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All prices as of 6:30 am Central Time

• Corn is trading slightly higher this morning, but trade is quiet with resistance at the $4.50 level. Yesterday’s export inspections were good, and strong demand in general has been supportive.
• Yesterday’s export inspections report saw total corn inspections at 44.5 million bushels which put the year to date total up 31% from last year at this time. 
• While South American weather has been beneficial to the corn crop, one area of concern may be in Argentina where weather has turned drier. There are forecast rains over the next 10 days that need to fall or there could be problems.

• Soybeans are trading lower this morning after weak trade yesterday brought on by disappointing NOPA crush numbers despite a solid export inspections report. Both soybean meal and oil are trading lower.
• Yesterday’s NOPA crush report showed that members crushed 193.2 million bushels of soybeans which was 3.5 mb below the average trade estimate but was just slightly below record breaking October crush.
• According to AgRural, estimates for the 24/25 Brazilian soybean crop are seen at 171.5 mmt as rains fell over most of the country for a week right as planting was wrapped up.

• All three wheat classes are trading higher this morning as prices recover slightly from quiet and weak trade yesterday. Yesterday morning, prices were up 6 cents but found sellers which led to a lower close.
• In Argentina, estimates for the 24/25 wheat crop production have been increased by 0.5 mmt with over half the crop now harvested. Larger producer, Russia, may reportedly see cuts to their production which would be friendly.
• 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. 

All prices as of 6:30 am Central Time

• Corn is trading higher this morning after prices began to slip last Wednesday likely driven by farmer selling. Today’s export sales report is expected to show firm demand today.
• In Brazil, corn prices are firm, but CONAB and other analysts are expecting that 24/25 corn production will exceed last year’s by 3.4% and reach 119.63 mmt.
• Friday’s CFTC report showed funds as buyers of corn as of December 10 in a big way. They bought 77,670 contracts which increased their net long position to 165,890 contracts. Since the July low at 353,983 shorts, the funds have bought 519,873 net long contracts. This swing in fund money generated a 48 cent rally off the lows.

• Soybeans are trading higher this morning as trade anticipates good export inspections numbers as well as strong NOPA crush numbers. Soybean meal is leading the complex higher while soybean oil is lower.
• The NOPA crush report will be released at 11am, and expectations are that it will total 196.7 million bushels which would be 3 mb shy of the October record. Large crush numbers have created excess soybean meal supplies.
• Friday’s CFTC report showed funds as buyers of soybeans by 13,897 contracts which reduced their net short position to 58,320 contracts as of December 10.

• All three wheat classes are trading higher this morning with KC wheat leading the way. European wheat futures have rallied, and concerns remain about the Russian wheat crop, both situations favorable to US prices.
• In Argentina, estimates for the 24/25 wheat crop production have been increased by 0.5 mmt with over half the crop now harvested. Larger producer, Russia, may reportedly see cuts to their production which would be friendly.
• Friday’s CFTC report showed funds as buyers of Chicago wheat by 2,607 contracts reducing their net short position to 66,779 contracts. Funds bought back 1,994 contracts reducing their net short position to 36,436 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 slightly lower this morning as it continues to slide after the March contract failed at the 200-day moving average on Wednesday.
• Today is first notice day for December corn, and there were 723 total deliveries. Farmer selling has picked up with the recent rally.
• US ethanol stocks fell by 1.5% to 22.648m bbl, and analysts were expecting 23.227m bbl. Plant production came in at 1.078m b/d compared to trade guesses of 1.073m.

• Soybeans are trading lower this morning but remain in their narrow range with little fresh news. Yesterday’s export sales were disappointing, and Brazilian weather is conducive to the crop. Soybean meal is lower while bean oil is higher.
• Today is first notice day for December meal and bean oil, and there were 2,521 deliveries against December meal and 782 deliveries against December bean oil.
• In India, the demand for vegetable oil in November surged to a 4-month high thanks to a strong festival season demand. Imports rose to 1.63 mmt which was up 10.4% from a month ago.

• All three wheat classes are trading higher this morning with KC leading the way higher. Yesterday’s export sales report was nothing exciting for wheat, but trade will more likely focus on global production.
• It is first notice day for December wheat, and there have been 50 total deliveries against Chicago wheat and 164 total deliveries against KC wheat.
• In Argentina, estimates for the 24/25 wheat crop production have been increased by 0.5 mmt with over half the crop now harvested. Larger producer, Russia, may reportedly see cuts to their production which would be friendly.

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 the March contract traded right up against the 200-day moving average yesterday before reversing lower. The last time corn traded at the 200-day way in May.
• Estimates for today’s export sales report see corn sales in a range between 800k and 1,900k tons with an average guess of 1,369k tons. This would compare to 1,755k last week and 1,419k last year.
• US ethanol stocks fell by 1.5% to 22.648m bbl, and analysts were expecting 23.227m bbl. Plant production came in at 1.078m b/d compared to trade guesses of 1.073m.

