Yesterday, prices were effected by the rise in the US dollar, but this morning, wheat appears to be following the other grains lower.
• Estimates for today’s export sales report see wheat sales in a  range between 200k and 525k tons with an average guess of 388k tons. This would compare to 625k a week ago and 136k tons a year ago.
• Russian wheat values have increased, with consultancy IKAR reporting that offers have increased by $3/mt in the past week to $237/mt. Russian wheat exports are expected to fall as production estimates shrink.

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 6:30 am Central Time

• Corn ended the last day of 2024 with a strong close, and left futures with a strong possibility to continue moving higher now that March futures have taken out the 200-day moving average which had been resisitance.
• In Argentina, the Buenos Aires Grain Exchange said that 81% of the country’s corn crop was planted, but 20% is tasseling and 12% is silking. The drier 10-day forecast  will likely support prices.
• Monday’s CFTC report showed funds as buyers of corn as of December 24. They bought 1,532 contracts which left them net long 160,947 contracts.

• Soybeans closed on Tuesday sharply higher and took out the 50-day moving average which had been resistance. New resistance for March futures is near the 100-day at $10.20.
• The USDA attaché in Brazil is now estimating the 24/25 crop in the country at 165 mmt. Planted acreage grew from last year, and crop estimates have continued to grow as the season continues.
• On December 31 there were 380 deliveries against January soybeans for a total of 489 deliveries. There have been 1,764 deliveries against January bean meal and 617 deliveries against January soybean oil. 

• All three wheat classes ended the day higher on New Year’s Eve as concerns come to the forefront that Russia may have production issues that could limit the amount of wheat they can export.
• Russian wheat values have increased, with consultancy IKAR reporting that offers have increased by $3/mt in the past week to $237/mt. Russian wheat exports are expected to fall as production estimates shrink.
• US wheat exports have improved from last year and are running between 25 and 30% above last year’s pace due to cheap US prices and production issues in other wheat growing countries.

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 6:30 am Central Time

• Corn is trading higher this morning after mixed trade yesterday that ultimately saw prices lower in a bearish reversal. March corn futures reached a six month high yesterday.
• In Argentina, the Buenos Aires Grain Exchange said that 81% of the country’s corn crop was planted, but 20% is tasseling and 12% is silking. The drier 10-day forecast  will likely support prices.
• Yesterday’s CFTC report showed funds as buyers of corn as of December 24. They bought 1,532 contracts which left them net long 160,947 contracts.

• Soybeans are trading higher this morning and yesterday, March futures exceeded $10.00 before slipping lower. There were 109 deliveries against January soybeans, 1,116 against soybean meal, and 425 against soybean oil.
• The USDA attaché in Brazil is now estimating the 24/25 crop in the country at 165 mmt. Planted acreage grew from last year, and crop estimates have continued to grow as the season continues.
• Yesterday’s CFTC report saw funds as buyers of 8,369 contracts. This reduced their net short position to 67,883 contracts.

• All three wheat classes are trading higher this morning with KC wheat leading the way. Trade was mixed yesterday but wheat ultimately ended the day higher. Production concerns in Russia have been supportive.
• Russian wheat values have increased, with consultancy IKAR reporting that offers have increased by $3/mt in the past week to $237/mt. Russian wheat exports are expected to fall as production estimates shrink.
• Yesterday’s CFTC report showed funds as sellers of 7,608 contracts of Chicago wheat leaving them net short 95,009 contracts. They sold 1,869 contracts of KC wheat which left them short 34,936 contracts.

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading higher this morning and is now at its highest level since June 26 as strong demand continues to support prices. March corn took out resistance last week at $4.50 and have continued higher.
• The CFTC report was delayed due to the holidays and will be released this afternoon, but over the past 5 trading days, funds have added approximately 38,000 contracts to their long position.
• In Argentina, the Buenos Aires Grain Exchange said that 81% of the country’s corn crop was planted, but 20% is tasseling and 12% is silking. The drier 10-day forecast  will likely support prices.

