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All prices as of 6:30 am Central Time

• Corn is trading lower this morning after yesterday’s mixed trade which saw prices down in the earlier part of the day before recovering into the close. While prices have been depressed, December corn has found strong support at the $4.03 level.
• Yesterday, the USDA released its Crop Progress report which showed the good to excellent rating in corn up one point to 68%. There were improvements on South Dakota, Iowa, Illinois, Indiana, and the rest of the eastern Belt. Conditions in the West slipped.
• Yesterday, the USDA said that 77% of the crop was silking which compares to 61% a week ago and the 5-year average of 76%. 30% was doughing which compares to 17% last week and the 5-year average of 22%.

• Soybeans are starting the day lower again after yesterday’s move lower which then saw prices rebound by the end of the day. Both soybean meal and oil are lower this morning, and yesterday’s selloff in bean oil dragged futures lower.
• Last Friday, there was a ruling from the DC appeals court that brought a win to small refineries that were trying to get exemptions from the RFS. This negatively impacted soybean oil, but soybeans have fallen by a larger percentage which has improved processing margins.
• Yesterday’s Crop Progress Report showed soybean ratings falling by 1 point to 67% good to excellent. 44% of the crop is setting pods which compares to 29% last week and the 5-year average of 40%. 77% of the crop is blooming which compares to 65% last week and the average of 74%.

• All three wheat classes are trading lower this morning with hard red winter wheat leading the way lower and making a new contract low. Spring wheat conditions were lowered, but the markets have not reacted bullishly.
• Yesterday’s Crop Progress report showed the good to excellent rating for spring wheat falling by 3 points to 74%. While this is a more significant change, ratings are still well above last year’s 42% rating.
• In winter wheat, 82% of the crop is now harvested which compares to 76% last week. In spring wheat, harvest has just begun and is 1% complete which compares to the 5-year average of 3% done. 94% of the spring wheat crop is headed which compares to 89% last week and the 5-year average of 96%.

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 selling off on Friday as well as a result of more moderate summer temperatures being forecast over the next two weeks. Temperatures will still be hot and dry in the short term, but that is not unexpected for this time of year.
• Later today, the USDA will release its crop progress report. While the central Corn Belt has been in very good shape, states on the fringe have struggles more with weather. The upcoming heat is slated to effect Kansas, Nebraska, and South Dakota most significantly.
• Friday’s CFTC report showed funds buying corn as of July 23. They bought back 24,847 contracts which reduced their net short position to 318,549 contracts, but were likely sellers of around 14,500 contracts on Friday.

• Soybeans are trading sharply lower to start the week with the November contract reaching its lowest levels since February 2021 and the September contract making a new contract low. Both soybean meal and oil are trading lower this morning.
• Last week, a sale of 264,000 mt and another of 510,000 mt of soybeans were reported to unknown destinations for the new crop marketing year. There is a good chance that those soybeans were bought by China as the recent selloff has put US beans between an 18 and 22 dollar discount out of the Gulf when compared to FOB beans in Brazil.
• Friday’s CFTC report showed funds as buyers of soybeans as of July 23. They bought back 22,091 contracts which reduced their net short position to 163,659 contracts.

• All three classes of wheat are trading lower this morning along with the rest of the grain complex with Chicago wheat leading the way lower. Both September and December Chi and KC wheat have made new contract lows while Minn wheat is 10 cents off its contract low.
• Spring wheat conditions have been impressive especially compared to last year. Last Sunday, the entire spring wheat crop was rated 77% good to excellent while Minnesota and the Dakotas held ratings above 80%.
• Friday’s CFTC report showed funds buying back 702 contracts of Chicago wheat leaving them net short 75,184 contracts. They bought back 3,030 contracts of KC wheat leaving them net short 40,866 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, but the general trend so far this week has seen prices dip in the morning before moving higher into the end of the day. At this point, December corn is set to post a 14 cent gain on the week.
• Weather remains mostly favorable with above normal rain in the 10-day forecast, but temperatures are expected to rise sharply in the Corn Belt. The heat is expected to be the worst in Kansas, South Dakota, and southern Iowa.
• Over the past 5 days, funds are estimated to have bought back 36,000 contracts of corn in a departure from their selling which had brought them to a new record net short position.

• Soybeans are trading lower this morning but have also been starting the days this week weaker before typically posting higher closes. The November contract has been unable to take out its 20-day moving average so far, but futures are on track for a 36 cent gain on the week.
• Both soybean meal and oil are trading lower this morning, but yesterday, soybean meal was up significantly thanks to strong exports that mainly went to the Philippines and unknown destinations. Soybean oil has been pressured by the downturn in crude and palm oil.
• In soybeans, funds are estimated to have bought back 21,500 contracts over the past 5 days after they reached a new record net short position previously. They are likely covering some of these shorts ahead of August with a potentially drier forecast in some areas.