• Soybeans are trading slightly higher this morning but remain in a firmly sideways trading pattern with little news to cause them to move. Both soybean meal and oil are mixed this morning and trading either side of unchanged.
• Estimates for today’s export sales report see soybean sales in a range between 900k and 2,200k tons with an average guess of 1,713k tons. This would compare to 2,313k tons last week and 999k last year.
• In India, the demand for vegetable oil in November surged to a 4-month high thanks to a strong festival season demand. Imports rose to 1.63 mmt which was up 10.4% from a month ago.

• All three wheat classes are trading higher this morning with Chicago wheat leading the way higher. Wheat has been on a steady uptrend since making its contract lows on December 4 and has gained 25 cents from that low.
• Estimates for today’s export sales report see wheat sales in a range between 250k and 600k tons with an average guess of 370k tons. This would compare to 378k last week and 1,509k the previous year.
• In Argentina, estimates for the 24/25 wheat crop production have been increased by 0.5 mmt with over half the crop now harvested. Larger producer, Russia, may reportedly see cuts to their production which would be friendly.

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’s supportive WASDE report. March corn is within a penny this morning of where the corn rally ran out of gas in early October. A close above $4.50 would look technically supportive to a continued move higher. 
• The demand side of the US corn balance sheet exceeded expectations on the December WASDE report. The USDA raised their export estimate by 150 mb and ethanol use by 50 mb. Total corn usage for the 24/25 marketing year is now estimated at 15.19 bb, a record by 221 mb if realized. 
• World corn ending stocks on yesterday’s report came in at 296.44 mmt, just slightly above 20/21 for the lowest ending stocks number in the last decade as corn demand continues to impress at these lower prices.

• Soybeans are continuing their grind sideways this morning after an uneventful USDA report yesterday. January soybeans over the last 12 trading sessions have settled within a 15 cent range between $9.80 and $9.95. 
• Unlike corn, the entire US soybean balance sheet was left unchanged from last month in the December WASDE report. A small increase to Argentina’s production estimate and no change to Brazil’s estimate was seen as a small win for soybeans. 
• Focus for the soybean market post WASDE report will shift back to South American weather as we are into a critical time-frame for soybean production in both Brazil and Argentina. Over the next week the forecast for most of Brazil looks to continue favorable while dryness in Argentina may start to expand as showers become more spotty and less widespread than recently. 

• All three wheat classes are trading higher this morning as prices continue to recover from their recent contract lows.
• Yesterday’s WASDE brought a slightly friendly surprise to wheat with a 20 mb drop in US ending stocks, now down to 795 mb on higher exports. 
• March KC wheat futures have managed to close higher in six consecutive sessions but now are staring down the barrel of the 100 and 50-day moving averages just above the market. 

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading lower this morning after posting three solid days of gains last week which has seen prices 10 cents higher. Trade is quiet ahead of the WASDE report at 11am.
• The recent gains are likely from strength in export sales with corn exports now 30% ahead of last year’s pace. Ethanol grind has been making records as well, pointing to good domestic demand.
• Estimates for today’s WASDE report see corn ending stocks falling slightly due to an expected decrease in production. The Argentinian corn crop is expected to be reduced while Brazil’s is expected to improve.

• Soybeans are trading higher this morning but have had difficult breaking out of their tight trading range. Yesterday, prices attempted to rally and were up by 9 cents, but faded into a lower close.
• This morning, soybean meal is trading higher while soybean oil is lower. The previous trend had seen meal declining and bean oil gaining, but that pattern has begun to change with cheap meal prices attracting demand.
• Estimates for today’s WASDE report see soybean ending stocks increasing despite an expected slight decrease in production. Both Argentinian and Brazilian production are expected to increase.

• All three wheat classes are trading lower this morning but may be having trouble breaking through the 20- day moving average. Prices are now 16 cents off last week’s low.
• Trade guesses for tomorrow’s USDA report see US wheat carryout dropping 1 mb to 814 mb, with World wheat stocks increasing slightly to 257.7 mmt.
• In Argentina, wheat yield are reportedly higher than previously expected, and production is now being forecast at 18.6 mmt. Export surplus could now exceed 13 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 is trading higher this morning after posting two solid days of gains last week which saw prices 10 cents higher.
• The recent gains are likely from strength in export sales with corn exports now 30% ahead of last year’s pace. Ethanol grind has been making records as well, pointing to good domestic demand.
• Friday’s CFTC report showed funds as sellers of corn as of December 3. They sold 9,222 contracts of corn which reduced their net long position to 88,220 contracts.

• Soybeans are trading slightly higher this morning but have not broken out of their tight trade range like corn has over the past two days. Soybean meal is higher while soybean oil is slightly lower.
• Early trade estimates for next week’s USDA report have ending stocks dropping only slightly to 469 mb from 470 last month. Although some believe export sales will be increased, which could lower ending stocks further.
• Friday’s CFTC report showed funds as buyers of soybeans as of December 3. They bought back 9,255 contracts which left them with a net short position of 72,217 contracts.