• Soybeans are trading higher this morning and have taken back all of Friday’s losses with the March contract now trading at resistance at the 50-day moving average. Both soybean meal and oil are trading higher as well.
• The CFTC report will be released later today, but over the past five trading days, funds are estimated to have bought back about 20,000 contracts.
• The USDA attaché in Brazil is now estimating the 24/25 crop in the country at 165 mmt. Planted acreage grew from last year, and crop estimates have continued to grow as the season continues.  

• All three wheat classes are trading higher to start the week with Chicago wheat leading the way. Export sales were better than expected, US wheat is still relatively cheap, and there may be production problems in Russia.
• Funds hold a net short position in both Chicago and KC wheat, but over the past 5 days, funds are estimated to have bought back 7,000 contracts.
• Turkish wheat production is expected to fall by 5.5% in 2024 according to TurkStat. Total cereals output decreased by 7.5% in 2024, and the country will start to more freely allow wheat imports as a result.

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 6:30 am Central Time

• Corn is trading lower this morning after yesterday’s thin holiday trade and the Argentine drier forecast caused prices to rally over 5 cents and take out the 200-day moving average for the first time since May.
• The USDA will release its export sales report today, and estimates for corn see exports between 1,000k and 1,600k tons with an average guess of 1,313k tons. This would exceed both last week and a year ago.
• The USDA will also release its ethanol report today, and production is seen lower than the previous week at 1.1 million barrels per day. Stockpiles are estimated at 22.887m bbl vs 22.636m a week ago.

• Soybeans are lower this morning along with the rest of the grain complex after rallying over 15 cents yesterday on a short term drier Argentinian forecast and fund short covering before year’s end. Soybean meal is trading lower while soybean oil is higher.
• Estimates for today’s export sales report see soybean sales in a range between 1,000k and 1,925k tons with an average guess of 1,624k tons. This would compare to 1,424k tons a week ago and 850k tons a year ago.
• CONAB has said that Brazil’s soybean exports are likely to reach 105.5 mmt in the 24/25 season which would be an improvement from the previous season where export totaled 96.8 mmt as a result of lower production.

• All three wheat classes are trading lower this morning led by KC wheat after all three moved significantly higher in yesterday’s trade. March Chicago wheat is 11 cents off its recent contract low.
• Estimates for today’s export sales report see wheat sales in a range between 250k and 600k tons with an average guess of 450k tons. This would compare to 458k last week and 318k the previous year.
• Turkish wheat production is expected to fall by 5.5% in 2024 according to TurkStat. Total cereals output decreased by 7.5% in 2024, and the country will start to more freely allow wheat imports as a result.

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 6:30 am Central Time

• Corn ended the day on Tuesday near the top of its recent range and near resistance at $4.50 in the March contract. Corn has technically been in an uptrend since August, but has been unable to break $4.50.
• Estimates for 2025 corn planted acreage see numbers higher than last year. This year, 91.8 million acres were planted, and 94.6 million are projected for next year.
• Basis levels in corn have begun to slip as higher futures have encouraged producers to make cash sales.

• Soybeans closed 4 cents higher on Tuesday, and while prices have recovered from their recent contract lows at $9.47 in the March contract, are still in an overall down trend.
• The Brazilian real is already trading today and is higher this morning which could give an indication of higher soybean prices as they have been positively correlated recently.
• While the majority of Brazil has seen very good weather, the southern part of the country along with Argentina may now be facing a period of dry weather which could be friendly for soybean meal prices.

• All three wheat classes ended the day lower on Tuesday and remain in downtrends. The dollar is trading slightly lower which could lend some support to wheat futures.
• Turkey announced that it will ease their strict wheat import policy next year in an effort to increase supplies and lower domestic prices.
• SovEcon has downgraded the 24/25 Russian wheat export forecast to 43.7 mmt from 44.1 mmt previously as a result of lower expected production.

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