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All prices as of 6:30 am Central Time

• Corn is trading lower this morning and has been trending lower since the beginning of October below the 100-day moving average. Corn is likely still under some pressure from Friday’s report which showed a larger than expected increase in the average yield.
• Friday’s report saw the corn yield increased to 183.8 bpa but the ending stocks falling a hair below 2 billion bushels thanks to an increase in exports. World ending stocks fell slightly, and South American production was left unchanged.
• Friday’s CFTC report showed funds as buyers of corn by 43,970 contracts as of October 8 which reduced their net short position to just 23,729 contracts. Since then, funds are estimated to have sold an additional 14,000 contracts.

• Soybeans are trading lower this morning with the November contract hovering right at the $10 mark. Although soybean yield was lowered in the WASDE report, soybeans had a bearish reaction. Both soybean meal and oil are trading lower this morning.
• The average soybean yield was lowered slightly to 53.1 bpa from 53.2 last month but the carryout was left unchanged at 550 mb. World ending stocks were increased slightly but South American production estimates were left unchanged.
• Friday’s CFTC report showed funds as buyers of 13,088 contracts of soybeans which left them net short 21,798 contracts. Since then, funds are estimated to have sold 11,000 additional contracts.

• All three wheat classes are trading slightly lower this morning in follow through trade from Friday’s report which saw wheat ending stocks not falling as much as trade had assumed. Some rainfall in the 7-day forecast for Kansas and Oklahoma may be adding pressure as well.
• In Russia, SovEcon lowered its estimate for Russian wheat production to 81.5 mmt from a previous estimate of 82.9 mmt. The declines are reportedly due to poor yields in multiple Siberian regions.
• Friday’s CFTC report showed funds as sellers of 6,496 contracts of Chicago wheat which increased their net short position to 29,449 contracts. In KC wheat, they bought back 9,386 contracts which lowered their net short position to just 5,884 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

• December corn is quietly trading at the upper end of its tight 2 1/2-cent range as the market consolidates ahead of the USDA’s October WASDE update at 11 a.m. CDT. 
• In today’s WASDE update, Corn yield is expected to see a slight reduction to 183.5 bushels per acre, down 0.1 bushels from last month’s estimate. With improved demand and marginally lower production potential, the corn carryout for this marketing year is projected to decrease for the fourth consecutive month, with the average trade estimate at 1.988 billion bushels.
• Yesterday’s weekly export sales report, came in within expectations, showing new export sales of 48.1 mb (1.222 mmt) as of October 3. Mexico remains the leading buyer of US corn. Total corn sales have reached 695 mb, marking a 15% increase over last year and ranking as the fifth strongest sales pace for this period in the past decade.
• Managed fund activity was rather quiet yesterday, selling an estimated 3,000 corn futures contracts. They are now estimated to be net short 78,000 contracts. After today’s close the CFTC will issue its weekly Commitment of Traders Report with managed funds’ positioning updated as of Tuesday, October 8.

• The soybean market, like corn, is currently trading at the upper end of its trading range as it continues to consolidate ahead of today’s WASDE report. Both soybean meal and oil are higher, lending support to soybeans.
• Later this morning the USDA will issue updated supply/demand information. Soybean yield is expected to remain largely unchanged from last month at 53.2 bushels per acre, while the carryout for the 24/25 marketing year is anticipated to see a slight reduction to 546 million bushels.
• Yesterday’s weekly export sales report showed 46.45 million bushels in new sales for the 24/25 marketing year, which brought total sales to 740 mb, up 4% versus last year. While total sales are ahead of last year, they remain behind the USDA’s current projected pace.
• Managed funds were estimated to have sold about 2,000 soybean futures contracts in yesterday’s session as they prepared for today’s WASDE report. They are currently estimated to hold a net short of about 46,000 soybean futures contracts. 

• The wheat complex is mixed this morning as all three classes trade in relatively tight ranges. The Chicago and KC contracts are following through on recent strength, while Minneapolis consolidates near unchanged.
• Traders are anticipating a slight reduction in 24/25 wheat carryout in today’s WASDE report, from 828 mb last month to 821 million, marking the highest ending stocks number in four years if realized. 
• Wheat export sales came in toward the upper end of expectations in yesterday’s weekly Export Sales report, totaling 15.9 mb for the 24/25 marketing year. Total commitments are running 19% ahead of last year at 443 mb.
• Managed funds were rather quiet in the Chicago wheat market in yesterday’s trade, covering an estimated 2,000 contracts of their net short positions. Currently, their net short position is estimated at 22,000 Chicago wheat futures contracts. The CFTC will update current fund positions in this afternoon’s Commitment of Traders report after today’s close.