• All three wheat classes are trading higher this morning, and futures have rebounded well off their contract lows from last week. March Chicago wheat is now 23 cents above the low on Wednesday.
• Early trade guesses for next week’s USDA report see US wheat carryout dropping 1 mb to 814 mb, with World wheat stocks increasing slightly to 257.7 mmt.
• Friday’s CFTC report showed funds as sellers of Chicago wheat by 10,268 contracts leaving them short 69,386 contracts. They sold 7,769 contracts of KC wheat leaving them short 38,430 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 fractionally higher as it consolidates from yesterday’s bullish key reversal in a very tight 1 1/2 cent range.
• Strong weekly export sales that came in much better-than-expected supported yesterday’s rally. Total commitments are 33% ahead of last year.
•  Tuesday the USDA will update its supply and demand numbers. Early trade estimates project US corn carryout dropping 32 mb from last month to 1.906 bb.

• Soybeans are trading mixed and near unchanged in a tight 4 1/2 – 5 1/2 cent range with solid demand supporting the front months over the deferred. Soybean oil is higher, while meal is lower.
• Strong export sales and crush demand have helped support prices. Yesterday’s weekly export sales put total commitments 12% ahead of last year at 36.2 mmt.
• Early trade estimates for next week’s USDA report have ending stocks dropping only slightly to 469 mb from 470 last month. Although some believe export sales will be increased, which could lower ending stocks further.

• The wheat complex is trading quietly toward the bottom of their respective ranges as they consolidate from yesterday’s rally near trendline resistance.
• Support in the wheat market has come from reports of lower Russian supplies due to poor crop conditions, and quality concerns regarding Australia’s wheat crop.
• Early trade guesses for next week’s USDA report see US wheat carryout dropping 1 mb to 814 mb, with World wheat stocks increasing slightly to 257.7 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 trading slightly lower this morning, and overnight, March futures drifted down to the 100-day moving average before recovering slightly. This would be the third consecutive day of losses.
• Yesterday’s ethanol report showed production falling to 1.073 million barrels per day which was below the average trade estimate. Ethanol stocks rose by 0.6% to 23.003m bbl which was also below analyst estimates.
• Estimates for today’s export sales report see corn exports in a range between 800k and 1,550k tons with an average guess of 1,165k tons. This would compare with 1,130k last week and 1,312k a year ago.

• Soybean futures are bull spread with gains in the front months and slight losses in the deferred months. Prices have retreated about 5 cents from their overnight highs. Soybean oil is slightly lower while soybean oil is higher.
•  Estimates for today’s export sales report see soybean exports in a range between 1,500k tons and 2,400k tons. The average guess if 1,960k tons which would compare to 2,508k last week and 1,404k last year at this time.
• In November, Malaysian palm oil inventories fell by 4.3% to 1.8 million tons, and crude palm oil production fell by 5.6% to 1.7 million tons. This has been supportive to palm oil prices, but soybean oil has been following those moves less closely. 

• All three wheat classes are trading higher this morning with Minneapolis wheat leading the way higher. Yesterday, March Chicago wheat made a new contract low and then recovered to close higher. That action with today’s move higher could signal a bottom.
• Estimates for today’s export sales report see wheat sales in a range between 300k and 600k tons with an average guess of 425k tons. This would compare with 367k last week and 347k tons a year ago.
• Russia is expected to lower its wheat exports by a larger number than usual as a result of a smaller than expected crop. Officials have approved a wheat export quota of 11 million tons for the second half of the season from Feb 15 to June 30.

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 lower this morning after lower trade yesterday as well. Choppy prices have kept producers hesitant to sell cash which has resulted in stronger basis levels that continue to improve.
• Estimates for ethanol production in the weekly EIA report see production lower than the previous week at 1.105 million barrels per day. Stockpiles are estimated at 23.102m bbl compared to 22.869m a week ago.
• Pressure in the corn market may come from good South American weather that is expected to remain beneficial over the next 10 days. Export demand is good, but there is a large number of corn bushels sold to China that have not yet been shipped and could be at risk for cancellation.

• Soybean futures are trading lower this morning giving back a portion of yesterday’s gains. Soybeans have had difficulty moving higher despite strong export demand and record breaking crush numbers. Both soybean meal and oil are trading lower this morning.
• In November, Malaysian palm oil inventories fell by 4.3% to 1.8 million tons, and crude palm oil production fell by 5.6% to 1.7 million tons. This has been supportive to palm oil prices, but soybean oil has been following those moves less closely. 
• Estimates for Brazilian production are lofty and would be record breaking if realized with Celeres at 170.8 mmt, StoneX at 170 mmt, and AgroConsult increasing its estimate to 172.2 mmt. Brazilian exports are expected to increase by around 4 mmt.

• All three wheat classes are trading lower this morning with Chicago wheat leading the way lower. The US dollar is trading slightly higher today which is generally bearish to grain markets.
• This morning, Ukrainian president Zelinskyy said that he would be open to accepting a negotiated settlement to end the war in which Ukraine would give up some land in exchange for membership in NATO. This is unlikely to be agreed upon, but could be pressuring prices.
• Russia is expected to lower its wheat exports by a larger number than usual as a result of a smaller than expected crop. Officials have approved a wheat export quota of 11 million tons for the second half of the season from Feb 15 to June 30.

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

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