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All prices as of 6:30 am Central Time

• Corn is trading unchanged to half of a cent higher this morning as December futures continue to hover around the $4.10 mark which is just above their 50-day moving average. Harvest has been moving at a rapid pace, but cash offers have been firm.
• Yesterday, the USDA released its Crop Progress report which showed that 65% of the corn crop has been harvested which compares to 47% last week. This is the fastest harvest pace since 2012. 98% of the crop is mature which compares to 94% the previous week.
• In Brazil, the summer corn crop in the Central Southern region is now 52.9% complete with planting as of October 18. This compares to 58.8% the previous year and the 5-year average of 54.5%. The improved weather has been a boon to planting progress.

• Soybeans are trading unchanged to slightly higher this morning in generally quiet trade. Harvest is nearing completion but there will be a question of yield size in areas that have been very dry. Soybean meal is trading lower while soybean oil is higher.
• Yesterday’s Crop Progress report showed that 81% of the soybean crop has been harvested which compares to 67% last week and the average of 67%. This is the fastest harvest pace since 2010.
• In Brazil, 18% of the corn crop is now planted which compares to 8% last week, and 30% the previous year. The majority of the country received rain last week and this week’s forecast has central Brazil receiving between 1 and 4 inches this week.

• All three wheat classes are trading lower this morning with Chicago wheat leading the way lower. Over the weekend, forecasted rains that were to fall in Kansas did not materialize, but yesterday some of the drier areas received less than an inch which could be adding some pressure this morning.
• Yesterday’s Crop Progress report showed that 73% of the winter wheat crop had been planted which compares to 64% last week and the average of 76%. 46% of the crop has emerged which compares to 35% last week and the average of 50%.
• The Russian wheat crop is expected to shrink for the third year in a row as a result of dry weather. 2025 wheat production is estimated at 80.1 mmt which would be the smallest harvest since 21/22.

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 and continues to hover just above the 4 dollar mark. At these prices, demand has picked up significantly which is indicated by basis that improved last week and corn spreads that tightened.
• Weather has improved dramatically in South America with consistent rains over the past few weeks which has seen the pace of corn plantings pick up. Argentina is estimated to be over 25% complete.
• Friday’s CFTC report showed that as of October 15, funds sold 63,259 contracts of corn which sharply increased their net short position to 86,988 contracts. This past July, they held a net short position of over 350,000 contracts.

• Soybeans are trading higher this morning but have been in a downward trend since the beginning of the month losing 81-3/4 cents so far. Soybean meal is slightly higher and soybean oil is up over 1% with an increase in crude oil.
• While the improvement in Brazil’s planting conditions with the coming of the monsoonal rains has weighed on soybean prices, the need for US commercials to blend poorer quality beans from the south with higher quality N. Midwestern beans has firmed basis and likely the spreads.
• Friday’s CFTC report said that as of the 15th, funds were sellers of 18,543 contracts of soybeans which increased their net short position to 40,341 contracts.

• All three wheat classes are trading higher this morning after rains that were forecast to fall in the southern Plains this past weekend did not materialize leaving the region dry once again. The rains that were expected to fall in Kansas, Texas, and Oklahoma fell in Colorado and New Mexico.
• Australia’s 24/25 wheat production is expected to climb 18% to 30.62 million metric tons when compared to last year, according to the Commonwealth Bank of Australia, due to favorable growing conditions in New South Wales and Western Australia.
• Friday’s CFTC report showed funds as buyers of 3,436 contracts of Chicago wheat which reduced their net short position to 26,013 contracts. Funds sold 604 contracts of KC wheat which left them short 6,488 contracts.

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

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

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

All prices as of 6:30 am Central Time

• The corn market is quietly trading higher, at the top of its tight 2 1/4 cent range, as strength from yesterday’s firm close carries over.
• Weekly ethanol production rebounded to 1.042 million barrels per day last week, in line with analysts’ expectations. A total of 105 million bushels of corn was used for ethanol production, keeping the pace needed to meet USDA usage targets.
• Recent rains in Brazil and Argentina are helping to progress corn planting. According to the Buenos Aires Grains Exchange, corn planting is estimated to be 24.3% complete, up from 18.6% last week.
• Managed funds were active buyers in on Thursday, buying an estimated 4,000 corn futures contracts. They are currently estimated to be net short 65,000 contracts.  

• Soybeans are trading higher this morning and toward the middle of the rather tight 7 cent range in the November contract. Higher soybean meal prices are lending support to soybeans, while bean oil is slightly lower after rejecting overnight highs.
• While the improvement in Brazil’s planting conditions with the coming of the monsoonal rains has weighed on soybean prices, the need for US commercials to blend poorer quality beans from the south with higher quality N. Midwestern beans has firmed basis and likely the spreads.
• China’s pork production has reportedly fallen for the third consecutive quarter versus last year, with the current pig herd down 3.5% year over year. This decline could reduce the country’s need for imported feed stocks like soybean meal.
•  Managed funds were active buyers in the soybean market on Thursday, buying an estimated 6,000 soybean futures contracts. They are currently estimated to be net short 45,000 contracts.

