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All prices as of 6:30 am Central Time

• Corn is trading slightly higher this morning but remains in a very tight trading range. Brazil is expecting lighter rains over the next few days which could add some weather premium.
• Today the Federal Reserve will begin its two-day meeting in which it will decide on what to do with interest rates. Expectations are that rates will end up unchanged.
• Scattered showers are forecast in South America through the 19th when heavier rains should pick back up, but the next 7 days should give southern Brazil which is too wet a break from more moisture.
• Shipments of U.S. corn are 30% higher than last year’s pace with over half of the total shipments to Mexico, and U.S. corn remains the cheapest option.

• Soybeans are trading slightly higher this morning after big gains yesterday that saw a 32-cent jump in January soybean prices. Both soybean meal and oil are higher as well.
• A short term hot and dry forecast in Brazil has lent some support to both corn and soybeans , but conditions are expected to turn favorable again in 7 days.
• Soybean planting in Brazil is 91% complete as of December 7 which compares with 85% the previous week and 95% a year earlier. 
• Stockpiles of Malaysian palm oil fell last month for the first time since April on lower output. The decrease in production was larger than the decline in exports.

• All three wheat classes are trading higher this morning after yesterday’s selloff that was likely caused by fund selling. Purchases from China last week caused short covering.
• The Russian government has banned durum wheat exports until May 31st in order to stabilize prices domestically, but this may indicate that they are beginning to run low on supplies.
• Winter wheat conditions in the U.S. are mostly in better shape than last year with the good to excellent rating at 39%, but last week that rating rose by 8 points.
• In France, soft wheat plantings for the 2024 year fell by 5% with producers only planting 6.4m hectares of winter grains for the upcoming harvest.

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 with prices remaining rangebound following Friday’s unsurprising WASDE report.
• In the report, the USDA kept their expectations for Brazilian production unchanged at 129.0 mmt which is above CONAB’s estimate of 118.5 mmt.
• Brazilian corn is reportedly 40% planted with only 2% of the crop receiving a poor to very poor rating. Light rains are expected to be followed by heavier amounts later this week in central Brazil.
• Friday’s CFTC report showed non-commercials buying back 45,945 contracts of corn which reduced their net short position to 160,533 contracts. 

• Soybeans are trading higher this morning but remain on the low end of their current trading range. Both soybean meal and oil are trading higher this morning.
• In Friday’s WASDE report, the USDA made almost no changes to soybeans and kept U.S. ending stocks the same at 245 mb which is the lowest in eight years. Brazilian production was lowered from 163 mmt to 161 mmt.
• Argentina’s production was unchanged at 48.0 mmt, and their crop is reportedly 52% planted with only 2% rated poor to very poor.
• Friday’s CFTC report showed non-commercials exiting 30,929 contracts which reduced their net long position to just 36,663 contracts.

• Wheat is trading lower this morning but remains in an uptrend with prices hugging just below the 100-day moving average. Renewed buying interest from China has been supportive.
• Last week, China purchased 41.2 mb of soft red winter wheat from the U.S. which put total purchases above 80 mb, more than China purchased last year.
• Ukraine is expecting to harvest a record 59.7 mmt of grain with wheat making up 22.2 mmt. The ongoing struggle will be safely exporting their grain.
• Friday’s CFTC report showed funds buying back 23,764 contracts of wheat which brought their net short position to 96,222 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 near unchanged in a tight 2 1/2 cent range in anticipation of today’s USDA WASDE update.
• Weekly export sales were released yesterday.  Weekly corn sales came in at just under 51 mb, with the total commitment at 1.014 bb, 35% higher than last year.
• The USDA will release the next WASDE report today at 11:00 a.m. CST. Expectations are for slight reductions in US corn ending stocks due to small demand adjustments from 2.156 billion bushels to 2.152 billion bushels. 
• CONAB estimated the Brazilian corn crop at 118 mmt, down from the USDA’s last estimate of 129 mmt.  Current trade estimates that the USDA will put that crop at 127 mmt in today’s report.

• The soybean complex is trading higher this morning, showing small gains across the board in all three commodities, with soybeans in the upper end of a relatively tight 7-cent range.
• Weekly soybean sales came in at 56 mb in yesterday’s weekly sales update from the USDA.  Total commitments are currently running 16% below last year, where the USDA is projecting a 12% decline.
• There are few changes expected in today’s USDA report. The trade estimates US 23/24 ending stocks to come in at 242 mb versus last month’s reported 245 mb.  The USDA may raise domestic crush and lower exports in equal amounts to reflect changes in demand.
• CONAB estimated Brazil’s soybean crop at 160 mmt, down 2 mmt from its previous estimate, and the USDA’s current estimate of 163 mmt.  There are some private estimates as low as 155 mmt due to the adverse weather conditions.

