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All prices as of 6:30 am Central Time

• Corn is trading lower this morning but has recovered slightly from its overnight lows. The December contract is now trading below the 100-day moving average but above the 50-day. Recent support has come from strong export sales, but a large corn crop and carryout is expected to add pressure.
• In Argentina, the USDA is expecting the 24/25 corn crop at 48 mmt which would be 2.5 mmt lower than the previous year. This would be a sizable crop despite a significant decrease in planted acres from last year.
• Friday’s CFTC report showed funds as buyers of corn as of October 22. They bought back 15,489 contracts which left them net short 71,499 contracts.

• Soybeans are trading lower this morning as crude oil drops sharply by over $4 per barrel following an Israeli attack on Iranian military targets and a large jump in planting progress in Brazil. Both soybean meal and oil are trading lower, but bean oil is down sharply.
• Over the weekend, Israel retaliated and struck Iranian military sites but spared oil production facilities. Trade had been expecting an attack on the oil sites with this escalation, so crude oil has fallen sharply today. In addition, China has vowed “countermeasures” after the US sold 2 billion dollars worth of arms to Taiwan. Both instances are unfriendly to soybeans.
• Friday’s CFTC report showed funds continue to sell soybeans aggressively. As of Oct 22, funds sold 39,233 contracts of soybeans which left them net short 59,574 contracts.

• Wheat is mixed this morning with the Chicago contracts slightly higher, KC unchanged, and Minneapolis wheat lower. Chicago wheat closed below its 50-day moving average on Friday which was technically bearish, and rain in the forecast for HRW areas has added to pressure.
• The Rosario Grain Exchange has forecast that Argentinian wheat exports could reach their second highest on record for 24/25. Exports could reach 13.3 mmt which compares to the 19.5 mmt they are expected to produce.
• Friday’s CFTC report showed funds as sellers of 2,902 contracts of Chicago wheat which left them short 28,915 contracts. They bought back 841 contracts of KC wheat which left them short 5,647 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 lower this morning after closing higher every other day this week so far, and the December contract is still on track for a weekly gain of around 13 cents, Strong export sales have been key support recently.
• In Argentina, there is more rain expected in the forecast going into November after the country had a dry start. Estimates for total corn production are between 51 and 52 mmt, and the crop is reportedly 29% planted.
• In China, a record corn crop is now expected as a result of higher yield thanks to fewer extreme weather patterns. More than 80% of Chinese crops have been harvested as of October 24.

• Soybeans are trading lower this morning along with corn after the November contract gave back significant gains yesterday to post a lower close. For the week, Nov soybeans are on track to gain 18 cents. Both soybean meal and oil are trading lower.
• While strong export sales has been a big support to soybean prices over the past week, the prospect of a massive South American crop may dampen bullish sentiment. Despite Brazil’s rocky start, weather has improved dramatically.
• Ukraine is expected to harvest a record soybean crop which will exceed 4.7 mmt while their corn crop is expected to be lower due to drought. Many producers favored oilseed crops this year instead of corn.

• All three wheat classes are trading lower this morning with Chicago wheat leading the way lower, but wheat is on track for a neutral weekly close. The stronger dollar and prospect for rain in winter wheat areas may be weighing on prices.
• In Turkey, analysts are expecting a 5.5% decline in wheat output for 2024 to 20.8 mmt. Total cereals output is expected to fall by 7.1% from the previous year.
• According to the Rosario Grain Exchange, the recent heavy rains in the country were crucial to the wheat crop. It is estimated that between 30 to 90 millimeters of rain fell yesterday. Wheat is in its last few weeks of development before harvest in November.

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

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

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

All prices as of 6:30 am Central Time

• Corn futures are trading higher this morning and are on track for a fourth consecutively higher close at this pace. The December contract is now trading back above the 100-day moving average as prices recover.
• Estimates for today’s export sales show strong number in corn after flash sales have been reported in the last 6 straight days. Trade is estimating corn exports between 2,500k and 4,000k tons with an average guess of 3,130k tons. This would compare to 2,226k tons a week ago.
• Yesterday, the US Department of Energy released its weekly petroleum report which showed ethanol stocks falling by 0.2% to 22.223m bbl, below analyst expectations. Plant production came in at 1.081 m barrels per day which was above expectations.