• Wheat is mixed this morning with Chicago slightly lower and KC and Minneapolis trading higher despite the Spring Wheat Tour showing impressive yields. September Chicago wheat is set to post a loss on the week of 6 cents.
• Yesterday, the Wheat Quality Council’s Spring Wheat and Durum Tour was finished with the final 3-day total weighted average all-wheat yield estimate at a record high 53.8 bpa. The average spring wheat yield was estimated at 54.5 bpa. Last year, that number was 47.4 bpa.
• While North Dakota’s weather has been very beneficial to spring wheat, the Canadian Prairies are very dry and wildfires have been rampant in Alberta, Saskatchewan, and Manitoba where yields are expected to be lower.

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 unchanged to slightly higher this morning after yesterday’s trade where December futures rallied up to $4.23-3/4 at midday before fading into the close. Rallies have been difficult to sustain as producers take the opportunity to make sales.
• Weather remains mostly favorable with above normal rain in the 10-day forecast, but temperatures are expected to rise sharply in the Corn Belt. The heat is expected to be the worst in Kansas, South Dakota, and southern Iowa.
• Estimates for today’s export sales report have corn sales in a range between 475k and 1,200k tons with an average guess of 793k tons. On Tuesday, a sale of 200,000 tons of corn was reported to unknown for 24/25.

• Soybeans are trading lower this morning after futures met resistance at the 20-day moving average yesterday and ended the day lower. Soybeans are still higher on the week so far but have given up a chunk of their gains. Both soybean meal and oil are trading lower as well.
• As in corn, soybeans have had trouble sustaining rallies, and a forecast showing spotty rainfall in the eastern Corn Belt should set up a situation in which yields will be impressive as we head into pod fill.
• Estimates for today’s export sales report show soybean sales in a range between 300k and 1,300k tons with an average guess of 930k tons. This would be higher than last week’s sales as cheap US soybeans are becoming more competitive globally. 

• All three wheat classes are trading lower this morning with KC wheat leading the way lower as spring wheat conditions continue looking promising. In Chicago wheat, prices are just 18 cents off their contract lows.
• Estimates for today’s export sales report are in a range between 300k and 628k tons of wheat with an average guess of 493k tons. This would be below last week’s sales as US exports struggle to gain much traction.
• Yesterday was the second day of the North Dakota wheat tour, and yields for hard red spring wheat were found to be significantly higher than last year especially after recent rainfall. Yield potential reportedly averaged 56 bpa after eight stops in Ward, Mountrail, and Burke counties.

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 near unchanged to start the day after rallying higher both days so far this week. Continuous corn futures are flirting with the 20-day moving average currently, a level corn has not closed above since June 13th.
• Much above normal temperatures are expected for the entire Corn Belt as we end July and head into August. Below normal rainfall is forecast to accompany the heat in areas west of the Mississippi River. 
• SovEcon cut its estimate for Russian corn production to 13.4 mmt from 14.6 mmt in June. The estimate was lowered due to hot weather which reportedly caused significant damage to late planted crops. Cuts have also been made to neighboring Ukraine’s corn crop recently. 

• Soybeans are trading slightly lower this morning after their nearly 40-cent rally to start the week. Soybeans have managed to add back some weather premium so far this week with the somewhat threatening U.S. forecast to start the important month of August for soybean production. 
• Prospects for continued soybean export sales out of the U.S. are strong as FOB prices for September through December are now cheaper in the U.S. than out of Brazil. 
• Brazilian soybean meal exports are estimated to reach 2.4 mmt in July according to Anec, which would be a monthly record high if the volume is confirmed by the end of the month. Anec said the climate favored the shipping of products through ports, if confirmed this soybean meal export volume would be around 11% higher than July of 2023. 

• Wheat futures are mixed Wednesday morning with Chicago futures higher while KC and Spring wheat futures are trading slightly lower. 
• Spring wheat yields in the top US growing state of North Dakota were about equal to last year in day one of the annual Wheat Quality Council’s three-day crop tour. Fundal disease pressure, however, limited potential in many fields. Results of the entire tour will be available Thursday. 
• European wheat producing areas are expected to pick up more unneeded rainfall over the coming week, this will likely only add to harvest delays and quality concerns. 

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading slightly lower to start the day after rallying higher yesterday by 10 cents in the December contract. Prices remain rangebound, but funds were likely exiting a portion of their short positions yesterday.
• Yesterday’s Crop Progress Report showed the good to excellent rating for corn falling by 1 point to 67%. 61% of the crop is silking which compares to 41% last week, and 17% of the crop is doughing which compares to 8% last week.
• While the average good to excellent rating fell by 1 point, ratings in Iowa, Illinois, and Indiana all improved and show high ratings. States on the fringes of the Corn Belt like Ohio, Michigan, Missouri, Nebraska, and Kansas were responsible for the slip in ratings.