• The wheat complex is currently mixed as all three classes trade within a penny of unchanged, though towards the bottom of their respective ranges.
• Australia’s 24/25 wheat production is expected to climb 18% to 30.62 million metric tons when compared to last year, according to the Commonwealth Bank of Australia, due to favorable growing conditions in New South Wales and Western Australia.
• Significant rainfall is expected for the southern Plains over the weekend. This highly important area of HRW wheat country has been on the drier side for the last few weeks, helping support wheat prices.
• Managed funds were rather quiet in the Chicago wheat market on Thursday, buying an estimated 2,000 contracts, putting their estimated net short position at 31,000 Chicago wheat futures 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 as its downward slide continues and has seen December corn lose 13-3/4 cents so far this week. Yesterday’s higher prices were a result of support from a very large flash sale to Mexico.
• Estimates for the weekly EIA report see ethanol production higher than last week at 1.046 million barrels per day which would compare to 1.038 last week. Stockpiles are estimated at 22.331m bbl which would compare to 22.154m a week ago.
• Following the leaf hopper disease last year in Argentina that heavily affected their corn crop, there are already reports that producers will be shifting acres from corn to soybeans in many areas despite dryness earlier this season.

• Soybeans are trading lower for the sixth consecutive day as funds pile back into short positions based on an improvement in South American weather. November soybeans have lost 33-3/4 cents so far this week, and both soybean meal and oil are lower as well.
• Soybean basis levels in the PNW as well as in the heart of the Midwest have surged higher this week. Rumors of Chinese buying of US soybeans as well as harvest nearing completion are backing this encouraging sign. 
• In China, the soybean harvest in major producing area if Heihe is nearly finished and is expected to see a bumper crop harvest. While China has been a buyer of US soybeans recently, this could impact future business.

• All three wheat classes are trading lower this morning as pressure is seen in the grain complex is a whole over the past two weeks. Wheat has found some support at its 50-day moving average but also resistance up at its 200-day.
• Significant rainfall looks to be in the cards for the southern Plains over the weekend. This highly important area of KC wheat country has been on the drier side for the last few weeks. Dry weather in the US has been a factor keeping wheat prices more elevated while other grains fall.
• Funds have been net buyers of wheat in general since August and have not made many changes to their net short position of around 25,000 contracts in the past few weeks. In the past week, they have sold an estimated additional 6,000 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 after four consecutive days of lower prices. December futures are attempting to find support near the pivotal $4 level. 
• A sharp sell off in energy prices, harvest selling pressure and the funds adding back short positions have trimmed December corn futures about 30 cents from their early October highs. 
• Harvest progress in the US had reached 47% complete as of Sunday October 13. This is the fastest harvest pace since 2012.

• Soybeans futures are trading higher to start Wednesday after a strong NOPA crush report yesterday. November futures are attempting to find support near the $10 level. 
• Tuesday’s NOPA crush report showed September crush by NOPA members was 177.32 mb, up 7.2% from September of 2023 and well above trade estimates. 
• Soybean basis levels in the PNW as well as in the heart of the Midwest have surged higher this week. Rumors of Chinese buying of US soybeans as well as harvest nearing completion are backing this encouraging sign. 
• US soybean harvest progress jumped to 67% complete as of October 13, this was a 20% gain from last week and 16% ahead of the 5-year average. 

• Winter wheat futures are lower yet again to start Wednesday with Spring wheat futures holding onto a slight gain. 
• Significant rainfall looks to be in the cards for the southern Plains over the weekend. This highly important area of KC wheat country has been on the drier side for the last few weeks. 
• Winter wheat planting progress was reported at 64% complete as of October 13th according to the USDA. This is 2% behind the 5-year average. 

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading lower this morning and is on track for its fourth consecutively lower close. December futures are now 28 cents off their high from the beginning of this month as harvest continues.
• Yields in Iowa and Illinois are expected to be very impressive and could result in total production that is larger than expected and bigger than on farm storage which would cause more cash sales to occur. Ending stocks are expected to be just a hair shy of 2 billion bushels.
• As of Friday, funds had reduced their net short position to just over 23,000 contracts which is a far cry from the massive short position they had just months ago. Yesterday however, funds were estimated to have sold a whopping 17,500 contracts of corn and another 14,000 contracts the three prior days.