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 trading higher this morning on the back of yet again higher wheat prices. 
• Dry conditions are forecast for nearly the entire Corn Belt over the next 10 days this should allow for harvest to continue to progress along at a rapid pace. 
• Traders are expecting a slight decrease in yield on Friday’s WASDE report compared to the September estimate. Over the last 10 years, the average yield adjustment from September to October has been a 0.2 bushel increase. 
• The US exported a record volume of ethanol over the last 12 months, nearly 30% higher than the five-year average. Canada accounted for nearly 40% of the volume, while the UK took the #2 spot. 

• Soybeans are trading slightly lower this morning after appearing to have found short-term support during Wednesday’s session. 
• While some moisture is falling in Mato Grosso, Brazil, some are questioning if the current forecast will be enough to alleviate the major soil moisture deficits that have built over the last few months. 
• Analysts expect the soybean production estimate to come in slightly lower than last month on tomorrow’s WASDE report. The October report has historically brought little to no changes to the soybean balance sheet when compared to the September report. 
• November soybean futures found support at the 50-day moving average so far this week, a hold of this support by market close Friday afternoon would look encouraging.  

• All three wheat classes are trading moderately higher this morning as they continue to build on their recent strength.
• The next 10 days is forecast to remain dry across both the US Plains and the Black Sea region where conditions have recently been too dry for winter wheat establishment.
• Traders are expecting a slight cut to 2024/25 wheat ending stocks on Friday’s WASDE report from 828 mb in September to 821 in this month’s estimate. If realized, this would still be the highest carryout in the last four years. 

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 trading at the top of its 3 1/2-cent range after finding support near the 420 mark in the December contract, with support coming from higher wheat and soybeans.
• Later today, the EIA will release its weekly ethanol production data. The trade anticipates a slight bump in production to 1.018 barrels per day, with stocks slightly lower, near 23.288 million barrels.
• Brazil’s largest corn ethanol producer Inpasa, reportedly began expansion at its primary biorefinery. When complete, the plant is expected to produce 2.1 billion liters of ethanol, while consuming 4.6 million metric tons of corn, approximately 10% of the corn production in Mato Grosso. 
• Managed funds were active sellers in yesterday’s market, selling an estimated 4,000 corn futures contracts. They are now estimated to be net short approximately 73,000 contracts of corn.

• Soybeans are trading higher this morning after holding above yesterday’s lows and just above the 50-day moving average. Higher soybean meal is also lending support to soybeans as it also finds support near its 50-day moving average. Bean oil at the time of writing is near unchanged, trading just four points lower in the December contract.
• Soybean exports remain active with 166,000 metric tons sold to China for the 24/25 marketing year in a private export sale reported by the USDA yesterday.
• Brazil’s Potencial, a biofuel producer, announced plans to invest approximately $109 million to expand capacity at one of its largest soy-based biodiesel plants. Capacity is expected to increase from 900 million liters to 1.62 billion. 
• Managed funds were active in the soybean market yesterday, selling an estimated 5,000 soybean futures contracts. This brings their estimated short position to 44,000 soybean futures contracts.

• All three wheat classes are trading moderately higher this morning as they continue to find buying support below the market.
• According to Tass, Russia has harvested 85 mmt of wheat so far, with harvest estimated to be 90% complete. The agency also reported that grain quality is higher this year versus last year.
• While Argentina has seen some rain recently, the Rosario Grains Exchange stated that the 2 – 10mm of rain received in the past 24 hours isn’t enough to reverse wheat losses. They maintain that 25 – 30mm were needed. Last month, the exchange estimated the country’s wheat production at 20.5 mmt.
• Managed funds were rather quiet in yesterday’s trade, buying an estimated 1,500 contracts of Chicago wheat. They are now estimated to be net short 25,000 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 the rally seems to have come to a temporary peak in last week’s trade. Prices are consolidating around the 100-day moving average, but better Brazilian weather and harvest pressure in the US are suppressing a further rally.
• Yesterday’s Crop Progress report showed that 64% of the corn crop was rated good to excellent which is unchanged from last week. 87% of the crop is mature which compares to 87% a year ago, and 30% is now harvested.
• In Ukraine, SovEcon has cut the forecast for the 2024 corn crop to 23.5 mmt from 24.6 mmt in its previous forecast citing dry weather. The export forecast for corn was also cut by 1.1 mmt due to lower production.

• Soybeans are trading significantly lower this morning as radar and forecasts continue to show rain falling in Brazil with an emphasis on Mato Grosso which has been extremely dry. Both soybean meal and oil are trading lower this morning as well.
• Yesterday’s Crop Progress Report showed that the good to excellent rating in soybeans fell 1 point from last week to 63%, but was in line with the trade estimate. 90% of the crop is dropping leaves which compares to 91% a year ago, and 47% of the crop is now harvested.
• In Brazil, soybean planting is 4.1% complete which compares to 7.8% last year and the 5-year average of 5.5%. In the largest growing state, Mato Grosso, planting is only 2.1% complete which compares to 14% last year at this time. Planting is certainly behind but should pick up pace as weather improves.

