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All prices as of 6:30 am Central Time

• Corn is trading lower this morning after posting three solid days of gains last week which has seen prices 10 cents higher. Trade is quiet ahead of the WASDE report at 11am.
• The recent gains are likely from strength in export sales with corn exports now 30% ahead of last year’s pace. Ethanol grind has been making records as well, pointing to good domestic demand.
• Estimates for today’s WASDE report see corn ending stocks falling slightly due to an expected decrease in production. The Argentinian corn crop is expected to be reduced while Brazil’s is expected to improve.

• Soybeans are trading higher this morning but have had difficult breaking out of their tight trading range. Yesterday, prices attempted to rally and were up by 9 cents, but faded into a lower close.
• This morning, soybean meal is trading higher while soybean oil is lower. The previous trend had seen meal declining and bean oil gaining, but that pattern has begun to change with cheap meal prices attracting demand.
• Estimates for today’s WASDE report see soybean ending stocks increasing despite an expected slight decrease in production. Both Argentinian and Brazilian production are expected to increase.

• All three wheat classes are trading lower this morning but may be having trouble breaking through the 20- day moving average. Prices are now 16 cents off last week’s low.
• Trade guesses for tomorrow’s USDA report see US wheat carryout dropping 1 mb to 814 mb, with World wheat stocks increasing slightly to 257.7 mmt.
• In Argentina, wheat yield are reportedly higher than previously expected, and production is now being forecast at 18.6 mmt. Export surplus could now exceed 13 mmt.

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading higher this morning after posting two solid days of gains last week which saw prices 10 cents higher.
• The recent gains are likely from strength in export sales with corn exports now 30% ahead of last year’s pace. Ethanol grind has been making records as well, pointing to good domestic demand.
• Friday’s CFTC report showed funds as sellers of corn as of December 3. They sold 9,222 contracts of corn which reduced their net long position to 88,220 contracts.

• Soybeans are trading slightly higher this morning but have not broken out of their tight trade range like corn has over the past two days. Soybean meal is higher while soybean oil is slightly lower.
• Early trade estimates for next week’s USDA report have ending stocks dropping only slightly to 469 mb from 470 last month. Although some believe export sales will be increased, which could lower ending stocks further.
• Friday’s CFTC report showed funds as buyers of soybeans as of December 3. They bought back 9,255 contracts which left them with a net short position of 72,217 contracts.

• All three wheat classes are trading higher this morning, and futures have rebounded well off their contract lows from last week. March Chicago wheat is now 23 cents above the low on Wednesday.
• Early trade guesses for next week’s USDA report see US wheat carryout dropping 1 mb to 814 mb, with World wheat stocks increasing slightly to 257.7 mmt.
• Friday’s CFTC report showed funds as sellers of Chicago wheat by 10,268 contracts leaving them short 69,386 contracts. They sold 7,769 contracts of KC wheat leaving them short 38,430 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 fractionally higher as it consolidates from yesterday’s bullish key reversal in a very tight 1 1/2 cent range.
• Strong weekly export sales that came in much better-than-expected supported yesterday’s rally. Total commitments are 33% ahead of last year.
•  Tuesday the USDA will update its supply and demand numbers. Early trade estimates project US corn carryout dropping 32 mb from last month to 1.906 bb.

• Soybeans are trading mixed and near unchanged in a tight 4 1/2 – 5 1/2 cent range with solid demand supporting the front months over the deferred. Soybean oil is higher, while meal is lower.
• Strong export sales and crush demand have helped support prices. Yesterday’s weekly export sales put total commitments 12% ahead of last year at 36.2 mmt.
• Early trade estimates for next week’s USDA report have ending stocks dropping only slightly to 469 mb from 470 last month. Although some believe export sales will be increased, which could lower ending stocks further.

• The wheat complex is trading quietly toward the bottom of their respective ranges as they consolidate from yesterday’s rally near trendline resistance.
• Support in the wheat market has come from reports of lower Russian supplies due to poor crop conditions, and quality concerns regarding Australia’s wheat crop.
• Early trade guesses for next week’s USDA report see US wheat carryout dropping 1 mb to 814 mb, with World wheat stocks increasing slightly to 257.7 mmt.

