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All prices as of 6:30 am Central Time

• Corn is trading lower this morning after yesterday prices moved higher taking out the previous day’s high before sliding into the end of that day. Export sales were not supportive and continued beneficial weather has trade expecting a big crop this fall.
• So far, December corn is only slated to lose just over a cent on the week The CFTC report which will be released later today will likely show that funds have bought back more corn contracts which points to producer selling old crop to make room in the bins.
• Yesterday’s export sales report showed an increase of 4.7 mb of corn for 23/24 and an increase of 31.5 mb for 24/25. This was below expectations for old crop but within trade guesses for new crop. Mexico was the top buyer at 286k tons.

• Soybeans are trading lower this morning after futures ended unchanged yesterday after posting gains earlier in the day. November futures remain 4 cents above Wednesday’s low. Both soybean meal and oil are trading lower this morning as well.
• Yesterday, soybeans were unable to rally despite a NOPA crush report which saw July crush 5.5% higher than the previous month and at a record high level for any July. Export sales were also above trade expectations, but the weather outlook and estimated crop size continue to add pressure.
• Yesterday’s export sales report showed an increase of 8.1 mb for 23/24 and an increase of 49.4 mb for 24/25 with unknown destinations showing up as the largest buyer at 503k tons.

• All three wheat classes are trading slightly lower this morning with Chicago and Minneapolis off their lows but KC making a new contract low as the spring wheat harvest advances with good conditions.
• The International Grain Council has lowered its estimates for global grain stockpiles in the 24/25 season. EU wheat production is seen 3.9m tons lower than July’s forecast, and world wheat stockpiles are expected to be down 4m tons from the last estimate.
• Germany is now expected to reap the smallest grain harvest since 2018 as a result of reduced acreage and lower yields. Harvest is expected to reach 39.1m tons which compares with the annual requirement of 40m tons. The 2023 harvest came in at 42.6m 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 higher this morning and is on track for a second consecutively higher close if this pace continues. Strength yesterday came from a good weekly ethanol report which saw production at 1.072 million barrels per day.
• In Argentina, South American farming company, Adecoagro, has said it will reduce its corn planting area during the 24/25 growing season in response to this year’s leafhopper bug plague. Argentina is set to begin planting corn in a few months.
• Estimates for today’s export sales report see corn exports in a range between 525k and 1,300k tons with an average guess of 858k tons. This would compare to 735k tons a week ago.

• Soybeans are also trading higher this morning and will be on track for a second consecutively higher close after November futures made new contract lows yesterday before rebounding into a higher close. Both soybean meal and oil are higher as well.
• The NOPA crush report for July is expected to show 182.367 million bushels of soybeans crushed. If realized, this would be a record crush for the month of July and would be up 3.9% from the June crush.
• Estimates for today’s export sales report show soybean exports in a range between 500k and 1,400k tons with the average guess at 1,038k tons. This would compare with 1,311k tons last week. 

• All three wheat classes are trading higher this morning as they appear to have put in a bottom at the end of July which was hopefully the harvest low. 
• Estimates for today’s export sales report shows wheat sales in a range between 250k and 600k tons with an average guess of 375k tons. This would compare to last week’s 386k tons.
• In the EU, soft wheat exports have fallen by 22% year over year in the season to August 11th. Exports for the season totaled 3.1 million tons which compares with 4 million at this time last year. Primary destinations have been to Egypt, Nigeria, and Morocco. 

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 in quiet trade. Despite Monday’s key reversal higher that followed a neutral WASDE report, prices have slipped as producers take the chance to sell any rallies available.
• Yesterday, CONAB revised its estimates for Brazil’s corn crop lower at 115.6 mmt. This is down from 115.859 mmt last month and is well below the average trade guess of 117.1 mmt. This is also much lower than the USDA’s last estimate of 122.0 mmt.
• In Argentina, South American farming company, Adecoagro, has said it will reduce its corn planting area during the 24/25 growing season in response to this year’s leafhopper bug plague. Argentina is set to begin planting corn in a few months.

• Soybeans are trading slightly higher this morning as they attempt to recover following 6 consecutive lower closes and a loss of over 34 cents on the week. Both soybean meal and oil are trading higher as well.
• Yesterday, there was another daily announcement that two cargoes of new crop soybeans were sold to China as the US’s export window opens. US soybeans are at a discount to Chinese prices, and Brazilian basis levels have been getting more expensive.
• Monday’s Crop Progress Report showed the good to excellent rating in soybeans unchanged at 68%, but is 9% higher than the rating at this time last year. 91% of the crop is blooming which compares to 86% last week and the 5-year average of 90%, and 72% of the crop is setting pods.

