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All prices as of 6:30 am Central Time

• Corn is trading slightly higher this morning as traders prepare for the release of tomorrow’s WASDE report and the potential reduction in South American corn production.
• Analysts are not expecting much of a change for US yields or ending stocks with the crop already harvested, so the focus will be on Brazilian production.
• Non-commercials currently hold a net short position of around 200,000 contracts, so there may be a bit of short covering ahead of the production and stocks report.
• The Rosario Board of Trade in Argentina has increased their forecasted corn production to 59 mmt from 56 mmt the previous month due to heavy rains.

• Soybeans are trading higher this morning along with both soybean meal and oil, but soybeans remain in their tight range from the past three days.
• The early morning support may be coming from hot and dry weather returning to western central Brazil where there could be possible risk to the soybean areas. Conditions in the eastern regions should be better.
• Last night, the Rosario grains exchange raised their estimate for the 23/24 Argentinian soybean crop by 2 mmt to 52 mmt. This should contribute towards offsetting Brazilian losses.
• While Brazil and many analysts have cut their forecasts for Brazilian soy production, a record crop is still expected due to an increase in planted acres.

• Wheat is mixed this morning with Chicago and KC slightly lower while Minn trades slightly higher. Winter wheat is under pressure due to the recent moisture.
• March Chicago wheat continues to hug the 100-day moving average closely and may be consolidating. With the funds so short, a friendly piece of news could cause short covering.
• Turkey, Romania, and Bulgaria are working together to clear mines in the Black Sea to ensure a safer export passage for Ukrainian grains.
• In tomorrow’s report, likely the most important thing to watch for wheat will be acreage as analysts are expecting acres to fall to about 800,000 due to the low prices.

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 following yesterday’s push higher in prices. Market focus remains on Friday’s WASDE report.
• The US exported 141 million bushels of corn in November, up 45.9% from November of 2022. Ethanol exports totaled 116 million gallons, up 45% from November of 2022.  
• Estimates for Friday’s WASDE report have Brazilian corn production between 122 mmt and 129 mmt which compares with their last guess of 129 mmt.
• Estimates for Argentinian corn production are in a range between 53.5 mmt and 56 mmt with December’s estimate at 56 mmt. Argentina’s crop may get larger due to good weather.

• Soybeans are trading lower this morning, yesterday’s close higher broke a streak of three consecutively lower closes.
• There have been no US export flash sales reported for US soybeans since December 19th. Rumors circulated yesterday that China had bought 3 cargoes of Brazilian beans overnight.  
• Estimates for Friday’s WASDE report have Brazilian soybean production within a range of 152.7 mmt and 160.0 mmt which would be down from the last guess of 161.0 mmt. Some private analysts expect a number closer to 150 mmt.
• Estimates for Argentina’s soybean production ahead of Friday’s WASDE report average 48.87 mmt, up from 48 mmt in the USDA’s December estimate. 

• Wheat is trading mostly lower this morning after yesterday’s gains and appears to be in a consolidating pattern while still holding the overall trend higher.
• A second storm system is expected to track though the heart of the Midwest late this week and into the weekend providing additional moisture. The snow coverage will be welcome to winter wheat acres ahead of an Artic blast following this weekend. 
• Estimates for US winter wheat seedings ahead of the WASDE report are in a range between 34.5 and 39.4 with an average guess of 35.7. This compares to 36.7 from the USDA’s most recent estimate.
• US exports of wheat in the month of November totaled 42 million bushels, up 3 million from October but inline with November of 2022.

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 markets look to recover from highly oversold conditions. Yesterday’s export inspections were better than expected, and focus is shifting to Friday’s WASDE report.
• The US inspected 857k tons of corn for export last week which compares to 570k the previous week and 402k a year ago. This was also during a shortened holiday week.
• Estimates for Friday’s WASDE report have Brazilian corn production between 122 mmt and 129 mmt which compares with their last guess of 129 mmt.
• Estimates for Argentinian corn production are in a range between 53.5 mmt and 56 mmt with December’s estimate at 56 mmt. Argentina’s crop may get larger due to good weather.

