Open

All prices as of 6:30 am Central Time

• Corn is higher to start the day in quiet Christmas eve trade. Prices remain near the high end of their recent trading range with March corn struggling to break $4.50.
• The US inspected 44.2 million bushels of corn for export for the week ending December 19 according to the USDA’s weekly inspections report. This was slightly lower than last week and the previous year.
• Basis levels in corn have begun to slip as higher futures have encouraged producers to make cash sales.

• Soybeans are trading higher this morning to start today’s shortened holiday trade. Yesterday, prices were pressured we weaker Brazilian currency compared to the dollar. Both soybean meal and oil are trading higher.
• Yesterday’s export inspections report was strong with 64.2 million bushels of soybeans inspected for export as of December 19. This exceeded last week’s inspections and the previous year’s.
• 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.

• Wheat is mixed to start the day with Chicago and KC slightly lower and Minneapolis higher. Prices were stronger yesterday as buyers take advantage of cheap US wheat.
• Yesterday’s export inspections report saw 14.8 million bushels of wheat inspected for export and was primarily headed to Mexico, Indonesia, and Japan. Inspections were slightly above last week’s.
• 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.

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 just three cents off its recent December high in the March contract. Export and ethanol demand have both been supportive despite good weather in South America.
• The Buenos Aires Grain Exchange updated its corn planting progress for Argentina which now sees the corn crop at 65.8% planted compared to 55.6% planted last week.
• Friday’s CFTC report showed funds as sellers of corn as of December 17. They sold 6,475 contracts which left them net long 159,415 contracts.

• Soybeans are trading higher this morning with support from soybean oil which is higher thanks to a rebound in palm oil futures. Towards the end of last week, the Brazilian real also rebounded which helped soybean prices.
• In Argentina, the Buenos Aires Grain Exchange has reported that 76.6% of the soybean crop has been planted which compares to 65.7% last week. Total planted area is at 18.6 million hectares.
• Friday’s CFTC report showed funds as sellers of soybeans. They sold 17,932 contracts of soybeans leaving them net short 76,252 contracts.

• All three wheat classes are trading higher this morning with Minneapolis leading the way higher. Paris milling wheat futures are higher and supporting US wheat futures.
• SovEcon has cut its estimate for the Russian wheat crop to the lowest level since 2021 at 78.7 mmt which is a decline of 3 mmt. Cuts in Russian production could be a catalyst for higher wheat futures.
• Friday’s CFTC report showed funds as sellers of Chicago wheat by 20,622 contracts which left them net short 87,401 contracts. They bought back 3,369 contracts of KC wheat which left them net short 33,067 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 to start the day on momentum from yesterday’s recovery trade. Futures have now taken back all of Wednesday’s losses over the past two days.
• Yesterday’s export sales report was good with 46.2 mb of new sales commitments reported. The top buyer was Mexico with 395k tons, and total shipments combined with outstanding sales now cover 57.8% of the USDA’s total export estimate.
• The Buenos Aires Grain Exchange updated its corn planting progress for Argentina which now sees the corn crop at 65.8% planted compared to 55.6% planted last week.

• Soybeans are trading higher this morning, and the January contract has now made back all of Wednesday’s losses apart from 5 cents over the past two days. Soybean meal is leading the complex higher while soybean oil is lower.
• In Argentina, the Buenos Aires Grain Exchange has reported that 76.6% of the soybean crop has been planted which compares to 65.7% last week. Total planted area is at 18.6 million hectares.
• Yesterday’s export sales report saw soybean sales running at a good clip and were within the average range of trade estimates. China was the top buyer at 648k tons.

• All three wheat classes are trading higher with Minneapolis wheat leading the way and KC wheat following. Chicago wheat put in a new contract low yesterday with a sharp jump in the dollar.
• Yesterday’s export sales report was within trade expectations but was nothing exciting at 16.8 million bushels of sales and the Philippines the top buyer of wheat.
• SovEcon has cut its estimate for the Russian wheat crop to the lowest level since 2021 at 78.7 mmt which is a decline of 3 mmt. Cuts in Russian production could be a catalyst for higher wheat futures.

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading lower this morning after a sharp sell-off yesterday that was driven by a meltdown in the soybean complex. Support for March futures is now around the 50-day moving average at $4.33.
• Yesterday’s ethanol report showed production at 1.103 million barrels per day which was the highest in history for the second week of December. Ethanol stocks fell slightly to 22.874 mln bbl.
• Estimates for today’s export sales report see corn sales in a wide range between 27 and 63 mb. Demand has been strong with exports and domestically, but traders are expecting a large 2025 corn crop.

• Soybeans are trading slightly higher to unchanged this morning after a huge sell-off yesterday that was driven by a decline in the Brazilian currency and concerns over the ending of the 40B tax credit. For the week so far, Jan soybeans have lost 38 cents.
• Soybean meal is currently trading slightly lower while soybean oil is higher as prices attempt to stabilize after falling apart yesterday. Crush demand remains solid which has created a glut of bean meal.
• Today’s export sales report see soybean sales in a range between 30 and 73 million bushels. There have been a handful of flash sales reported over the past week.

