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• Corn futures are trading slightly lower to start the day after bouncing off sharp lows yesterday following a bullish tweet from President Trump.
• December corn is down 3/4 cent at $4.15-3/4 while March is down 1/2 cent to $4.32-1/4. Prices are now back above the 40 and 50-day moving averages which should now act as support.
• Estimates for today’s export sales report see corn sales in a range between 1,400k and 2,000k tons with an average estimate of 1,700k tons. This would compare to 1,923k last week and 1,684k a year ago.

Corn Futures Break Support: Following the release of the September Grains Stocks report, corn futures broke through the 100-day moving average and the lower end of the recent range. The 50-day moving average near 410 will now act as first support. A break below this level could open the door to a retest of the August lows near 370.

• Soybeans are trading lower this morning after trading in a wild 26 cent range yesterday that was spurred by President Trump tweeting that some tariffs would go towards farmers and that he would discuss a soybean deal with China’s Xi in a month.
• November soybeans are down 3-1/4 cents to $10.10 while March is down 2-3/4 cent to $10.43-1/2 and remain below all major moving averages. October soybean meal is down $0.10 to $264.60 and October soybean oil is unchanged at 49.75 cents.
• Estimates for today’s export sales report see soybean sales in a range between 500k and 1,600k tons with an average estimate of 1,250k tons. This would compare to 725k last week and 1,445k tons a year ago.

Soybean Futures Break Support: Soybean futures moved lower in rapid fashion, breaking through structural support as well as a cluster of three major moving averages. Trendline support lies near 970.

• Wheat is mixed to start the day with December Chicago wheat unchanged at $5.09-1/4, KC wheat down 1/2 cent to $4.95, and Minn wheat up 2-1/2 cents to $5.59-1/2. Prices rebounded from a new contract low yesterday.
• Estimates for today’s export sales report see wheat sales in a range between 300k and 650k tons with an average estimate of 475k tons. This would compare to 540k last week and 444k a year ago.
• The USDA has said that this months WASDE report will be suspended until further notice as a result of the government shutdown and a lapse of federal funding. The report was scheduled for October 9.

Chicago Wheat Fails to Find Support: Wheat futures continue to trade lower after finding resistance in the 100-day moving average and breaking below the 50-day moving average. The next point of technical support is near 502, at the one year low.

KC Wheat Makes New Low: December KC wheat broke through its 50-day moving average in a strong fashion following the September WASDE report. The market has since turned lower, breaking back below the 50-day moving average and continuing lower to trade at new lows.

Spring Wheat Seeks Support: Spring wheat futures have failed to find solid support, trading at the lowest price since August 26, 2024. The first point of strong resistance sits near 585 at the 50-day moving average. A second point can be found through a cluster of moving averages near 600.

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. 

• Corn futures are trading lower again and have now broken below all major moving averages. December corn is down 2-3/4 cents to $4.12-3/4 and March is down 3-1/4 to $4.29.
• The government shut down at midnight last night as a spending bill was not able to be agreed upon. The news has pressured the US dollar which could be friendly for grains in the future.
• This week’s Crop Progress report saw corn ratings unchanged from last week at 66% good to excellent while trade was anticipating a 1-2 point drop. This is above the 5-year average of 64% at this time. 71% of the crop is mature and 18% is harvested, down 2 points from this time a year ago.

Corn Futures Consolidate Below Resistance: Following the release of the September WASDE report, corn futures pressed higher. Prices managed to break through the 100-day moving average but have since begun to consolidate below strong resistance at the July 7 price gap. The first point of support lies near 420, at the 100-day moving average.

• Soybeans are trading lower this morning and have broken below the $10.00 level in November, below all major moving averages. November is down 5-1/2 cents to $9.96-1/4, and March is down 5-1/4 cents to $10.30-3/4. October soybean meal is down $2.80 to $262.90 and October soybean oil is up 0.17 cents to 49.04 cents.
• According to US lawmakers, China will not buy US soybeans anytime soon following a briefing with the US ambassador to China. 
• Crop Progress saw soybean crop ratings improve one point from last week to 62% while trade estimates were expecting a decline. 79% of the of the crop is dropping leaves and 19% is harvested.

