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All prices as of 6:30 am Central Time

• Corn is trading lower this morning after meeting resistance over the past two days at the $4.80 level in the March contract. Yesterday’s ethanol production report showed production below the average trade estimate but still strong.
• In southern Brazil, the harvest of the first-crop corn and the planting of the second-crop safrinha corn have begun. The state of Paraná reported that 1% of the first-crop corn has been harvested, and 2% of the safrinha corn has been planted. Despite some drier areas, first-crop yields are generally expected to be good.
• Estimates for today’s export sales report see corn sales in a range between 500k and 1,000k tons with an average guess of 800k. This would compare to 445k last week and 1,271k a year ago at this time.

• Soybeans are trading sharply lower to start the day as March futures fall from their Monday high of $10.64. While US ending stocks have tightened, world stocks are still quite large. Both soybean meal and oil are trading lower.
• Expectations for Brazil’s soybean crop have been lowered slightly, with one analyst reducing their estimate by 1 million tons to 170 million. Rainfall over the past week favored northern and eastern Brazil, while southern Brazil experienced mostly dry conditions. The forecast shows favorable rain prospects for northern Brazil, with increased chances of rainfall in southern Brazil later this week and into next week.
• Estimates for today’s export sales report see soybean sales in a range between 300k and 900k tons with an average guess of 575k tons. This would compare to 289k last week and 783k a year ago at this time.

• Wheat is trading lower this morning as futures struggle to rally significantly off their contract lows and primarily stay in rangebound trade. The higher dollar has kept prices suppressed.
• The wheat market continues to underperform compared to corn and soybeans, with the U.S. dollar remaining a significant headwind for wheat prices. Despite a 70-basis-point decline yesterday, the dollar index is still up 9% from its September low of 99.86.
• Estimates for today’s export sales report see wheat sales in a range between 100k and 400k tons with an average guess of 275k tons. This would compare to 111k last week and 708k a year ago at this time.

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 steady to two cents higher this morning in a quiet overnight session. March corn ranged from 474 to 477 overnight, while December corn traded between 455 and 457.50.
• In southern Brazil, the harvest of the first-crop corn and the planting of the second-crop safrinha corn have begun. The state of Paraná reported that 1% of the first-crop corn has been harvested, and 2% of the safrinha corn has been planted. Despite some drier areas, first-crop yields are generally expected to be good.
• In Argentina, corn planting is approximately 92% complete. Early crop ratings are mixed, with 58% of the crop rated as fair to very poor, while 42% is rated good to excellent.

• Soybeans are mixed, trading between a penny higher to a penny lower. The March contract traded overnight between 1044 and 1051.25, while the November contract ranged from 1045.25 to 1052.50. Soybean meal and oil are mixed: meal is up by one to two dollars, while soybean oil is down about half a percent.
• Expectations for Brazil’s soybean crop have been lowered slightly, with one analyst reducing their estimate by 1 million tons to 170 million. Rainfall over the past week favored northern and eastern Brazil, while southern Brazil experienced mostly dry conditions. The forecast shows favorable rain prospects for northern Brazil, with increased chances of rainfall in southern Brazil later this week and into next week.
• In Argentina, soybean planting is approximately 97% complete. Early crop ratings are mixed, with 51% rated as fair to very poor, while 49% are rated good to excellent.

• Wheat is trading lower this morning, with overnight trading ranges of four to eight cents.
• The wheat market continues to underperform compared to corn and soybeans, with the U.S. dollar remaining a significant headwind for wheat prices. Despite a 70-basis-point decline yesterday, the dollar index is still up 9% from its September low of 99.86.
• Japan has issued a tender for 132,888 metric tons of wheat, with 48,308 metric tons allocated to the U.S.

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 as trade appears to cool off after March futures gained 20 cents in just two days following the WASDE report. Futures have become overbought, and farmer selling has likely accelerated.
• Yesterday’s corn inspections number was strong at 56.7 mb, but the USDA reduced export demand by 25 mb on Friday citing lower supplies. Exports could be further reduced this year due to lower demand depending on President Trump’s tariffs.
• Yesterday’s CFTC report showed funds as buyers of 24,540 contracts of corn as of January 7 which left them net long 253,346 contracts. They are likely closer to 300,000 net long contracts after the last two trading days.