• Soybeans are maintaining their momentum from yesterday’s impressive rally to trade higher again this morning. Yesterday, futures gained back all of their losses from the previous week and then some. Soybean meal is higher this morning while soybean oil is trading lower.
• Yesterday’s Crop Progress Report showed the good to excellent rating for soybeans staying stable at 68%, but as in corn, there were improvements in the heart of the Corn Belt while conditions slipped on the fringes. 29% of the soybean crop is setting pods and 65% is blooming.
• Yesterday’s inspections report showed 12.0 mb of soybeans inspected as of July 18 which brought total inspections for 23/24 to 1.556 bb which was within trade expectations but is down 16% from the previous year.

• All three wheat classes are trading lower this morning after rallying yesterday led by spring wheat. Minneapolis wheat was the leader yesterday but has been under more pressure with spring wheat ratings favorable.
• Yesterday’s Crop Progress Report showed the winter wheat harvest at 76% complete which compares to 71% last week. Spring wheat was called at 77% good to excellent which was unchanged from last week, and 89% of the crop is heading which compares to 76% last week.
• Wheat production in western Australia is set to improve by up to 12.3% this season following recent rains, and production is estimated at 10.5 mmt. The favorable conditions will also benefit the barley and canola crops.

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading higher to start the week but remains in its tight rangebound pattern over the past two weeks. Weather has been favorable which could see crop conditions improved, but the lower prices have increased corn demand.
• Later today, the USDA will release its Crop Progress Report, and trade is expecting crop conditions to either remain steady or improve from the previous week. The past three days have been dry in the eastern Corn Belt, but the extended forecast is favorable.
• Friday’s CFTC report showed that as of July 16, funds bought back 10,589 contracts of corn which reduced their net short position to 343,396 contracts.

• Soybeans are trading sharply higher this morning following new yearly lows that were made last week. Funds are likely covering a portion of their short position as August approaches with a potentially drier forecast. Both soybean meal and oil are higher as well.
• This morning, exporters reported the sale of 105,000 metric tons of soybean meal and cake to unknown destinations for delivery in the 24/25 marketing year. As in corn, with prices so low, export demand may improve.
• Friday’s CFTC report showed funds adding to their short position in soybeans as of July 16. They sold 13,145 contracts which increased their net short position to 185,750 contracts.

• All three wheat classes are trading higher this morning with Chicago wheat leading the way higher. With the winter wheat harvest virtually complete, focus has shifted to spring wheat production, and weather in the Dakotas has turned dry with temperatures climbing.
• The most recent drop in wheat prices has spurred new demand on the world market. While this is beneficial in the big picture, the majority of the business has been filled by Russia with their cheaper export prices.
• As of July 16, funds sold 6,749 contracts of Chicago wheat which increased their net short position to 75,886 contracts. Funds sold 3,085 contracts of KC wheat which increased their net short position to 43,896 contracts.

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

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

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

All prices as of 6:30 am Central Time

• The corn market is trading quietly higher near the top end of a tight 3 1/2 cent range as it continues to consolidate from Monday’s drop on little fresh news.
• Weekly export sale’s reported yesterday were a mixed bag. New sales for old crop came in below expectations at 17.2 mb, while new crop sales were just above expectations at 19.1 mb. Total old crop sales remain a solid 38% above last year.
• There is some talk that with the generally favorable weather, the market may be trading a US yield closer to 184 bpa versus the 181 the USDA is currently projecting.
• In yesterday’s trade funds covered part of their net short position, buying an estimated 6,000 corn futures contracts. This brought their estimated net short position to 361,000 contracts.

• With little to move the market significantly in either direction, soybeans are trading moderately higher as they follow through on yesterday’s firm close, with support from higher soybean meal and oil.
• Export sales for soybeans came in mostly as expected with new sales totaling 13.2 mb for old crop. New crop sales fell at the upper end of expectations at 13.8 mb. Total old crop sales remain 14% lower than last year.
• The USDA did report an 18.7 mb flash sale for new crop soybeans, and a 150,000 mt sale of soybean meal for 24/25, both to unknown destinations. (possibly China?)
• Managed funds were relatively quiet in yesterday’s trade, buying an estimated 3,000 soybean futures contracts, which reduced their total estimated net short position to 177,000 contracts.

