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All prices as of 6:30 am Central Time

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

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

• The wheat complex is trading mostly lower across all three classes as technical selling continues to weigh on prices following new contract lows in yesterday’s session.
• The USDA rated the US spring wheat crop at 69% good to excellent, down 4% from last week’s 73% G/E rating. The harvest is also moving along at a good clip, at 51% complete. Though this is slightly behind last year’s pace of 54% complete and the 5-year average of 56%.
• Despite production and quality concerns over the European wheat crop, Matif wheat futures have continued to trade lower in recent days, which has pressured US prices. Much of this pressure has likely come from lower Russian export prices, which have trended lower as Russia continues to dominate the world export market.
• Managed funds were seen as net sellers in Chicago wheat yesterday, selling and estimated 3,000 futures contracts. This brings their current estimated net short position to 65,000 contracts.

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading lower this morning with the December contract breaking out of its recent trading range and making new contracts lows. The pressure comes from a good weather forecast and the expectation of large yields.
• In Brazil, 94.2% of the 2024 second crop corn has been harvested which compares to 82.9% at this same time last year. The summer corn planting is 4.2% finished as of August 22 and compares with 7.5% completion at this time a year ago.
• Friday’s CFTC report showed funds as sellers, adding an additional 8,889 contracts to their net short position. This left them with a short position of 257,896 contracts.

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

• All three wheat classes are trading lower this morning with Minneapolis wheat leading the way lower. All three classes have also made new contract lows. This has come despite a large sell-off in the dollar which is normally supportive for wheat.
• There have been concerns for the quality of the spring wheat crop that is being harvested with cooler temperatures and rain impacting quality. 
• Friday’s CFTC report showed funds as buyers of Chicago wheat by 20,303 contracts which left them net short 52,985 contracts. Funds sold 2,495 contracts of KC wheat which left them net short 35,319 contracts.

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

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

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

All prices as of 6:30 am Central Time

• Corn is mixed this morning with the two front months trading slightly higher and deferred months lower in quiet trade following yesterday’s sell-off. December futures are in the middle of their recent trading range which is between $3.90 and $4.00.
• The ProFarmer crop tour yields have been coming in and showing good yields albeit slightly below the USDA estimates. The tour has estimated Ohio at 183.3 bpa, Indiana 187.5, and Illinois at 204.1. Minnesota and Iowa results will be released today.
• A bearish piece of news that impacted yesterday’s trade were rumors of an embargo of shuttle freight into Mexico from the US due to poor rail logistics in Mexico which has kept freight from returning on a timely basis.

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

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

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

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

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

All prices as of 6:30 am Central Time

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

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

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

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

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

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

All prices as of 6:30 am Central Time

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

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

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

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

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

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

All prices as of 6:30 am Central Time

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

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

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

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

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

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

All prices as of 6:30 am Central Time

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

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

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

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

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

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

All prices as of 6:30 am Central Time

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

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

• All three wheat classes are trading slightly lower this morning with Chicago and Minneapolis off their lows but KC making a new contract low as the spring wheat harvest advances with good conditions.
• The International Grain Council has lowered its estimates for global grain stockpiles in the 24/25 season. EU wheat production is seen 3.9m tons lower than July’s forecast, and world wheat stockpiles are expected to be down 4m tons from the last estimate.
• Germany is now expected to reap the smallest grain harvest since 2018 as a result of reduced acreage and lower yields. Harvest is expected to reach 39.1m tons which compares with the annual requirement of 40m tons. The 2023 harvest came in at 42.6m tons.

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading higher this morning and is on track for a second consecutively higher close if this pace continues. Strength yesterday came from a good weekly ethanol report which saw production at 1.072 million barrels per day.
• In Argentina, South American farming company, Adecoagro, has said it will reduce its corn planting area during the 24/25 growing season in response to this year’s leafhopper bug plague. Argentina is set to begin planting corn in a few months.
• Estimates for today’s export sales report see corn exports in a range between 525k and 1,300k tons with an average guess of 858k tons. This would compare to 735k tons a week ago.

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

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

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

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

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

All prices as of 6:30 am Central Time

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

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

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

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

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