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

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

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

All prices as of 6:30 am Central Time

• Corn futures are trading slightly lower this morning, and overnight, March futures drifted down to the 100-day moving average before recovering slightly. This would be the third consecutive day of losses.
• Yesterday’s ethanol report showed production falling to 1.073 million barrels per day which was below the average trade estimate. Ethanol stocks rose by 0.6% to 23.003m bbl which was also below analyst estimates.
• Estimates for today’s export sales report see corn exports in a range between 800k and 1,550k tons with an average guess of 1,165k tons. This would compare with 1,130k last week and 1,312k a year ago.

• Soybean futures are bull spread with gains in the front months and slight losses in the deferred months. Prices have retreated about 5 cents from their overnight highs. Soybean oil is slightly lower while soybean oil is higher.
•  Estimates for today’s export sales report see soybean exports in a range between 1,500k tons and 2,400k tons. The average guess if 1,960k tons which would compare to 2,508k last week and 1,404k last year at this time.
• In November, Malaysian palm oil inventories fell by 4.3% to 1.8 million tons, and crude palm oil production fell by 5.6% to 1.7 million tons. This has been supportive to palm oil prices, but soybean oil has been following those moves less closely. 

• All three wheat classes are trading higher this morning with Minneapolis wheat leading the way higher. Yesterday, March Chicago wheat made a new contract low and then recovered to close higher. That action with today’s move higher could signal a bottom.
• Estimates for today’s export sales report see wheat sales in a range between 300k and 600k tons with an average guess of 425k tons. This would compare with 367k last week and 347k tons a year ago.
• Russia is expected to lower its wheat exports by a larger number than usual as a result of a smaller than expected crop. Officials have approved a wheat export quota of 11 million tons for the second half of the season from Feb 15 to June 30.

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 futures are trading lower this morning after lower trade yesterday as well. Choppy prices have kept producers hesitant to sell cash which has resulted in stronger basis levels that continue to improve.
• Estimates for ethanol production in the weekly EIA report see production lower than the previous week at 1.105 million barrels per day. Stockpiles are estimated at 23.102m bbl compared to 22.869m a week ago.
• Pressure in the corn market may come from good South American weather that is expected to remain beneficial over the next 10 days. Export demand is good, but there is a large number of corn bushels sold to China that have not yet been shipped and could be at risk for cancellation.

• Soybean futures are trading lower this morning giving back a portion of yesterday’s gains. Soybeans have had difficulty moving higher despite strong export demand and record breaking crush numbers. Both soybean meal and oil are trading lower this morning.
• In November, Malaysian palm oil inventories fell by 4.3% to 1.8 million tons, and crude palm oil production fell by 5.6% to 1.7 million tons. This has been supportive to palm oil prices, but soybean oil has been following those moves less closely. 
• Estimates for Brazilian production are lofty and would be record breaking if realized with Celeres at 170.8 mmt, StoneX at 170 mmt, and AgroConsult increasing its estimate to 172.2 mmt. Brazilian exports are expected to increase by around 4 mmt.

• All three wheat classes are trading lower this morning with Chicago wheat leading the way lower. The US dollar is trading slightly higher today which is generally bearish to grain markets.
• This morning, Ukrainian president Zelinskyy said that he would be open to accepting a negotiated settlement to end the war in which Ukraine would give up some land in exchange for membership in NATO. This is unlikely to be agreed upon, but could be pressuring prices.
• Russia is expected to lower its wheat exports by a larger number than usual as a result of a smaller than expected crop. Officials have approved a wheat export quota of 11 million tons for the second half of the season from Feb 15 to June 30.