• The wheat complex is trading mostly lower across all three classes with Chicago wheat the weakest as traders likely square positions ahead of today’s USDA update.
• Today’s USDA report is expected to be relatively neutral for wheat with little to no changes expected to last month’s 23/24 ending stocks estimate of 684 mb.
• The recent wheat sales to China that have added fuel to the rally in the wheat markets, may indicate that the UDSA’s current 700 mb export goal is too low, though they are not expected to be reflected in today’s monthly update.
• Russia continues to dominate the world wheat market with offers that were $20/mt below France and $60 below Romania for an Egyptian tender of 440 mt.
• Scattered showers are forecasted for the US southern plains and should help with the dry conditions. 

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, recovering some of its losses from yesterday’s reversal lower, with support from higher soybeans and wheat.
• Yesterday, strong selling in crude oil and talk of higher US and Ukrainian supplies weighed on prices.
• CONAB updated its estimate for Brazil’s corn crop and put it at 119 mmt, 10 mmt lower than the current USDA estimate.  Currently, Brazilian farmers are reluctant to make additional sales until more is known about the current crop, while exportable supplies are also on the decline. 
• The USDA will release its weekly export sales update later this morning.  Estimates range from 725 mt to 1,500 mt versus 1,927 mt last week.

• The soybean complex is trading higher this morning.  Soybeans are higher, helped by a strong recovery in soybean oil, with meal slightly higher.
• Yesterday, the USDA announced another purchase of US soybeans by China, totaling 136,000 mt.  China’s total soybean imports for October and November were up 13% from last year and are expected to be record high in December. 
• A private analyst released an estimate for Brazil’s soybean crop near 155 mmt, down nearly 8 mmt from CONAB’s current estimate of 162.8 mmt and the USDA’s estimate of 163 mmt.
• Export sales estimates for today’s USDA update range from 1,000 mt to 1,800 mt.  Last week, soybean sales came in at 1,895 mt.

• Wheat futures are mostly higher across the board as Minneapolis and KC attempt to regain some of yesterday’s losses and Chicago builds on yesterday’s small gain.
• The USDA announced another large private sale of SRW wheat to China totaling 327,000 mt yesterday.  This on the heels of two other purchases earlier in the week and brings total SRW sales to China near 145 mb, which equals the USDA’s estimate.
• Estimates for today’s USDA wheat export sales update range between 250,000 mt and 800,000 mt.  Last week, the USDA reported 635,000 mt in wheat sales.
• With the added Chinese purchases, US SRW ending stocks are declining.  This could be lending support to the Chicago contracts and triggering some fund short covering of their estimated 97,000 contract 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 higher again this morning and is on track for a sixth consecutively higher close if prices remain here. Funds hold a large net short position and may be buying contracts back.
• Brazil previously took the U.S.’s spot as the number one exporter of corn, but now it is expected to slip back to second place thanks to a smaller winter corn crop.
• On Friday, the USDA will release their WASDE report and reveal the changes, if any, to the carryout which is already expected to be over 2.1 billion bushels.
• Some private analysts are expecting that Brazil’s corn production will fall between 10 and 15% due to the likelihood of a delayed soybean harvest.

• Soybeans are trading higher this morning following the recent selloff and are hovering just above support at the 200-day moving average.
• Higher soybean meal is supporting soybeans again today while soybean oil trades slightly lower. 
• Crush margins have improved based on futures this week and remain profitable and an incentive for processors. Margins have slipped a bit overall in the past few months.
• Biodiesel use in Indonesia is expected to hit 13.4m kiloliters in 2024 thanks to a mandate that requires biodiesel to contain 35% palm oil.

• Wheat futures are trading higher again today for what would be the seventh consecutively higher close. March futures have risen above the 100-day moving average for the first time since August.  
• In Australia, November rainfall totals were 37.8% higher than the 30-year average following a dry stretch, but this influx of rain has damaged the wheat crop and the country is now expecting 37% less than last year.
• Ukrainian grain exports are down so far for the 23/24 marketing year at just 13.7 mmt. In November, it exported 1.3 million tons of wheat.
• The recent gains in all three wheat classes are likely causing a large amount of short covering by funds and this is a pattern that could continue.