• All three wheat classes are trading lower this morning with Chicago wheat leading the way lower as selling pressure continues throughout the grain complex. The rise in the dollar yesterday was bearish for wheat.
• SovEcon has cut its estimate for the Russian wheat crop to the lowest level since 2021 at 78.7 mmt which is a decline of 3 mmt. Cuts in Russian production could be a catalyst for higher wheat futures.
• Estimates for today’s export sales report see wheat sales in a meager range between 8 and 20 million bushels. Wheat sales are still above last year’s pace.

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 slightly higher again this morning in quiet trade. Yesterday, lower soybean futures dragged corn down along with them. 
• There is currently a federal budget bill to keep the government running that includes a provision to allow nationwide sales of 15% ethanol blends for the entire year.
• Estimates for the weekly EIA report see ethanol production higher than the previous week at 1.079m b/d. The average stockpile estimate is 22.874m bbl compared to 22.648m a week ago.

• Soybeans are trading sharply lower again today and have so far lost 24 cents this week in the January contract. This morning, both soybean meal and oil are trading lower, but soybean oil has been making up the larger losses.
• A large factor in this sell off which has created new contract lows has been the devaluation of the Brazilian real against the rallying in the US dollar. This has made Brazil far more competitive for global exports.
• Domestically, the Biden administration has not been clear on the future of the 45Z tax credits which were supposed to be in place going into next year. This has affected renewable diesel and therefore soybean oil.

• All three wheat classes are trading higher but quietly this morning as wheat and corn attempt to stay positive while soybeans collapse. European wheat markets are higher as well lending support.
• SovEcon has cut its estimate for the Russian wheat crop to the lowest level since 2021 at 78.7 mmt which is a decline of 3 mmt. Cuts in Russian production could be a catalyst for higher wheat futures.
• Ukrainian grain exports are 22% higher year over year so far this season. Total exports included 9.2 mmt of wheat which is up 37% from last year.

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading slightly higher this morning, but trade is quiet with resistance at the $4.50 level. Yesterday’s export inspections were good, and strong demand in general has been supportive.
• Yesterday’s export inspections report saw total corn inspections at 44.5 million bushels which put the year to date total up 31% from last year at this time. 
• While South American weather has been beneficial to the corn crop, one area of concern may be in Argentina where weather has turned drier. There are forecast rains over the next 10 days that need to fall or there could be problems.

• Soybeans are trading lower this morning after weak trade yesterday brought on by disappointing NOPA crush numbers despite a solid export inspections report. Both soybean meal and oil are trading lower.
• Yesterday’s NOPA crush report showed that members crushed 193.2 million bushels of soybeans which was 3.5 mb below the average trade estimate but was just slightly below record breaking October crush.
• According to AgRural, estimates for the 24/25 Brazilian soybean crop are seen at 171.5 mmt as rains fell over most of the country for a week right as planting was wrapped up.

• All three wheat classes are trading higher this morning as prices recover slightly from quiet and weak trade yesterday. Yesterday morning, prices were up 6 cents but found sellers which led to a lower close.
• In Argentina, estimates for the 24/25 wheat crop production have been increased by 0.5 mmt with over half the crop now harvested. Larger producer, Russia, may reportedly see cuts to their production which would be friendly.
• Ukrainian grain exports are 22% higher year over year so far this season. Total exports included 9.2 mmt of wheat which is up 37% from last year.

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading higher this morning after prices began to slip last Wednesday likely driven by farmer selling. Today’s export sales report is expected to show firm demand today.
• In Brazil, corn prices are firm, but CONAB and other analysts are expecting that 24/25 corn production will exceed last year’s by 3.4% and reach 119.63 mmt.
• Friday’s CFTC report showed funds as buyers of corn as of December 10 in a big way. They bought 77,670 contracts which increased their net long position to 165,890 contracts. Since the July low at 353,983 shorts, the funds have bought 519,873 net long contracts. This swing in fund money generated a 48 cent rally off the lows.

• Soybeans are trading higher this morning as trade anticipates good export inspections numbers as well as strong NOPA crush numbers. Soybean meal is leading the complex higher while soybean oil is lower.
• The NOPA crush report will be released at 11am, and expectations are that it will total 196.7 million bushels which would be 3 mb shy of the October record. Large crush numbers have created excess soybean meal supplies.
• Friday’s CFTC report showed funds as buyers of soybeans by 13,897 contracts which reduced their net short position to 58,320 contracts as of December 10.

