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All prices as of 6:30 am Central Time

• Corn is trading lower this morning and is likely being pulled down by lower wheat prices. There has not been much fresh news recently, but this week, export inspections, ethanol grind, and export sales will be released. The markets will be closed on Thanksgiving.
• In Ukraine, this year’s corn harvest has fallen by 5% year over year to 23.6 mmt so far. This is down from 24.9 mmt at the same time last year. The wheat harvest is on par with last year and only corn is affected.
• Friday’s CFTC report showed funds as buyers of corn but slowing down a bit. They bought 4,639 contracts of corn which increased their net long position to 114,628 contracts, the highest level since March 2023.

• Soybeans are trading higher this morning thanks to support from both soybean meal and oil after a recovery in palm oil. Soybean futures are very oversold and could see renewed demand at this cheap prices.
• In Brazil, the 24/25 soybean planting has hit 86% of expected areas as of last Thursday which compares to 74% last year at this time. Weather has remained favorable with scattered showers across the country.
• Friday’s CFTC report showed funds as sellers of soybeans. They sold an additional 13,165 contracts which increased their net short position to 67,701 contracts.

• All three wheat classes are trading lower this morning as wheat leads the grain complex lower. A lack of escalation of the war between Russia and Ukraine over the weekend may be pressuring prices along with improved winter wheat conditions in the US.
• Russia’s deputy prime minister has estimated that the country’s current marketing year grain exports are between 55 to 60 mmt compared to last year’s 72 mmt. Total Russian wheat production is estimated at 83 mmt.
• Friday’s CFTC report showed funds as sellers of Chicago wheat by 6,239 contracts which increased their net short position to 51,546 contracts. They sold 4,277 contracts of KC wheat which increased that net short position to 29,375 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 but remains relatively rangebound. Yesterday, corn ended the day lower and was likely pulled down by sharply lower soybean prices. Exports have been firm, and yesterday’s export sales report showed another week of impressive sales.
• Yesterday’s export sales report showed sales at 58.8 million bushels which was on the high end of trade expectations. Mexico was the top buyer followed by unknown destinations and then Japan.
• As of November 12, funds were estimated to have been long 109,989 contracts of corn. Since November 15, funds are estimated to have added an additional 18,000 contracts to their long position.

• Soybeans are trading slightly higher this morning as prices recover from yesterday’s sell-off, but they did make a new contract low in March overnight. Soybean oil is lower and continues to pressure soybeans while soybean meal is higher.
• Yesterday’s export sales report showed soybean sales at 68.3 million bushels which was at the high end of trade expectations. China was the top buyer with Mexico and then the Netherlands following.
• The US share of soybean exports to China were down 13% year-over-year in the Jan-Oct timeframe. China continues to be a large buyer of South American supplies as the possibility of US tariffs loom.

• Wheat is mixed this morning with the Chicago contract trading slightly lower while KC and Minneapolis wheat trade higher. There have been reports that Russian farmers have planted less wheat this year as a result of the escalation with Ukraine and lower cash prices.
• The gains in wheat futures could remain limited to an extent due to the improved weather in the HRW belt. Recent rains in the area have supported improving crop conditions.
• Yesterday’s export sales report saw wheat sales towards the high end of trade estimates and well above last week’s sales. The top buyer was South Korea followed by Mexico and Indonesia.

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 while prices have traded relatively quietly over the past week, they have been in a steady uptrend from the August lows. Good demand has driven prices higher.
• There have been rumors that South Korea was a buyer of corn at some point yesterday which supported the market, but the $4.30 price area has acted as a barrier in the December contract as the strong US dollar and lower shipping rates limit US corn in the global export market.
• Estimates for today’s export sales report see corn sales in a range between 1,300k and 2,200k tons with an average guess of 1,544k. This would compare to 1,315k tons a week ago and 1,432k a year ago.

• Soybeans are trading higher this morning after losses over the past two days that brought prices down to support levels. Soybean oil has been a main driver in soybean prices and is trading higher today while soybean meal is slightly lower.
• There were rumors that China was in the market for US soybeans last night. Sino grain has remained an active buyer of US soybeans for February delivery which supported the market overnight.
• Estimates for today’s export sales report see soybean sales in a range between 1,000k and 1,900k tons with an average guess of 1,331k tons. This would compare to 1,555k last week and 902k last year.

