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All prices as of 6:30 am Central Time

• Corn futures are trading lower this morning and have faded from slightly higher prices overnight. December corn gained over 16 cents last week as a result of very strong export demand and a reduction in the national yield estimate by the USDA.
• Friday’s WASDE report was surprising showing a decrease in the corn yield to 183.1 bpa from 183.7 bpa the previous month. Many analysts had thought that the yield would be unchanged. Ending stocks of 1.938 bb were slightly higher than the average trade guess which may have limited gains.
• Friday’s CFTC report showed that funds bought 39,746 contracts of corn as of November 15 which left them with a net long position of 22,043 contracts. This is the first time funds have held a net long position since August 2023.

• Soybeans are mixed this morning with the front months higher but bull spread as November 2025 trades slightly lower and the majority of gains remain in the front month. Soybean meal is breaking its recent trend by trading higher this morning while soybean oil is lower.
•  The USDA report on Friday was bullish with the national yield estimate being sharply lowered to 51.7 bpa from 53.1 bpa last month. Trade was expecting a lower yield number but not such a large drop. Ending stocks fell by 80 mb which was friendly as well.
• Friday’s CFTC report showed funds buying back just 2,114 contracts as of Nov 5 which left them net short 70,112 contracts. It is estimated that funds have bought back and additional 28,000 contracts since Nov 5.

• All three wheat classes are trading lower this morning with Chicago wheat leading the way lower after rainfall totals in important HRW acres were better than expected. 
• Wheat production seems to be struggling globally as StoneX has just revised their estimate for the Brazilian wheat crop to 7.5 mmt from 7.9 mmt the previous month. The Russian wheat crop is expected to be smaller as well, and wheat conditions in the US are poor.
• Friday’s CFTC report showed funds buying back just 391 contracts of Chicago wheat which left them net short 30,781 contracts. They sold 4,920 contracts of KC wheat which left them net short 14,080 contracts as of Nov 5.

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 WASDE report which will be released at 11 central. Prices have been primarily supported by good recent export sales, but may see pressure from large ending stock numbers.
• Yesterday’s export sales report saw corn sales over 108.9 mb which put total commitments at 1.04 billion bushels and is well ahead of last year’s pace. The recent increase in export sales are likely due to other countries stocking up before potential tariffs.
• In Argentina, 37.2% of the corn crop is now reportedly planted which compares to 34.5% last year. Notably, farmers have planted less corn after last year’s leaf hopper plague with only 6.3 million hectares to be planted compared to 7.9 million last year.

• Soybeans are trading slightly lower today after big gains yesterday that brought prices up to the 50-day moving average but have not been quite able to break through yet. If yields are reduced in today’s report it could cause prices to rally further.
• Soybean meal is trading lower while soybean oil is higher this morning as both products continue their recent trend. Soybean oil gained over 4% yesterday as trade anticipates tariffs on used Chinese cooking oil. The increase in crush has left us with a glut of bean meal.
• Estimates for Today’s WASDE report see soybean ending stocks falling by 15 mb to 535 mb and the average soybean yield falling to 52.9 bpa from 53.1 bpa in last months estimate. World ending stocks are expected to be slightly lowered.

• Wheat is mixed this morning with Chicago trading slightly higher while KC and Minneapolis are lower. Overall, wheat has been in a very tight trading range over the past month.
• Wheat production seems to be struggling globally as StoneX has just revised their estimate for the Brazilian wheat crop to 7.5 mmt from 7.9 mmt the previous month. The Russian wheat crop is expected to be smaller as well, and wheat conditions in the US are poor.
• Estimates for Today’s WASDE report see wheat US ending stocks rising slightly to 813 mb and world ending stocks falling slightly from last month’s estimate. Exports are not expected to be adjusted and there should be few changes overall.

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 up on yesterday’s strength. Futures broke to the upside and will likely meet their next resistance level around $4.35 in December. Yesterday, funds were estimated to have bought back 18,000 contracts which would give them a net long position.
• Estimates for today’s export sales report see corn in a range between 1,700k and 2,500k tons with an average guess of 2,120k tons. This would be slightly below last week’s sales, but exports have been very strong ahead of anticipated tariffs.
• Estimates for Friday’s WASDE report see corn ending stocks falling slightly from the previous estimate to 1,936 mb. Corn yield estimates are expected to be unchanged at 183.8 bpa. World ending stocks are also expected to be revised slightly lower.