• Soybeans are trading lower this morning with the November contract still below $10. Today’s crush numbers are expected to be supportive, but lower crude oil may be pressuring the commodity. Soybean meal is trading lower while soybean oil is slightly higher.
• Crude oil is down 3 dollars this morning after Israel said that it was willing to avoid targeting Iranian oil facilities and nuclear facilities. The ebb and flow of tensions in the Middle East have had a significant impact on oil prices which have in turn influenced commodity prices to some degree.
• Today’s NOPA crush report is expected to show a rebound in crush numbers for September following a three year low the previous month. 170.331 mb of soybeans were estimated to have been crushed which would be up 7.8% from the August crush numbers.

• All three wheat classes are trading slightly lower this morning and have trended slightly lower after failing at their 200-day moving average twice this month. The last time Chicago wheat traded above its 200-day was in June. World weather remains bullish, but technicals may have gotten slightly overbought.
• In Ukraine, the winter wheat planting pace is slightly ahead of the previous year and have also expanded their planted area. 3.3 million hectares of winter wheat are expected to be planted which compares to 3m hectares last year.
• In Argentina, the wheat crop had been struggling with dry weather, but rains over the past week have improved crop conditions and more moisture is in the 15-day forecast. Before the rains, the Rosario grains exchange had cut production estimates to 19.5 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. 

All prices as of 6:30 am Central Time

• Corn is trading lower this morning and has been trending lower since the beginning of October below the 100-day moving average. Corn is likely still under some pressure from Friday’s report which showed a larger than expected increase in the average yield.
• Friday’s report saw the corn yield increased to 183.8 bpa but the ending stocks falling a hair below 2 billion bushels thanks to an increase in exports. World ending stocks fell slightly, and South American production was left unchanged.
• Friday’s CFTC report showed funds as buyers of corn by 43,970 contracts as of October 8 which reduced their net short position to just 23,729 contracts. Since then, funds are estimated to have sold an additional 14,000 contracts.

• Soybeans are trading lower this morning with the November contract hovering right at the $10 mark. Although soybean yield was lowered in the WASDE report, soybeans had a bearish reaction. Both soybean meal and oil are trading lower this morning.
• The average soybean yield was lowered slightly to 53.1 bpa from 53.2 last month but the carryout was left unchanged at 550 mb. World ending stocks were increased slightly but South American production estimates were left unchanged.
• Friday’s CFTC report showed funds as buyers of 13,088 contracts of soybeans which left them net short 21,798 contracts. Since then, funds are estimated to have sold 11,000 additional contracts.

• All three wheat classes are trading slightly lower this morning in follow through trade from Friday’s report which saw wheat ending stocks not falling as much as trade had assumed. Some rainfall in the 7-day forecast for Kansas and Oklahoma may be adding pressure as well.
• In Russia, SovEcon lowered its estimate for Russian wheat production to 81.5 mmt from a previous estimate of 82.9 mmt. The declines are reportedly due to poor yields in multiple Siberian regions.
• Friday’s CFTC report showed funds as sellers of 6,496 contracts of Chicago wheat which increased their net short position to 29,449 contracts. In KC wheat, they bought back 9,386 contracts which lowered their net short position to just 5,884 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

• December corn is quietly trading at the upper end of its tight 2 1/2-cent range as the market consolidates ahead of the USDA’s October WASDE update at 11 a.m. CDT. 
• In today’s WASDE update, Corn yield is expected to see a slight reduction to 183.5 bushels per acre, down 0.1 bushels from last month’s estimate. With improved demand and marginally lower production potential, the corn carryout for this marketing year is projected to decrease for the fourth consecutive month, with the average trade estimate at 1.988 billion bushels.
• Yesterday’s weekly export sales report, came in within expectations, showing new export sales of 48.1 mb (1.222 mmt) as of October 3. Mexico remains the leading buyer of US corn. Total corn sales have reached 695 mb, marking a 15% increase over last year and ranking as the fifth strongest sales pace for this period in the past decade.
• Managed fund activity was rather quiet yesterday, selling an estimated 3,000 corn futures contracts. They are now estimated to be net short 78,000 contracts. After today’s close the CFTC will issue its weekly Commitment of Traders Report with managed funds’ positioning updated as of Tuesday, October 8.

• The soybean market, like corn, is currently trading at the upper end of its trading range as it continues to consolidate ahead of today’s WASDE report. Both soybean meal and oil are higher, lending support to soybeans.
• Later this morning the USDA will issue updated supply/demand information. Soybean yield is expected to remain largely unchanged from last month at 53.2 bushels per acre, while the carryout for the 24/25 marketing year is anticipated to see a slight reduction to 546 million bushels.
• Yesterday’s weekly export sales report showed 46.45 million bushels in new sales for the 24/25 marketing year, which brought total sales to 740 mb, up 4% versus last year. While total sales are ahead of last year, they remain behind the USDA’s current projected pace.
• Managed funds were estimated to have sold about 2,000 soybean futures contracts in yesterday’s session as they prepared for today’s WASDE report. They are currently estimated to hold a net short of about 46,000 soybean futures contracts. 