• All three wheat classes are trading lower this morning and are likely pulling corn down with them. With the winter wheat harvest complete, the harvest lows may have been put in by now as trade has remained above the lows.
• In the EU, soft wheat exports have fallen by 22% year over year in the season to August 11th. Exports for the season totaled 3.1 million tons which compares with 4 million at this time last year. Primary destinations have been to Egypt, Nigeria, and Morocco. 
• Monday’s Crop Progress Report showed spring wheat crop ratings falling to 72% good to excellent from 74% last week. 18% of the spring wheat crop has been harvested which compares to 6% last week and the 5-year average of 21%. The winter wheat harvest is 93% complete which compares to 88% last week and the 5-year average of 91%.

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 prices rebounded yesterday on a more neutral WASDE report for corn than expected, but producers have been quick to sell any rallies. Yesterday, December futures made a new contract low.
• Yesterday afternoon, the USDA released its Crop Progress report which showed the good to excellent rating unchanged in corn at 67%. 94% of the crop is silking which compares to 88% a week ago and is on par with the 5-year average of 94%. 60% is in the dough stage and 18% is dented.
• Yesterday’s WASDE report saw an increase in the national yield estimate to 183.1 bpa which was well above the average trade guess of 182.2 and above last month’s guess of 181.0. Harvested acreage was lowered by 800,000 acres due to flooding, but the production estimate and new crop ending stocks were increased.

• Soybeans are continuing their slide lower this morning after yesterday’s USDA report which was bearish for soybeans. The November contract came within 2 cents of taking out the life of contract low this morning at $9.64. Both soybean meal and oil are lower as well.
• Yesterday’s Crop Progress report showed the good to excellent rating in soybeans unchanged at 68%, but is 9% higher than the rating at this time last year. 91% of the crop is blooming which compares to 86% last week and the 5-year average of 90%, and 72% of the crop is setting pods.
• Yesterday’s WASDE report was bearish for soybean on nearly all fronts. The yield was raised to 53.2 bpa from 52.0 last month and was above the average trade guess. Acreage was increased, production estimates rose, and new crop ending stocks were increased to 560 mb from 435 mb last month. Argentinian production was lowered slightly, but Brazilian production was unchanged.

• All three wheat classes are trading lower this morning with Chicago wheat leading the way lower. Prices were lower yesterday as well despite a neutral to slightly friendly WASDE report.
• Yesterday’s Crop Progress report showed spring wheat crop ratings falling to 72% good to excellent from 74% last week. 18% of the spring wheat crop has been harvested which compares to 6% last week and the 5-year average of 21%. The winter wheat harvest is 93% complete which compares to 88% last week and the 5-year average of 91%.
• Yesterday’s WASDE report showed all wheat production falling due to smaller than expected spring wheat acreage. As a result, new crop ending stock estimates were lowered to 828 mb from 856 mb last month.

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 both the September and December contracts below 4 dollars. Trade is expecting a bearish USDA report at 11am central with the main concern being an increase in yield estimates.
• In Monday’s WASDE report, traders will be looking for changes in acreage and in yield. The general thought is that acres will be lowered due to the flooding in the northwest Corn Belt, but yield is expected to come in at a record high 182.1 bpa, this would be up 1.1 bpa from last month.
• Friday’s CFTC report showed funds buying back 52,551 contracts of corn as of August 6 which leaves them net short 242,545 contracts. Despite that funds have been buying contracts back for the past 4 weeks straight, prices have declined, which points to commercial selling.

• Soybeans are trading lower this morning with both September and December contracts now below the 10-dollar mark. As in corn, trade is expecting a bearish USDA report. Soybean meal is trading higher while soybean meal is lower to start the day.
• In Argentina, the strike at soybean processing plants has entered its 7th day, and 36 ships which were set to transport the recently crushed soybean meal and oil are delayed. This is supportive to US meal and oil.
• Monday’s WASDE report is expected to show an increase in the soybean yield to 52.5 bpa with production estimates up 34 mb from July to 4.469 bb. The average carryout estimate for 24/25 is 472 mb which is up 22 mb from July, if realized this will be the highest carryout estimate in five years. 

• All three wheat classes are trading lower this morning, but prices remain off their contract lows, and Chicago wheat posted a higher close on the week last Friday. Spring wheat ended the week lower as the eastern portion of the crop nears harvest with production expected to be large.
• Estimates for wheat in Monday’s WASDE report have all wheat production increasing from last month to 2,017, and all winter wheat increasing to 1,346 from last month. Wheat ending stocks for 24/25 are estimated at 859 mb which would be up slightly from last month’s 856 mb. World wheat ending stocks are expected to be mostly unchanged at 257.0 mmt.
• Friday’s CFTC report showed funds buying back 6,284 contracts of wheat which leaves them net short 71,332 contracts. This position has not changed much since the end of July.

