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All prices as of 6:30 am Central Time

• Corn futures are mixed this morning with the three front months trading slightly higher but deferred contracts lower. Trade may be quiet today as traders await election results.
• The corn market is experiencing a less overhead resistance as harvest nears the end and hedge pressure wanes. With the US Presidential election today and November WASDE report Friday, prices could experience added volatility.
• Yesterday, the USDA released its Crop Progress report which showed that the corn harvest was 91% complete as of November 3. This compares to 81% last week and the 5-year average of 75% for this time of year.

• Soybeans are trading slightly higher this morning but are also relatively quiet along with corn. Yesterday, prices were significantly higher in the morning but faded into the end of the day leaving only slight gains. Soybeans have had a difficult time sustaining most sharp rallies.
• This morning, the soy products are bucking their typical trend with soybean meal slightly higher and soybean oil lower. Crush demand has been very strong for soybean oil which has left a supply glut of meal.
• Yesterday’s Crop Progress report showed that 94% of the soybean crop has been harvested which compares to 89% last week and the average of 85% this time of year.

• All three wheat classes are trading higher today with KC leading the way higher. Wheat has been relatively rangebound with bullish news coming from global weather issues but poor exports in the US adding downward pressure. Rain in the forecast for winter wheat areas could add pressure this week.
• Ukraine’s ag ministry reported that the country’s total year over year grain exports rose 56% to 14.4 million metric tons. Of that total, 7.7 mmt was wheat, 67% more than the same period last year.
• Yesterday’s Crop Progress report showed winter wheat plantings at 87% complete which compares to the average of 89%. 66% of the crop is emerged which compares to the average of 71%, and 41% is rated good to excellent which compares to 50% 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

• December corn is leading the corn market higher, as it trades near the top of its 5 1/2 cent range, and after breaking out of last week’s sideways pattern. 
• The corn market is experiencing a less overhead resistance as harvest nears the end and hedge pressure wanes. With the US Presidential election tomorrow and November WASDE report Friday, prices could experience added volatility.
• The USDA reported that in September 440 million bushels of corn were used in ethanol production, 2.7% more than September last year. Indicating that demand remains strong.
• Friday the Commodity Futures Trading Commission released its Commitment of Traders report. As of Oct. 29, managed funds covered nearly 54,000 short corn futures contracts, bringing their net short corn futures position to only 17,703 contracts.

• January soybeans are near the top end of their range this morning, with the overnight high just below Friday’s high. Support is coming from higher soybean meal as it rebounds from Friday’s losses, and slightly higher bean oil, which is well off its overnight highs.
• With the US Presidential election tomorrow and the November WASDE on Friday, the soybean market may experience higher volatility this week with less harvest hedge pressure and traders square positions. 
• US soybean crush remains strong. The USDA reported total September crush totaled 186.5 million bushels. This was 6.7% higher than last year.
• In Friday’s Commitment of Traders report, the CFTC showed that managed funds sold 12,652 soybean futures contracts, which increased their net short soybean position to 72,226 contracts.

• The wheat complex is starting the week mixed this morning, with Chicago and Minneapolis fractionally higher and KC unchanged to marginally lower. As all three classes quietly trade inside Friday’s range.
• Ukraine’s ag ministry reported that the country’s total year over year grain exports rose 56% to 14.4 million metric tons. Of that total, 7.7 mmt was wheat, 67% more than the same period last year.
• Managed funds were rather quiet in the week ending Oct. 29. According to the CFTC’s Friday COT report, managed funds sold just over 2,200 Chicago wheat futures contracts. This brought their total Chicago wheat net short to just over 31,000 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 has been in a tight range over the past week as trade anticipates the election results. Strong exports have been supportive while harvest pressure and South American weather have been negative keeping prices gridlocked.
• Yesterday’s export sales of 92.2 million bushels of corn were strong but were below last week’s massive number. They were well above last year at this time. Export shipments of 31.0 mb were below the 46.4 mb needed each week.
• Argentina’s corn crop may see improved numbers this year as the leafhopper disease in the country seems to have improved. Corn plantings have exceeded 15.6 million acres so far, but farmers had planned to limit corn planting after the crop was nearly destroyed last season.