• Soybeans are trading higher today after three consecutively lower closes, and both soybean meal and oil are higher as well with bean oil posting the majority of gains with support from crude oil.
• Yesterday’s export inspections showed 675k tons of soybeans inspected for export last week which was down from 969k the previous week and 1,461k the previous year. 
• Estimates for Friday’s WASDE report have Brazilian soybean production within a range of 152.7 mmt and 160.0 mmt which would be down from the last guess of 161.0 mmt. Some private analysts expect a number closer to 150 mmt.
• Estimates for Brazilian corn production this Friday are between 122 mmt and 129 mmt with last month’s guess at 129 mmt. Their first crop corn may have been damaged, but the second crop is being planted in more favorable conditions.

• Wheat is trading higher this morning after yesterday’s losses and appears to be in a consolidating pattern. A flash sale to China could cause another round of short covering by the funds.
• Yesterday’s export inspections showed that 491k tons of wheat were inspected which compares to 276k the previous week and 210k a year ago. 8.7 mb of that amount was headed for China.
• Estimates for US winter wheat seedings ahead of the WASDE report are in a range between 34.5 and 39.4 with an average guess of 35.7. This compares to 36.7 from the USDA’s most recent estimate.
• In Brazil, wheat prices have moved higher to begin the year due to a low supply of high quality wheat. Prices paid to wheat farmers reportedly rose by 2.05% in Rio Grande do Sul between December 28 and January 5.

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 it continues it’s downward trend. High global shipping rates have been a negative factor for grains.
• The net short position held by the funds continued to grow last week, and falling prices may cause them to either hold these positions or add new ones.
• Weather in Brazil has been improving as they gear up to begin planting new crop corn. The first crop was planted in very hot and dry conditions, but yields for the second crop may be better.
• For the week ending January 2, non-commercials were sellers of 19,700 contracts of corn increasing their net short position to a very large 197,326 contracts.

• Soybeans are trading lower this morning with the March contract now at the lowest level since June of last year as Brazilian weather improves.
• Brazil received beneficial rains over the past two weeks and is expected to get more this week before things turn a bit drier, but private analysts keep lowering their production estimates with many saying too much damage was done earlier in the season.
•  Safras has cut its estimate for the Brazilian soybean crop to 151.4 mmt which compares to their previous estimate of 158.2 mmt. Many analysts have their estimates around 155 mmt or lower.
• Last Friday’s CFTC report showed non-commercials as net sellers of 16,396 contracts of soybeans which flipped them to a net short position of 11,629 contracts.

• All three wheat classes are trading lower this morning but have managed to stay well off their November lows and continue to hover around the 100-day moving average.
• US wheat saw improved export demand while prices were lower, but the recent rally in the US dollar long with global shipping issues has caused demand to fade significantly.
• Ukrainian exports of wheat have fallen as well with only 7.8 mmt of wheat exported so far this season which is down 9% year over year.
• Friday’s CFTC report showed non-commercials as sellers by only 718 contracts which increased their total net short position to 60,277 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 posting a slight gain at yesterday’s close. For the week, March corn is on track to lose about 5 cents.
• Ethanol production was higher than anticipated last week and has been firm which shows good domestic demand even while exports slow.
• Estimates for today’s export sales report have corn in a wide range between 450k and 1,400k tons with an average of 863k. They will likely be on the light side considering the holidays.
• Yesterday, the funds were estimated buyers of around 500 contracts of corn and currently hold a large net short position of about 177,000 contracts.

• Soybeans are slightly lower today along with corn and continue to slide as traders focus on rain amounts in Brazil and ignore the likely reduction in total production due to early drought conditions.
• March soybeans are on track to lose over 30 cents on the week with the majority of losses from Tuesday’s sell-off. Today, soybean meal is lower while bean oil is higher.
• Estimates for today’s export sales report in soybeans are between 300k and 1,300k tons with an average guess of 845k. The window for US exports remains open as Brazil looks to start harvest.
• The USDA’s attaché in Brazil has lowered their estimate for the 23/24 crop to 158.5 mmt which is still far above private estimates which are closer to 150 mmt.

• Wheat is beginning the day higher after solid gains posted yesterday. There have been rumors that China is looking to purchase US wheat that could have triggered the buying.
• March Chicago wheat is on track for a loss of over 10 cents this week, but the contract managed to cross above the 100-day moving average this morning which is technically strong.
• Estimates for Argentina’s wheat crop for 23/24 has increased by 2.7% to 15.1 mmt and could rise again due to good yields. The harvest is 84% complete with wheat in southeastern Buenos Aires left to collect.
• Estimates for today’s export sales report are on the low side with a range between 150k and 450k tons and an average guess of 290k.