• All three wheat classes are trading higher this morning as prices remain supported by the concerns of escalation in the war between Ukraine and Russia. This conflict could limit wheat flow from that region.
• The gains in wheat futures could remain limited to an extent due to the improved weather in the HRW belt. Recent rains in the area have supported improving crop conditions.
• Estimates for today’s export sales report see wheat sales in a range between 250k and 600k tons with an average guess of 378k tons. This would compare to 380k tons last week and 197k tons 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 lower this morning in sympathy with lower soybeans and wheat, in a tight 2 3/4 cent range, with little fresh news in the market.
• Weekly ethanol data will be out later today from the EIA. Traders anticipate lower production at 1.1 million barrels/day for the week ending Nov. 15, with stocks rising to 22.206 million barrels.
• Managed fund activity was on the light side yesterday, as they sold an estimated 2,000 corn futures contracts, bringing their estimated net long position to 111,000 contracts.

• Soybeans are lower again this morning as technical weakness adds pressure to the market after prices failed to hold above the 50-day moving average in yesterday’s trade.
• Both products are also lower, with soybean oil now trading below yesterday’s lows and recent 44.50 support, which is adding to the weakness in soybeans.
• Brazilian trade group Abiove, estimates Brazil’s 24/25 soybean production at a record 167.7 mmt versus 153.3 mmt last year, and the USDA’s 169 mmt. Exports are seen rising to 104.1 mmt from last year’s 98.3 and the USDA’s 105 mmt.
• Managed funds were moderate sellers in yesterday’s trade, selling an estimated 4,000 contracts of soybeans, which brought their estimated net short soybean position to 58,000 contracts. 

• All three wheat classes are lower this morning and near session lows, as traders press the market following yesterday’s relatively weak close.
• Adding to the weak tone are rumors of potential peace talks between the West, Russia, and Ukraine. This follows reports of Ukraine using US made long-range missiles to attack targets in Russian territory over the weekend.
• US winter wheat crop ratings that are the highest in years following recent rains is adding overhead resistance to prices, along with higher Argentine and Australian wheat exports.
• Managed funds were rather quiet in the wheat market yesterday, buying an estimated 1,000 Chicago wheat futures contracts. This brought their estimated net short in Chicago wheat to 44,000 contracts. Overall, managed funds are estimated to hold a record short totaling 200,000 contracts across all three wheat classes.

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 have remained in an overall uptrend since the lows were posted in August. Export sales have been firm which has provided support despite a large expected ending stocks number.
• Yesterday’s export inspections report showed that 32.3 million bushels of corn were inspected which brought total inspections for the year up to 31.9% of last year. This is above the USDA’s forecast.
• Corn has received support from the wheat complex which has rallied since the Biden administration approved the use of long range missiles by Ukraine into Russia. This could cause further escalation. 

• Soybeans are trading slightly lower this morning but have posted two consecutive days of double digit gains. Yesterday, soybean prices faltered in the middle of the day but ended higher thanks to a recovery in soybean oil which has been the main driver of prices. Soybean meal is higher this morning while soybean oil is slightly lower.
• In Brazil, soybean planting for the 24/25 year is now 80% complete as of November 14. This compares to 67% a week ago and 68% a year ago. Weather in the country remains very conducive to the soybean crop.
• Yesterday, three different flash sales were announced in soybeans with soybeans sent to Mexico, soybean cake and meal to the Philippines, and notably, soybean oil to India. Yesterday’s export inspections of 79.6 mb put the total number 9% above last year.

• All three wheat classes are trading higher this morning as escalation between Ukraine and Russia seems to have bottomed out the wheat market for now. This morning, Putin issued nuclear threats after the US gave permission for Ukraine to send long range missiles into Russia.
• Yesterday, the USDA released its crop progress report which showed the winter wheat good to excellent rating increasing to 49% which was above the trade estimate of 46%. This compares to 44% a week ago and 48% a year ago.
• 94% of the winter wheat crop is said to be planted which was just below the trade estimate of 95% and compares to 91% last week. 84% of the crop is emerged which compares to 76% the previous week.

