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All prices as of 6:30 am Central Time

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

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

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

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

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

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

All prices as of 6:30 am Central Time

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

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

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

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

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

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

All prices as of 6:30 am Central Time

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

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

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

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

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

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

All prices as of 6:30 am Central Time

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

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

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

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

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

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

All prices as of 6:30 am Central Time

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

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

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

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

• Soybeans are trading higher this morning to start today’s shortened holiday trade. Yesterday, prices were pressured we weaker Brazilian currency compared to the dollar. Both soybean meal and oil are trading higher.
• Yesterday’s export inspections report was strong with 64.2 million bushels of soybeans inspected for export as of December 19. This exceeded last week’s inspections and the previous year’s.
• While the majority of Brazil has seen very good weather, the southern part of the country along with Argentina may now be facing a period of dry weather which could be friendly for soybean meal prices.

• Wheat is mixed to start the day with Chicago and KC slightly lower and Minneapolis higher. Prices were stronger yesterday as buyers take advantage of cheap US wheat.
• Yesterday’s export inspections report saw 14.8 million bushels of wheat inspected for export and was primarily headed to Mexico, Indonesia, and Japan. Inspections were slightly above last week’s.
• SovEcon has downgraded the 24/25 Russian wheat export forecast to 43.7 mmt from 44.1 mmt previously as a result of lower expected production.

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

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

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

All prices as of 6:30 am Central Time

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

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

• All three wheat classes are trading higher this morning with Minneapolis leading the way higher. Paris milling wheat futures are higher and supporting US wheat futures.
• SovEcon has cut its estimate for the Russian wheat crop to the lowest level since 2021 at 78.7 mmt which is a decline of 3 mmt. Cuts in Russian production could be a catalyst for higher wheat futures.
• Friday’s CFTC report showed funds as sellers of Chicago wheat by 20,622 contracts which left them net short 87,401 contracts. They bought back 3,369 contracts of KC wheat which left them net short 33,067 contracts.

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading higher to start the day on momentum from yesterday’s recovery trade. Futures have now taken back all of Wednesday’s losses over the past two days.
• Yesterday’s export sales report was good with 46.2 mb of new sales commitments reported. The top buyer was Mexico with 395k tons, and total shipments combined with outstanding sales now cover 57.8% of the USDA’s total export estimate.
• The Buenos Aires Grain Exchange updated its corn planting progress for Argentina which now sees the corn crop at 65.8% planted compared to 55.6% planted last week.

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

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

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

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

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

All prices as of 6:30 am Central Time

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

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

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

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

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

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

All prices as of 6:30 am Central Time

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

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

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

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

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

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