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 after posting a small gain yesterday, but prices are in an overall downward trend.
• Tuesday’s USDA crushings report showed a higher ethanol grind than expected, and today, the ethanol production number will be revised with expectations at 1.075m b/d.
• Global shipping issues have pressured the entire grain market with freight rates rising drastically and continued issues in the Red Sea which is causing some to bypass that route and instead pass around the southern tip of Africa.
• Yesterday, funds were estimated buyers of around 1,000 contracts of corn, and they hold a short position of around 177,000 contracts.

• Soybeans are trading lower this morning along with the rest of the grain complex as rain continues to fall in the driest areas of central and northern Brazil.
• Both soybean meal and oil are trading lower this morning as well, and the anticipation of a normal sized Argentina crop could put more pressure on meal.
• Despite the decline in soybean prices since the beginning of the year, processor margins have actually improved by about 20 cents which could improve domestic demand.
• Bunge has shut down a soybean crushing plant in Decatur, Indiana due to a damaged gas pipeline, but the facility is expected to reopen soon.

• Wheat futures are lower for the fourth consecutive day in all three classes as a lack of export demand and improved crop ratings domestically pressure futures.
• The US Dollar Index has moved significantly higher since December 28 which makes US wheat less competitive in the global market, and Russia has maintained control over global exports.
• India’s wheat production is estimated to make a new record of 115 mmt for 23/24 thanks to improved weather, but global wheat supplies are still in danger of declining this year.
• Yesterday, funds sold an estimated 2,500 contracts of wheat, and their estimated net short position is near 65,000 contracts. Since the beginning of December, funds have covered a large portion of that short position.

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 unchanged to slightly lower this morning following significant losses yesterday that brought corn to a new contract low.
• Yesterday’s export inspections of 22.4 mb of corn were within expectations but were lower than a year ago and way below the prior week’s exports.
• Corn used for ethanol was higher than expectations at 455 mb in November and was up 1% from the previous year showing that domestic demand is still firm.
• Yesterday, StoneX revised their estimate for Brazilian production lower at 124.6 mmt from 126 mmt, and the USDA will likely lower their estimate in the next WASDE report.

• Soybeans are trading just slightly lower this morning after yesterday’s brutal start to the year which was caused by increased rainfall in the driest areas of Brazil.
• Both soybean meal and oil are slightly lower today, but soybean oil managed a higher close yesterday thanks to gains in palm oil.
• Soybean crushings were seen at 200 mb for November and were above expectations. They were up 5.5% from the same period last year, and crude and once-refined oil stocks were down 24.6%.
• StoneX also revised their estimate for Brazilian soybean production lower at 152.8 mmt which was down from 161.9 mmt. This is far below the USDA’s last estimate of 161 mmt.

• All three wheat classes are trading slightly lower today after yesterday’s losses caused the March futures to fall below the 100-day moving average which will now likely act as resistance.
• Overall, wheat prices are well off their lows after a huge round of short covering that was near 80,000 contracts. The funds are still very short which could cause more short covering.
• Winter wheat conditions in Kansas, Oklahoma, and Texas have improved with all three states showing large improvements in their good to excellent ratings. Oklahoma is in the best shape at 67%.
• In Brazil, total area of wheat planted was increased in 2023, but dry weather may cause production to come in at just 8.14 mmt. The world wheat supply may actually fall in 23.24 after increasing for 4 years.

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

• Grain markets had no overnight trade given the New Year’s Day Holiday. Corn is called unchanged to slightly higher before market open this morning. 
• For the year 2023 front month corn futures were down over 30% for their worst yearly performance since 2013. 
• Second crop corn planting is underway in Brazil with one of the earliest starts on record. Concerns regarding soil moisture still remain, however, the forecast has improved.
• The funds were small net buyers of corn in the week surrounding Christmas and held a net short of 177,626 contracts as of December 26th according to the CFTC.

