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All prices as of 6:30 am Central Time

• Corn futures are trading higher this morning after choppy trade yesterday that saw corn unchanged to slightly lower. Export inspections yesterday were strong with 36.8 mb inspected last week, and 460.5 mb of corn was used for ethanol production for October which was up from the previous month.
• Yesterday’s CFTC report showed the funds as sellers of corn by 17,186 contracts which lowered their net long position to 97,442 contracts. Funds had held a net short position in corn for the year until early last month.
• Some 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 higher this morning along with the rest of the grain complex, and the dollar which is trading slightly lower this morning could be lending support. Both soybean meal and oil are trading higher, but soybean oil is showing the majority of the gains.
• 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.
• Yesterday’s CFTC report showed funds as sellers of soybeans as of November 26. They sold 13,771 contracts which further increased their net long position to 81,472 contracts.

• All three wheat classes are trading higher this morning after bouncing off yesterday morning’s lows and ending the day nearly unchanged. The bounce was likely technical as wheat remains very oversold. Export inspections were not particularly supportive at 10.9 mb.
• 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.
• Yesterday afternoon’s CFTC report showed funds as sellers of 7,572 contracts of Chicago wheat which left them net short 59,118 contracts. They sold 1,286 contracts of KC wheat which left them net short 30,661 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 futures are trading slightly lower this morning as the dollar trades higher after President elect Trump threatened 100% tariffs on all BRIC nations if they moved to undermine the US dollar. On a friendly note, March corn gained 7 cents for the month of November.
• Last week’s export sales for corn fell slightly from the previous week at 1,130k tons which compared to 1,495k tons the previous week. The main buyers were Mexico, South Korea, and unknown destinations.
• Some pressure in the corn market may be coming 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 but have recovered slightly off their overnight lows. The grain complex as a whole has not reacted positively to all of the recent tariff threats as they generally cause the dollar to move higher.
• Soybean meal is trading slightly higher this morning while bean oil is lower. On Friday, it was shown that soybean crush for October came in at 210.6 million bushels which was a 4.6% increase from a year ago.
• In Brazil, soybean conditions are seen as very good with Agroconsult estimating the 24/25 crop at a record 172.2 million bushels. AgRural has estimated that 91% of the bean crop has been planted so far.

• All three wheat classes are trading lower this morning with pressure from the dollar. March Chicago wheat came within 3/4 of a cent from taking out its August contract low, but so far remains above it.
• 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.
• Friday’s export sales report saw more disappointing numbers at just 367k tons compared to 550k tons the previous week. Top buyers were unknown, Taiwan, and Vietnam.

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 not yet trading due to the Thanksgiving holiday, but export sales will be released soon after and will likely drive prices. Today is first notice day for the December contract and there were 111 deliveries total.
• Estimates for today’s export sales report see corn sales in a range between 31 and 79 million bushels, and total export sales and shipments are currently at 53.7% of the total USDA export estimate just 11 weeks into the new marketing year. This pace is 10 points ahead of the average sales pace.
• US ethanol stocks rose by 1.4% to 22.869m bbl which compared to analyst expectations of 22.745m bbl. Plant production was at 1.119m b/d which compared to the average guess of 1.102m.

• The soybean market will open at 8:30 central time today, but soybeans ended the day higher on Wednesday for the second consecutive day of gains as they find support near contract lows. Soybean meal was supportive on Wednesday while soybean oil was sharply lower.
• The USDA will release its monthly fats and oils report at 2pm, and soybean crush for the month of October is expected to have jumped to a record high 210.9 million bushels. If realized, it would compare to last month’s 201.4 mb.
• Estimates for soybean sales in today’s export sales report are in a range between 1,500k tons and 2,400k tons which would be a large number supported by many recent flash sales.

