Open

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.

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 has faded from higher prices overnight. Cash markets and basis levels are indicating that corn demand is higher than amounts being sold by farmers which should cause prices to increase.
• In Brazil, CONAB released its new estimates for grain production last week and it sees planted acreage falling very slightly by 9k hectares, but production increasing to 119.81 mmt thanks to an increase in yield expectations.
• Friday’s CFTC report showed funds buying a large amount of corn, 87,946 contracts as of November 12, which left them net long 109,989 contracts. Funds have not been this long since March of 2023.

• Soybeans are trading lower this morning and have faded from overnight highs that saw prices up to 6 cents higher.  Palm oil has begun the week with sharp losses that have bled into soybean oil and are weighing on soybean prices. Soybean meal is trading higher.
• On Friday, the NOPA crush report showed that 200 million bushels of soybeans were crushed in October which was 3.2 mb above expectations. Soybean oil stocks came in below expectations. The large crush numbers have created an excess amount of soybean meal which has caused the lower prices.
• Friday’s CFTC report showed funds as buyers of soybeans as of November 12 by 15,576 contracts which still leaves them net short 54,536 contracts.

• All three wheat classes are trading higher this morning and seem to have put in a low last Thursday as futures had gotten very oversold. US winter wheat is moving into dormancy so rainfall in the southern plains is no longer as helpful.
• In Russia, farmers had only harvested 124.3 mmt of grains as of November 1 which compares to 141 mmt at the same time last year. The crop had been harvested over 95% of sown area which is about the same as last year.
• Friday’s CFTC report showed funds as sellers of Chicago wheat by 14,526 contracts leaving them net short 45,307 contracts. In KC wheat, funds sold 11,018 contracts leaving them short 25,098 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 higher this morning taking back some of yesterday’s losses. The weak price action yesterday seemed to stem more from lower soybeans and wheat as fundamentals have been good with strong export demand.
• The range of trade estimates for today’s export sales report are relatively wide and are between 600k and 2,600k tons with an average guess of 1,635k tons. A number on the higher end of this range would not be surprising given the recent flash sales. This would compare to last year’s sales of 1,808k tons.
• In Brazil, CONAB released its new estimates for grain production yesterday and it sees planted acreage falling very slightly by 9k hectares, but production increasing to 119.81 mmt thanks to an increase in yield expectations.

• Soybeans are trading higher this morning as well following yesterday’s sharp sell-off that was likely a result of technical selling along with higher Brazilian production estimates. Soybean meal is slightly lower while soybean oil is trading higher. Today’s soybean crush report is expected to be strong at 193 mb.
• Estimates for today’s export sales report see soybean sales in a range between 1,000k and 2,400k tons with an average guess of 1,773k tons. This would compare to 2.037k tons last week and 3,853k last year.
• CONAB has revised its estimate for Brazilian soybean production higher at 166.14 mmt from 166.05 mmt last month. Planted area is expected to increase while yield estimates are unchanged.

• All three wheat classes are trading higher this morning with Minneapolis leading the way up. Wheat futures have fallen every day since the election as the dollar has rallied making wheat more expensive to purchase from the US.
• Estimates for today’s export sales report see wheat sales in a range between 250k and 650k tons with an average guess of 403k tons. This would compare to 375k tons last week and 176k the previous year.
• In India, wheat production for 25/26 has been revised slightly lower to 112.4 mmt due to a decline in yield estimates in key northern producing states with warmer weather.

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 mixed to start the day with the front months trading slightly lower while December 2025 corn trades slightly higher. Apart from a good batch of flash sales yesterday morning, there has not been much news in corn which has caused it to follow wheat lower.
• Yesterday, the USDA said that 401,357 mt of corn was sold to Mexico for 24/25, and another 290,820 mt were sold to unknown destinations. It will be important to find out if unknown means China.
• Estimates for today’s ethanol report are between 1.065 and 1.106 million barrels per day which would be another strong week and point to good domestic demand.

• Soybeans are trading slightly higher but are also quiet this morning with small gains that have backed off higher overnight prices. Commodities have been under pressure since the dollar began sharply rallying after Donald Trump was announced as the next president. Soybean meal is lower while soybean oil is higher.
• In Argentina, improved soil moisture levels have caused farmers to increase their planted soybean area to 17.9 million hectares which is up 1.1% from last month. Planting is reportedly 20% complete, and production estimates are around 53 mmt.
• While soybean oil is higher this morning, it has reversed significantly off its highs after Trump announced pick Lee Zeldin, who is not a supporter of renewable energies, to head the EPA.

• Wheat is mixed this morning with the Chicago and KC contracts trading lower while Minneapolis is slightly higher. Rainfall in the southern Plains has been the main bearish factor but has opened the door to new technical selling.
• In France, the outlook for wheat exports has been cut to 9.9 mmt from 10.03 mmt the previous month after seeing a decline in non-EU sakes. These exports would be 40.5% lower than the previous season.
• In India, wheat production for 25/26 has been revised slightly lower to 112.4 mmt due to a decline in yield estimates in key northern producing states with warmer weather.

