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• Corn futures are lower to start the day erasing yesterday’s gains so far. While a decline in the Dollar index yesterday was supportive, traders are still faced with a huge crop and estimated carryout of over 2 billion bushels. 
• Estimates for today’s export sales report see corn sales in a range between 1,150k and 2,800k tons with an average guess of 1,967k. This would compare to 3,334k last week and 921k tons a year ago at this time. 
• US ethanol stocks fell by 4.7% to 22.649m bbl which was well below the average analyst estimate of 23.722m. Plant production came in higher at 1.093m barrels per day. 

Corn Futures Slump to Start August: After a quiet May–July stretch, corn futures broke support near 391 to start August. A weekly close below this level could shift focus to the August 2024 low near 360, while upside targets include an unfilled gap at 413, resistance at 420, and a second gap at 430. 

• Soybeans are trading lower to start the day following three days of very sharp gains that were fueled by a surprise reduction in acreage in Tuesday’s WASDE report. Soybean meal is trading higher while soybean oil is lower. 
• Estimates for today’s export sales report see soybean sales in a range between 450k and 1,600k tons with an average guess of 950k tons. This would compare to 1,013k last week and 1,481k a year ago at this time. 
• In Brazil, soybean production is expected to rise by nearly 1 mmt to 170.5 mmt as a result of better than expected yields. The USDA has not yet increased production estimates for Brazil. 

Soybeans Test April Lows: Soybean futures remain locked in a broader sideways trend after failing to clear key resistance at the May high of $10.82 in mid-June. With largely favorable weather throughout much of the growing season, the market has struggled to build bullish momentum, and the path of least resistance has remained lower. Technically, a breakout above the 100-day moving average could open the door to filling the gap left over the July 4th weekend near $10.50. On the downside, initial support is seen around the $10.00 mark, with stronger technical support at the April lows near $9.80.

• Wheat is mixed to start the day with Chicago and KC wheat trading lower along with the rest of the grains while Minneapolis wheat is slightly higher. Despite a relatively friendly USDA report, wheat has struggled near the $5 level with larger Russian and Ukrainian production weighing on prices along with US harvest. 
• Estimates for today’s export sales report see wheat sales in a range between 400k and 850k tons with an average guess of 600k tons. This would compare to 738k last week and 273k a year ago at this time. 
• In Germany, the 2025 grain output forecast has been raised for both wheat and corn. Total grains are estimated at 43 mmt up from 41.7 mmt last month with wheat at 22.4 mmt compared to 21.6 mmt a month ago. This is due to larger acreage and better yields than expected. 

Chicago Wheat Holds Range: Chicago wheat’s sharp rally in mid-June proved short-lived, with futures retreating toward the upper end of their 2025 trading range. Initial support is expected just above the 500 level, which marked the lows back in May and has since acted as a solid floor. On the upside, a weekly close above 558 would be seen as a constructive technical signal and could open the door for a retest of the recent highs near 590.

KC Wheat Pulls Back Below Key Averages, Support at June Lows: KC wheat futures saw a strong rally in June, briefly testing the April highs near 580. However, late-month weakness pulled prices back below both the 100 and 200-day moving averages, which now serve as key resistance levels. On the downside, initial support is seen at the June low of 517.75, with secondary support near the May low around 500.

Spring Wheat Futures Test Key Support After July Slide: Spring wheat futures have come under pressure in July, weighed down by improving crop conditions and generally favorable weather across key growing areas. Technically, a cluster of major moving averages just above the 600 mark presents the first layer of upside resistance, with a chart gap near 650 serving as a secondary target if momentum builds. On the downside, the May lows near 580 should provide firm support in the event of further weakness.

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

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

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

All prices as of 6:30 am Central Time

•  Corn is trading higher this morning following yesterday’s sell-off caused by a very bearish WASDE report. Yesterday, December corn made a new contract low and has not taken out that low yet today.
• Yesterday’s WASDE report was very bearish withe the USDA pegging the 25/26 yield at 188.8 bpa while the average guess was 184.3 bpa. 25/26 ending stocks are now expected at 2.12 billion bushels, up from 1.66 bb expected in July.
• Estimates for the weekly EIA report see ethanol production slightly higher than last week at 1.084m b/d. Stockpiles are expected lower at 23.722m bbl.