• All three wheat classes are trading slightly lower this morning and are nearly unchanged. Wheat has had more supportive fundamental news that corn and soybeans recently with global weather issues.
• Yesterday’s Crop Progress report showed that the winter wheat crop is 51% planted which is below the average trade guess and compares to 52% a year ago. 25% of the crop is emerged which is on par with last year’s pace as well as the 5-year average.
• SovEcon has revised the Ukraine 24/25 wheat crop higher to 21.8 mmt and has also raised exports due to strong EU demand. The EU has been too wet and in Australia too dry. The southern plains in the US have been too dry as well.

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading slightly lower this morning and is back below its 100-day moving average after trading above it for three days last week. Prices are likely being pressured due to harvest in the US along with improved weather in Brazil.
• In Ukraine, SovEcon has cut the forecast for the 2024 corn crop to 23.5 mmt from 24.6 mmt in its previous forecast citing dry weather. The export forecast for corn was also cut by 1.1 mmt due to lower production.
• In Friday’s CFTC report it was revealed that funds bought back a whopping 63,000 contracts of corn as of October 1 which left them net short 67,699 contracts. In the past three trading days, they are estimated to have bought back an additional 4,000 contracts. 

• Soybeans are trading lower this morning and are primarily pressured by lower soybean meal as soybean oil is slightly higher. Rains have been falling in Brazil and Argentina as forecast which could be bringing more selling pressure.
• In Brazil, soybean planting is 4.1% complete which compares to 7.8% last year and the 5-year average of 5.5%. In the largest growing state, Mato Grosso, planting is only 2.1% complete which compares to 14% last year at this time. Planting is certainly behind but should pick up pace as weather improves.
• Friday’s CFTC report showed that as of October 1, funds bought back 40,092 contracts of soybeans which left them net short 40,092 contracts. In the past three days, funds are estimated to have sold 3,500 contracts.

• All three wheat classes are trading lower this morning with Minneapolis leading the way lower. Chicago wheat is trading below its 100-day moving average after failing at its 200-day twice last week. Global weather remains supportive, but the Black Sea region received some needed rains.
• SovEcon has revised the Ukraine 24/25 wheat crop higher to 21.8 mmt and has also raised exports due to strong EU demand. The EU has been too wet and in Australia too dry. The southern plains in the US have been too dry as well.
• Friday’s CFTC report showed funds as buyers of 3,516 contracts of Chicago wheat which left them short 22,953 contracts. They bought back 4,676 contracts of KC wheat which left them net short 15,270 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 and the December contract has broken back below its 100-day moving average as reports from the field of very good yields come in. Corn has been following moves in wheat very closely and is likely following it lower this morning as well.
• In Argentina, planting of first crop corn is off to a slow pace as a result of extreme dryness in South America. There is rain in the 2-week forecast for Argentina and Brazil, but it needs to materialize or the crop will have problems.
• The Buenos Aires Grain Exchange has said that the 24/25 corn planting progress has advanced to just 13.7% from 10.5% the previous week. Planting area was unchanged at 6.3 million hectares.

• Soybeans are trading higher this morning, but prices have been trending lower for the past 4 days as Brazilian weather forecasts get wetter and scattered showers fall in the driest parts of central Brazil. Both soybean meal and oil are trading higher as well.
• While Brazilian weather has been a big factor in recent price movement, the dockworker strike was also a negative factor in that it could have slowed soybean exports. Last night, the dockworkers made a deal with their management company and will return to work on East Coast ports today.
• Yesterday’s export sales report was strong for soybeans with 1,445 thousand tons reportedly sold and China a main buyer. This was slightly below last week’s number but still encouraging.

• All three wheat classes are trading lower this morning with Chicago wheat leading the way lower and breaking back down below the 100-day moving average after it failed at the 200-day yesterday.
• The move lower today may be more technical as global conditions are still friendly for wheat with weather effecting production. For the week, December Chicago wheat is currently up 13 cents.
• Russian wheat prices after months of very cheap export offers have begun to move slightly higher recently. This is likely a reflection of the ongoing and worsening drought in the Black Sea region that has limited winter wheat planting. 

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 to start the day but remains above its 50-day moving average and has traded above that level for the past three days. For the week, December futures have gained 13-1/2 cents as funds continue to exit short positions.
• Estimates for today’s export sales report see corn sales in a range between 600k and 1,000k tons with an average guess of 831k tons. This would compare to 535k tons a week ago. Corn exports should not be affected by the port strikes as they leave by barge and not container ship.
• According to the US Department of Energy’s weekly petroleum report, US ethanol stocks fell by 0.3% to 23.459m bbl. Analysts were expecting 23.367, and plant production was slightly higher than expected at 1.015m b/d.