• Soybeans are trading higher again this morning and are on track for a third consecutively higher close. Soybean meal continues to slide lower while soybean oil trades higher.
• Estimates for September soybean crush is around 187.6 million bushels which would be a 7.3% increase from the previous year if realized. 
• Higher palm oil prices has been the main driver for soybean and soybean oil recently as energy prices have rebounded. This supports renewable diesel production and has helped world veg oil prices.

• All three wheat classes are trading higher this morning led by higher Chicago wheat. December futures have traded just below their 50-day moving average, but trade has been focused on whether or not rain falls in Kansas and the panhandle area.
• The Ukrainian grain harvest is reportedly 91.2% complete at a total of 48 mmt. 22.3 mmt of that amount is wheat. Wheat exports have been up as well with 7.7 mmt exported.
• SovEcon has lowered its estimate for Russia’s 24/25 grain export forecast citing a decrease in the crop forecast and a policy change that states that Russian grain must be delivered to consumers by Russian exporters only.

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading slightly lower this morning as prices struggle to rally despite strong export sales with a flash sale reported nearly every day over the past two weeks. Funds seem reluctant to buy as harvest continues.
• According to the US Department of Energy’s weekly petroleum report, US ethanol stocks fell by 2% to 21.771m bbl which was below analyst expectations. Plant production came in at 1.082m b/d which was above trade guesses.
• Basis bids for corn have firmed around the Midwest this week as many have wrapped up corn harvest ahead of much needed rainfall forecast later this week. 

• Soybeans are trading higher again this morning and broke a four day losing streak yesterday with double digit gains. Support has primarily come from soybean oil and export sales. Soybean meal is trading lower while soybean oil is higher.
• Estimates for September soybean crush is around 187.6 million bushels which would be a 7.3% increase from the previous year if realized. 
• Soybean basis levels have risen lately with quick ship incentives being reported. Nearby spreads have backed off this week but are still tighter than expected with current carryout projections.

• All three wheat classes are trading lower this morning with KC wheat again leading the way lower. Pressure may be coming from potential rain in the forecast for Kansas and the Texas panhandle.
• The USDA has the winter wheat crop pegged at just 38% good to excellent, this is only worse than 2022 when looking back at the last 40 years. Key winter wheat areas have not received the necessary rain.
• SovEcon has lowered its estimate for Russia’s 24/25 grain export forecast citing a decrease in the crop forecast and a policy change that states that Russian grain must be delivered to consumers by Russian exporters only.

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading slightly lower this morning after yesterday’s higher trade, strong demand continues to keep corn futures well supported. 
• With just two days left in the month, front month corn futures are down about 12 cents so far in October.
• Basis bids for corn have firmed around the Midwest this week as many have wrapped up corn harvest ahead of much needed rainfall forecast later this week. 

• Soybeans are trading higher this morning as palm oil futures have made new contract highs for their recent move on strong demand and production concerns. 
• Soybean basis levels have been rising as of late with some quick ship incentives being reported. Nearby spreads have backed off a bit this week but are still tighter than expected given current carryout projections. 
• Near-term weather looks non-threatening for Brazil with continued showers expected in the northern soybean growing regions and drier weather in the far southern regions. Planting pace has made large strides in the last two weeks catching up to near-normal levels.

• All three wheat classes are trading lower this morning with KC wheat leading the losses.
• The USDA has the winter wheat crop pegged at just 38% good to excellent, this is only poorer than 2022 when looking back at the last 40 years. 
• Rain is forecast to fall in the Plains states over the next week, this will be much needed to improve wheat conditions ahead of winter dormancy.

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading higher this morning after yesterday, sharply lower crude oil prices weighed on the grain markets. December corn has remained just above the 50-day moving average which is likely acting as support.
• Yesterday afternoon, the USDA released its Crop Progress report which showed that 81% of the corn crop has been harvested. This was slightly above the average trade guess and compares to 65% completion a week ago and the 5-year average of 64%.
• Strong exports have kept prices supported with 2 more flash sales reported yesterday morning making the ninth consecutive day of sales, and yesterday’s export inspections were strong as well.

