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All prices as of 6:30 am Central Time

• Corn is trading slightly lower this morning but has recovered from lower prices in the overnight trade. The dry forecast over the Corn Belt is expected to last for around 10 days and should cause harvest progress to speed up which may be adding pressure to futures.
• Today at 11 central, the USDA will publish its quarterly Grain Stocks report. According to a Bloomberg survey, the market anticipates US corn stocks as of September 1 to be 1.846 billion bushels, marking a 36% increase from 1.360 billion bushels a year ago.
• Friday’s CFTC report showed that as of Tuesday the 24th, funds bought back 4,115 contracts of corn which reduced their net short position to 130,699 contracts. It is estimated that funds bought back an additional 25,000 contracts since the 24th.

• Soybeans are trading lower this morning but have also rebounded from overnight lows as did corn. On Friday, soybeans ended the day nearly 25 cents higher with support from huge gains in soybean meal. This morning, both soybean meal and oil are trading slightly lower.
• The USDA will release its Quarterly Grain Stocks report later today, which can sometimes contain surprises. Soybean stocks are expected to come in at 347 million bushels which would be up 31% from the 264 mb in September 2023.
• Friday’s CFTC report showed funds buying back 47,437 contracts of soybeans as of the 24th. This reduced their net short position to 74,978 contracts, but they are estimated to have exited an additional 20,000 contracts since the 24th which shows them nearing a net neutral position.

• All three wheat classes are trading higher this morning as global weather continues to be an issue for wheat production. The Black Sea region is dry, Europe is too wet, and the winter wheat in the US has very little rain in its forecast.
• The Quarterly Stocks and Small Grains reports will be released today, and a Bloomberg survey projects that it will show US wheat stocks as of September 1 at 1.992 billion bushels, up 13% from last year. Wheat production is estimated at 1.983 bb. 
• Friday’s CFTC report showed funds selling 1,436 contracts of Chicago wheat which increased their net short position to 26,469 contracts. They sold 2,460 contracts of KC wheat which left them net short 19,946 contracts.

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

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

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

All prices as of 6:30 am Central Time

• The corn market is trading mid-range and off its overnight highs in a quiet 3 3/4 cent range in the December contract, following yesterday’s reversal lower from fresh highs.
• While the Buenos Aires Grain Exchange expects Argentine corn planting to cover 6.3 million hectares for the 24/25 crop season, with a 47 million metric ton harvest. The exchange also stated that it could cut those estimates if key areas don’t receive rain in the coming weeks.
• Monday, the USDA will publish its quarterly Grain Stocks report. According to a Bloomberg survey, the market anticipates US corn stocks as of September 1 to be 1.846 billion bushels, marking a 36% increase from 1.360 billion bushels a year ago.
• Weekly corn export sales as reported by the USDA yesterday for the week ending Sept. 19, were weak at just 535,000 metric tons, and behind the weekly pace needed to reach the USDA’s projections. Total export sales are currently at 25% of the USDA’s goal versus the 5-year average of 28% sold by this time.
• Managed funds were active buyers in the corn market yesterday, covering an estimated 7,000 net short contracts. Managed funds are now estimated to be net short about 110,000 corn futures contracts. The CFTC will be out later today with updated positions as of Tuesday, Sept. 24. 

• Soybeans are currently trading a little higher this morning, near the top end of their 13-cent range with support from moderately higher soybean meal. Soybean oil is trading lower, as it follows through on yesterday’s key bearish reversal. 
• Weekly soybean export sales for the week ending Sept. 19, came in slightly ahead of expectations at 1.575 million metric tons. Current total commitments are running at 35% of the USDA’s goal versus the 5-year average of 42% at this time of year.
• The USDA will release its Quarterly Grain Stocks report on Monday, which can sometimes contain surprises. Soybean stocks are expected to come in at 347 million bushels which would be up 31% from the 264 mb in September 2023.
• Managed funds were active sellers of soybeans yesterday, selling an estimated 3,000 contracts. Managed funds are now estimated to be net short about 91,000 soybean futures contracts. The CFTC will be out this afternoon with updated positions as of Tuesday, Sept. 24. 