• Winter wheat futures closed lower on Wednesday but did not the March Chicago wheat did not take out its contracts lows. Strong winter wheat conditions going into winter dormancy in the US continue to weigh on wheat futures.
• EU wheat exports are said to be down 30% year on year, after a disappointing harvest this year, which could be a bullish factor. Additionally, Black Sea tensions may keep wheat prices supported over the summer lows.
• Estimates for today’s export sales report see wheat sales in a range between 200k and 600k tons.

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading slightly higher this morning as prices attempt to recover some of yesterday’s losses. Corn prices have remained in a relatively tight range all month.
• Talk of a 25% tariff by President elect Trump sent corn prices lower, albeit on low volume, yesterday. Mexico has purchased over 500 million bushels of US corn so far this marketing year accounting for 41% of the US corn export total. 
• South Africa’s Department of Agriculture last week gave the go ahead for US corn imports after drought and dryness cut their corn production by 22%. South Africa has been virtually nonexistent buying US corn over the last 30 years. This could bolster an already strong 2024/25 US corn export book.

• Soybeans are trading higher this morning as prices continue to hover just above contact lows. Soybean meal is about unchanged this morning while soybean oil is slightly lower to start the day.
• Weather for much of Brazil and Argentina looks supportive to soybean development as we flip the calendar over to December. Recent rains have alleviated dryness worries in Argentina while a continued mix of rain and sun has been ideal for much of northern Brazil. 
• Recent increased tariff talk by President elect Trump has done little to effect the already beaten up US soybean futures as of late. Traders seem content to hold near these prices while continuing to monitor South American weather. 

• Winter wheat futures are trading lower this morning after yesterdays slight close higher in prices. Spring wheat futures are holding onto a fractional gain this morning. Strong winter wheat conditions going into winter dormancy in the US continue to weigh on wheat futures.
• After a very strong last two months the US Dollar index has backed off this week after running into upside resistance. 
• European Union soft wheat exports as of November 24th have reached 9.15 mmt, down 30% from a year ago. 

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading slightly higher this morning and has recovered from its overnight lows that brought the March contract below the 50-day moving average. Corn prices remain in a relatively tight range.
• Last night, there were reports that soon to be President Trump is planning on tacking an additional 10% tariff on China and will also place 25% tariffs on both Mexico and Canada. The news caused the dollar to jump which is bearish for commodities, but prices have stabilized.
• Yesterday’s export inspection report showed corn inspections at 903k tons for the week ending November 21 which on the higher side of expectations and compares to 873.7k last week and 419.9k a year ago.

• Soybeans are trading higher this morning and also recovered from overnight lows that were a result of the tariff news. Soybean oil is leading soybeans higher while soybean meal is slightly lower to start the day.
• The recent volatility in the soy products has caused processing margins to tighten with the main issue being lower soybean oil prices that have fallen by 6.55 cents since their highs on November 11.
• Yesterday’s export inspections report showed soybean inspections at 2,102k tons which was on the higher side of expectations and compares to 2,266.4k last week and 1,574.1k last year.

• All three wheat classes are trading higher this morning with KC wheat leading the way up. The dollar spiked overnight but has since fallen into negative territory which is allowing wheat prices to move higher.
• Yesterday afternoon, the USDA released its crop progress report which showed that 97% of the winter wheat crop has been planted, that 89% is emerged, and that the good to excellent rating has increased to 55%. Last week the rating was at 49%, and the trade estimate for this report was at just 51% good to excellent.
• SovEcon has cut their export forecast for the 24/25 wheat crop to 44.1 mmt from 45.9 mmt citing stricter export quotas. In the second half of the year, the country tends to limit wheat exports to protect domestic supplies.

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 likely being pulled down by lower wheat prices. There has not been much fresh news recently, but this week, export inspections, ethanol grind, and export sales will be released. The markets will be closed on Thanksgiving.
• In Ukraine, this year’s corn harvest has fallen by 5% year over year to 23.6 mmt so far. This is down from 24.9 mmt at the same time last year. The wheat harvest is on par with last year and only corn is affected.
• Friday’s CFTC report showed funds as buyers of corn but slowing down a bit. They bought 4,639 contracts of corn which increased their net long position to 114,628 contracts, the highest level since March 2023.