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 futures are trading higher this morning after choppy trade yesterday that saw corn unchanged to slightly lower. Export inspections yesterday were strong with 36.8 mb inspected last week, and 460.5 mb of corn was used for ethanol production for October which was up from the previous month.
• Yesterday’s CFTC report showed the funds as sellers of corn by 17,186 contracts which lowered their net long position to 97,442 contracts. Funds had held a net short position in corn for the year until early last month.
• Some pressure in the corn market may come from good South American weather that is expected to remain beneficial over the next 10 days. Export demand is good, but there is a large number of corn bushels sold to China that have not yet been shipped and could be at risk for cancellation.

• Soybean futures are trading higher this morning along with the rest of the grain complex, and the dollar which is trading slightly lower this morning could be lending support. Both soybean meal and oil are trading higher, but soybean oil is showing the majority of the gains.
• Estimates for Brazilian production are lofty and would be record breaking if realized with Celeres at 170.8 mmt, StoneX at 170 mmt, and AgroConsult increasing its estimate to 172.2 mmt. Brazilian exports are expected to increase by around 4 mmt.
• Yesterday’s CFTC report showed funds as sellers of soybeans as of November 26. They sold 13,771 contracts which further increased their net long position to 81,472 contracts.

• All three wheat classes are trading higher this morning after bouncing off yesterday morning’s lows and ending the day nearly unchanged. The bounce was likely technical as wheat remains very oversold. Export inspections were not particularly supportive at 10.9 mb.
• Russia is expected to lower its wheat exports by a larger number than usual as a result of a smaller than expected crop. Officials have approved a wheat export quota of 11 million tons for the second half of the season from Feb 15 to June 30.
• Yesterday afternoon’s CFTC report showed funds as sellers of 7,572 contracts of Chicago wheat which left them net short 59,118 contracts. They sold 1,286 contracts of KC wheat which left them net short 30,661 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 futures are trading slightly lower this morning as the dollar trades higher after President elect Trump threatened 100% tariffs on all BRIC nations if they moved to undermine the US dollar. On a friendly note, March corn gained 7 cents for the month of November.
• Last week’s export sales for corn fell slightly from the previous week at 1,130k tons which compared to 1,495k tons the previous week. The main buyers were Mexico, South Korea, and unknown destinations.
• Some pressure in the corn market may be coming from good South American weather that is expected to remain beneficial over the next 10 days. Export demand is good, but there is a large number of corn bushels sold to China that have not yet been shipped and could be at risk for cancellation.

• Soybean futures are trading lower this morning but have recovered slightly off their overnight lows. The grain complex as a whole has not reacted positively to all of the recent tariff threats as they generally cause the dollar to move higher.
• Soybean meal is trading slightly higher this morning while bean oil is lower. On Friday, it was shown that soybean crush for October came in at 210.6 million bushels which was a 4.6% increase from a year ago.
• In Brazil, soybean conditions are seen as very good with Agroconsult estimating the 24/25 crop at a record 172.2 million bushels. AgRural has estimated that 91% of the bean crop has been planted so far.

• All three wheat classes are trading lower this morning with pressure from the dollar. March Chicago wheat came within 3/4 of a cent from taking out its August contract low, but so far remains above it.
• Russia is expected to lower its wheat exports by a larger number than usual as a result of a smaller than expected crop. Officials have approved a wheat export quota of 11 million tons for the second half of the season from Feb 15 to June 30.
• Friday’s export sales report saw more disappointing numbers at just 367k tons compared to 550k tons the previous week. Top buyers were unknown, Taiwan, and Vietnam.

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 futures are not yet trading due to the Thanksgiving holiday, but export sales will be released soon after and will likely drive prices. Today is first notice day for the December contract and there were 111 deliveries total.
• Estimates for today’s export sales report see corn sales in a range between 31 and 79 million bushels, and total export sales and shipments are currently at 53.7% of the total USDA export estimate just 11 weeks into the new marketing year. This pace is 10 points ahead of the average sales pace.
• US ethanol stocks rose by 1.4% to 22.869m bbl which compared to analyst expectations of 22.745m bbl. Plant production was at 1.119m b/d which compared to the average guess of 1.102m.