Soybean Futures Break Support: Soybean futures moved lower in rapid fashion, breaking through structural support as well as a cluster of three major moving averages. Trendline support lies near 970.

• All three wheat classes are trading lower to start the day with December Chicago wheat down 5 cents to $5.03, KC wheat is down 6-1/4 cents to $4.91-1/2, and Minn wheat is down 1-3/4 cents to $5.61.
• Yesterday’s Quarterly Grain Stocks report was bearish for wheat with stocks above the average trade guess at 2.12 billion bushels which compared to the trade average of 2.054 bb.
• The Crop Progress Report saw that the winter wheat crop is now 34% planted which is up from 20% last week but behind from the 5-year average slightly. 13% of the crop is emerged which is up from 4% last week and is on par with the average.

Chicago Wheat Fails to Find Support: Wheat futures continue to trade lower after finding resistance in the 100-day moving average and breaking below the 50-day moving average. The next point of technical support is near 502, at the one year low.

KC Wheat Makes New Low: December KC wheat broke through its 50-day moving average in a strong fashion following the September WASDE report. The market has since turned lower, breaking back below the 50-day moving average and continuing lower to trade at new lows.

Spring Wheat Seeks Support: Spring wheat futures have failed to find solid support, trading at the lowest price since August 26, 2024. The first point of strong resistance sits near 585 at the 50-day moving average. A second point can be found through a cluster of moving averages near 600.

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. 

Grain Market Insider Interactive Quote Board

• Corn futures are trading lower to start the day as stronger than expected crop ratings pressure prices. December corn is down 2-1/4 cents to $4.19-1/4 while March is down 2-1/2 cents to $4.36. Support for December may be at the $4.15 level.
• Yesterday’s Crop Progress report saw corn ratings unchanged from last week at 66% good to excellent while trade was anticipating a 1-2 point drop. This is above the 5-year average of 64% at this time. 71% of the crop is mature and 18% is harvested, down 2 points from this time a year ago.
• This week’s export inspections were good for corn and within trade guesses at 1,527k tons which compared to 1,386k last week and 1,150k a year ago. Top destinations were Mexico, Japan, and Korean Republic.

Corn Futures Consolidate Below Resistance: Following the release of the September WASDE report, corn futures pressed higher. Prices managed to break through the 100-day moving average but have since begun to consolidate below strong resistance at the July 7 price gap. The first point of support lies near 420, at the 100-day moving average.

• Soybeans are trading lower this morning and are testing the lows from this current trading range. November soybeans are down 3 cents to $10.07-1/2 while March is down 3-1/2 cents to $10.42. October soybean meal is down $3.30 to $264.80 and October soybean oil is unchanged at 49.11 cents.
• Crop Progress saw soybean crop ratings improve one point from last week to 62% while trade estimates were expecting a decline. 79% of the of the crop is dropping leaves and 19% is harvested.
• Yesterday’s export inspections saw soybeans at 594k tons which was within trade estimates. This compared to 566k last week and 683k a year ago. Top destinations were to Germany, Japan, and Turkey.

Soybean Futures Break Support: Soybean futures moved lower in rapid fashion, breaking through structural support as well as a cluster of three major moving averages. Trendline support lies near 970.

• All three wheat classes are trading lower to start the day with December Chicago wheat down 1 cent to $5.18-1/4, KC wheat down 1/2 cent to $5.07-1/2, and Minn wheat down 1/4 cent to $5.67-1/2.
• Yesterday’s Crop Progress Report saw that the winter wheat crop is now 34% planted which is up from 20% last week but behind from the 5-year average slightly. 13% of the crop is emerged which is up from 4% last week and is on par with the average.
• This week’s export inspections saw wheat inspections at 739k tons which compared to 940k last week and 552k a year ago. Top destinations were to Nigeria, Bangladesh, and Japan.

Chicago Wheat Fails to Find Support: Wheat futures continue to trade lower after finding resistance in the 100-day moving average and breaking below the 50-day moving average. The next point of technical support is near 502, at the one year low.

KC Wheat Makes New Low: December KC wheat broke through its 50-day moving average in a strong fashion following the September WASDE report. The market has since turned lower, breaking back below the 50-day moving average and continuing lower to trade at new lows.