• Soybeans are trading higher as well this morning as crude oil prices recover. November soybeans are currently 23 cents off their contract low in August, and the question is whether it will make new harvest lows. Soybean meal is trading lower while soybean oil is higher.
• Yesterday’s Crop Progress report showed that the soybean harvest is now 89% complete which is behind the average trade guess of 91%. It compares to 81% completion last week and the 5-year average of 78%.
• Rainfall in Brazil continues to improve soil moisture conditions, and planting in the country is now 36.1% complete. This is not far behind last year’s progress of 37.1% at this time despite the fact that planting was slightly delayed this year due to dry weather.

• All three wheat classes are trading higher this morning with Chicago and KC leading the way higher. Crop progress numbers were supportive, but wheat is also shaking off yesterday’s sell-off caused by outside markets.
• Crop Progress showed that 80% of the winter wheat crop has been planted which was behind the trade estimate and compares to the average of 84% at this time. Only 38% of the crop is rated good to excellent which is the bullish story. Trade was expecting a rating of 47%, and 56% of the crop is emerged which compares to the average of 61%.
• In Southern Brazil, heavy rains may be harming the wheat crop, and many producers are trading cash at lower prices for fear that the wheat quality will continue to slip.

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 recovered slightly from its overnight lows. The December contract is now trading below the 100-day moving average but above the 50-day. Recent support has come from strong export sales, but a large corn crop and carryout is expected to add pressure.
• In Argentina, the USDA is expecting the 24/25 corn crop at 48 mmt which would be 2.5 mmt lower than the previous year. This would be a sizable crop despite a significant decrease in planted acres from last year.
• Friday’s CFTC report showed funds as buyers of corn as of October 22. They bought back 15,489 contracts which left them net short 71,499 contracts.

• Soybeans are trading lower this morning as crude oil drops sharply by over $4 per barrel following an Israeli attack on Iranian military targets and a large jump in planting progress in Brazil. Both soybean meal and oil are trading lower, but bean oil is down sharply.
• Over the weekend, Israel retaliated and struck Iranian military sites but spared oil production facilities. Trade had been expecting an attack on the oil sites with this escalation, so crude oil has fallen sharply today. In addition, China has vowed “countermeasures” after the US sold 2 billion dollars worth of arms to Taiwan. Both instances are unfriendly to soybeans.
• Friday’s CFTC report showed funds continue to sell soybeans aggressively. As of Oct 22, funds sold 39,233 contracts of soybeans which left them net short 59,574 contracts.

• Wheat is mixed this morning with the Chicago contracts slightly higher, KC unchanged, and Minneapolis wheat lower. Chicago wheat closed below its 50-day moving average on Friday which was technically bearish, and rain in the forecast for HRW areas has added to pressure.
• The Rosario Grain Exchange has forecast that Argentinian wheat exports could reach their second highest on record for 24/25. Exports could reach 13.3 mmt which compares to the 19.5 mmt they are expected to produce.
• Friday’s CFTC report showed funds as sellers of 2,902 contracts of Chicago wheat which left them short 28,915 contracts. They bought back 841 contracts of KC wheat which left them short 5,647 contracts.

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading lower this morning after closing higher every other day this week so far, and the December contract is still on track for a weekly gain of around 13 cents, Strong export sales have been key support recently.
• In Argentina, there is more rain expected in the forecast going into November after the country had a dry start. Estimates for total corn production are between 51 and 52 mmt, and the crop is reportedly 29% planted.
• In China, a record corn crop is now expected as a result of higher yield thanks to fewer extreme weather patterns. More than 80% of Chinese crops have been harvested as of October 24.

• Soybeans are trading lower this morning along with corn after the November contract gave back significant gains yesterday to post a lower close. For the week, Nov soybeans are on track to gain 18 cents. Both soybean meal and oil are trading lower.
• While strong export sales has been a big support to soybean prices over the past week, the prospect of a massive South American crop may dampen bullish sentiment. Despite Brazil’s rocky start, weather has improved dramatically.
• Ukraine is expected to harvest a record soybean crop which will exceed 4.7 mmt while their corn crop is expected to be lower due to drought. Many producers favored oilseed crops this year instead of corn.