• The wheat complex is trading moderately higher across all three classes of US wheat as traders likely cover short positions.
• Lending some support to prices is Matif wheat, which is trading higher. With most of the French harvest in the bin, the quality is below average and giving a boost to prices.
• The most recent drop in wheat prices has spurred new demand on the world market. While this is beneficial in the big picture, the majority of the business has been filled by Russia with their cheaper export prices.
• US export sales for the week ending July 11, came in toward the top end of expectations at 21.3 mb. Total commitments of 284 mb for the 24/25 marketing year are ahead of the pace needed to reach the USDA’s goal, and 48% ahead of last year.
• Managed funds’ activity was balanced in yesterday’s session with estimated purchases and sales net even in Chicago wheat. Their estimated net short position in Chicago wheat remains at 82,000 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

• The corn market is lower this morning and giving up the gains from yesterday after hitting resistance near yesterday’s highs, with increased farmer selling reported as prices neared 400 in the September contract.
• Ethanol production increased 4.9% last week from the week prior, and up 3.4% year over year on improved margins. Total corn use was estimated at 109.78 million bushels, and while production increased, ethanol stocks fell 2% week over week.
• Brazil’s corn export prices are said to be firm and near $183 per mt, while Ukraine’s prices are around $200 per mt. US export prices are competitive at this time at $187. 
• The USDA will report weekly export sales later this morning. Current estimates for new corn sales range between 500,000 – 800,000 mt for old crop, and upwards of 400,000 for new crop.

• Soybean futures are trading lower this morning as they follow through on yesterday’s weakness. Bull spreading continues between spot August contract and the deferred contracts as the cash market continues to reach for fresh supplies. Soybean meal is weaker this morning, while soybean oil is firm. 
• Rumors circulated yesterday that China was in the market and bought some cargoes of US soybeans off the PNW for late summer delivery. These rumors arose following reports that China had recently purchased upwards of 4.5 mmt of Brazilian soybeans.
• At this time, Brazil’s export prices are near $423 per mt, reportedly lower on increased farmer selling and a slowdown in Chinese demand. US soybean export prices out of the Gulf are near $436 per mt.
• Weekly soybean export sales will be reported later this morning. Current estimates for new sales range between 150,000 – 600,000 mt, compared to 208,000 last week. 

• The wheat complex is mixed this morning with Minneapolis leading Chicago higher, while the KC contracts are mixed, with the front months gaining on the deferred. Talk of increased demand for high protein wheat is lending support to the Minneapolis contracts.
• Egypt issued its largest tender in two years, with Russia filling the majority of the 770,000 mt, and Bulgaria supplying the balance. Algeria was also reportedly in the market buying wheat, with eastern Europe and Russia filling the order.
• Weekly wheat export sales out later this morning are estimated to come in between 225,000 and 600,000 mt. This compares to total new sales of 240,000 mt reported last week. 

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

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

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

All prices as of 6:30 am Central Time

• The corn market is quietly trading towards the top of its tight 4 1/2 cent range in the December corn contract as traders book profits and cover some short positions.
• Weekly ethanol production data will be released later today from the EIA.  The trade expects production to increase from last week to 1.065 million barrels per day, with stocks also expected to increase to 23.712 million barrels from 23.603 million last week.
• Ukraine’s 2024 corn yield could drop by as much as 30-35% due to the extreme heat and drought conditions the region has faced recently. This from the Ukrainian Agrarian Council. 
• In yesterday’s trade, managed funds were buyers of an estimated 5,000 contracts of corn. This brings their estimated net short position down to 370,000 contracts.

•  So far this morning, the soybean market is trading moderately higher at the top its range with the August contract leading. Bull spreading is being supported by a tight cash market.
• Reports indicate that China has purchased up to 75 cargoes, or approximately 4.5 million metric tons, of Brazilian soybeans—mostly for August delivery—since the beginning of July, as soybean prices have dropped to multi-year lows. This buying activity has also likely lent support to the front end of the soybean futures market.
• The recent buying activity by China from Brazil highlights the thin book of sales that the US currently has for the new crop. This situation has been exacerbated by the drop in Brazil’s currency versus the US dollar, making Brazilian supplies cheaper on the world market.
•  Managed funds were quiet buyers of an estimated 3,000 soybean futures contracts in yesterday’s trading session, which brings their estimated net-short position to 180,000 contracts.

• The wheat complex is trading higher and near session highs across all three classes as the market attempts to rebound from oversold conditions.
• Russia continues to dominate the world wheat market with low export prices, currently near $218 per metric ton FOB. For comparison, US HRW FOB export prices are near $260 per mt.
• According to Russia’s Ag Ministry, Russia has reportedly increased their export duties on wheat by 4.7% for the period of July 17-23.
• Managed funds were rather quiet yesterday, as their trading activity was net even for the session, leaving their net short position in Chicago wheat unchanged at an estimated 85,000 contracts.

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

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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.