• Soybeans are trading higher following yesterday’s big rally and surprisingly bullish WASDE report. November futures are trading at the highest level since the previous July 18 high. Both soybean meal and oil are trading higher.
• Yesterday, the USDA surprised traders by decreasing planted acreage for soybeans which sharply cut the 25/26 ending stocks to 290 mb from an average guess of 358 mb. Yield was raised to 53.6 bpa, but the crop will still be smaller than expected.
• The US is reportedly losing out on Chinese soybean sales as Brazil fills their needs during this key export period for the US. President Trump has tried to encourage China to buy, but they have been absent.

• Wheat is mixed to start the day with Chicago wheat higher while KC and Minneapolis wheat trade lower. Yesterday, wheat prices fell sharply even with a slightly friendly USDA report, wheat seemed to follow corn lower.
• Yesterday’s report saw wheat ending stocks for 25/26 down to869 mb from 890 mb last month. World wheat ending stocks were pegged down below trade expectations.
• Monday’s Crop Progress report saw spring wheat conditions improve one point to 49% good to excellent which is still a far cry from last year’s 72% at this time. 16% of the crop has been harvested and 90% of the winter wheat crop has been harvested.

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 as trade prepares for a potentially volatile and bearish USDA report. While a primary focus will be on the yield estimate, export demand will be important to watch as well.
• Estimates for today’s WASDE report see corn yields coming in at 184.3 bpa which is above trendline yield, but the USDA could call yields higher. 25/26 ending stocks are estimated at 1.92 bb and world ending stocks are expected to rise from last month.
• Yesterday’s Crop Progress report saw corn conditions fall one point to 72% good to excellent which was expected. This compares to 67% a year ago. 94% of the crop is silking, 58% is in dough stage, and 14% is dented. 

• Soybeans are trading lower this morning but have backed off more significant lows in overnight trade. Yesterday, it was announced that no trade deal had been struck with China and the tariff truce would be extended again until November 9. Both soybean meal and oil are lower.
• Estimates for today’s WASDE report estimate the soybean yield at 53.0 bpa with production at 4.37 billion bushels, but the yield number could come in higher. Ending stocks are estimated at 358 mb.
• Yesterday’s Crop Progress report saw soybean ratings fall one point to 68% good to excellent which is the same rating seen a year ago at this time. 91% of the crop is blooming and 71% is setting pods, both in line with last year’s progress.

• All three wheat classes are trading lower to start the day as a general bearish tone settles across the grains in anticipation for the USDA report today. Yesterday’s export inspections were sluggish for wheat yesterday which did not help.
• Estimates for wheat ending stocks in today’s USDA report are now at 882 mb which would be down slightly from last month’s 890 mb. World ending stocks are expected to fall slightly.
• Yesterday’s Crop Progress report saw spring wheat conditions improve one point to 49% good to excellent which is still a far cry from last year’s 72% at this time. 16% of the crop has been harvested and 90% of the winter wheat crop has been harvested.

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 to start the day as futures continue to recover from last week’s low. The 15-day forecast shows little rain and the yield tour this week may show early season dryness in the Western Corn Belt.
• Estimates for next tomorrow’s WASDE report see corn yields coming in at 184.3 bpa which is above trendline yield, but the USDA could call yields higher. 25/26 ending stocks are estimated at 1.92 bb and world ending stocks are expected to rise from last month.
• Friday’s CFTC report saw funds as buyers of corn by 7,435 contracts which left them with a net short position of 173,750 contracts.

• Soybeans are trading sharply higher after President Trump urged China to quadruple the number of soybeans they might buy from the US ahead of the tariff truce deadline, but analysts say this is highly unlikely. Both soybean meal and oil are higher as well.
• Estimates for tomorrow’s WASDE report estimate the soybean yield at 53.0 bpa with production at 4.37 billion bushels, but the yield number could come in higher. Ending stocks are estimated at 358 mb.
• Friday’s CFTC report saw funds as sellers of soybeans by 29,619 contracts increasing their net short position to 65,930 contracts. They sold 11,661 contracts of bean oil and sold 234 contracts of meal.