• Soybeans are trading higher this morning thanks to support from both soybean meal and oil after a recovery in palm oil. Soybean futures are very oversold and could see renewed demand at this cheap prices.
• In Brazil, the 24/25 soybean planting has hit 86% of expected areas as of last Thursday which compares to 74% last year at this time. Weather has remained favorable with scattered showers across the country.
• Friday’s CFTC report showed funds as sellers of soybeans. They sold an additional 13,165 contracts which increased their net short position to 67,701 contracts.

• All three wheat classes are trading lower this morning as wheat leads the grain complex lower. A lack of escalation of the war between Russia and Ukraine over the weekend may be pressuring prices along with improved winter wheat conditions in the US.
• Russia’s deputy prime minister has estimated that the country’s current marketing year grain exports are between 55 to 60 mmt compared to last year’s 72 mmt. Total Russian wheat production is estimated at 83 mmt.
• Friday’s CFTC report showed funds as sellers of Chicago wheat by 6,239 contracts which increased their net short position to 51,546 contracts. They sold 4,277 contracts of KC wheat which increased that net short position to 29,375 contracts.

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading higher this morning but remains relatively rangebound. Yesterday, corn ended the day lower and was likely pulled down by sharply lower soybean prices. Exports have been firm, and yesterday’s export sales report showed another week of impressive sales.
• Yesterday’s export sales report showed sales at 58.8 million bushels which was on the high end of trade expectations. Mexico was the top buyer followed by unknown destinations and then Japan.
• As of November 12, funds were estimated to have been long 109,989 contracts of corn. Since November 15, funds are estimated to have added an additional 18,000 contracts to their long position.

• Soybeans are trading slightly higher this morning as prices recover from yesterday’s sell-off, but they did make a new contract low in March overnight. Soybean oil is lower and continues to pressure soybeans while soybean meal is higher.
• Yesterday’s export sales report showed soybean sales at 68.3 million bushels which was at the high end of trade expectations. China was the top buyer with Mexico and then the Netherlands following.
• The US share of soybean exports to China were down 13% year-over-year in the Jan-Oct timeframe. China continues to be a large buyer of South American supplies as the possibility of US tariffs loom.

• Wheat is mixed this morning with the Chicago contract trading slightly lower while KC and Minneapolis wheat trade higher. There have been reports that Russian farmers have planted less wheat this year as a result of the escalation with Ukraine and lower cash prices.
• The gains in wheat futures could remain limited to an extent due to the improved weather in the HRW belt. Recent rains in the area have supported improving crop conditions.
• Yesterday’s export sales report saw wheat sales towards the high end of trade estimates and well above last week’s sales. The top buyer was South Korea followed by Mexico and Indonesia.

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading slightly higher this morning, and while prices have traded relatively quietly over the past week, they have been in a steady uptrend from the August lows. Good demand has driven prices higher.
• There have been rumors that South Korea was a buyer of corn at some point yesterday which supported the market, but the $4.30 price area has acted as a barrier in the December contract as the strong US dollar and lower shipping rates limit US corn in the global export market.
• Estimates for today’s export sales report see corn sales in a range between 1,300k and 2,200k tons with an average guess of 1,544k. This would compare to 1,315k tons a week ago and 1,432k a year ago.

• Soybeans are trading higher this morning after losses over the past two days that brought prices down to support levels. Soybean oil has been a main driver in soybean prices and is trading higher today while soybean meal is slightly lower.
• There were rumors that China was in the market for US soybeans last night. Sino grain has remained an active buyer of US soybeans for February delivery which supported the market overnight.
• Estimates for today’s export sales report see soybean sales in a range between 1,000k and 1,900k tons with an average guess of 1,331k tons. This would compare to 1,555k last week and 902k last year.