Spring Wheat Seeks Support: Spring wheat futures have failed to find solid support, trading at the lowest price since August 26, 2024. The first point of strong resistance sits near 585 at the 50-day moving average. A second point can be found through a cluster of moving averages near 600.

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. 

Grain Market Insider Interactive Quote Board

• Corn futures are trading slightly lower to start the week and have faded from overnight highs with December now below the 21-day moving average. December is down 1-3/4 cents to $4.20-1/4 and March is down 1-1/2 to $4.37-1/4.
• India is reportedly considering buying US corn for producing ethanol and increasing energy purchases in general in an effort to secure a trade deal according to the Economic Times.
• Friday’s CFTC report saw funds as sellers of corn by 14,624 contracts which increased their net short position to 94,675 contracts. This is now the shortest that funds have been in the ag complex in the last 12 months.

Corn Futures Consolidate Below Resistance: Following the release of the September WASDE report, corn futures pressed higher. Prices managed to break through the 100-day moving average but have since begun to consolidate below strong resistance at the July 7 price gap. The first point of support lies near 420, at the 100-day moving average.

• Soybeans are trading lower this morning and remain rangebound and below all major moving averages. November soybeans are down 3-1/2 to $10.10-1/4 while March is down 3 cents to $10.46. October soybean meal is up $1.90 to $270.70 and October soybean oil is down 0.31 cents to 49.29 cents.
• Global palm and soybean oil prices are expected to rise by an estimated $100-$150 a ton or more next year as a result of supply concerns as vegetable oil supplies may tighten between January and March.
• Friday’s CFTC report saw funds as sellers of 31,589 contracts of soybeans as of September 23 leaving them short 29,302 contracts. They sold 22,286 contracts of bean oil and 20,497 contracts of meal.

Soybean Futures Break Support: Soybean futures moved lower in rapid fashion, breaking through structural support as well as a cluster of three major moving averages. Trendline support lies near 970.

• All three wheat classes are trading lower this morning and have faded from higher prices overnight. December Chicago wheat is down 3/4 cent to $5.19, KC wheat is down 3/4 cent to $5.04-3/4, and Minn wheat is down 1/2 cent to $5.67-1/4.
• Wheat futures may be seeing pressure from an improvement in the EU projected production as a result of favorable harvest weather. soft wheat production is now estimated at 132.6 mmt compared to the previous estimate of 128.1 mmt.
• Friday’s CFTC report saw funds as sellers of Chicago wheat by 12,110 contracts which left them short 97,935 contracts. They bought back 1,230 contracts of KC wheat leaving them short 50,304 contracts.

Chicago Wheat Fails to Find Support: Wheat futures continue to trade lower after finding resistance in the 100-day moving average and breaking below the 50-day moving average. The next point of technical support is near 502, at the one year low.

KC Wheat Makes New Low: December KC wheat broke through its 50-day moving average in a strong fashion following the September WASDE report. The market has since turned lower, breaking back below the 50-day moving average and continuing lower to trade at new lows.

Spring Wheat Seeks Support: Spring wheat futures have failed to find solid support, trading at the lowest price since August 26, 2024. The first point of strong resistance sits near 585 at the 50-day moving average. A second point can be found through a cluster of moving averages near 600.

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. 

Grain Market Insider Interactive Quote Board

• Corn futures are trading slightly lower this morning and are in a wedge pattern which could break out higher to test the $4.40 level in December. December is down 1/2 cent to $4.25-1/4 and March is down 1/2 cent to $4.41-3/4.
• Yesterday’s export sales report was good for corn with sales at 1,923k tons which compared to 1,232k lasty week and 535k a year ago. Top buyers were Mexico, unknown destinations, and Colombia.
• Estimates for the 25/26 Argentinian corn crop have been revised with corn planted area unchanged at 7.8 million hectares with planting now 12.3% complete.

Corn Futures Consolidate Below Resistance: Following the release of the September WASDE report, corn futures pressed higher. Prices managed to break through the 100-day moving average but have since begun to consolidate below strong resistance at the July 7 price gap. The first point of support lies near 420, at the 100-day moving average.