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 along with wheat, but yesterday corn followed wheat higher. Overall, large supplies are pressuring futures.
• Yesterday’s export inspections report showed corn inspections totaling 45.6 mb for the week ending November 30 with total inspections at 332 mb, up 27% from the previous year.
• Yesterday morning, Stats Canada revealed that their estimates of corn, wheat, and canola production were all higher than last month’s estimates and higher than trade estimates.
• There have now been 532 deliveries against the December corn contract. This is partially due to large amounts of traffic and poor conditions through the Panama Canal.

• Soybeans are trading slightly higher this morning after yesterday’s selloff as analysts in Brazil begin to estimate their production to be lower.
• Soybean meal is slightly higher while soybean oil is slightly lower following a strong crush report last week. Crush margins remain profitable despite the recent selloff.
• Brazilian soybean plantings are being reported as 85% complete which compares to 74% last week and 91% a year ago. Progress has improved with better weather forecasts.
• Brazil is predicting that 4.2% of soybeans in its main growing state of Mato Grosso will need to be replanted, and production in the state has been estimated lower at 42.12 mmt from 43.78 mmt.

• All three wheat classes are trading lower this morning after yesterday’s rally that was helped by an announced sale of wheat to China.
• Yesterday’s wheat purchase by China of 440,000 metric tons was their largest purchase of U.S. wheat since 2020 and may have caused funds to buy back some of their short positions.
• Funds hold a very large net short position in wheat of over 120,000 contracts and so far Mar Chicago wheat has gained 62 cents off its low. This could cause that short position to get squeezed.
• The outlook for Australia’s wheat production has improves slightly but heavy rains in the forecast may threaten the quality of unharvested crops making them feed grain quality.

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 sympathy with a lower soybean market as it runs into resistance at the 20-day moving average.
• There continues to be talk of China’s trading house, Sino Grain, having approval to purchase more corn for reserves.  With some estimating that China may now import between 30-40 mmt versus the USDA’s estimate of 23 mmt.
• There is also talk that 2024 corn acres may drop due to an increase in soybean acres, which could reduce 2024 ending stocks estimates.
• In Friday’s Commitment of Traders report the CFTC reported that managed funds added nearly 21k contracts to their short corn position in the week ending November 28.  Bringing the net short position to a total of 206,478 contracts.

• Soybeans and soybean meal are both trading lower this morning, while soybean oil is mixed, near unchanged.
• Forecasts for better rain across the northern and central areas of Brazil are weighing on soybeans this morning, and the continuation of generally favorable weather in Argentina is adding pressure to soybean meal on the prospect of reduced US demand due to more normal Argentinian supplies.
• There are some thoughts that increased US crush could reduce 23/24 soybean carryout to 225 mb versus the USDA’s current 246 mb estimate. 
• In Friday’s Commitment of Traders report the CFTC reported that managed funds reduced their net long soybean position in the week ending November 28 by just over 14k.  Bringing the net long position to a total of 67,562 contracts.

• The wheat complex is mostly higher across the board as traders continue buy the market on follow-through strength from last week’s rally.
• The forecast for the US southern Plains is warm and dry, and the market needs more normal weather in the northern hemisphere to offset reduced southern hemisphere crops, without which, prices could trend higher.
• While uncertainty remains regarding available Black Sea supplies, Russia’s export prices continue to be cheaper than other exporting countries and adds resistance to prices. 
• In Friday’s Commitment of Traders report the CFTC reported that managed funds increased their net short Chicago wheat position in the week ending November 28 by just under 12k.  Bringing the net short position to a total of 120,000 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 to start the month with some pressure from the news that 221 contracts of December corn were delivered yesterday.
• Brazilian weather started out the season hot and dry, but lately they have received more consistent rains which has caused concerns for another large Brazilian crop.
• Both domestic demand and export demand has been a bullish point, and corn used in ethanol production is now seen up 0.9% year over year to 452.7.
• Weather in Argentina has significantly improved from last year, and corn plantings are now 32% complete from 26% the previous week.

• Soybeans are lower this morning and have retreated to the bottom of their range mainly due to pressure from lower soybean meal. Soybean oil is slightly lower.
• Argentina’s harvest is still a ways off but so far, it is looking good for soybeans which could take a significant chunk of soybean meal demand away from the U.S.
• Although Brazilian weather has improved lately, some analysts are revising their production estimates lower. Consultancy Patria Agroegocios has lowered their estimate to 150.67 mmt from 154.10 mmt. This would be a 2.2% drop from last year.
• The U.S. soybean crush likely jumped to a record 201.1 million bushels, while soybean oil stocks thinned for a sixth straight month.