• The wheat complex is mixed this morning as all three classes trade in relatively tight ranges. The Chicago and KC contracts are following through on recent strength, while Minneapolis consolidates near unchanged.
• Traders are anticipating a slight reduction in 24/25 wheat carryout in today’s WASDE report, from 828 mb last month to 821 million, marking the highest ending stocks number in four years if realized. 
• Wheat export sales came in toward the upper end of expectations in yesterday’s weekly Export Sales report, totaling 15.9 mb for the 24/25 marketing year. Total commitments are running 19% ahead of last year at 443 mb.
• Managed funds were rather quiet in the Chicago wheat market in yesterday’s trade, covering an estimated 2,000 contracts of their net short positions. Currently, their net short position is estimated at 22,000 Chicago wheat futures contracts. The CFTC will update current fund positions in this afternoon’s Commitment of Traders report after today’s close.

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 higher this morning on the back of yet again higher wheat prices. 
• Dry conditions are forecast for nearly the entire Corn Belt over the next 10 days this should allow for harvest to continue to progress along at a rapid pace. 
• Traders are expecting a slight decrease in yield on Friday’s WASDE report compared to the September estimate. Over the last 10 years, the average yield adjustment from September to October has been a 0.2 bushel increase. 
• The US exported a record volume of ethanol over the last 12 months, nearly 30% higher than the five-year average. Canada accounted for nearly 40% of the volume, while the UK took the #2 spot. 

• Soybeans are trading slightly lower this morning after appearing to have found short-term support during Wednesday’s session. 
• While some moisture is falling in Mato Grosso, Brazil, some are questioning if the current forecast will be enough to alleviate the major soil moisture deficits that have built over the last few months. 
• Analysts expect the soybean production estimate to come in slightly lower than last month on tomorrow’s WASDE report. The October report has historically brought little to no changes to the soybean balance sheet when compared to the September report. 
• November soybean futures found support at the 50-day moving average so far this week, a hold of this support by market close Friday afternoon would look encouraging.  

• All three wheat classes are trading moderately higher this morning as they continue to build on their recent strength.
• The next 10 days is forecast to remain dry across both the US Plains and the Black Sea region where conditions have recently been too dry for winter wheat establishment.
• Traders are expecting a slight cut to 2024/25 wheat ending stocks on Friday’s WASDE report from 828 mb in September to 821 in this month’s estimate. If realized, this would still be the highest carryout in the last four years. 

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 at the top of its 3 1/2-cent range after finding support near the 420 mark in the December contract, with support coming from higher wheat and soybeans.
• Later today, the EIA will release its weekly ethanol production data. The trade anticipates a slight bump in production to 1.018 barrels per day, with stocks slightly lower, near 23.288 million barrels.
• Brazil’s largest corn ethanol producer Inpasa, reportedly began expansion at its primary biorefinery. When complete, the plant is expected to produce 2.1 billion liters of ethanol, while consuming 4.6 million metric tons of corn, approximately 10% of the corn production in Mato Grosso. 
• Managed funds were active sellers in yesterday’s market, selling an estimated 4,000 corn futures contracts. They are now estimated to be net short approximately 73,000 contracts of corn.

• Soybeans are trading higher this morning after holding above yesterday’s lows and just above the 50-day moving average. Higher soybean meal is also lending support to soybeans as it also finds support near its 50-day moving average. Bean oil at the time of writing is near unchanged, trading just four points lower in the December contract.
• Soybean exports remain active with 166,000 metric tons sold to China for the 24/25 marketing year in a private export sale reported by the USDA yesterday.
• Brazil’s Potencial, a biofuel producer, announced plans to invest approximately $109 million to expand capacity at one of its largest soy-based biodiesel plants. Capacity is expected to increase from 900 million liters to 1.62 billion. 
• Managed funds were active in the soybean market yesterday, selling an estimated 5,000 soybean futures contracts. This brings their estimated short position to 44,000 soybean futures contracts.

• All three wheat classes are trading moderately higher this morning as they continue to find buying support below the market.
• According to Tass, Russia has harvested 85 mmt of wheat so far, with harvest estimated to be 90% complete. The agency also reported that grain quality is higher this year versus last year.
• While Argentina has seen some rain recently, the Rosario Grains Exchange stated that the 2 – 10mm of rain received in the past 24 hours isn’t enough to reverse wheat losses. They maintain that 25 – 30mm were needed. Last month, the exchange estimated the country’s wheat production at 20.5 mmt.
• Managed funds were rather quiet in yesterday’s trade, buying an estimated 1,500 contracts of Chicago wheat. They are now estimated to be net short 25,000 Chicago wheat futures 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.