• Soybeans are slightly lower to start the day and remain rangebound. November soybeans are down 1 cent to $10.11-1/4 while March is down 3/4 cent to $10.46-3/4. October soybean meal is up $1.60 to $270.20 and October soybean oil is down 0.08 cents to 49.66 cents.
• China has purchased around 40 cargoes of Argentinian soybeans taking advantage of the country’s temporary halt on export taxes. Argentina has met sales goals and has put the taxes back in place.
• Yesterday’s export sales saw soybeans within trade estimates at 725k tons which compared to 925k last week and 1,575k tons a year ago. Top buyers were Egypt, Taiwan, and Mexico.

Soybean Futures Break Support: Soybean futures moved lower in rapid fashion, breaking through structural support as well as a cluster of three major moving averages. Trendline support lies near 970.

• All three wheat classes are trading lower following yesterday’s gains. December Chicago wheat is down 3-1/4 cents to $5.23-3/4 while KC wheat is down 2 cents to $5.10-1/4, and Minn wheat is down 3 cents to $5.70.
• The EU’s total grain production has been estimated higher at 284.2 mmt from 276.9 mmt for the 25/26 season thanks to and increase in soft wheat production to 132.6 mmt from the previous estimate of 128.1 mmt.
• Yesterday’s export sales report saw wheat sales at 540k tons which compared to 388k last week and 169k tons a year ago. Top buyers were the Philippines, Italy, and Indonesia.

Chicago Wheat Fails to Find Support: Wheat futures continue to trade lower after finding resistance in the 100-day moving average and breaking below the 50-day moving average. The next point of technical support is near 502, at the one year low.

KC Wheat Makes New Low: December KC wheat broke through its 50-day moving average in a strong fashion following the September WASDE report. The market has since turned lower, breaking back below the 50-day moving average and continuing lower to trade at new lows.

Spring Wheat Seeks Support: Spring wheat futures have failed to find solid support, trading at the lowest price since August 26, 2024. The first point of strong resistance sits near 585 at the 50-day moving average. A second point can be found through a cluster of moving averages near 600.

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. 

Grain Market Insider Interactive Quote Board

• Corn futures are trading higher to start the day after losing 2 cents. Today, December futures are back above the 100-day moving average and are up 2-1/2 cents to $4.26-3/4 while March is up 2-3/4 cents to $4.43-3/4.
• Estimates for today’s export sales report see corn sales in a range between 1,000k and 1,800k tons with an average guess of 1,383k. This compares to 1,232k tons a week ago and 535k tons a year ago.
• Strong export demand continues while corn crop projections trend lower. Analysts and satellite data point to dry weather and disease pressure reducing yields toward the trendline average. Even so, expanded acreage from the past two WASDE reports suggests the crop could still set a record.

Corn Futures Consolidate Below Resistance: Following the release of the September WASDE report, corn futures pressed higher. Prices managed to break through the 100-day moving average but have since begun to consolidate below strong resistance at the July 7 price gap. The first point of support lies near 420, at the 100-day moving average.

• Soybeans are trading higher this morning following positive Argentinian news. November is up 5-1/2 cents to $10.14-1/2 while March is up 5 cents to $10.49-3/4. October soybean meal is down $0.10 to $271.60 and October soybean oil is up 0.47 cents to 49.76 cents.
• Overnight, the Argentinian government announced that the countries goal of 7 billion USD was fulfilled, and today, the export tax for soybeans will return to 26%, making US soybeans less expensive by comparison.
• Estimates for today’s export sales see soybeans between 500k and 1,600k tons with an average guess of 950k tons. This would compare to 925k a week ago and 1,438k a year ago.

Soybean Futures Break Support: Soybean futures moved lower in rapid fashion, breaking through structural support as well as a cluster of three major moving averages. Trendline support lies near 970.

• All three wheat classes are trading higher to start the day. December Chicago wheat is up 5-3/4 cents to $5.25-1/2 while December KC wheat is up 6 cents to $5.12-3/4. HRW wheat is up 3-1/4 cents to $5.71.
• Estimates for today’s export sales report see wheat sales in a range between 300k and 600k tons with an average guess of 417k. This would compare to 388k a week ago and 169k tons a year ago.
• The Canadian Grain Commission reported that samples of the Canadian durum wheat crop show signs of sprouting and mildew, attributed to wet weather. Earlier this month, Statistics Canada estimated the durum crop at 6.53 million metric tons, which, if realized, would be the largest harvest since 2020.