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 and has faded from higher prices overnight. Cash markets and basis levels are indicating that corn demand is higher than amounts being sold by farmers which should cause prices to increase.
• In Brazil, CONAB released its new estimates for grain production last week and it sees planted acreage falling very slightly by 9k hectares, but production increasing to 119.81 mmt thanks to an increase in yield expectations.
• Friday’s CFTC report showed funds buying a large amount of corn, 87,946 contracts as of November 12, which left them net long 109,989 contracts. Funds have not been this long since March of 2023.

• Soybeans are trading lower this morning and have faded from overnight highs that saw prices up to 6 cents higher.  Palm oil has begun the week with sharp losses that have bled into soybean oil and are weighing on soybean prices. Soybean meal is trading higher.
• On Friday, the NOPA crush report showed that 200 million bushels of soybeans were crushed in October which was 3.2 mb above expectations. Soybean oil stocks came in below expectations. The large crush numbers have created an excess amount of soybean meal which has caused the lower prices.
• Friday’s CFTC report showed funds as buyers of soybeans as of November 12 by 15,576 contracts which still leaves them net short 54,536 contracts.

• All three wheat classes are trading higher this morning and seem to have put in a low last Thursday as futures had gotten very oversold. US winter wheat is moving into dormancy so rainfall in the southern plains is no longer as helpful.
• In Russia, farmers had only harvested 124.3 mmt of grains as of November 1 which compares to 141 mmt at the same time last year. The crop had been harvested over 95% of sown area which is about the same as last year.
• Friday’s CFTC report showed funds as sellers of Chicago wheat by 14,526 contracts leaving them net short 45,307 contracts. In KC wheat, funds sold 11,018 contracts leaving them short 25,098 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 higher this morning taking back some of yesterday’s losses. The weak price action yesterday seemed to stem more from lower soybeans and wheat as fundamentals have been good with strong export demand.
• The range of trade estimates for today’s export sales report are relatively wide and are between 600k and 2,600k tons with an average guess of 1,635k tons. A number on the higher end of this range would not be surprising given the recent flash sales. This would compare to last year’s sales of 1,808k tons.
• In Brazil, CONAB released its new estimates for grain production yesterday and it sees planted acreage falling very slightly by 9k hectares, but production increasing to 119.81 mmt thanks to an increase in yield expectations.

• Soybeans are trading higher this morning as well following yesterday’s sharp sell-off that was likely a result of technical selling along with higher Brazilian production estimates. Soybean meal is slightly lower while soybean oil is trading higher. Today’s soybean crush report is expected to be strong at 193 mb.
• Estimates for today’s export sales report see soybean sales in a range between 1,000k and 2,400k tons with an average guess of 1,773k tons. This would compare to 2.037k tons last week and 3,853k last year.
• CONAB has revised its estimate for Brazilian soybean production higher at 166.14 mmt from 166.05 mmt last month. Planted area is expected to increase while yield estimates are unchanged.

• All three wheat classes are trading higher this morning with Minneapolis leading the way up. Wheat futures have fallen every day since the election as the dollar has rallied making wheat more expensive to purchase from the US.
• Estimates for today’s export sales report see wheat sales in a range between 250k and 650k tons with an average guess of 403k tons. This would compare to 375k tons last week and 176k the previous year.
• In India, wheat production for 25/26 has been revised slightly lower to 112.4 mmt due to a decline in yield estimates in key northern producing states with warmer weather.

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 mixed to start the day with the front months trading slightly lower while December 2025 corn trades slightly higher. Apart from a good batch of flash sales yesterday morning, there has not been much news in corn which has caused it to follow wheat lower.
• Yesterday, the USDA said that 401,357 mt of corn was sold to Mexico for 24/25, and another 290,820 mt were sold to unknown destinations. It will be important to find out if unknown means China.
• Estimates for today’s ethanol report are between 1.065 and 1.106 million barrels per day which would be another strong week and point to good domestic demand.

