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All prices as of 6:30 am Central Time

• Corn is trading slightly higher this morning after yesterday’s lower close but the December contract continues to hover around the $3.90 mark. Prices are 6 cents off of contract lows as trade anticipates large yields.
• Yesterday’s ethanol production report showed record production for the second week of August at 1.071 million barrels per day which compared to the average trade guess of 1.091. Ethanol stocks were nearly unchanged at 23.572m bbl which compared to the trade guess of 23.557.
• Estimates for today’s export sales report see corn exports in a range between 700k and 1,400k tons with and average guess of 1,030k tons. This would compare to 1,410k tons a week ago.

• Soybeans are trading higher again this morning in a move that has brought November soybeans back above 10 dollars for the first time since August 12. The November contract is currently set to post a 30 cent gain on the week. Both soybean meal and oil are higher as well.
• The dry 8-14 day forecast has lent the most support to soybeans which could see yields trimmed in areas that don’t see rain, but support has also come from huge export sales yesterday and a lower crop rating earlier this week.
• In Brazil, soybean production in the key growing state of Parana is expected to jump by 20% to 23.33 mmt due to better yields. Planting for the next season is expected to begin in September.

• All three wheat classes are trading slightly higher this morning, and December Chicago wheat is on track for a weekly gain of 22 cents. The strength in wheat is likely coming from higher corn and soybeans.
• The Canadian wheat crop is being estimated at 34.4 mmt for 2024 which would be 4.3% above last year’s production according to Statistics Canada. A Bloomberg survey estimated production at 33.8 mmt.
• In North Dakota, the quality of spring wheat is a concern due to excessive rains. Poor quality spring wheat will likely be discounted and could pressure the nearby Minneapolis wheat contract.

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 after yesterday’s lower close but the December contract continues to hover around the $3.90 mark. Prices are 6 cents off of contract lows as trade anticipates large yields.
• Yesterday’s ethanol production report showed record production for the second week of August at 1.071 million barrels per day which compared to the average trade guess of 1.091. Ethanol stocks were nearly unchanged at 23.572m bbl which compared to the trade guess of 23.557.
• Estimates for today’s export sales report see corn exports in a range between 700k and 1,400k tons with and average guess of 1,030k tons. This would compare to 1,410k tons a week ago.

• Soybeans are trading significantly higher to start the day wiping out all of yesterday’s losses, but the November contracts has had difficulty breaking above the 20-day moving average. Soybean oil is leading the complex higher and soybean meal is higher as well.
• Higher prices this morning are likely a result of a change in the 8 to 14-day forecast that are showing drier conditions. There is rain for the Corn Belt in the 7-day forecast but it is scattered, and soybeans that stay dry may see lower yields.
• Estimates for todays export sales report see soybean exports in a range between 1,400k and 2,550k tons with an average trade guess of 1,790k tons. This would compare to 1,633k tons last week.

• Wheat is mixed this morning with Chicago and KC trading lower while Minneapolis wheat is slightly higher. Yesterday, Chicago wheat made a reversal higher, and all three products remains off of last week’s lows.
• The Canadian wheat crop is being estimated at 34.4 mmt for 2024 which would be 4.3% above last year’s production according to Statistics Canada. A Bloomberg survey estimated production at 33.8 mmt.
• Estimates for today’s export sales report see wheat exports in a range between 300k and 650k tons with an average trade guess of 455k tons. This would compare to last week’s 493k tons.

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading lower to start the day giving back a small portion of yesterday’s gains but is still just 6 cents off its contract low in December. Pressure today may be coming from producers taking advantage of yesterday’s move higher and selling old crop.
• The corn market may face additional selling pressure this week with Friday being First Notice Day Friday for the September futures contracts, and basis contracts needing to be priced before then.
• Estimates for the weekly US ethanol production survey ahead of the EIA report see ethanol production lower than last week at 1.091 million barrels per day. Stockpiles are estimated at 23.557m bbl which would compare to 23.574m a week ago.

• Soybeans are trading lower this morning giving back a chunk of yesterday’s rally and 3-day winning streak after beneficial rains fell in the central Corn Belt last night and producers price old crop. Both soybean meal and oil are trading lower this morning as well.
• Yesterday, funds were estimated to have bought back approximately 2,000 soybean contracts. Funds currently hold a net short position of about 183,000 soybean contracts, 87,000 soybean oil, and are long around 2,000 meal contracts.
• The recent rally in soybeans may have to do with the recent hotter temperatures in the eastern Corn Belt with less rainfall which may impact pod fill on later formed pods.