• All three wheat classes are lower this morning with risk off trade to start the month. March KC wheat failed again at the 20-day moving average.
• More pressure came from 225 deliveries of Dec KC wheat and 1,752 deliveries of Dec Chicago wheat in the first two days of the delivery period.
• Yesterday’s export sales report which showed 22.9 mb of sales for wheat last week was encouraging, and China was listed as a buyer.
• In the U.S., 50% of the winter wheat crop is rated good to excellent which is the best start since 2019.

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 front month slightly higher but deferred contracts unchanged to slightly lower in quiet trade.
• Estimates for today’s export sales report have corn sales between 600k and 1,300k tons with an average guess of 1,030k tons.
• According to the U.S. Department of Energy’s weekly report, ethanol stocks fell by 1.3% to 21.379m bbl and analysts were expecting 21.575. Plant production was slightly lower than the average guess.
• U.S. corn ending stocks are being estimated at a 5-year high of 2.16 billion bushels with total production pegged at 15.23 bb. These large supplies are pressuring prices.

• Soybeans are trading unchanged to slightly lower this morning as they stay between their recent range of 13.45 and 14.00 in the March contract. Soybean meal is higher while bean oil is lower.
• Today’s export sales report is expected to be strong for soybeans with the trade range between 850k tons and 1,500k tons. The average guess is at 1,110k.
• With corn and wheat selling off recently to new contract lows, soybeans have been supported due to very tight ending stocks and a growing market for renewable diesel and good domestic crush demand.
• The bearish factor may be improving weather conditions in both Argentina and Brazil. Both countries are expected to produce large crops despite drought to start the planting season.

• All three wheat classes are trading slightly lower this morning after yesterday’s surprising rally that was likely led by short covering into the end of the month.
• Yesterday, the CME announced 100 deliveries of December KC wheat and 1,347 deliveries of December Chicago wheat. No deliveries were reported for corn.
• Argentinian wheat that has been planted near the coast has been showing big yield numbers, and this is expected to offset some of the countries losses in the northern region of Argentina.
• Iraq reportedly has 2 mmt of wheat in reserve which is enough to cover the country’s requirements until next year’s harvest, but they will continue to offer contracts for imports.

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 mixed and near unchanged as the market continues to consolidate ahead of tomorrow’s first notice day, when long December position holders are notified of delivery. 
• Yesterday, the corn market experienced bear spreading and lower prices as traders liquidated or moved long positions out of the December to the deferred months due to lower export demand and to avoid taking delivery.
• Hog prices in China have dropped to record lows as farmers liquidate their herds in accordance with the government’s mandate to lower the hog population.  This could very well affect the import demand of corn and soybeans for feed in the coming months.
• The threat of a carryout in excess of 2.1 bbu has moved fund managers to build a collective managed money short position of 185,502 contracts in the last Commitment of Traders report, the largest since July 2020.  Managed funds are currently estimated to hold 171,000 short contracts.

• The soybean complex is trading mixed this morning as the front months see some follow-through strength from yesterday’s solid close. While soybean meal higher with oil trading lower, as both products reverse some of yesterday’s moves.
• With US prices currently the cheapest to China, there continues to be rumors of Chinese interest in US soybeans, and there is talk that they may have bought 6 – 8 cargoes for February delivery.  Additionally, yesterday the USDA reported a private sale to unknown destinations totaling 123k mt.
• As Argentina has struggled with low soybean supplies to crush, managed funds have grown their soybean meal long position to an estimated 138,000 contracts, the largest since last March, on increased US meal demand.  While the fund’s position has supported prices recently, it may negatively affect them as once they begin to liquidate.  Managed funds soybean position is currently estimated to be long 73,000 contracts.
• On the weather front, the northern growing areas in Brazil are expected to see net drying through the end of this week with showers expected pick up next week and the following, bringing much needed moisture.  While southern Brazil is expected to remain wetter than normal.

• The wheat complex is mostly higher this morning with all classes showing gains with the exception of December Minneapolis, as markets follow through from yesterday’s strong price action.
• Over the last few months, managed funds have grown their short positions in the wheat complex to just over 183,000 contracts across all three classes.  This is just under the record short of just over 187,000 contracts.  Currently, they are estimated to be short 102,000 Chicago wheat contracts.
• Yesterday’s reversals higher combined with the managed funds large short positions and oversold conditions, is likely leading to some short covering.
• Storms and heavy rain are sweeping through southeastern Australia, and according to some analysts, may have damaged the wheat crop possibly reducing it by 100,000 mt and turning upwards of 1 mmt of milling wheat into feed grade wheat.

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

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