• The wheat complex is trading lower across all three classes and near mid-range this morning as the markets follow through on yesterday’s weakness and traders square positions ahead of the weekend and Monday’s Quarterly Stocks and Small Grains report.
• Monday’s Quarterly Stocks and Small Grains reports will be released Monday. A Bloomberg survey projects that it will show US wheat stocks as of September 1 at 1.992 billion bushels, up 13% from last year. Wheat production is estimated at 1.983 bb. 
• Russian ag consultancy IKAR dropped its grain production forecast for 2024 to 124.5 million metric tons from 125 mmt. Of that total, 81.8 mmt is wheat, which was cut from 82.2 mmt. For now, the agency is maintaining its wheat export forecast at 44 mmt for the 24/25 season.
• Weekly export sales for wheat as of Thursday, Sept. 19, came in well below expectations, at a weak 159,000 metric tons, about half of the weekly total needed to reach the USDA’s export goals. Total sales are currently slightly ahead of the 5-year average sales pace for this time.
• Yesterday, Managed funds sold an estimated 3,000 contracts of Chicago wheat, and they are now estimated to hold a relatively small, short position totaling 19,000 Chicago wheat futures contracts. The CFTC will be out later this afternoon with updated position information as of Tuesday, Sept. 24.

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 but remains near the upper range of its recent range as trade considers the dry weather in Brazil which could impact production. Yesterday, December corn reached its highest level since July of $4.18.
• Over the past three days, funds have bought back an estimated 25,000 contracts of corn, and it appears as if they may continue this trend especially if Brazil does not receive the rain expected in its forecast.
• Estimates for today’s export sales report see corn in a range between 600k and 1,300k tons with an average guess of 938k tons. This would compare to last week’s 847k tons. Corn export demand has improved recently.

• Soybeans are continuing their upward momentum and are higher again this morning. They are on track for a fourth consecutively higher close and are currently up nearly 50 cents on the week. Both soybean meal and oil are trading higher as well.
• The dryness in Brazil has been more bullish for soybeans than for corn, and over the past three days, funds have bought back an estimated 35,000 contracts of soybeans. Meteorologists have said that the La Nina pattern that was expected this summer may see effects pushed into the fall which would be a problem for Brazil.
• Estimates for today’s export sales report see soybean sales in a range between 900k and 2,000k tons with an average guess of 1,438k tons. This would compare with last week’s 1,756k tons.

• All three wheat classes are trading higher this morning and have been in an upward trend all week. For the week, December Chicago wheat is up by 26 cents and has nearly wiped out all of last week’s losses.
• Ukraine’s grain exports for the July-June 24/25 season are near 9.8 million metric tons, as of Sept. 25, according to their ag ministry, and of that total, 5.6 mmt is wheat. Additionally, farm associations and the Ukrainian government have agreed to limit wheat exports to 16.2 mmt.
• Estimates for today’s export sales report see wheat sales between 200k and 600k tons with an average guess of 375k tons. This compares to 258k tons last week.

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

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

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

All prices as of 6:30 am Central Time

• The corn market is quietly trading near the bottom of its tight 3-cent range in the December contract on technical, follow through selling from yesterday’s bearish reversal.
• Later today, the EIA will release its weekly ethanol production report for the week ending Sept. 20. The average trade estimate sees daily production dropping slightly to 1.046 million barrels per day, with stocks rising to 23.896 million barrels.
• Next week on September 30, the USDA will release its quarterly Grain Stocks report. The average trade guess according to a Bloomberg survey, estimates US corn stocks as of Sept. 1 at 1.846 billion bushels, up 36% from last year’s 1.360 bb.