Chicago Wheat Fails to Find Support: Wheat futures continue to trade lower after finding resistance in the 100-day moving average and breaking below the 50-day moving average. The next point of technical support is near 502, at the one year low.

KC Wheat Makes New Low: December KC wheat broke through its 50-day moving average in a strong fashion following the September WASDE report. The market has since turned lower, breaking back below the 50-day moving average and continuing lower to trade at new lows.

Spring Wheat Seeks Support: Spring wheat futures have failed to find solid support, trading at the lowest price since August 26, 2024. The first point of strong resistance sits near 585 at the 50-day moving average. A second point can be found through a cluster of moving averages near 600.

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. 

Grain Market Insider Interactive Quote Board

• Corn futures are quiet this morning with December futures unchanged from yesterday at $4.26-1/4. March futures are are also unchanged, trading at $4.43.
• Corn’s technical outlook strengthened with yesterday’s trade. December futures held support near 420, finishing at the top of the range above both the 100-day moving average and yesterday’s high. The firm close may encourage further short covering and fresh buying today.
• Strong export demand continues while corn crop projections trend lower. Analysts and satellite data point to dry weather and disease pressure reducing yields toward the trendline average. Even so, expanded acreage from the past two WASDE reports suggests the crop could still set a record.

Corn Futures Consolidate Below Resistance: Following the release of the September WASDE report, corn futures pressed higher. Prices managed to break through the 100-day moving average but have since begun to consolidate below strong resistance at the July 7 price gap. The first point of support lies near 420, at the 100-day moving average.

• Soybeans are trading lower this morning following yesterday’s minimal gains. November soybeans are down 3-3/4 cents to $10.08-1/4 and March is down 3-1/2 cents to $10.44-1/4. October soybean meal is down $1.30 to $273.80 and October bean oil is down 0.03 cents to 49.32 cents.
• Soybean demand remains under pressure after recent trade talks with China yielded little progress on export commitments. At the same time, Argentina’s move to reduce export taxes could make its soybeans more attractive for China’s Nov–Dec needs, limiting opportunities that U.S. exporters had been targeting.
• The market will be monitoring the November-January spread to determine the impact of Argentina’s zero export tax policy.

Soybean Futures Break Support: Soybean futures moved lower in rapid fashion, breaking through structural support as well as a cluster of three major moving averages. Trendline support lies near 970.

• All three wheat classes are trading higher to start the day. December Chicago wheat is down 3/4 cent to $5.21-1/4 and December KC wheat is up 1 cent to $5.12-1/2. 
• The Canadian Grain Commission reported that samples of the Canadian durum wheat crop show signs of sprouting and mildew, attributed to wet weather. Earlier this month, Statistics Canada estimated the durum crop at 6.53 million metric tons, which, if realized, would be the largest harvest since 2020.
• Some reports suggest that rising Russian wheat values are supporting global wheat prices. SovEcon noted that Russian wheat export prices increased by $1 from last week, reaching $229/mt.

Chicago Wheat Fails to Find Support: Wheat futures continue to trade lower after finding resistance in the 100-day moving average and breaking below the 50-day moving average. The next point of technical support is near 502, at the one year low.

KC Wheat Makes New Low: December KC wheat broke through its 50-day moving average in a strong fashion following the September WASDE report. The market has since turned lower, breaking back below the 50-day moving average and continuing lower to trade at new lows.

Spring Wheat Seeks Support: Spring wheat futures have failed to find solid support, trading at the lowest price since August 26, 2024. The first point of strong resistance sits near 585 at the 50-day moving average. A second point can be found through a cluster of moving averages near 600.

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. 

Grain Market Insider Interactive Quote Board

• Corn futures are trading lower again this morning following Argentina’s announcement to scrap taxes on export sales until the end of October. December is down 1/4 cent at $4.21-1/2 and March is down 1/4 cent at $4.38-1/2.
• Yesterday’s Crop Progress Report saw the corn crop rating down one point from last week at 66% good to excellent which compares to 65% a year ago. 11% of the crop is harvested which compares to 7% a week and and the average of 13%.
• Export inspections were good for corn at 1,329k tons which compared to 1,513k last week and 1,150k a year ago. Top destinations were Mexico, Japan, and Colombia.