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 both sides of unchanged this morning and have remained in a tight range so far this week just below Friday’s high. 
• Export inspections are now running 31% ahead of last year’s pace. Another daily flash sale announcement to Mexico yesterday and tightening basis levels around the Corn Belt are all friendly signs to the corn market.
• The USDA reported corn harvest was 95% complete as of Sunday. This is 9% ahead of last year’s pace and 11% ahead of the 5-year average.

• Soybeans are trading lower this morning after a tough start to the week. Lower world vegetable oil prices as they retreat from recently overbought conditions have been a weight on US soybean oil futures as well as soybeans. 
• With US soybean prices remaining at a steep discount to Brazilian soybean futures for export though the end of the year, US soybean exports should find favor from world soybean buyers. 
• The USDA reported harvest progress was 96% complete as of Sunday. This is likely the final crop progress report for soybeans of the year. 

• All three wheat classes are trading lower this morning after breaking nearby support to start the week.
• US winter wheat conditions improved by 3% last week to come in at 44% good to excellent. Last week’s rains have improved conditions, recent price action is likely reflecting this beneficial moisture. 
• EU soft wheat exports in the season that started July 1 have totaled 8.7 mmt, this compares to 12.3 mmt 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 futures are trading slightly higher this morning but have been quiet so far this week and have not taken out last Friday’s high. Basis levels improved again yesterday, and with the move higher in prices, producers have a chance to make decent cash sales.
• Export inspections today are expected to be strong again for corn as demand has been very good recently. Some traders were discouraged that the USDA did not increase demand in last week’s WASDE report, but the fact that it was not lowered like production was is a good sign.
• In France, production estimates for the corn crop have been increased to 14.6 mmt from 14.5 mmt last month despite heavy rains throughout harvest. This production would be 10% above the 5-year average if realized.

• Soybeans are trading lower this morning after a loss of around 8 cents yesterday. The fundamental picture has not changed much, and it should be noted that January soybeans failed at the 200-day moving average two days in a row which could point to a technical sell-off.
• Both soybean meal and oil are trading lower this morning, but soybean oil is posting larger losses. This is in contrast to the recent trend in which soybean meal was selling off while soybean oil was rallying. It is possible that soybean meal simply got too cheap which incentivized buyers.
• In Brazil, the soybean crop is reportedly 67% planted as of Nov 7. This compares to 54% a week ago and 61% the previous year. It has been impressive to see how quickly planting has rebounded after the weather delays.

• All three wheat classes are trading lower this morning with KC leading the way lower. Yesterday, wheat futures took a sharp dive and were down nearly 20 cents before they recovered into the end of day for a more mild loss. 
• Yesterday’s sell-0ff may have kicked off as a result of widespread rains over the driest HRW wheat areas over the weekend, but some demand kicked in at those lower prices bringing futures back within their recent trading range.
• In Ukraine, Astarta’s winter wheat crop is now completely planted. Over 46k hectares of winter wheat were planted which is down 6.1% from last year’s planting. Hectares may have been taken from winter wheat and given to rapeseeed.

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

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

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

All prices as of 6:30 am Central Time

• Corn futures are trading lower this morning and have faded from slightly higher prices overnight. December corn gained over 16 cents last week as a result of very strong export demand and a reduction in the national yield estimate by the USDA.
• Friday’s WASDE report was surprising showing a decrease in the corn yield to 183.1 bpa from 183.7 bpa the previous month. Many analysts had thought that the yield would be unchanged. Ending stocks of 1.938 bb were slightly higher than the average trade guess which may have limited gains.
• Friday’s CFTC report showed that funds bought 39,746 contracts of corn as of November 15 which left them with a net long position of 22,043 contracts. This is the first time funds have held a net long position since August 2023.

• Soybeans are mixed this morning with the front months higher but bull spread as November 2025 trades slightly lower and the majority of gains remain in the front month. Soybean meal is breaking its recent trend by trading higher this morning while soybean oil is lower.
•  The USDA report on Friday was bullish with the national yield estimate being sharply lowered to 51.7 bpa from 53.1 bpa last month. Trade was expecting a lower yield number but not such a large drop. Ending stocks fell by 80 mb which was friendly as well.
• Friday’s CFTC report showed funds buying back just 2,114 contracts as of Nov 5 which left them net short 70,112 contracts. It is estimated that funds have bought back and additional 28,000 contracts since Nov 5.

• All three wheat classes are trading lower this morning with Chicago wheat leading the way lower after rainfall totals in important HRW acres were better than expected. 
• Wheat production seems to be struggling globally as StoneX has just revised their estimate for the Brazilian wheat crop to 7.5 mmt from 7.9 mmt the previous month. The Russian wheat crop is expected to be smaller as well, and wheat conditions in the US are poor.
• Friday’s CFTC report showed funds buying back just 391 contracts of Chicago wheat which left them net short 30,781 contracts. They sold 4,920 contracts of KC wheat which left them net short 14,080 contracts as of Nov 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 slightly higher this morning ahead of the WASDE report which will be released at 11 central. Prices have been primarily supported by good recent export sales, but may see pressure from large ending stock numbers.
• Yesterday’s export sales report saw corn sales over 108.9 mb which put total commitments at 1.04 billion bushels and is well ahead of last year’s pace. The recent increase in export sales are likely due to other countries stocking up before potential tariffs.
• In Argentina, 37.2% of the corn crop is now reportedly planted which compares to 34.5% last year. Notably, farmers have planted less corn after last year’s leaf hopper plague with only 6.3 million hectares to be planted compared to 7.9 million last year.