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, front month corn is currently down about a nickel on the week, barring a push sharply higher today this will be the sixth week in the last eight corn has closed lower. 
• Mexico was once again named the largest buyer of old-crop corn. 51.3 million bushels of corn total were shipped last week, this is 15.3 million bushels more than needed each week to reach the USDA’s export estimate for the marketing year than ends in August. 
• In Monday’s WASDE report, traders will be looking for changes in acreage and in yield. The general thought is that acres will be lowered due to the flooding in the northwest Corn Belt, but yield is expected to come in at a record high 182.1 bpa, this would be up 1.1 bpa from last month. Due to faster acreage reporting compared to past years, this will be the first August WASDE the USDA will incorporate FSA data into their acreage estimate. 

• Soybeans are trading a few cents higher this morning after trading to new contract lows on Thursday. With lack of any extreme heat and adequate moisture in most areas soybean futures have not felt the need to add weather premium back into the market. Weather appears mostly non-threatening into late August. 
• In Argentina a strike by workers at oilseed refineries has slowed production. Should the strike extend past it’s current three days, additional temporary demand for U.S. soybean meal and oil could develop. 
• China was named the top buyer of old and new crop soybeans last week in yesterday’s export sales report. 12.9 million bushels of soybeans were shipped last week, 2.7 million bushels less than the weekly amount needed to reach the USDA’s estimate for the marketing year that ends August 31. 
• Monday’s WASDE report is expected to show an increase in the soybean yield to 52.5 bpa with production estimates up 34 mb from July to 4.469 bb. The average carryout estimate for 24/25 is 472 mb which is up 22 mb from July, if realized this will be the highest carryout estimate in five years. 

• All three wheat classes are trading higher this morning, if futures can hold onto Friday’s gains this will be the second consecutive week of higher closes and look promising of a short-term bottom being in place. 
• Estimates for wheat in Monday’s WASDE report have all wheat production increasing from last month to 2,017, and all winter wheat increasing to 1,346 from last month.
• Wheat ending stocks for 24/25 are estimated at 859 mb which would be up slightly from last month’s 856 mb. World wheat ending stocks are expected to be mostly unchanged at 257.0 mmt.
• Export sales Thursday morning were reported at the low end of trade expectations totaling 10.1 million bushels. Total sales however remain 34% ahead of last year’s pace. 

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading slightly lower this morning, but the December contract has been hesitant to drop below the 4-dollar level for long as it remains strong support. 
• Funds have been buying back smaller portions of their net short position over the past three weeks, but prices have not rallied. This is likely due to farmer selling old crop on rallies and the need to make room for the incoming crop.
• In Monday’s WASDE report, traders will be looking for changes in acreage and in yield. The general thought is that acres will be lowered due to the flooding, but there were 4 million acres unaccounted for earlier in the season that could pop up. It is expected that yields will increase.

• Soybeans are trading lower this morning with the September contract hovering right above the 10-dollar mark which has been very strong support. Yesterday, prices were just 3/4 of a cent away from dipping below that level. Soybean meal is trading higher this morning while soybean oil is lower.
• Similar to corn, trade is expecting a large soybean crop which has not done anything to support prices. Domestic demand has been good, but export have been very slow with China not making purchases of new crop in their typical strength. There have been rumors of sales which have not been officially announced.
• Monday’s WASDE report is expected to show an increase in the soybean yield to 52.5 bpa with production estimates up 34 mb from July to 4.469 bb. The average carryout estimate for 24.25 is 472 mb which is up 22 mb from July.

• All three wheat classes are trading higher this morning, but yesterday’s lower close broke the streak of higher closes that had been ongoing for 5 days. Production concerns in Europe and the Black Sea region may be helping prices move higher.
• Estimates for wheat in Monday’s WASDE report have all wheat production increasing from last month to 2,017, and all winter wheat increasing to 1,346 from last month.
• Wheat ending stocks for 24/25 are estimated at 859 mb which would be up slightly from last month’s 856 mb. World wheat ending stocks are expected to be mostly unchanged at 257.0 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 to start the day, but has moved higher from its earlier morning lows which saw prices fall near the 4 dollar mark again. Higher prices over the past two days provided a small opportunity for farmer selling.
• Early estimates for the WASDE report which will be released on Monday the 12th have the corn yield rising to 182.2 bpa which would compare to last months estimate of 181.0 bpa. Production is estimated at 151.124 mmt which would be slightly higher than last month’s 151 mmt.
• Estimates for the Argentinian corn crop are expected to fall to 51.0 mmt which would compare to last months 52.0 mmt. Brazilian corn is estimated at 121.5 mmt which would be slightly lower than last month’s 122.0. These estimates remain well above CONAB’s.