• Soybeans are trading slightly higher but are also quiet this morning with small gains that have backed off higher overnight prices. Commodities have been under pressure since the dollar began sharply rallying after Donald Trump was announced as the next president. Soybean meal is lower while soybean oil is higher.
• In Argentina, improved soil moisture levels have caused farmers to increase their planted soybean area to 17.9 million hectares which is up 1.1% from last month. Planting is reportedly 20% complete, and production estimates are around 53 mmt.
• While soybean oil is higher this morning, it has reversed significantly off its highs after Trump announced pick Lee Zeldin, who is not a supporter of renewable energies, to head the EPA.

• Wheat is mixed this morning with the Chicago and KC contracts trading lower while Minneapolis is slightly higher. Rainfall in the southern Plains has been the main bearish factor but has opened the door to new technical selling.
• In France, the outlook for wheat exports has been cut to 9.9 mmt from 10.03 mmt the previous month after seeing a decline in non-EU sakes. These exports would be 40.5% lower than the previous season.
• In India, wheat production for 25/26 has been revised slightly lower to 112.4 mmt due to a decline in yield estimates in key northern producing states with warmer weather.

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 both sides of unchanged this morning and have remained in a tight range so far this week just below Friday’s high. 
• Export inspections are now running 31% ahead of last year’s pace. Another daily flash sale announcement to Mexico yesterday and tightening basis levels around the Corn Belt are all friendly signs to the corn market.
• The USDA reported corn harvest was 95% complete as of Sunday. This is 9% ahead of last year’s pace and 11% ahead of the 5-year average.

• Soybeans are trading lower this morning after a tough start to the week. Lower world vegetable oil prices as they retreat from recently overbought conditions have been a weight on US soybean oil futures as well as soybeans. 
• With US soybean prices remaining at a steep discount to Brazilian soybean futures for export though the end of the year, US soybean exports should find favor from world soybean buyers. 
• The USDA reported harvest progress was 96% complete as of Sunday. This is likely the final crop progress report for soybeans of the year. 

• All three wheat classes are trading lower this morning after breaking nearby support to start the week.
• US winter wheat conditions improved by 3% last week to come in at 44% good to excellent. Last week’s rains have improved conditions, recent price action is likely reflecting this beneficial moisture. 
• EU soft wheat exports in the season that started July 1 have totaled 8.7 mmt, this compares to 12.3 mmt 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 futures are trading slightly higher this morning but have been quiet so far this week and have not taken out last Friday’s high. Basis levels improved again yesterday, and with the move higher in prices, producers have a chance to make decent cash sales.
• Export inspections today are expected to be strong again for corn as demand has been very good recently. Some traders were discouraged that the USDA did not increase demand in last week’s WASDE report, but the fact that it was not lowered like production was is a good sign.
• In France, production estimates for the corn crop have been increased to 14.6 mmt from 14.5 mmt last month despite heavy rains throughout harvest. This production would be 10% above the 5-year average if realized.

• Soybeans are trading lower this morning after a loss of around 8 cents yesterday. The fundamental picture has not changed much, and it should be noted that January soybeans failed at the 200-day moving average two days in a row which could point to a technical sell-off.
• Both soybean meal and oil are trading lower this morning, but soybean oil is posting larger losses. This is in contrast to the recent trend in which soybean meal was selling off while soybean oil was rallying. It is possible that soybean meal simply got too cheap which incentivized buyers.
• In Brazil, the soybean crop is reportedly 67% planted as of Nov 7. This compares to 54% a week ago and 61% the previous year. It has been impressive to see how quickly planting has rebounded after the weather delays.

• All three wheat classes are trading lower this morning with KC leading the way lower. Yesterday, wheat futures took a sharp dive and were down nearly 20 cents before they recovered into the end of day for a more mild loss. 
• Yesterday’s sell-0ff may have kicked off as a result of widespread rains over the driest HRW wheat areas over the weekend, but some demand kicked in at those lower prices bringing futures back within their recent trading range.
• In Ukraine, Astarta’s winter wheat crop is now completely planted. Over 46k hectares of winter wheat were planted which is down 6.1% from last year’s planting. Hectares may have been taken from winter wheat and given to rapeseeed.

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