• Wheat is mixed to start the day with Chicago and Minneapolis trading higher while KC wheat is slightly lower. The HRW wheat harvest is about 75% complete with South Dakota lagging due to rain.
• Estimates for wheat ending stocks in tomorrow’s USDA report are now at 882 mb which would be down slightly from last month’s 890 mb. World ending stocks are expected to fall slightly.
• Friday’s CFTC report saw funds as sellers of 15,445 contracts of Chicago wheat which left them with a net short position of 80,769 contracts. They sold 9,783 contracts of KC wheat leaving them short 57,063 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 slightly lower to start the day following yesterday’s gains of over five cents. December corn still trades above the $4 mark which is now support. Rains fell in the Corn Belt yesterday which may have added pressure.
• Yesterday’s export sales were very strong for corn at 3,334k tons which was well above last week’s 2,233k and last year’s 735k. Top buyers were unknown, Mexico, and Colombia.
• Estimates for next week’s WASDE report see corn yields coming in at 184.3 bpa which is above trendline yield, but the USDA could call yields higher. 25/26 ending stocks are estimated at 1.92 bb and world ending stocks are expected to rise from last month.

• Soybeans are trading lower this morning as selling pressure resumes following yesterday’s rally. While export sales were good yesterday, China has still been absent as a buyer. Soybean meal is higher while bean oil is trading lower.
• Estimates for next week’s WASDE report estimate the soybean yield at 53.0 bpa with production at 4.37 billion bushels, but the yield number could come in higher. Ending stocks are estimated at 358 mb.
• Yesterday’s export sales were above expectations at 1,013k tons which compared to 779k last week and 1,311 a year ago at this time. Top buyers were Taiwan, Egypt, and the Netherlands.

• Wheat is mixed to start the day with Chicago and KC wheat slightly lower while Minneapolis trades higher. Wheat has struggled to rally without any significant weather problems globally.
• Estimates for wheat ending stocks in next week’s USDA report are now at 882 mb which would be down slightly from last month’s 890 mb. World ending stocks are expected to fall slightly.
• Yesterday’s export sales were better than expectations for wheat at 738k tons which compared to 630k last week and 386k a year ago. Top buyers were Nigeria, Bangladesh, and Mexico.

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 December futures plunged down to $3.96-3/4 yesterday before recovering. This could indicate a temporary bottom.
• US ethanol production averaged 1.081 million bpd which was just slightly below the average trade guess of 1.082m, and was below last week’s 1.096m. Ethanol stocks fell by 3.9% to 23.756m bbl and analysts were expecting 24.646m.
• Estimates for today’s export sales report see corn sales in a range between 1,400k and 2,400k tons with an average guess of 1,850k. This would compare to 2,233k last week and 735k a year ago.

• Soybeans are trading higher along with the rest of the grain complex as oversold conditions may be triggering funds to take profit on short positions. Soybean meal is trading higher whole soybean oil is lower once again.
• Estimates for next week’s WASDE report estimate the soybean yield at 53.0 bpa with production at 4.37 billion bushels, but the yield number could come in higher. Ending stocks are estimated at 358 mb.
• Estimates for today’s export sales report see soybean sales in a range between 350k and 1,200k tons with an average guess of 675k. This would compare to 779k last week and 1,311k a year ago.

• All three wheat classes are trading significantly higher to start the day after over a week of falling prices. Yesterday, September wheat bottomed at $5.04 and is now trading at $5.15-1/4.
• Estimates for wheat ending stocks in next week’s USDA report are now at 882 mb which would be down slightly from last month’s 890 mb. World ending stocks are expected to fall slightly.
• Estimates for today’s export sales report see wheat sales in a range between 350k and 700k tons with an average guess of 542k. This would compare to 630k last week and 386k 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

• Dalian, Brazil, and Matif corn futures all lower on expectations of higher supply.
• US domestic basis softens amid potential farmer selling; the Sep-Dec spread at -21 points to ample domestic supply.
• Warmer, drier Black Sea weather, lower wheat prices boosting feed use, and higher US yield estimates all pressure corn prices ahead of the Aug. 12 USDA report.

• Soybeans and soymeal fell on negative US/China politics and higher US supply talk, while soyoil and palm oil rose.
• There were 518 soymeal deliveries (442 commercial), Brazil crushers consider slowing/shutdown amid poor margins; soyoil drops on profit-taking.
• Origination challenges keep Brazil basis firm; record exports of 31 mmt for Feb-July.  Buyers extend soymeal coverage at near-decade-low prices.

• Funds expected to roll wheat shorts to Dec as technical and fundamental signals worsen.
• Improving Australian crop and ample exporter supplies heighten Oct-Mar export competition.
• US export pace points to approximately 23.1 mmt, just below the strongest level (24 mmt) since 2020.