• Soybeans are lower this morning after trading higher earlier in the evening on the strength of a firm opening in soybean oil. Both meal and oil have turned lower and are weighing on the soybean market. 
• A bill has been introduced in congress, called the Farmers First Fuel Incentives Act, that would make sure only biofuels made from domestic feedstocks be eligible for the 45Z tax credit. This legislation is also expected to extend the 2-year credit to 10 years, according to Sen. Roger Marshall.  
• Next week, the USDA will release its quarterly Grain Stocks report. The average trade guess according to a Bloomberg survey, estimates US soybean stocks as of Sept. 1 at 347 million bushels, up 31% from last year’s 264 mb.

• The wheat complex is lower across all three classes, with the Minneapolis contracts leading the way. Follow through technical selling from yesterday’s bearish reversals appears to be primary culprit. Both December KC and Minneapolis are approaching support near their 50-day moving averages.
• Ukraine’s grain exports for the July-June 24/25 season are near 9.8 million metric tons, as of Sept. 25, according to their ag ministry, and of that total, 5.6 mmt is wheat. Additionally, farm associations and the Ukrainian government have agreed to limit wheat exports to 16.2 mmt.
• According to a Bloomberg survey, the average trade guess for Sept. 1 wheat stocks in next week’s USDA quarterly Grain Stocks report, is 1.992 billion bushels, a 13% increase from last year. Production is estimated to come in at 1.983 bb.

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 mixed this morning with the front months slightly higher and deferred contracts lower as prices cool down from yesterday’s rally across the grain complex. Yesterday’s export inspections report was strong and provided support along with fund buying.
• In Brazil, the summer corn crop planting is underway despite the extremely dry weather. 12% of the crop has been planted do far which compares to 9.7% the previous week. In Parana, a key growing state, 46% of the crop has been planted. Rains are expected to fall in the first week of October.
• There have been reports that China is set to announce a large stimulus package to help grow its economy which has been bullish towards grain prices as it may impact the amount of ag products the import from the US.

• Soybeans are trading higher today on momentum from yesterday’s rally that saw prices at their highest levels since July. Dryness and Brazil and potentially lower yields in the US were supportive. Both soybean meal and oil are trading higher this morning.
• Yesterday’s Crop Progress report showed the good to excellent rating for soybeans unchanged from last week at 64%, and trade was looking for a one point decline. 13% of the crop is harvested which compares to 6% a week ago and the average of 8%.
• Yesterday’s higher price action is likely a result of the reports of mixed yields that have been coming in over the weekend. Funds likely do not want to be over leveraged in their short positions if there is a threat of lower yields.

• Wheat is mixed this morning with Chicago and KC trading slightly lower while Minneapolis wheat trades slightly higher. Futures were strong yesterday but wheat appears to be cooling off like the rest of the grain complex in today’s trade. China’s proposed stimulus package was supportive to wheat as well.
• Yesterday’s Crop Progress report showed the spring wheat harvest at 96% complete which was slightly higher than the average trade guess, compares to 92% last week, and the 5-year average of 95%. 
• In winter wheat, 25% of the crop is reportedly planted which is below the average trade guess of 27%, compares to 14% a week ago, and the average of 24%. 4% of the crop is now emerged which compares with 6% a year ago and the 5-year average of 5%.

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading higher this morning but remains in its recent rangebound pattern trading just above its 50-day moving average. Some harvest progress was stalled in the eastern Corn Belt due to rains over the weekend but should dry out quickly.
• In Brazil, the summer corn crop planting is underway despite the extremely dry weather. 12% of the crop has been planted do far which compares to 9.7% the previous week. In Parana, a key growing state, 46% of the crop has been planted. Rains are expected to fall in the first week of October.
• Friday’s CFTC report showed funds surprisingly increasing their net short position by 2,680 contracts leaving them short 134,814 contracts. This came despite a small rally in corn.