• All three wheat classes are trading higher this morning with KC wheat leading the way. European wheat futures have rallied, and concerns remain about the Russian wheat crop, both situations favorable to US prices.
• In Argentina, estimates for the 24/25 wheat crop production have been increased by 0.5 mmt with over half the crop now harvested. Larger producer, Russia, may reportedly see cuts to their production which would be friendly.
• Friday’s CFTC report showed funds as buyers of Chicago wheat by 2,607 contracts reducing their net short position to 66,779 contracts. Funds bought back 1,994 contracts reducing their net short position to 36,436 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 slightly lower this morning as it continues to slide after the March contract failed at the 200-day moving average on Wednesday.
• Today is first notice day for December corn, and there were 723 total deliveries. Farmer selling has picked up with the recent rally.
• US ethanol stocks fell by 1.5% to 22.648m bbl, and analysts were expecting 23.227m bbl. Plant production came in at 1.078m b/d compared to trade guesses of 1.073m.

• Soybeans are trading lower this morning but remain in their narrow range with little fresh news. Yesterday’s export sales were disappointing, and Brazilian weather is conducive to the crop. Soybean meal is lower while bean oil is higher.
• Today is first notice day for December meal and bean oil, and there were 2,521 deliveries against December meal and 782 deliveries against December bean oil.
• In India, the demand for vegetable oil in November surged to a 4-month high thanks to a strong festival season demand. Imports rose to 1.63 mmt which was up 10.4% from a month ago.

• All three wheat classes are trading higher this morning with KC leading the way higher. Yesterday’s export sales report was nothing exciting for wheat, but trade will more likely focus on global production.
• It is first notice day for December wheat, and there have been 50 total deliveries against Chicago wheat and 164 total deliveries against KC wheat.
• In Argentina, estimates for the 24/25 wheat crop production have been increased by 0.5 mmt with over half the crop now harvested. Larger producer, Russia, may reportedly see cuts to their production which would be friendly.

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 slightly lower this morning after the March contract traded right up against the 200-day moving average yesterday before reversing lower. The last time corn traded at the 200-day way in May.
• Estimates for today’s export sales report see corn sales in a range between 800k and 1,900k tons with an average guess of 1,369k tons. This would compare to 1,755k last week and 1,419k last year.
• US ethanol stocks fell by 1.5% to 22.648m bbl, and analysts were expecting 23.227m bbl. Plant production came in at 1.078m b/d compared to trade guesses of 1.073m.

• Soybeans are trading slightly higher this morning but remain in a firmly sideways trading pattern with little news to cause them to move. Both soybean meal and oil are mixed this morning and trading either side of unchanged.
• Estimates for today’s export sales report see soybean sales in a range between 900k and 2,200k tons with an average guess of 1,713k tons. This would compare to 2,313k tons last week and 999k last year.
• In India, the demand for vegetable oil in November surged to a 4-month high thanks to a strong festival season demand. Imports rose to 1.63 mmt which was up 10.4% from a month ago.

• All three wheat classes are trading higher this morning with Chicago wheat leading the way higher. Wheat has been on a steady uptrend since making its contract lows on December 4 and has gained 25 cents from that low.
• Estimates for today’s export sales report see wheat sales in a range between 250k and 600k tons with an average guess of 370k tons. This would compare to 378k last week and 1,509k the previous year.
• In Argentina, estimates for the 24/25 wheat crop production have been increased by 0.5 mmt with over half the crop now harvested. Larger producer, Russia, may reportedly see cuts to their production which would be friendly.

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 yesterday’s supportive WASDE report. March corn is within a penny this morning of where the corn rally ran out of gas in early October. A close above $4.50 would look technically supportive to a continued move higher. 
• The demand side of the US corn balance sheet exceeded expectations on the December WASDE report. The USDA raised their export estimate by 150 mb and ethanol use by 50 mb. Total corn usage for the 24/25 marketing year is now estimated at 15.19 bb, a record by 221 mb if realized. 
• World corn ending stocks on yesterday’s report came in at 296.44 mmt, just slightly above 20/21 for the lowest ending stocks number in the last decade as corn demand continues to impress at these lower prices.

• Soybeans are continuing their grind sideways this morning after an uneventful USDA report yesterday. January soybeans over the last 12 trading sessions have settled within a 15 cent range between $9.80 and $9.95. 
• Unlike corn, the entire US soybean balance sheet was left unchanged from last month in the December WASDE report. A small increase to Argentina’s production estimate and no change to Brazil’s estimate was seen as a small win for soybeans. 
• Focus for the soybean market post WASDE report will shift back to South American weather as we are into a critical time-frame for soybean production in both Brazil and Argentina. Over the next week the forecast for most of Brazil looks to continue favorable while dryness in Argentina may start to expand as showers become more spotty and less widespread than recently. 

• All three wheat classes are trading higher this morning as prices continue to recover from their recent contract lows.
• Yesterday’s WASDE brought a slightly friendly surprise to wheat with a 20 mb drop in US ending stocks, now down to 795 mb on higher exports. 
• March KC wheat futures have managed to close higher in six consecutive sessions but now are staring down the barrel of the 100 and 50-day moving averages just above the market. 

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

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

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