• Soybeans are trading higher again today after a sharp sell-off yesterday morning that then saw prices rebound. While the prospect of new Trump tariffs is bearish, countries will likely continue to stock up on grains until he takes office next year.
• Estimates for today’s export sales report sees soybean sales between 1,200k and 2,200k tons with an average guess of 1,766k tons which would be slightly below last week’s sales.
• Estimates for Friday’s WASDE report see soybean ending stocks falling by 15 mb to 535 mb and the average soybean yield falling to 52.9 bpa from 53.1 bpa in last months estimate. World ending stocks are expected to be slightly lowered.

• All three wheat classes are trading slightly higher this morning with Chicago wheat leading the way. Futures are likely following corn and soybeans as rainfall over US winter wheat areas has improved and may pressure prices.
• Estimates for today’s export sales report see wheat sales between 250k and 650k tons with an average guess of 455k tons. This would be slightly above last week’s sales. 
• Estimates for Friday’s WASDE report see wheat US ending stocks rising slightly to 813 mb and world ending stocks falling slightly from last month’s estimate.

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 Donald Trump was announced as the winner of the Presidency, but concerns remain with traders nervous about potential future Chinese tariffs which could hurt export demand.
• Estimates for Friday’s WASDE report see corn ending stocks falling slightly from the previous estimate to 1,936 mb. Corn yield estimates are expected to be unchanged at 183.8 bpa. World ending stocks are also expected to be revised slightly lower.
• Over the past five days, funds are estimated to have bought back 7,000 contracts of corn. While this was relatively quiet movement, funds are now very close to having an established net long position.

• Soybeans are trading sharply lower this morning and are feeling the brunt of the Trump election win and concern over tariffs. The US dollar rallied on the news which has pressured grains and crude oil. Both soybean meal and oil are trading lower.
• Estimates for Friday’s WASDE report see soybean ending stocks falling by 15 mb to 535 mb and the average soybean yield falling to 52.9 bpa from 53.1 bpa in last months estimate. World ending stocks are expected to be slightly lowered.
• The Argentinian soybean crop production is expected to be revised slightly higher to 51.3 mmt from 51.0 mmt last month, and Brazilian production is expected to be lowered to 168.6 mmt from 169.0 mmt last month.

• All three wheat classes are trading lower this morning along with the rest of the grain complex as the sharp rise in the dollar pressures commodities. In addition, there are increased chances of rain over the next 7 days in Kansas and the Texas panhandle.
• Estimates for Friday’s WASDE report see wheat ending stocks rising slightly to 813 mb and world ending stocks falling slightly from last month’s estimate.
• Russia’s grain harvest may fall by 20 to 22 mmt due to weather issues according to the Russian ag minister. The harvest estimate has been adjusted nearer to 130 mmt which is down from the previous 150 mmt.

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

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

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

All prices as of 6:30 am Central Time

• Corn futures are mixed this morning with the three front months trading slightly higher but deferred contracts lower. Trade may be quiet today as traders await election results.
• The corn market is experiencing a less overhead resistance as harvest nears the end and hedge pressure wanes. With the US Presidential election today and November WASDE report Friday, prices could experience added volatility.
• Yesterday, the USDA released its Crop Progress report which showed that the corn harvest was 91% complete as of November 3. This compares to 81% last week and the 5-year average of 75% for this time of year.

• Soybeans are trading slightly higher this morning but are also relatively quiet along with corn. Yesterday, prices were significantly higher in the morning but faded into the end of the day leaving only slight gains. Soybeans have had a difficult time sustaining most sharp rallies.
• This morning, the soy products are bucking their typical trend with soybean meal slightly higher and soybean oil lower. Crush demand has been very strong for soybean oil which has left a supply glut of meal.
• Yesterday’s Crop Progress report showed that 94% of the soybean crop has been harvested which compares to 89% last week and the average of 85% this time of year.