• Soybeans are trading higher this morning and are on track for a fourth consecutively higher close thanks to strong exports. The bearish argument is a large US crop and weather in Brazil that has made a significant comeback after a long stretch of drought.
• The US ag attaché in Brazil is now estimating that the 24/25 soybean crop in the country will be 161 mmt. This estimate has been increased from 160 mmt in the previous estimate. While planting had a late start in Brazil, the pace has picked back up quickly with steady rains.
• Estimates for today’s export sales report see soybean sales in a range between 1,400k and 2,400k tons with an average guess of 1,785k tons. This would compare to 1,703k tons. As in corn, soybean exports have been strong in the past few weeks.

• All three wheat classes are trading slightly lower this morning with KC wheat leading the way lower. Some rains have fallen in Kansas and in the panhandle, but 20-30% of the area received rains between 1/2 and 1 inch while the rest of the area received less than 1/2 inch.
• Estimates for today’s export sales report see wheat sales in a range between 350k and 650k tons with an average guess of 518k tons. This would compare with last week’s 504k tons and 381k tons a year ago.
• The EU’s soft wheat exports have dropped 31% year over year as of Oct. 20 for the season that started on July 1, falling to 7.02 mmt from 10.2 mmt last year, according to a report by the European Commission.

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

• The corn market trading a penny to two cents lower across the board in a tight two cent range as it consolidates from this week’s rally.
• Later today the EIA will release its weekly ethanol production report, in which the trade estimates that production will rise from last week to 1.055 million barrels per day. Ethanol stocks also expected to rise to 22.397 million barrels.  
• According to Anec, Brazil’s corn exports are expected to rise slightly to 6.24 mmt this month, versus 6.22 mmt in its last report.
• Managed funds were very active in yesterday’s trade, buying an estimated 13,000 contracts of corn. This brings their estimated net short position to 60,000 corn futures contracts.

• Soybeans are lower this morning, giving up almost half of yesterday’s gains, weighed down by weaker soybean meal and oil.
• There is market talk that US soybean exporters are in a rush to ship out this year’s soybeans ahead of the US election on fears of potential policy changes. This has helped bring US soybean export premiums to their highest levels in over a year.
• Anec reported that it sees Brazil’s soybean exports for the month of October reaching 4.63 mmt, up slightly from is last estimate of 4.34 mmt.
• Managed funds were active buyers in yesterday’s trade, buying an estimated 7,000 soybean futures contracts. This brings their estimated net short soybean position to 25,000 contracts.

• The wheat complex is lower this morning across all three classes as they reverse yesterday’s gains but still hold above yesterday’s lows.
• Ukraine’s ag ministry reported that winter crop planting is ahead of last year at about 5.4 million hectares. Of that total 3.8 million hectares of winter wheat have been planted versus 3.46 million last year at this time.
• The EU’s soft wheat exports have dropped 31% year over year as of Oct. 20 for the season that started on July 1, falling to 7.02 mmt from 10.2 mmt last year, according to a report by the European Commission.
• Managed funds were buyers in the wheat complex yesterday, purchasing an estimated 3,000 Chicago wheat contracts, which brings their estimated short position in Chicago wheat to 21,000 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 unchanged to half of a cent higher this morning as December futures continue to hover around the $4.10 mark which is just above their 50-day moving average. Harvest has been moving at a rapid pace, but cash offers have been firm.
• Yesterday, the USDA released its Crop Progress report which showed that 65% of the corn crop has been harvested which compares to 47% last week. This is the fastest harvest pace since 2012. 98% of the crop is mature which compares to 94% the previous week.
• In Brazil, the summer corn crop in the Central Southern region is now 52.9% complete with planting as of October 18. This compares to 58.8% the previous year and the 5-year average of 54.5%. The improved weather has been a boon to planting progress.

• Soybeans are trading unchanged to slightly higher this morning in generally quiet trade. Harvest is nearing completion but there will be a question of yield size in areas that have been very dry. Soybean meal is trading lower while soybean oil is higher.
• Yesterday’s Crop Progress report showed that 81% of the soybean crop has been harvested which compares to 67% last week and the average of 67%. This is the fastest harvest pace since 2010.
• In Brazil, 18% of the corn crop is now planted which compares to 8% last week, and 30% the previous year. The majority of the country received rain last week and this week’s forecast has central Brazil receiving between 1 and 4 inches this week.

• All three wheat classes are trading lower this morning with Chicago wheat leading the way lower. Over the weekend, forecasted rains that were to fall in Kansas did not materialize, but yesterday some of the drier areas received less than an inch which could be adding some pressure this morning.
• Yesterday’s Crop Progress report showed that 73% of the winter wheat crop had been planted which compares to 64% last week and the average of 76%. 46% of the crop has emerged which compares to 35% last week and the average of 50%.
• The Russian wheat crop is expected to shrink for the third year in a row as a result of dry weather. 2025 wheat production is estimated at 80.1 mmt which would be the smallest harvest since 21/22.