• All three wheat classes are trading higher this morning as prices remain supported by the concerns of escalation in the war between Ukraine and Russia. This conflict could limit wheat flow from that region.
• The gains in wheat futures could remain limited to an extent due to the improved weather in the HRW belt. Recent rains in the area have supported improving crop conditions.
• Estimates for today’s export sales report see wheat sales in a range between 250k and 600k tons with an average guess of 378k tons. This would compare to 380k tons last week and 197k tons 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 lower this morning in sympathy with lower soybeans and wheat, in a tight 2 3/4 cent range, with little fresh news in the market.
• Weekly ethanol data will be out later today from the EIA. Traders anticipate lower production at 1.1 million barrels/day for the week ending Nov. 15, with stocks rising to 22.206 million barrels.
• Managed fund activity was on the light side yesterday, as they sold an estimated 2,000 corn futures contracts, bringing their estimated net long position to 111,000 contracts.

• Soybeans are lower again this morning as technical weakness adds pressure to the market after prices failed to hold above the 50-day moving average in yesterday’s trade.
• Both products are also lower, with soybean oil now trading below yesterday’s lows and recent 44.50 support, which is adding to the weakness in soybeans.
• Brazilian trade group Abiove, estimates Brazil’s 24/25 soybean production at a record 167.7 mmt versus 153.3 mmt last year, and the USDA’s 169 mmt. Exports are seen rising to 104.1 mmt from last year’s 98.3 and the USDA’s 105 mmt.
• Managed funds were moderate sellers in yesterday’s trade, selling an estimated 4,000 contracts of soybeans, which brought their estimated net short soybean position to 58,000 contracts. 

• All three wheat classes are lower this morning and near session lows, as traders press the market following yesterday’s relatively weak close.
• Adding to the weak tone are rumors of potential peace talks between the West, Russia, and Ukraine. This follows reports of Ukraine using US made long-range missiles to attack targets in Russian territory over the weekend.
• US winter wheat crop ratings that are the highest in years following recent rains is adding overhead resistance to prices, along with higher Argentine and Australian wheat exports.
• Managed funds were rather quiet in the wheat market yesterday, buying an estimated 1,000 Chicago wheat futures contracts. This brought their estimated net short in Chicago wheat to 44,000 contracts. Overall, managed funds are estimated to hold a record short totaling 200,000 contracts across all three wheat classes.

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading slightly higher this morning as prices have remained in an overall uptrend since the lows were posted in August. Export sales have been firm which has provided support despite a large expected ending stocks number.
• Yesterday’s export inspections report showed that 32.3 million bushels of corn were inspected which brought total inspections for the year up to 31.9% of last year. This is above the USDA’s forecast.
• Corn has received support from the wheat complex which has rallied since the Biden administration approved the use of long range missiles by Ukraine into Russia. This could cause further escalation. 

• Soybeans are trading slightly lower this morning but have posted two consecutive days of double digit gains. Yesterday, soybean prices faltered in the middle of the day but ended higher thanks to a recovery in soybean oil which has been the main driver of prices. Soybean meal is higher this morning while soybean oil is slightly lower.
• In Brazil, soybean planting for the 24/25 year is now 80% complete as of November 14. This compares to 67% a week ago and 68% a year ago. Weather in the country remains very conducive to the soybean crop.
• Yesterday, three different flash sales were announced in soybeans with soybeans sent to Mexico, soybean cake and meal to the Philippines, and notably, soybean oil to India. Yesterday’s export inspections of 79.6 mb put the total number 9% above last year.

• All three wheat classes are trading higher this morning as escalation between Ukraine and Russia seems to have bottomed out the wheat market for now. This morning, Putin issued nuclear threats after the US gave permission for Ukraine to send long range missiles into Russia.
• Yesterday, the USDA released its crop progress report which showed the winter wheat good to excellent rating increasing to 49% which was above the trade estimate of 46%. This compares to 44% a week ago and 48% a year ago.
• 94% of the winter wheat crop is said to be planted which was just below the trade estimate of 95% and compares to 91% last week. 84% of the crop is emerged which compares to 76% the previous week.

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

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