• Soybeans are trading sharply higher this morning and are near the very high end of their recent trading range and are also above their 50-day moving average. Support is coming from both soybean meal and oil which are higher.
• Today’s higher price action is likely a result of the reports of mixed yields that have been coming in over the weekend. In some areas, the stretch of hot and dry weather did have an impact on yields that the USDA may need to address eventually.
• Friday’s CFTC report showed funds as buyers of soybeans by 8,186 contracts. They are now net short 122,415 contracts but have reduced the length of their short position over the past few months.

• All three wheat classes are trading higher this morning as prices rebound from last weeks selloff. Rain fell this weekend in part of Kansas, Texas, and Oklahoma, but the amounts were slightly less than what was expected.
• In Argentina, some wheat farmers are reportedly abandoning their wheat fields due to extremely dry conditions and poor soil moisture levels. The country has received some rain in the South, but the northern regions have been dry along with Brazil.
• Friday’s CFTC report showed funds buying back 4,364 contracts of wheat which has left them net short just 25,033 contracts. If this trend continues, funds could wind up with a net long position before long.

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading unchanged to slightly lower to start the day after significant pressure was seen yesterday. December corn remains in its recent range and has support at its 50-day moving average which is at $4.04. Corn is now on track for a lower weekly close.
• Yesterday’s export sales report was average for corn with an increase of 33.4 mb of sales for 24/25 which was near the median of analyst expectations. There has been some concern over the lack of an export program for corn sold to China.
• In Argentina, the Buenos Aires Grain Exchange released its weekly update for the 24/25 corn crop and sees the planting area unchanged at 6.3 million hectares and planting progress jumping to 7.3% complete.

• Soybeans are trading slightly lower this morning after a very slight loss yesterday, but November futures are on track for a gain on the week. Over the past three days the contract has closed right at the 50-day moving average and remains rangebound. Soybean meal is higher while bean oil is lower.
• In India, palm oil output is expected to triple within 6 years as planted area is set to increase and more plantations become mature for harvesting. This could help the country become less reliant on seed oil imports for their domestic needs.
• In Brazil, some rains have fallen in the southern regions, but the larger growing areas are in the central region of the country and are suffering from extremely low soil moisture levels with rain not in the forecast until October. It will be crucial for those rains to materialize.

• All three wheat classes are trading higher this morning and are led by Chicago wheat. Wheat was under pressure from sellers this week after being technically overbought and is set to lose about 26 cents on the week at this rate.
• Yesterday’s wheat export sales were poor at 9.0 mb for 24/25 and 0.4 mb for 25/26. This was well below the average trade guess and below last week’s sales. Russian wheat offers remain the most competitive.
• In Argentina, some wheat farmers are reportedly abandoning their wheat fields due to extremely dry conditions and poor soil moisture levels. The country has received some rain in the South, but the northern regions have been dry along with Brazil.

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 but has remained relatively rangebound for the past two weeks with prices well off their lows. After yesterday’s 50 point rate cut by the Fed, equities are higher this morning, and money may be flowing out of commodities and into stocks.
• Today, the USDA will release its export sales report, and corn sales are expected to fall in a range between 550k and 1,400k tons with an average guess of 870k tons. This would compare to 667k tons last week.
• In Ukraine, the amount of corn that will be available to export for the 24/25 marketing year is expected to fall by 15 to 17 mmt as a result of lower production caused by poor weather in parts of the country.

• Soybeans are trading lower this morning but like corn, remain in a very tight trading range. November futures have encountered some resistance at the 50-day moving average. Soybean meal is trading lower to start the day while soybean oil is slightly higher.
• Estimates for today’s export sales report in soybeans see exports falling in a range between 550k and 1,600k tons with an average guess of 1,215k tons. This would compare with 1,474k last week and would make sense given the higher number of Chinese purchases recently.
• In Brazil, some rains have fallen in the southern regions, but the larger growing areas are in the central region of the country and are suffering from extremely low soil moisture levels with rain not in the forecast until October. It will be crucial for those rains to materialize.