• Soybeans are trading slightly lower today after big gains yesterday that brought prices up to the 50-day moving average but have not been quite able to break through yet. If yields are reduced in today’s report it could cause prices to rally further.
• Soybean meal is trading lower while soybean oil is higher this morning as both products continue their recent trend. Soybean oil gained over 4% yesterday as trade anticipates tariffs on used Chinese cooking oil. The increase in crush has left us with a glut of bean meal.
• Estimates for Today’s WASDE report see soybean ending stocks falling by 15 mb to 535 mb and the average soybean yield falling to 52.9 bpa from 53.1 bpa in last months estimate. World ending stocks are expected to be slightly lowered.

• Wheat is mixed this morning with Chicago trading slightly higher while KC and Minneapolis are lower. Overall, wheat has been in a very tight trading range over the past month.
• Wheat production seems to be struggling globally as StoneX has just revised their estimate for the Brazilian wheat crop to 7.5 mmt from 7.9 mmt the previous month. The Russian wheat crop is expected to be smaller as well, and wheat conditions in the US are poor.
• Estimates for Today’s WASDE report see wheat US ending stocks rising slightly to 813 mb and world ending stocks falling slightly from last month’s estimate. Exports are not expected to be adjusted and there should be few changes overall.

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 following up on yesterday’s strength. Futures broke to the upside and will likely meet their next resistance level around $4.35 in December. Yesterday, funds were estimated to have bought back 18,000 contracts which would give them a net long position.
• Estimates for today’s export sales report see corn in a range between 1,700k and 2,500k tons with an average guess of 2,120k tons. This would be slightly below last week’s sales, but exports have been very strong ahead of anticipated tariffs.
• Estimates for Friday’s WASDE report see corn ending stocks falling slightly from the previous estimate to 1,936 mb. Corn yield estimates are expected to be unchanged at 183.8 bpa. World ending stocks are also expected to be revised slightly lower.

• Soybeans are trading higher again today after a sharp sell-off yesterday morning that then saw prices rebound. While the prospect of new Trump tariffs is bearish, countries will likely continue to stock up on grains until he takes office next year.
• Estimates for today’s export sales report sees soybean sales between 1,200k and 2,200k tons with an average guess of 1,766k tons which would be slightly below last week’s sales.
• Estimates for Friday’s WASDE report see soybean ending stocks falling by 15 mb to 535 mb and the average soybean yield falling to 52.9 bpa from 53.1 bpa in last months estimate. World ending stocks are expected to be slightly lowered.

• All three wheat classes are trading slightly higher this morning with Chicago wheat leading the way. Futures are likely following corn and soybeans as rainfall over US winter wheat areas has improved and may pressure prices.
• Estimates for today’s export sales report see wheat sales between 250k and 650k tons with an average guess of 455k tons. This would be slightly above last week’s sales. 
• Estimates for Friday’s WASDE report see wheat US ending stocks rising slightly to 813 mb and world ending stocks falling slightly from last month’s estimate.

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading lower this morning after Donald Trump was announced as the winner of the Presidency, but concerns remain with traders nervous about potential future Chinese tariffs which could hurt export demand.
• Estimates for Friday’s WASDE report see corn ending stocks falling slightly from the previous estimate to 1,936 mb. Corn yield estimates are expected to be unchanged at 183.8 bpa. World ending stocks are also expected to be revised slightly lower.
• Over the past five days, funds are estimated to have bought back 7,000 contracts of corn. While this was relatively quiet movement, funds are now very close to having an established net long position.

• Soybeans are trading sharply lower this morning and are feeling the brunt of the Trump election win and concern over tariffs. The US dollar rallied on the news which has pressured grains and crude oil. Both soybean meal and oil are trading lower.
• Estimates for Friday’s WASDE report see soybean ending stocks falling by 15 mb to 535 mb and the average soybean yield falling to 52.9 bpa from 53.1 bpa in last months estimate. World ending stocks are expected to be slightly lowered.
• The Argentinian soybean crop production is expected to be revised slightly higher to 51.3 mmt from 51.0 mmt last month, and Brazilian production is expected to be lowered to 168.6 mmt from 169.0 mmt last month.

• All three wheat classes are trading lower this morning along with the rest of the grain complex as the sharp rise in the dollar pressures commodities. In addition, there are increased chances of rain over the next 7 days in Kansas and the Texas panhandle.
• Estimates for Friday’s WASDE report see wheat ending stocks rising slightly to 813 mb and world ending stocks falling slightly from last month’s estimate.
• Russia’s grain harvest may fall by 20 to 22 mmt due to weather issues according to the Russian ag minister. The harvest estimate has been adjusted nearer to 130 mmt which is down from the previous 150 mmt.

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

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

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