• All three wheat classes are trading slightly lower this morning with KC wheat leading the way and all three products near their contract lows from two days ago. Cheaper Russian wheat continues to pressure futures.
• Despite production and quality concerns over the European wheat crop, Matif wheat futures have continued to trade lower in recent days, which has pressured US prices. Much of this pressure has likely come from lower Russian export prices, which have trended lower as Russia continues to dominate the world export market.
• Yesterday, funds were estimated to have bought back 2,000 contracts of wheat, but over the past 5 days, they are estimated to have added a total of 8,500 new shorts to their already net short position.

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 toward the lower end of its rather tight 3 1/4 cent range (December) on the prospect of a large upcoming crop with generally high crop conditions.
• Yesterday afternoon the USDA released its weekly crop progress report that showed the corn crop’s good to excellent ratings drop 2% points to 65%. While the drop is noted, the ratings remain historically good, 9% above last year and 7% above the 5-year average. 
• The corn market may face additional selling pressure this week with Friday being First Notice Day Friday for the September futures contracts, and basis contracts needing to be priced before then.
• Yesterday managed funds were active sellers in the corn market, selling an estimated 6,000 corn futures contracts. This brings their current estimated net short position to 272,000 contracts.

• The soybean market, like corn, is trading toward the bottom of its range as it consolidates after an initial upside move following a decrease in the crop’s good to excellent ratings.
• In yesterday’s weekly crop progress report, the USDA dropped the soybean crop good to excellent ratings 1% to 67% where the trade was anticipating no changes. The crop’s ratings remain historically high versus last year’s 58% G/E rating, and the 5-year average of 59% at this time of year.
• Some of the best crop conditions are found in LA, MS, AR, MO, IA, and NE. While below trend conditions are seen in TN, KY, and ND.
• Managed fund activity in the soybean complex was relatively light yesterday, with the funds net buying an estimated 1,000 soybean futures contracts and 2,000 oil contracts, while being even in the meal. They are currently estimated to be short 185,000 soybean contracts, 87,000 soybean oil, and long 2,000 meal.

• The wheat complex is trading mostly lower across all three classes as technical selling continues to weigh on prices following new contract lows in yesterday’s session.
• The USDA rated the US spring wheat crop at 69% good to excellent, down 4% from last week’s 73% G/E rating. The harvest is also moving along at a good clip, at 51% complete. Though this is slightly behind last year’s pace of 54% complete and the 5-year average of 56%.
• Despite production and quality concerns over the European wheat crop, Matif wheat futures have continued to trade lower in recent days, which has pressured US prices. Much of this pressure has likely come from lower Russian export prices, which have trended lower as Russia continues to dominate the world export market.
• Managed funds were seen as net sellers in Chicago wheat yesterday, selling and estimated 3,000 futures contracts. This brings their current estimated net short position to 65,000 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 lower this morning with the December contract breaking out of its recent trading range and making new contracts lows. The pressure comes from a good weather forecast and the expectation of large yields.
• In Brazil, 94.2% of the 2024 second crop corn has been harvested which compares to 82.9% at this same time last year. The summer corn planting is 4.2% finished as of August 22 and compares with 7.5% completion at this time a year ago.
• Friday’s CFTC report showed funds as sellers, adding an additional 8,889 contracts to their net short position. This left them with a short position of 257,896 contracts.

• Soybeans are lower to start the week, but unlike corn, have not made new contract lows. The November contract is 8 cents above its low which was put in on the 16th of August. Soybean meal is lower this morning while soybean oil is trading slightly higher.
• The ProFarmer crop tour wrapped up last week and showed big pod counts for soybeans that could result in big yields. The tour estimated soybean production at 4.7 billion bushels with an average yield of 55 bpa. This would be higher than the USDA’s estimate of 4.6 bb and 53 bpa.
• Friday’s CFTC report showed funds as sellers of soybeans. They sold an additional 8,311 contracts which left them net short 182,758 contracts which is near their record short position.