Corn Futures Consolidate Below Resistance: Following the release of the September WASDE report, corn futures pressed higher. Prices managed to break through the 100-day moving average but have since begun to consolidate below strong resistance at the July 7 price gap. The first point of support lies near 420, at the 100-day moving average.

• Soybeans are trading lower this morning and are on track for their fourth consecutive loss as export demand remains a concern. November soybeans are down 5-1/2 cents to $10.05-1/4 and March is down 5 cents to $10.42. October soybean meal is down $2.50 to $276.40 and October bean oil is down 0.19 cents to 48.98 cents.
• The Crop Progress Report saw crop ratings fall by 2 points from last week to 61% good to excellent which compares to 64% a year ago. Harvest is now 9% complete compared to 5% a week ago.
• Yesterday’s export inspections were sluggish for soybeans at 484k tons which compared to 822k last week and 499k a year ago. Top destinations were to Egypt, Indonesia, and United Kingdom.

Soybean Futures Break Support: Soybean futures moved lower in rapid fashion, breaking through structural support as well as a cluster of three major moving averages. Trendline support lies near 970.

• All three wheat classes are trading lower to start the day along with the rest of the grain complex. December Chicago wheat is down 1-1/4 cents to $5.09-1/2 and December KC wheat is down 2 cents to $5.00-1/4. Both are making new contract lows.
• The Crop Progress Report saw that the spring wheat harvest is nearly wrapped up at 96% finished. This is on par with the 5-year average. The winter wheat crop is now 20% planted which is up from 11% a week ago.
• Export inspections for wheat exceeded expectations yesterday at 854k tons which compared to 756k tons the previous week and 725k a year ago. Top destinations were to the Philippines, Mexico, and Venezuela.

Chicago Wheat Fails to Find Support: Wheat futures continue to trade lower after finding resistance in the 100-day moving average and breaking below the 50-day moving average. The next point of technical support is near 502, at the one year low.

KC Wheat Makes New Low: December KC wheat broke through its 50-day moving average in a strong fashion following the September WASDE report. The market has since turned lower, breaking back below the 50-day moving average and continuing lower to trade at new lows.

Spring Wheat Seeks Support: Spring wheat futures have failed to find solid support, trading at the lowest price since August 26, 2024. The first point of strong resistance sits near 585 at the 50-day moving average. A second point can be found through a cluster of moving averages near 600.

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. 

Grain Market Insider Interactive Quote Board

• Corn futures are trading lower to start the week with December corn down 3 cents to $4.21 while March is down 3 cents to $4.38-1/4. Rains throughout the Midwest may delay harvest progress.
• New estimates for the Argentinian corn crop have been released with the Buenos Aires Grain Exchange seeing the 25/26 planting estimate at 7.8 million hectares, up from 7.1m ha last year. The crop is 6.2% planted.
• Friday’s CFTC report saw funds as buyers of corn as of September 16 by 19,878 contracts. This reduced their net short position to 80,051 contracts.

Corn Futures Consolidate Below Resistance: Following the release of the September WASDE report, corn futures pressed higher. Prices managed to break through the 100-day moving average, but have since begun to consolidate below strong resistance at the July 7 price gap.

• Soybeans are trading sharply lower to start the day with pressure coming from lower soybean oil. November soybeans are down 12 cents to $10.13-1/4 while March is down 11-3/4 to $10.49. October bean meal is down $3.30 to $279.60 and October soybean oil is down 0.63 cents to 49.40 cents.
• The biggest bearish factors in the soy complex right now are the lack of a trade deal between the US and China and the oil refineries generating fewer renewable blending credits last month. 
• Friday’s CFTC report saw funds as buyers of soybeans by 17,001 contracts which flipped them to a net long position of 2,287 contracts. They bought back 17,726 contracts of bean oil and bought back 3,013 contracts of meal. 

Soybean Futures Range Bound: Soybean futures offered a strong reaction following the release of the September WASDE report, but have since failed to break out of the 1020 to 1060 price range they have traded in following contract rollover on August 14.