• Soybeans are trading lower this morning as March futures cool off from a 54 cent rally over the past two days which was driven by a 1 bpa reduction in yield in the US and drier forecasted conditions in Argentina.
• Both soybean meal and oil are trading lower as well, but soybean oil in particular has rallied sharply since the beginning of the year as the potential for removing foreign used cooking oil from renewable diesel production lends support.
• Yesterday’s CFTC report showed funds as buyers of 13,835 contracts of soybeans as of January 7 which reduced their net short position to 28,612 contracts. Funds are estimated to have bought back over 27,000 contracts in just the last two days which would likely establish them with a new net long position.

• All three wheat classes are trading slightly lower this morning along with the rest of the grain complex. The dollar index rose above 100 yesterday for the first time since November 2022 which has likely been a big factor in wheats new contract lows.
• Yesterday’s inspections report saw 10.6 mb of wheat inspected for export as of January 9. This put total inspections for 24/25 at 478 mb which is up 25% from the previous year. The USDA is estimating exports at 20% higher than the previous year.
• Yesterday’s CFTC report showed funds as sellers of Chicago wheat by 1,875 contracts which left them net short 88,637 contracts. They bought back 2,003 contracts of KC wheat which reduced their net short position to 31,858 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 following Friday’s very bullish USDA report, but drier weather in Argentina and diminishing soil moisture is lending support today as well. March futures are now at their highest level since June 2024.
• The bullish surprise in last week’s WASDE report was the big reduction in the national yield. Initially, analysts were expecting yield to fall by 0.4 bpa, but the USDA lowered yields by nearly 4 bpa which caused ending stocks to fall to 1.54 bb.
• The CFTC report will not be released until later today, but over the past 5 trading days, funds have bought an estimated 53,500 contracts of corn which would leave them with a near record net long position.

• Soybeans are trading sharply higher this morning along with corn and wheat as Friday’s USDA report was also bullish for soybeans, and the dryness in Argentina is affecting prices as well. Soybean meal is higher on the drier forecast while soybean oil is higher as well.
• Friday’s WASDE report saw the national soybean yield fall by 1 bpa which was significantly more than the average trade estimate. Ending stocks have fallen to just 380 mb from 470 mb in December’s report.
• Over the past 5 trading days, funds have bought back an estimated 27,000 contracts of soybeans which would put their net position close to being slightly net long.

• All three wheat classes are trading higher this morning with Chicago wheat leading the way. Although Friday’s report was not particularly bullish for wheat, there seems to be general optimism in the grain complex, and wheat is rebounding off Friday’s contract low.
• Last week’s WASDE report saw US wheat ending stocks very slightly increased while US grain stocks were higher as a result of increased seedings. World wheat ending stocks were increased as well.
• Over the past 5 trading days, funds bought back an estimated 7,500 contracts of wheat. This would still leave them with a net short position as fundamentals in wheat have been less friendly than in other grains.

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 ahead of the USDA report at 11 am central. While yields are expected to be slightly lowered, there could be some surprises from South American production.
• Pre-report estimates for Today’s WASDE report 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 average guess for Argentinian corn production is slightly below December’s estimate while Brazil’s is expected to be unchanged. World ending stocks are expected to fall slightly.

• Soybeans are trading higher this morning following gains in yesterday’s trade. Funds hold a decent sized net short position and could be taking profits ahead of today’s report. Soybean meal is lower while soybean oil is higher.
• Estimates for US soybean ending stocks see a slight decline to 458 mb due to a slightly lower yield estimate at 51.6 bpa. World ending stocks are expected to increase.
• 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 higher this morning after two consecutively lower closes that were likely driven down by increases in the US dollar recently.
• 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.
• Estimates for today’s report see world wheat ending stocks virtually unchanged at 257.9, but ongoing weather issues in much of the world could cause that number to drop. Estimates for Russian production seem to keep falling.

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 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.

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