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 to start the day after December had its lowest close ever yesterday and made a new contract low again overnight. Trade is still expecting a large crop as ratings have remained firm.
• Yesterday’s Crop Progress report saw crop ratings for corn unchanged from last week at 73% good to excellent which compared to 67% a year ago at this time. 88% of the crop is silking, 42% is in dough stage, and 6% is dented.
• Yesterday’s export inspections were once again solid for corn at 1,208k tons which compared to 1,532k last week and 1,272k a year ago.

• Soybeans are higher to start the day, but the November contract still struggles with resistance at the $10 mark. A close above $10 would be bullish and would make that level new support. Both soybean meal and oil are higher as well.
• Yesterday’s Crop Progress report saw soybean ratings fall one point from last week to 69% good to excellent, but trade expected this. 58% of the soybean crop is setting pods and 85% is blooming.
• Yesterday’s export inspection report saw soybean sales still sluggish but ahead of last week at 613k tons. This compared to 428k last week and 267k a year ago.

• Wheat is mixed this morning with Chicago and KC slightly lower while Minneapolis trades higher. Weather in Russia and Ukraine could start to lean drier which could cut yield potential.
• Yesterday’s Crop Progress report saw spring wheat crop ratings fall by 1 point from last week at 48% good to excellent. 95% of the spring wheat crop is headed and 5% is harvested. 86% of the winter wheat crop is harvested.
• Yesterday’s export inspections were decent for wheat at 600k tons which compared to 290k tons the previous week and 471k a year ago at this time.

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 the market shifts its attention back to private yield estimates ahead of the WASDE report this month and normal weather conditions for August.
• The US reportedly used 448 million bushels of corn for ethanol in June which was down 0.1% from a year ago but was up slightly from last month’s 496,454 mb.
• Friday’s CFTC report saw funds as sellers of corn as of July 29. They sold 3,820 contracts which increased their net short position to 181,185 contracts.

• Soybeans are trading lower to start the day and have likely been pressured by the increasing tariffs along with good weather last month and less harsh weather expected for August. Soybean meal is higher while bean oil is lower. OPEC agreed to another hike in oil output which is pressuring crude.
• US soybean crushings for the month of June came in at 197.1 million bushels which was 7.4% higher than this time last year, but crush was down from the previous month’s 203.70 mb.
• Friday’s CFTC report saw funds as sellers of 25,445 contracts of soybeans which increased their net short position to 36,311 contracts. They bought 11,274 contracts of bean oil and sold 3,615 contracts of meal.

• Wheat is mixed to start the day with Chicago trading either side of unchanged while both KC and Minneapolis wheat are slightly lower. Ukrainian wheat output has been revised down by 2.8 mmt which should be supportive.
• In Argentina, recent rains have improved soil moisture reserves in wheat growing areas, and now nearly all of the planted area is in normal to optimal condition. 98.3% of the wheat crop has been planted.
• Friday’s CFCT report saw funds as sellers of Chicago wheat by 13,283 contracts which left them short 65,324 contracts. They sold 3,321 contracts of KC wheat which left them with a net short position of 47,280 contracts.

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

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

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

All prices as of 6:30 am Central Time

• Corn futures are trading slightly higher heading into the weekend with the December contract looking to have found some support near the $4.10 level.
• Yesterday, President Trump increased tariffs on Canada to 35% from 25%, and the new rates go into effect today. The president raised tariffs on 90 other countries yesterday as well.
• Yesterday’s export sales report saw corn sales at a very strong 2,233k tons which compared to 1,377k last week and 879k a year ago. Top buyers were unknown, South Korea, and Mexico.

• Soybeans are trading lower to start the day and have likely been pressured by the tariff increase announcement on nearly all trading partners. Soybean meal is once again higher while bean oil is lower.
• Soybeans have closed lower in six of the last seven sessions, as traders grow increasingly concerned that the upcoming August WASDE report could show higher-than-expected yields. A larger crop, combined with weak export demand, raises the risk of a heavier carryout.
• Yesterday’s export sales report saw soybean sales at 779k tons which compared to 400k last week and 1,009k a year ago. Top destinations were to Mexico, unknown, and Egypt.

• All three wheat classes are trading lower this morning. The higher dollar index, along with the tariff announcement, has pressured grains, but wheat is hovering near support.
• In Argentina, recent rains have improved soil moisture reserves in wheat growing areas, and now nearly all of the planted area is in normal to optimal condition. 98.3% of the wheat crop has been planted.
• Yesterday’s export sales report saw wheat sales decent at 630k tons which compared to 712k last week and 287k a year ago. Top buyers were unknown, the Philippines, and Ecuador.

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.