• Wheat is trading lower along with the rest of the grain complex. December Chicago wheat is down 4-3/4 cents to $5.17-3/4 while December KC wheat is down 3 cents to $5.04-1/4.
• The Grain Association of Western Australia has raised its forecast for the region’s wheat harvest to 11.8 mmt for the 25/26 season. This would be up from August’s estimate of 11.5 mmt. Australia is one of the world’s largest exporters of wheat.
• Friday’s CFTC report saw funds as buyers of 6,569 contracts of Chicago wheat which reduced their net short position to 85,825 contracts. They bought back 1,491 contracts of KC wheat which reduced their net short position to 51,534 contracts.

Chicago Wheat Rejected by Resistance: Wheat futures failed to break through its 100-day moving average. Instead, prices reverted lower, breaking below support at the 50-day moving average.

KC Wheat Trends Sideways, Tests Lows: December KC wheat broke through its 50-day moving average in a strong fashion following the September WASDE report. The market has since turned lower, breaking back below the 50-day moving average.

Spring Wheat Tests Support: Futures remain rangebound as harvest advances, holding early August lows near 570 support. On the upside, the first point of strong resistance sits near 585 at the 50-day moving average. A second point can be found through a cluster of moving averages near 600.

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. 

Grain Market Insider Interactive Quote Board

• Corn futures are trading higher to start the day and continue to hover right at the 100-day moving average. December corn is up 1-3/4 cents while March is up 1-/2 cent at $4.43. December futures have not yet filled their gap at $4.32-3/4.
• New estimates for the Argentinian corn crop have been released with the Buenos Aires Grain Exchange seeing the 25/26 planting estimate at 7.8 million hectares, up from 7.1m ha last year. The crop is 6.2% planted.
• Yesterday’s export sales report saw corn sales within trade guesses at 1,232k tons which compared to 540k last week and 847k a year ago. Top buyers were Mexico, South Korea, and Japan.

Corn Futures Consolidate Below Resistance: Following the release of the September WASDE report, corn futures pressed higher. Prices managed to break through the 100-day moving average, but have since begun to consolidate below strong resistance at the July 7 price gap.

• Soybeans are lower this morning following yesterday’s 6 cent loss with concerns over a Chinese trade deal. November is down 3-1/2 cents to $10.40-1/4 and March is down 3-1/4 to$10.74-3/4. October soybean meal is down $1.40 to $282.50 and October bean oil is down 0.21 cents to 51.03 cents.
• The EPA on Tuesday issued a co-proposal to reallocate either 50% or 100% of small refinery exemptions for 2023–25, while also revising RVOs for 2026–27. A higher reallocation means more soybean oil demand for biofuels. 
• Estimates for today’s export sales report see bean sales between 400k and 1,500k tons with an average guess of 808k tons. This would compare to 541k a week ago and 1,757k a year ago.

Soybean Futures Range Bound: Soybean futures offered a strong reaction following the release of the September WASDE report, but have since failed to break out of the 1020 to 1060 price range they have traded in following contract rollover on August 14.

• Wheat is mixed this morning with gains in Chicago but slight losses in KC. December Chicago wheat is up 1/4 cent to $5.24-1/2 while December KC wheat is down 1/4 cent to $5.09-3/4. Minneapolis wheat is 1-1/2 cent higher.
• The Grain Association of Western Australia has raised its forecast for the region’s wheat harvest to 11.8 mmt for the 25/26 season. This would be up from August’s estimate of 11.5 mmt. Australia is one of the world’s largest exporters of wheat.
• Yesterday’s export sales report saw wheat sales within analyst guesses at 388k tons which compared to 305k last week and 258k a year ago. Top buyers were the Philippines, Mexico, and Nigeria.

Chicago Wheat Rejected by Resistance: Wheat futures failed to break through its 100-day moving average. Instead, prices reverted lower, breaking below support at the 50-day moving average.

KC Wheat Trends Sideways, Tests Lows: December KC wheat broke through its 50-day moving average in a strong fashion following the September WASDE report. The market has since turned lower, breaking back below the 50-day moving average.

Spring Wheat Tests Support: Futures remain rangebound as harvest advances, holding early August lows near 570 support. On the upside, the first point of strong resistance sits near 585 at the 50-day moving average. A second point can be found through a cluster of moving averages near 600.

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.