• All three wheat classes are trading lower this morning with Chicago wheat leading the way lower, but wheat is on track for a neutral weekly close. The stronger dollar and prospect for rain in winter wheat areas may be weighing on prices.
• In Turkey, analysts are expecting a 5.5% decline in wheat output for 2024 to 20.8 mmt. Total cereals output is expected to fall by 7.1% from the previous year.
• According to the Rosario Grain Exchange, the recent heavy rains in the country were crucial to the wheat crop. It is estimated that between 30 to 90 millimeters of rain fell yesterday. Wheat is in its last few weeks of development before harvest in November.

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 higher this morning and are on track for a fourth consecutively higher close at this pace. The December contract is now trading back above the 100-day moving average as prices recover.
• Estimates for today’s export sales show strong number in corn after flash sales have been reported in the last 6 straight days. Trade is estimating corn exports between 2,500k and 4,000k tons with an average guess of 3,130k tons. This would compare to 2,226k tons a week ago.
• Yesterday, the US Department of Energy released its weekly petroleum report which showed ethanol stocks falling by 0.2% to 22.223m bbl, below analyst expectations. Plant production came in at 1.081 m barrels per day which was above expectations.

• Soybeans are trading higher this morning and are on track for a fourth consecutively higher close thanks to strong exports. The bearish argument is a large US crop and weather in Brazil that has made a significant comeback after a long stretch of drought.
• The US ag attaché in Brazil is now estimating that the 24/25 soybean crop in the country will be 161 mmt. This estimate has been increased from 160 mmt in the previous estimate. While planting had a late start in Brazil, the pace has picked back up quickly with steady rains.
• Estimates for today’s export sales report see soybean sales in a range between 1,400k and 2,400k tons with an average guess of 1,785k tons. This would compare to 1,703k tons. As in corn, soybean exports have been strong in the past few weeks.

• All three wheat classes are trading slightly lower this morning with KC wheat leading the way lower. Some rains have fallen in Kansas and in the panhandle, but 20-30% of the area received rains between 1/2 and 1 inch while the rest of the area received less than 1/2 inch.
• Estimates for today’s export sales report see wheat sales in a range between 350k and 650k tons with an average guess of 518k tons. This would compare with last week’s 504k tons and 381k tons a year ago.
• The EU’s soft wheat exports have dropped 31% year over year as of Oct. 20 for the season that started on July 1, falling to 7.02 mmt from 10.2 mmt last year, according to a report by the European Commission.

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 trading a penny to two cents lower across the board in a tight two cent range as it consolidates from this week’s rally.
• Later today the EIA will release its weekly ethanol production report, in which the trade estimates that production will rise from last week to 1.055 million barrels per day. Ethanol stocks also expected to rise to 22.397 million barrels.  
• According to Anec, Brazil’s corn exports are expected to rise slightly to 6.24 mmt this month, versus 6.22 mmt in its last report.
• Managed funds were very active in yesterday’s trade, buying an estimated 13,000 contracts of corn. This brings their estimated net short position to 60,000 corn futures contracts.

• Soybeans are lower this morning, giving up almost half of yesterday’s gains, weighed down by weaker soybean meal and oil.
• There is market talk that US soybean exporters are in a rush to ship out this year’s soybeans ahead of the US election on fears of potential policy changes. This has helped bring US soybean export premiums to their highest levels in over a year.
• Anec reported that it sees Brazil’s soybean exports for the month of October reaching 4.63 mmt, up slightly from is last estimate of 4.34 mmt.
• Managed funds were active buyers in yesterday’s trade, buying an estimated 7,000 soybean futures contracts. This brings their estimated net short soybean position to 25,000 contracts.

• The wheat complex is lower this morning across all three classes as they reverse yesterday’s gains but still hold above yesterday’s lows.
• Ukraine’s ag ministry reported that winter crop planting is ahead of last year at about 5.4 million hectares. Of that total 3.8 million hectares of winter wheat have been planted versus 3.46 million last year at this time.
• The EU’s soft wheat exports have dropped 31% year over year as of Oct. 20 for the season that started on July 1, falling to 7.02 mmt from 10.2 mmt last year, according to a report by the European Commission.
• Managed funds were buyers in the wheat complex yesterday, purchasing an estimated 3,000 Chicago wheat contracts, which brings their estimated short position in Chicago wheat to 21,000 contracts.

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