• Soybeans are trading lower this morning with the September contract making new lows and getting dangerously close to breaking the 10 dollar level. The pressure continues as a result of high yields expected. Soybean meal is lower while soybean oil is higher.
• Estimates for the WASDE report which will be released on Monday have the average corn yield improving to 52.5 bpa which would be up from last month’s 52.0 bpa. Production is estimated to be higher as well from last month.
• In South America, estimates for Monday’s report show the Argentinian soy crop falling by just 0.1 to 49.6 mmt. Brazilian soybean production is expected to fall by 1.2 mmt to 151.8 mmt, still above CONAB’s estimate.

• All three wheat classes are trading higher this morning despite the sell-off in both corn and soybeans. The US Dollar has fallen sharply since last week which may be benefitting wheat. There are also weather concerns in Europe, the western US, and the Canadian Prairies.
• Estimates for wheat in Monday’s WASDE report have all wheat production increasing from last month to 2,017, and all winter wheat increasing to 1,346 from last month.
• Wheat ending stocks for 24/25 are estimated at 859 mb which would be up slightly from last month’s 856 mb. World wheat ending stocks are expected to be mostly unchanged at 257.0 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 lower to start the day after yesterday’s trade that saw prices lower before reversing and ending the day higher. Yesterday’s stock market selloff ended up benefitting grains as money left equities and funds took the opportunity to cover shorts.
• Yesterday’s export inspections in corn of 1,213k tons put total inspections for 23/24 up 36% from the previous year. This also compares to 1,070k the previous week and just 388k a year ago.
• Yesterday’s Crop Progress Report showed corn good to excellent ratings falling by 1 point from last week to 67% and compares to 57% a year ago. 88% of the crop is silking, 7% is dented, and 46% is doughing. 

• Soybeans are trading lower this morning and so far have given back all of yesterday’s gains that were a result of short covering. The stock market seems to be recovering slightly today after overdoing it yesterday which could put the focus back on good crop ratings and weather.
• Yesterday’s export inspections in soybeans of 261k tons were on the lighter side and have total inspections for 23/24 down 15% from the previous year. This number compares to 409k tons last week and 291k a year ago.
• Yesterday’s Crop Progress showed soybean ratings improving by 1 point to 68% good to excellent despite the recent dryness. 59% of the crop is setting pods which compares to 44% last week and 86% of the crop is blooming which compares to 77% last week.

• All three wheat classes are trading lower this morning, but futures have been trending higher overall since making their contract low on July 29. Yesterday, wheat was pressured by the stock market and did not react very strongly to the sharp decline in the US Dollar.
• Yesterday’s export inspections for wheat came in at 441k tons and put total wheat inspections for 24/25 up 16% from the previous year. This compares to 454k tons the previous week and 319k tons a year ago.
• Yesterday’s Crop Progress showed spring wheat good to excellent ratings unchanged at 74% and the crop 6% harvested which is slightly below the 5-year average of 9%. 97% of the spring wheat crop is headed. In winter wheat, 88% of the crop is harvested which compares to 82% last week and the 5-year average of 86%.

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 losing over 6 cents last week as a result of overall good crop conditions. This morning, December futures are back below the 4-dollar mark. On Friday, prices were higher as a result of fund short covering.
• As of this writing, the Dow is down 830 points which is over 2.10% as the stock market continues its sharp downturn with worries about recession back at the forefront. The move in equities is spilling into energies and therefore grains.
• Friday’s CFTC report showed that as of July 30, funds bought back 23,453 contracts of corn which reduced their net short position to 295,096 contracts. This is the third week in a row that they have bought contracts back, but prices have moved lower.

• Soybeans are trading lower this morning with the September contract now just 8 cents away from breaking below 10 dollars. Soybean meal is trading lower, and soybean oil is being pulled lower as a result of the lower stock market and crude prices.
• Weather is mixed with Illinois and Iowa having turned slightly drier over the next 7 days, but temperatures are expected to be cooler which should offset the lack of rain. The northwestern Plains continue to receive too much rain.
• Friday’s CFTC report showed that as of July 30, funds were sellers of 14,932 contracts of soybeans which increased their net short position to 178,591 contracts.

• All three wheat classes are trading lower this morning along with the rest of the grain complex, and Chicago wheat is leading the way lower. Prices remain about 13 cents off their contract lows.
• The winter wheat harvest in the US has been going well in South Dakota, but other northwestern states are dealing with crops that are stressed by a lack of rain. The near-term forecast for the northwestern Plains is expected to be dry over the next 7 days which is good for winter wheat harvest but could stress the spring wheat crop. 
• Friday’s CFTC report showed funds selling 2,432 contracts of Chicago wheat which increased their net short position to 77,616 contracts. In KC wheat, they bought back 674 contracts which brings their net short position to 40,192 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.