• Soybeans are trading lower this morning and have trended slightly lower over the past few days as weather forecasts have become more conclusive that Brazil will receive rain over the next two weeks that will improve conditions for planting. Both soybean meal and oil are lower as well.
• Estimates for today’s export sales report see soybean sales in a range between 1,000k and 1,600k tons with an average guess of 1,319k tons. This would compare to last week’s 1,575k.
• The port strike along the East coast of the US is ongoing and while effects have not been really been apparent yet, a week of this strike would see significant bottlenecks in Western ports that could impact grain exports.

• All three wheat classes are trading lower to start the day but the December Chicago contract is meeting some resistance at the 200-day moving average again today after failing at that level yesterday. Adverse global weather has been supportive to the market recently.
• Estimates for today’s export sales report see wheat sales in a range between 150k and 450k tons with an average guess of 297k tons. This would compare to last weeks 169k tons.
• Russian wheat prices after months of very cheap export offers have begun to move slightly higher recently. This is likely a reflection of the ongoing and worsening drought in the Black Sea region that has limited winter wheat planting.

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 higher this morning yet again despite likely strong harvest pressure in the coming week. Strong exports and impressive domestic demand continue to dominate the headlines for corn. 
• The USDA released the Grain Crushings report yesterday afternoon which showed 472.7 mb of corn was used for ethanol production in August, this was up from 441.7 mb last August. July ethanol grind was revised higher by 10.4 mb as well. 
• December corn futures are trading above their 100-day moving average this morning. December corn has not had consecutive daily closes above the 100-day since late May. 
• Oil prices have been on the move higher this week after the missile attack on Israel by Iran, this rally in energy is helping to provide support to corn and soybeans. 

• Soybeans are trading slightly lower this morning as soybean meal prices have reversed sharply lower off of their overnight highs. 
• Soybeans have bounced around resistance levels near $10.60 November futures for the last four sessions. Excellent harvest weather here in the US and anticipated rains in northern Brazil starting next week have applied pressure to soybeans this week. 
• Yesterday’s USDA Grain Crushing report showed that 168 mb of soybeans were crushed in the month of August. This was down from 193 mb in July but right in line with expectations. It is typical to see as slow down in crush during August as maintenance at crush facilities is conducted ahead of the harvest rush. 

• All three wheat classes are trading higher this morning with both the winter wheats testing major upside resistance levels. A dry forecast for the US Plains as well as the Black Sea region continues to support prices. 
• Russian wheat prices after months of dirt cheap export offers, have begun to move slightly higher as of late. This is likely a reflection of the ongoing and worsening drought in the Black Sea region that has limited winter wheat planting. 
• The US Dollar appears to have found some support and stabilization as of late after the recent Fed rate cut which was larger than expected. 

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 to start the day after rallying yesterday on a bullish Quarterly Grain Stocks report. Dockworkers at ports from Maine all the way to Texas have officially gone on strike which would make imports more expensive but could also effect the export of grains negatively.
• Yesterday’s USDA report was bullish for corn showing corn stocks down 93 million bushels from the average trade estimate. On farm stocks fell from 3.026 bb on June 1 to 780 mb on September 1.
• Yesterday afternoon, the USDA released its crop progress report which showed the good to excellent rating falling one point from last week to 64%. 75% of the corn crop is now mature and 21% is harvested which compares to the 5-year average of 18%.

• Soybeans are trading lower for the second consecutive day after yesterday’s neutral stocks report that saw a bearish reaction. The dockworker strike may also be having a negative effect on soybean prices today. Both soybean meal and oil are trading lower this morning.
• Along with harvest pressure in the US, weather forecasts are still predicting that central Brazil which has been extremely dry will begin seeing rains within the next few weeks. So far, only scattered showers have materialized.
• Yesterday’s Crop Progress report showed the soybean good to excellent rating unchanged from a week ago at 64%. 81% of the crop is dropping leaves and 26% is harvested which compares to 13% a week ago and the average of 18%.

• All three wheat classes are trading slightly higher today after yesterday’s grains stocks report turned out to not be as bearish for wheat as trade thought. Adverse global weather has also been behind the recent uptick in prices.
• Yesterday’s Quarterly Grain Stocks report showed that wheat stocks as of September 1 were slightly higher than the average trade estimates but was not significant. The report was essentially neutral and the reaction indicated that trade was expecting bearish numbers.
• Yesterday’s Crop Progress report showed the winter wheat crop as 39% planted which compares to 25% a week ago and on par with the 5-year average. 14% of the crop is emerged which compares to 4% a week ago and the average of 13%.

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.