• Soybeans are called unchanged to higher following the New Year’s Day Holiday. 
• Rain fell favorably in northern Brazil over the weekend bringing notable topsoil moisture increases to Mato Grosso and Minas Gerais. The outlook for first two weeks of January remains wet for a majority of northern Brazil while a good mix of rain and sun are expected in southern Brazil and Argentina. 
• In the calendar year 2023 front month soybean futures were down 14.9%.
• The funds were net sellers of soybean futures in the week ended December 26th holding onto a net long of 4,767 contracts. 

• All three wheat classes are called unchanged to slightly higher at this point this morning ahead of market open at 8:30 Central.  
• In the calendar year 2023 SRW front month futures were down 20.7%, HRW front month futures were down 27.7% and HRS front month futures were down 22.9%.
• Jordan’s state grains buyer issued an international tender to buy up to 120,000 metric tons of milling wheat sourced from optional origins over the weekend. 
• Managed funds were net short 59,559 contracts of Chicago wheat futures as of December 26th according to the CFTC.

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 and is on track for a very slight loss on the week. Due to thin trade, corn has traded in a relatively wide range.
• Ending stocks are expected to have jumped from 1.36 bb in 22/23 to 2.13 bb in 23/24 which caused a large selloff in cash corn prices this year of 30%, the largest loss in the grain complex this year.
• Second crop corn usually begins planting in Brazil between January and February and while there are still some concerns regarding soil moisture, the forecast has improved.
• Yesterday, the funds were estimated to have sold 1,500 contracts and have a large net short position of around 156,000 contracts.

• Soybeans are trading lower this morning along with soybean meal while oil hovers around unchanged. For the week, March soybeans are on track to post a small 2-cent gain.
• This morning, some scattered showers are falling in central Brazil, but rain soaked southern Brazil is receiving the bulk of the rains today. The two week forecast is still wet.
• With soybean ending stocks at the lowest in 8 years, prices have held up better than corn, but cash soybeans are still on track for a 14% loss on the year due to a decline in demand.
• Many analysts are expecting Brazilian production to be closer to 155 mmt compared to the USDA’s last guess of 161 mmt, but Argentina’s production is estimated higher with only 3% of the crop rated poorly.

• All three wheat classes are trading slightly higher this morning and are the only grain trading higher. March wheat is on track for around a 15-cent gain on the week.
• Demand fell to extremely low levels for US wheat exports this year, and as a result, cash prices of KC wheat are on track for a 27% loss for the year.
• Estimates for today’s export sales report for wheat are low again between 200k and 600k tons with an average guess of 342k tons. There were no flash sales of wheat this week.
• Managed funds bought an estimate 4,000 contracts of wheat yesterday and currently hold a short position of around 50,000 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 unchanged to start the day  with the March contract continuing to trade rangebound to slightly lower. Large US ending stocks and an upcoming South American harvest are adding pressure.
• Demand for ethanol as well as good export demand has kept prices from falling much lower. Expectations for today’s EIA report see production lower at 1.062m b/d and stockpiles at 22.923 m bbl.
• The USDA’s last estimate for Brazilian corn production was 129 mmt, but Brazil’s estimates are lower at 118 mmt. Estimates for Argentina were at 55 mmt, but their final production could be higher.
• The decline in estimates for Brazilian corn production is due to planting delays of the first crop and likely planting delays of the second crop as the soybean harvest will be late.

• Soybeans are trading slightly lower today but had three consecutively higher closes over the past few days as the US expects tight ending stocks.
• Dr. Michael Cordonnier has lowered his estimate of the Brazilian soybean crop to 153 mmt which is below the USDA’s last guess of 161 mmt.
• Argentina’s soy crop is estimated at 48 mmt or potentially higher thanks to very good weather conditions early in the season and good soil moisture.
• While both soybean meal and oil are slightly higher this morning, the recent selloff has caused crush incentives to fall with the value of crushed beans exceeding uncrushed by $1.81 per bushel based off January futures.

• All three wheat classes are trading higher this morning after they broke to the upside on Tuesday and may be putting a squeeze on the managed funds.
• The March contract of Chicago wheat is on track for a 30-cent plus gain on the month which would be the largest monthly gain since 2022.
• SovEcon has cut their Russian wheat export estimates to 48.6 mmt which compares to a previous estimate of 48.8 mmt as increasing freight rates cause weaker shipment numbers.
• Yesterday, managed funds were net sellers of Chicago wheat, selling an estimated 4,000 contracts. They currently hold an estimated short position of 54,000 contracts.

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