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 continues to hover just above the 4 dollar mark. At these prices, demand has picked up significantly which is indicated by basis that improved last week and corn spreads that tightened.
• Weather has improved dramatically in South America with consistent rains over the past few weeks which has seen the pace of corn plantings pick up. Argentina is estimated to be over 25% complete.
• Friday’s CFTC report showed that as of October 15, funds sold 63,259 contracts of corn which sharply increased their net short position to 86,988 contracts. This past July, they held a net short position of over 350,000 contracts.

• Soybeans are trading higher this morning but have been in a downward trend since the beginning of the month losing 81-3/4 cents so far. Soybean meal is slightly higher and soybean oil is up over 1% with an increase in crude oil.
• While the improvement in Brazil’s planting conditions with the coming of the monsoonal rains has weighed on soybean prices, the need for US commercials to blend poorer quality beans from the south with higher quality N. Midwestern beans has firmed basis and likely the spreads.
• Friday’s CFTC report said that as of the 15th, funds were sellers of 18,543 contracts of soybeans which increased their net short position to 40,341 contracts.

• All three wheat classes are trading higher this morning after rains that were forecast to fall in the southern Plains this past weekend did not materialize leaving the region dry once again. The rains that were expected to fall in Kansas, Texas, and Oklahoma fell in Colorado and New Mexico.
• Australia’s 24/25 wheat production is expected to climb 18% to 30.62 million metric tons when compared to last year, according to the Commonwealth Bank of Australia, due to favorable growing conditions in New South Wales and Western Australia.
• Friday’s CFTC report showed funds as buyers of 3,436 contracts of Chicago wheat which reduced their net short position to 26,013 contracts. Funds sold 604 contracts of KC wheat which left them short 6,488 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

• The corn market is quietly trading higher, at the top of its tight 2 1/4 cent range, as strength from yesterday’s firm close carries over.
• Weekly ethanol production rebounded to 1.042 million barrels per day last week, in line with analysts’ expectations. A total of 105 million bushels of corn was used for ethanol production, keeping the pace needed to meet USDA usage targets.
• Recent rains in Brazil and Argentina are helping to progress corn planting. According to the Buenos Aires Grains Exchange, corn planting is estimated to be 24.3% complete, up from 18.6% last week.
• Managed funds were active buyers in on Thursday, buying an estimated 4,000 corn futures contracts. They are currently estimated to be net short 65,000 contracts.  

• Soybeans are trading higher this morning and toward the middle of the rather tight 7 cent range in the November contract. Higher soybean meal prices are lending support to soybeans, while bean oil is slightly lower after rejecting overnight highs.
• While the improvement in Brazil’s planting conditions with the coming of the monsoonal rains has weighed on soybean prices, the need for US commercials to blend poorer quality beans from the south with higher quality N. Midwestern beans has firmed basis and likely the spreads.
• China’s pork production has reportedly fallen for the third consecutive quarter versus last year, with the current pig herd down 3.5% year over year. This decline could reduce the country’s need for imported feed stocks like soybean meal.
•  Managed funds were active buyers in the soybean market on Thursday, buying an estimated 6,000 soybean futures contracts. They are currently estimated to be net short 45,000 contracts.

• The wheat complex is currently mixed as all three classes trade within a penny of unchanged, though towards the bottom of their respective ranges.
• Australia’s 24/25 wheat production is expected to climb 18% to 30.62 million metric tons when compared to last year, according to the Commonwealth Bank of Australia, due to favorable growing conditions in New South Wales and Western Australia.
• Significant rainfall is expected for the southern Plains over the weekend. This highly important area of HRW wheat country has been on the drier side for the last few weeks, helping support wheat prices.
• Managed funds were rather quiet in the Chicago wheat market on Thursday, buying an estimated 2,000 contracts, putting their estimated net short position at 31,000 Chicago wheat futures 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 lower this morning as its downward slide continues and has seen December corn lose 13-3/4 cents so far this week. Yesterday’s higher prices were a result of support from a very large flash sale to Mexico.
• Estimates for the weekly EIA report see ethanol production higher than last week at 1.046 million barrels per day which would compare to 1.038 last week. Stockpiles are estimated at 22.331m bbl which would compare to 22.154m a week ago.
• Following the leaf hopper disease last year in Argentina that heavily affected their corn crop, there are already reports that producers will be shifting acres from corn to soybeans in many areas despite dryness earlier this season.