• The soybean market will open at 8:30 central time today, but soybeans ended the day higher on Wednesday for the second consecutive day of gains as they find support near contract lows. Soybean meal was supportive on Wednesday while soybean oil was sharply lower.
• The USDA will release its monthly fats and oils report at 2pm, and soybean crush for the month of October is expected to have jumped to a record high 210.9 million bushels. If realized, it would compare to last month’s 201.4 mb.
• Estimates for soybean sales in today’s export sales report are in a range between 1,500k tons and 2,400k tons which would be a large number supported by many recent flash sales.

• Winter wheat futures closed lower on Wednesday but did not the March Chicago wheat did not take out its contracts lows. Strong winter wheat conditions going into winter dormancy in the US continue to weigh on wheat futures.
• EU wheat exports are said to be down 30% year on year, after a disappointing harvest this year, which could be a bullish factor. Additionally, Black Sea tensions may keep wheat prices supported over the summer lows.
• Estimates for today’s export sales report see wheat sales in a range between 200k and 600k tons.

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 as prices attempt to recover some of yesterday’s losses. Corn prices have remained in a relatively tight range all month.
• Talk of a 25% tariff by President elect Trump sent corn prices lower, albeit on low volume, yesterday. Mexico has purchased over 500 million bushels of US corn so far this marketing year accounting for 41% of the US corn export total. 
• South Africa’s Department of Agriculture last week gave the go ahead for US corn imports after drought and dryness cut their corn production by 22%. South Africa has been virtually nonexistent buying US corn over the last 30 years. This could bolster an already strong 2024/25 US corn export book.

• Soybeans are trading higher this morning as prices continue to hover just above contact lows. Soybean meal is about unchanged this morning while soybean oil is slightly lower to start the day.
• Weather for much of Brazil and Argentina looks supportive to soybean development as we flip the calendar over to December. Recent rains have alleviated dryness worries in Argentina while a continued mix of rain and sun has been ideal for much of northern Brazil. 
• Recent increased tariff talk by President elect Trump has done little to effect the already beaten up US soybean futures as of late. Traders seem content to hold near these prices while continuing to monitor South American weather. 

• Winter wheat futures are trading lower this morning after yesterdays slight close higher in prices. Spring wheat futures are holding onto a fractional gain this morning. Strong winter wheat conditions going into winter dormancy in the US continue to weigh on wheat futures.
• After a very strong last two months the US Dollar index has backed off this week after running into upside resistance. 
• European Union soft wheat exports as of November 24th have reached 9.15 mmt, down 30% from a year ago. 

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 and has recovered from its overnight lows that brought the March contract below the 50-day moving average. Corn prices remain in a relatively tight range.
• Last night, there were reports that soon to be President Trump is planning on tacking an additional 10% tariff on China and will also place 25% tariffs on both Mexico and Canada. The news caused the dollar to jump which is bearish for commodities, but prices have stabilized.
• Yesterday’s export inspection report showed corn inspections at 903k tons for the week ending November 21 which on the higher side of expectations and compares to 873.7k last week and 419.9k a year ago.

• Soybeans are trading higher this morning and also recovered from overnight lows that were a result of the tariff news. Soybean oil is leading soybeans higher while soybean meal is slightly lower to start the day.
• The recent volatility in the soy products has caused processing margins to tighten with the main issue being lower soybean oil prices that have fallen by 6.55 cents since their highs on November 11.
• Yesterday’s export inspections report showed soybean inspections at 2,102k tons which was on the higher side of expectations and compares to 2,266.4k last week and 1,574.1k last year.

• All three wheat classes are trading higher this morning with KC wheat leading the way up. The dollar spiked overnight but has since fallen into negative territory which is allowing wheat prices to move higher.
• Yesterday afternoon, the USDA released its crop progress report which showed that 97% of the winter wheat crop has been planted, that 89% is emerged, and that the good to excellent rating has increased to 55%. Last week the rating was at 49%, and the trade estimate for this report was at just 51% good to excellent.
• SovEcon has cut their export forecast for the 24/25 wheat crop to 44.1 mmt from 45.9 mmt citing stricter export quotas. In the second half of the year, the country tends to limit wheat exports to protect domestic supplies.

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

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