• All three wheat classes are trading lower this morning with KC wheat leading the way down. Overall, futures have been in an upward trend since their contract lows in August and have seen funds exit a large chunk of their short positions.
• Today’s export sales report is expected to show wheat sales in a range between 300k and 650k tons with an average guess of 450k tons. This would compare to last week’s 475k tons.
• Strong U.S. wheat exports and developing dryness in key wheat producing areas around the globe have prompted the Managed Money funds to trim their net short position in wheat by nearly 50,000 contracts in the last few weeks.

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 relatively quiet price action so far this week. December corn remains above the 50 and 20-day moving averages with support at those levels.
• Initial yield reports from the driest areas of the Corn Belt, Ohio, and Indiana, have reported yields lower than last year and below expectations. Many are pointing to the hot and dry finish to the crop this growing season. 
• The weekly EIA ethanol report will be released today at 10 A.M. Ethanol usage has been strong nearly all year but we are entering a time of year when gasoline demand historically slumps. 

• Soybeans are trading higher this morning and are within a nickel of the top end of their recent range. November soybeans are above the 20-day moving average and trading right near the 50-day moving average here this morning. November soybeans have not had a close above the 50-day since late May.
• After a two-day holiday to start the week, soybeans on the Dalian exchange in China have surged overnight to their highest level since late July and are trading at nearly a $4 per bushel premium to CBOT soybeans. 
• Some rainfall is expected to continue falling in southern Brazil into the weekend, but northern and central Brazil will remain warm and dry through September. Producers in those areas will need to wait for consistent rains to begin planting 1st crop soybeans. 

• All three wheat classes are trading slightly higher this morning and are attempting to recover from Monday’s correction in prices. 
• Besides the increased tensions in the Black Sea region, hot and dry conditions that began earlier this summer and have drug into fall are making winter wheat establishment difficult in both eastern Ukraine and western Russia. 
• Strong US wheat exports and developing dryness in key wheat producing areas around the globe have prompted the Managed Money funds to trim their net short position in wheat by nearly 50,000 contracts in the last few weeks. 

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading unchanged to slightly lower this morning after posting small losses for yesterday’s close. December corn remains above the 50 and 21-day moving averages with support at those levels.
• Yesterday’s Crop Progress report showed the good to excellent rating in corn increasing from last week by one point to 65% while trade was expecting a decline to 63%. 45% of the crop is mature which compares to 29% a week ago and 9% is harvested which compares to 5% a week ago.
• Funds have been covering their short position in corn in a big way and have bought back over 125,000 contracts in the past three weeks. Between Friday and yesterday, funds bought back an estimated 13,000 contracts.

• Soybeans are trading slightly lower this morning but have been bouncing around either side of unchanged in the overnight trade. Large anticipated ending stocks are keeping some pressure on prices while dryness in the US and Brazil have been supportive. Soybean meal is trading lower while soybean oil is higher.
• Yesterday’s Crop Progress report showed the good to excellent rating for soybeans slipping by one point to 64% as trade was expecting, but it still well above last year’s 52%. 44% of the crop is dropping leaves which compares to 25% a week ago and 6% of the crop is harvested.
• With US soybean prices so inexpensive, Argentina has begun buying the commodity. The USDA reported the first sale of US soybeans to Argentina since 2019 and the amount was 88,400 mt. This comes as the US anticipates a record harvest.

• All three wheat classes are trading slightly higher this morning after posting big losses yesterday. There has been a lot of volatility in the wheat market lately as tensions seem to be increasing in regard to Russia and potential escalation. 
• Yesterday’s Crop Progress report showed that the winter wheat crop is 14% planted which compares to 6% last week and 13% a week ago. The spring wheat crop is reportedly 92% harvested which compares to 85% a week ago and the 5-year average of 90%.
• Funds have been covering their short positions over the past few months and are now short just fewer than 29,000 contracts of wheat. They have bought back an estimated 5,000 contracts over the past 5 days.

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.