• Soybeans are trading lower for the sixth consecutive day as funds pile back into short positions based on an improvement in South American weather. November soybeans have lost 33-3/4 cents so far this week, and both soybean meal and oil are lower as well.
• Soybean basis levels in the PNW as well as in the heart of the Midwest have surged higher this week. Rumors of Chinese buying of US soybeans as well as harvest nearing completion are backing this encouraging sign. 
• In China, the soybean harvest in major producing area if Heihe is nearly finished and is expected to see a bumper crop harvest. While China has been a buyer of US soybeans recently, this could impact future business.

• All three wheat classes are trading lower this morning as pressure is seen in the grain complex is a whole over the past two weeks. Wheat has found some support at its 50-day moving average but also resistance up at its 200-day.
• Significant rainfall looks to be in the cards for the southern Plains over the weekend. This highly important area of KC wheat country has been on the drier side for the last few weeks. Dry weather in the US has been a factor keeping wheat prices more elevated while other grains fall.
• Funds have been net buyers of wheat in general since August and have not made many changes to their net short position of around 25,000 contracts in the past few weeks. In the past week, they have sold an estimated additional 6,000 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 after four consecutive days of lower prices. December futures are attempting to find support near the pivotal $4 level. 
• A sharp sell off in energy prices, harvest selling pressure and the funds adding back short positions have trimmed December corn futures about 30 cents from their early October highs. 
• Harvest progress in the US had reached 47% complete as of Sunday October 13. This is the fastest harvest pace since 2012.

• Soybeans futures are trading higher to start Wednesday after a strong NOPA crush report yesterday. November futures are attempting to find support near the $10 level. 
• Tuesday’s NOPA crush report showed September crush by NOPA members was 177.32 mb, up 7.2% from September of 2023 and well above trade estimates. 
• Soybean basis levels in the PNW as well as in the heart of the Midwest have surged higher this week. Rumors of Chinese buying of US soybeans as well as harvest nearing completion are backing this encouraging sign. 
• US soybean harvest progress jumped to 67% complete as of October 13, this was a 20% gain from last week and 16% ahead of the 5-year average. 

• Winter wheat futures are lower yet again to start Wednesday with Spring wheat futures holding onto a slight gain. 
• Significant rainfall looks to be in the cards for the southern Plains over the weekend. This highly important area of KC wheat country has been on the drier side for the last few weeks. 
• Winter wheat planting progress was reported at 64% complete as of October 13th according to the USDA. This is 2% behind the 5-year average. 

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 and is on track for its fourth consecutively lower close. December futures are now 28 cents off their high from the beginning of this month as harvest continues.
• Yields in Iowa and Illinois are expected to be very impressive and could result in total production that is larger than expected and bigger than on farm storage which would cause more cash sales to occur. Ending stocks are expected to be just a hair shy of 2 billion bushels.
• As of Friday, funds had reduced their net short position to just over 23,000 contracts which is a far cry from the massive short position they had just months ago. Yesterday however, funds were estimated to have sold a whopping 17,500 contracts of corn and another 14,000 contracts the three prior days.

• Soybeans are trading lower this morning with the November contract still below $10. Today’s crush numbers are expected to be supportive, but lower crude oil may be pressuring the commodity. Soybean meal is trading lower while soybean oil is slightly higher.
• Crude oil is down 3 dollars this morning after Israel said that it was willing to avoid targeting Iranian oil facilities and nuclear facilities. The ebb and flow of tensions in the Middle East have had a significant impact on oil prices which have in turn influenced commodity prices to some degree.
• Today’s NOPA crush report is expected to show a rebound in crush numbers for September following a three year low the previous month. 170.331 mb of soybeans were estimated to have been crushed which would be up 7.8% from the August crush numbers.

• All three wheat classes are trading slightly lower this morning and have trended slightly lower after failing at their 200-day moving average twice this month. The last time Chicago wheat traded above its 200-day was in June. World weather remains bullish, but technicals may have gotten slightly overbought.
• In Ukraine, the winter wheat planting pace is slightly ahead of the previous year and have also expanded their planted area. 3.3 million hectares of winter wheat are expected to be planted which compares to 3m hectares last year.
• In Argentina, the wheat crop had been struggling with dry weather, but rains over the past week have improved crop conditions and more moisture is in the 15-day forecast. Before the rains, the Rosario grains exchange had cut production estimates to 19.5 mmt.

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

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