• All three wheat classes are trading lower this morning with Minneapolis wheat leading the way lower. All three classes have also made new contract lows. This has come despite a large sell-off in the dollar which is normally supportive for wheat.
• There have been concerns for the quality of the spring wheat crop that is being harvested with cooler temperatures and rain impacting quality. 
• Friday’s CFTC report showed funds as buyers of Chicago wheat by 20,303 contracts which left them net short 52,985 contracts. Funds sold 2,495 contracts of KC wheat which left them net short 35,319 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 mixed this morning with the two front months trading slightly higher and deferred months lower in quiet trade following yesterday’s sell-off. December futures are in the middle of their recent trading range which is between $3.90 and $4.00.
• The ProFarmer crop tour yields have been coming in and showing good yields albeit slightly below the USDA estimates. The tour has estimated Ohio at 183.3 bpa, Indiana 187.5, and Illinois at 204.1. Minnesota and Iowa results will be released today.
• A bearish piece of news that impacted yesterday’s trade were rumors of an embargo of shuttle freight into Mexico from the US due to poor rail logistics in Mexico which has kept freight from returning on a timely basis.

• Soybeans are trading slightly higher this morning as prices attempt to recover from yesterday’s sharp sell-off that was caused by large pod counts found on the crop tour as well as improving weather forecasts. Soybean meal is lower while soybean oil is trading higher.
• The crop tour has found solid soybean yields so far with pod counts in Iowa at 1,312.3 pods in a 3 by 3 foot square which compares to the 3-year average of 1,194.2. In Minnesota, counts of 1,036.6 were found which compares to the 3-year average of 1,037.7.
• Barge shipments on the Mississippi River have fallen as barge rates have increased and as a result, soybean shipments are down 42% week over week.

• All three wheat classes are trading lower this morning after all three made new contract lows yesterday. Pressure has come from US harvest and reports that the Russian wheat crop will be larger than initially expected.
• Spring wheat harvest was 31% complete as of Sunday, this is 5% slower than the average pace. Conditions ratings in the two largest producers, North Dakota and Minnesota remain high at 78% and 87% good to excellent, respectively. 
• Yesterday’s export sales showed an increase of 18.1 million bushels of wheat export sales for 24/25 and the top buyer of wheat the Philippines with 116k tons. Following that was Mexico at 110.5 k and Vietnam by 85.0k tons.

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading lower this morning in tight rangebound trade that is seeing the December contract struggle to break significantly above the 4-dollar mark. Results from the ProFarmer tour have offered some support as their yield estimates have come in slightly lower than USDA estimates.
• Rain chances have improved in Illinois and Iowa over the next 7 days which has taken some of the weather premium out of the market. Both states were expected to be dry and warmer than normal in the short term forecast.
• After Argentina’s corn crop suffered through destruction by leafhopper bugs last season, they will now plant the least corn in the past 8 years for the 24/25 season. They are expected to plant 15.6 million acres which is 17% less than last season.

• Soybeans are trading lower this morning and have given up all of yesterday’s gains, but the November contract is still 16 cents higher on the week. Rain in the forecast along with farmer selling on rallies has pressured markets.
• While the ProFarmer crop tour has seen yields in some areas slightly below the USDA’s forecast, in Illinois, the tour has found that the state’s soybean pod count is the largest seen on the tour since 2000. Corn yields in the state are expected to be the biggest in the history of the tour.
• Estimates for today’s export sales report see soybean sales in a range between 850k and 1,600k tons with an average guess of 1,308k tons. Reported sales to China and unknown destinations have been abundant so far this week.

• Wheat is mixed to start the day with Chicago slightly lower, KC unchanged, and Minneapolis slightly higher in quiet trade. There have been reports that Chinese wheat production will be record large this year which has weighed on prices.
• Spring wheat harvest was 31% complete as of Sunday, this is 5% slower than the average pace. Conditions ratings in the two largest producers, North Dakota and Minnesota remain high at 78% and 87% good to excellent, respectively. 
• Estimates for today’s export sales report see wheat sales in a range between 250k and 600k tons with an average guess of 400k tons. This would compare to 273k last week and 406k at this time a year ago.

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading slightly higher this morning as the December contract continues to hang around the 4 dollar level. The Pro Farmer Crop Tour will be sampling fields in Illinois and Iowa today where yields are likely to be the highest of the tour. So far the tour has found strong yields but not as strong as the USDA’s record projection.
• Temperatures are expected to remain mild across the Midwest through this week before a warm front moves though this weekend raising temperatures as well as bringing a chance for a few light showers. Moisture chances are better later next week with a much stronger system expected to roll through.
• With the rise in corn basis in both Brazil and Ukraine, the US currently has the cheapest corn offers for export in the world.