• All three wheat classes are trading higher today with KC leading the way higher. Wheat has been relatively rangebound with bullish news coming from global weather issues but poor exports in the US adding downward pressure. Rain in the forecast for winter wheat areas could add pressure this week.
• Ukraine’s ag ministry reported that the country’s total year over year grain exports rose 56% to 14.4 million metric tons. Of that total, 7.7 mmt was wheat, 67% more than the same period last year.
• Yesterday’s Crop Progress report showed winter wheat plantings at 87% complete which compares to the average of 89%. 66% of the crop is emerged which compares to the average of 71%, and 41% is rated good to excellent which compares to 50% 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

• December corn is leading the corn market higher, as it trades near the top of its 5 1/2 cent range, and after breaking out of last week’s sideways pattern. 
• The corn market is experiencing a less overhead resistance as harvest nears the end and hedge pressure wanes. With the US Presidential election tomorrow and November WASDE report Friday, prices could experience added volatility.
• The USDA reported that in September 440 million bushels of corn were used in ethanol production, 2.7% more than September last year. Indicating that demand remains strong.
• Friday the Commodity Futures Trading Commission released its Commitment of Traders report. As of Oct. 29, managed funds covered nearly 54,000 short corn futures contracts, bringing their net short corn futures position to only 17,703 contracts.

• January soybeans are near the top end of their range this morning, with the overnight high just below Friday’s high. Support is coming from higher soybean meal as it rebounds from Friday’s losses, and slightly higher bean oil, which is well off its overnight highs.
• With the US Presidential election tomorrow and the November WASDE on Friday, the soybean market may experience higher volatility this week with less harvest hedge pressure and traders square positions. 
• US soybean crush remains strong. The USDA reported total September crush totaled 186.5 million bushels. This was 6.7% higher than last year.
• In Friday’s Commitment of Traders report, the CFTC showed that managed funds sold 12,652 soybean futures contracts, which increased their net short soybean position to 72,226 contracts.

• The wheat complex is starting the week mixed this morning, with Chicago and Minneapolis fractionally higher and KC unchanged to marginally lower. As all three classes quietly trade inside Friday’s range.
• Ukraine’s ag ministry reported that the country’s total year over year grain exports rose 56% to 14.4 million metric tons. Of that total, 7.7 mmt was wheat, 67% more than the same period last year.
• Managed funds were rather quiet in the week ending Oct. 29. According to the CFTC’s Friday COT report, managed funds sold just over 2,200 Chicago wheat futures contracts. This brought their total Chicago wheat net short to just over 31,000 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 has been in a tight range over the past week as trade anticipates the election results. Strong exports have been supportive while harvest pressure and South American weather have been negative keeping prices gridlocked.
• Yesterday’s export sales of 92.2 million bushels of corn were strong but were below last week’s massive number. They were well above last year at this time. Export shipments of 31.0 mb were below the 46.4 mb needed each week.
• Argentina’s corn crop may see improved numbers this year as the leafhopper disease in the country seems to have improved. Corn plantings have exceeded 15.6 million acres so far, but farmers had planned to limit corn planting after the crop was nearly destroyed last season.

• Soybeans are trading higher again this morning and are on track for a third consecutively higher close. Soybean meal continues to slide lower while soybean oil trades higher.
• Estimates for September soybean crush is around 187.6 million bushels which would be a 7.3% increase from the previous year if realized. 
• Higher palm oil prices has been the main driver for soybean and soybean oil recently as energy prices have rebounded. This supports renewable diesel production and has helped world veg oil prices.

• All three wheat classes are trading higher this morning led by higher Chicago wheat. December futures have traded just below their 50-day moving average, but trade has been focused on whether or not rain falls in Kansas and the panhandle area.
• The Ukrainian grain harvest is reportedly 91.2% complete at a total of 48 mmt. 22.3 mmt of that amount is wheat. Wheat exports have been up as well with 7.7 mmt exported.
• SovEcon has lowered its estimate for Russia’s 24/25 grain export forecast citing a decrease in the crop forecast and a policy change that states that Russian grain must be delivered to consumers by Russian exporters only.