• Soybeans are trading higher this morning, with a mostly dry seven day forecast and strong demand soybeans are looking to put a short-term bottom in place.
• US soybean export offers out of the Gulf of Mexico are currently near a 60 cent discount to Brazil. Chinese buying of US soybeans is expected to continue given this sharp price advantage.
• Chinese soybean imports in the first seven months of 2024 totaled 43.5 mmt. The US supplied just 12.6 mmt of that total, this is down 25% from last year.

• All three wheat classes are trading unchanged to slightly higher this morning as prices remain off their lows but rangebound.
• Spring wheat harvest was 31% complete as of Sunday, this is 5% slower than the average pace. Conditions ratings in the two largest producers, North Dakota and Minnesota remain high at 78% and 87% good to excellent, respectively.
• With spring wheat harvest underway and winter wheat harvest mostly wrapped up, there has been little new news for the US wheat markets to trade on. A falling US Dollar Index has been supportive as of late and should continue to bode well for US wheat exports.

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 the December contract continues to struggle to move solidly above the 4 dollar mark. Yesterday’s dry 8 to 14-day forecast caused prices to rally.
• Both the 7-day and 8 to 14-day forecasts show dry weather and above average temperatures across Iowa, Illinois, and Indiana. While the weather may cause some stress, conditions have been good and yields should not be greatly affected.
•  Yesterday’s Crop Progress Report showed the good to excellent rating unchanged from a week ago at 67%. 97% of the crop is silking, 30% is dented, 74% is in the dough stage, and 5% of the crop is now mature.

• Soybeans are trading lower this morning, but the November contract is 18 cents off its low from Friday as prices seem to be looking for a low. Yesterday’s announced sales by China were supportive to the soy complex. Both soybean meal and oil are lower this morning.
• The ProFarmer crop tour is ongoing and yesterday in Ohio, soybean yields were seen below the USDA’s most recent estimates. Soybean yields in South Dakota were seen up from last year.
• Yesterday’s Crop Progress Report saw the good to excellent rating for soybeans unchanged at 68% which is up 9% from a year ago at this time. 81% of the crop is setting pods and 95% is blooming.

• All three wheat classes are trading slightly lower this morning as prices remain off their lows but rangebound. Spring wheat crop conditions improved slightly which may be pressuring futures this morning.
• Yesterday’s Crop Progress Report showed the spring wheat crop rated 73% good to excellent which was up 1% from last week. 31% of the spring wheat crop is harvested which is up from 18% last week. 96% of the winter wheat crop is harvested which is only up 3% from last week.
• According to the USDA export inspections report yesterday, there were 348k tons of wheat exports reported for the week ending August 15. This compares to 667k tons last week and 311k tons a year ago.

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading higher this morning after the December contract made new lows on Friday but lost just 2-1/2 cents on the week. The 7-day forecast is dry for most of the Corn Belt which is supporting prices.
• The dry weather over the next week has trade slightly worried that ear fill could be impacted. Last week, DTN finished their Digital Yield Tour and found that Iowa, Illinois, and Indiana were among the highest yielding states, but DTN found yields that were slightly lower than USDA estimates.
• Friday’s CFTC report showed funds resuming their selling of grains. They sold 6,462 contracts of corn as of August 13 which left them net short 249,007 contracts.

• Soybeans are trading higher to start the week after the November contract made new lows on Friday and the contract lost 45-1/2 cents on the week. Soybean meal is trading higher while soybean is lower despite gains in palm oil prices.
• Ukraine’s 2024 soybean harvest is forecast to make a record at 5.7 mmt as a result of a larger than expected sowing area and despite drought conditions. This compares to last year’s harvest of 5 mmt. Exports could reportedly exceed 3.1 mmt in the 24/25 season.
• Friday’s CFTC report showed funds as sellers of soybeans as of August 13. They sold 5,431 contracts of soybeans which left them net short 174,447 contracts. This is near their record short position.

• All three wheat classes are trading lower this morning but are being led down by Chicago wheat. Futures are likely following Paris milling wheat which was down overnight to its contract lows.
• In Russia, wheat yields are reportedly running 22% below last year at 4 tons a hectare which compares to 5.1 tons a hectare last year. They have harvested 59.8m tons as of August 14 which is down 3.2m tons from this same time last year.
• Friday’s CFTC report showed funds as sellers of wheat by 1,956 contracts which left them net short 73,288 contracts. Since the 13th, funds were estimated to have sold an additional 250 contracts.

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

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