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading slightly lower this morning as prices struggle to rally despite strong export sales with a flash sale reported nearly every day over the past two weeks. Funds seem reluctant to buy as harvest continues.
• According to the US Department of Energy’s weekly petroleum report, US ethanol stocks fell by 2% to 21.771m bbl which was below analyst expectations. Plant production came in at 1.082m b/d which was above trade guesses.
• Basis bids for corn have firmed around the Midwest this week as many have wrapped up corn harvest ahead of much needed rainfall forecast later this week. 

• Soybeans are trading higher again this morning and broke a four day losing streak yesterday with double digit gains. Support has primarily come from soybean oil and export sales. Soybean meal is trading lower while soybean oil is higher.
• Estimates for September soybean crush is around 187.6 million bushels which would be a 7.3% increase from the previous year if realized. 
• Soybean basis levels have risen lately with quick ship incentives being reported. Nearby spreads have backed off this week but are still tighter than expected with current carryout projections.

• All three wheat classes are trading lower this morning with KC wheat again leading the way lower. Pressure may be coming from potential rain in the forecast for Kansas and the Texas panhandle.
• The USDA has the winter wheat crop pegged at just 38% good to excellent, this is only worse than 2022 when looking back at the last 40 years. Key winter wheat areas have not received the necessary rain.
• SovEcon has lowered its estimate for Russia’s 24/25 grain export forecast citing a decrease in the crop forecast and a policy change that states that Russian grain must be delivered to consumers by Russian exporters only.

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading slightly lower this morning after yesterday’s higher trade, strong demand continues to keep corn futures well supported. 
• With just two days left in the month, front month corn futures are down about 12 cents so far in October.
• Basis bids for corn have firmed around the Midwest this week as many have wrapped up corn harvest ahead of much needed rainfall forecast later this week. 

• Soybeans are trading higher this morning as palm oil futures have made new contract highs for their recent move on strong demand and production concerns. 
• Soybean basis levels have been rising as of late with some quick ship incentives being reported. Nearby spreads have backed off a bit this week but are still tighter than expected given current carryout projections. 
• Near-term weather looks non-threatening for Brazil with continued showers expected in the northern soybean growing regions and drier weather in the far southern regions. Planting pace has made large strides in the last two weeks catching up to near-normal levels.

• All three wheat classes are trading lower this morning with KC wheat leading the losses.
• The USDA has the winter wheat crop pegged at just 38% good to excellent, this is only poorer than 2022 when looking back at the last 40 years. 
• Rain is forecast to fall in the Plains states over the next week, this will be much needed to improve wheat conditions ahead of winter dormancy.

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading higher this morning after yesterday, sharply lower crude oil prices weighed on the grain markets. December corn has remained just above the 50-day moving average which is likely acting as support.
• Yesterday afternoon, the USDA released its Crop Progress report which showed that 81% of the corn crop has been harvested. This was slightly above the average trade guess and compares to 65% completion a week ago and the 5-year average of 64%.
• Strong exports have kept prices supported with 2 more flash sales reported yesterday morning making the ninth consecutive day of sales, and yesterday’s export inspections were strong as well.

• Soybeans are trading higher as well this morning as crude oil prices recover. November soybeans are currently 23 cents off their contract low in August, and the question is whether it will make new harvest lows. Soybean meal is trading lower while soybean oil is higher.
• Yesterday’s Crop Progress report showed that the soybean harvest is now 89% complete which is behind the average trade guess of 91%. It compares to 81% completion last week and the 5-year average of 78%.
• Rainfall in Brazil continues to improve soil moisture conditions, and planting in the country is now 36.1% complete. This is not far behind last year’s progress of 37.1% at this time despite the fact that planting was slightly delayed this year due to dry weather.

• All three wheat classes are trading higher this morning with Chicago and KC leading the way higher. Crop progress numbers were supportive, but wheat is also shaking off yesterday’s sell-off caused by outside markets.
• Crop Progress showed that 80% of the winter wheat crop has been planted which was behind the trade estimate and compares to the average of 84% at this time. Only 38% of the crop is rated good to excellent which is the bullish story. Trade was expecting a rating of 47%, and 56% of the crop is emerged which compares to the average of 61%.
• In Southern Brazil, heavy rains may be harming the wheat crop, and many producers are trading cash at lower prices for fear that the wheat quality will continue to slip.

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

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