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All prices as of 6:30 am Central Time

• Corn is trading higher this morning after rebounding yesterday off of new contract lows at $4.36-3/4 in the March contract. 
• The House and Senate both passed bills yesterday to avoid a government shutdown, and this is likely giving support to both commodity and equity markets.
• Weather for Argentina has turned slightly drier in the near term forecast, and 93% of their crop is reportedly planted compared to 85% last week.
• Estimates for today’s export sales report in corn are between 500k and 1,200k tons with an average guess of 747k tons. Flash sales have been sparse and only to Mexico, so the number will likely be on the softer side.

• Soybeans are higher for the second consecutive day as they attempt to rebound from extremely oversold conditions. Both soybean meal and oil are higher as well.
• Argentina’s soy crop has benefitted from very good weather which has had analysts increasing their production estimates, but the 10-day forecast is dry and the crop could get stressed.
• Agroconsult is expecting Chinese imports of soy to decline in 23/24 as they have already purchased a large stockpile, and less bean meal is being used for feed.
• Estimates for today’s export sales report in soybeans see a range between 250k and 900k tons with an average guess of 528k tons, but with no flash sales to speak of, that number will likely be on the low end of estimates.

• All three wheat classes are trading higher this morning along with the rest of the grain complex. There was a decline in the US Dollar overnight which is typically supportive to wheat.
• Soft wheat production estimates in the EU for 24/25 have been revised lower to 122.7 mmt mainly due to poor weather conditions.
• FranceAgriMer has cut their estimate of 23/24 French wheat exports due to significantly lower demand from China. China has been purchasing the large majority of its wheat from Russia.
• Estimates for wheat in today’s export sales report are expected to be low with a range between 150k and 500k tons. Export demand could start to improve with prices so low in the US.

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 after selling intensified yesterday causing the March contract to make a new low at $4.40 which appears to be a level of support.
• Open interest increased by 25,000 contracts which indicates that non-commercials are adding to their already large net short position.
• Ethanol production is expected to be lower than last week at 1.054 million barrels per day with the stockpile expected to rise to 24.577 m bbl compared to 24.371 a week ago.
• It is estimated that funds were sellers of approximately 2,000 contracts of corn yesterday which would leave them with a net short position of around 268,000 contracts.

• Soybeans are trading higher today after a sharp selloff yesterday that was triggered by poor economic data out of China that could impact US export demand.
• Despite the struggling Chinese economy, estimates for Brazilian soybean production continue to slip which should be friendly to prices. Most analysts are predicting 150 mmt or lower for production, but there have been guesses as low as 135 mmt. The USDA is still at 157 mmt.
• Palm oil prices are expected to increase by 4% this year due to improving biodiesel demand and unchanging output. Malaysian output is seen at 18.75 million tons while Indonesia is seen at 48.87 mln tons.
• Yesterday, non-commercials sold an estimated 7,500 contracts of soybeans, and open interest is 41,000 contracts higher than a year ago which points to fund selling.

• Wheat is mixed this morning with Chicago and KC slightly lower but Minneapolis higher. The recent cold snap could have done some damage to winter wheat and could be supportive to prices.
• The Brazilian wheat crop for 23/24 is now seen at 8.25 mmt compared to 8.59 mmt in last months estimate. Expected imports have risen as well to 7.05 mmt from 6.37 mmt.
• There is currently talk of 2 Chinese vessels at US Gulf terminals set to load SRW wheat. Presumably these would be the first loadings of the wheat purchased back in early December.
• FranceAgriMer has cut their estimate of 23/24 French wheat exports due to significantly lower demand from China. China has been purchasing the large majority of its wheat from Russia.

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

• In a quiet 2 1/4 cent range, corn is trading lower this morning as it continues to battle a lack of bullish news.
• Yesterday, the USDA reported weekly corn export inspections at 876,000 mt (34.5 MB) for the week ending January 11.  So far, total inspections have reached 548 mb, up 29% over last year, whereas the USDA is forecasting a 26% jump.
• While US corn export prices have become more competitive with Brazil recently, prices from Argentina and Ukraine are cheaper.
• South American crop watch Dr. Cordonnier, lowered his estimate of Brazilian corn production from 117 mmt to 115 mmt, while at the same time raising Argentina’s corn production estimate 3mmt to 56 mmt. His Brazilian corn estimate is well below the USDA’s 127 mmt estimate and just under Conab’s estimate of 117.6 mmt.
• The head of estimates at the Rosario Grain Exchange commented that there is a good chance that Argentina’s corn harvest could top current estimates of 59 mmt with the regular shower activity the country has been seeing. The USDA is currently estimating Argentina’s crop at 55 mmt.

• Soybeans are weaker this morning and trading near session lows, as weakness from lower soybean oil drags on prices.
• Both soybean meal and oil are lower this morning as meal consolidates with minor losses from yesterday’s gains, while soybean oil continues its track lower showing 0.50 cent losses.
• Yesterday’s NOPA crush report that showed 195.33 million bushels of soybeans crushed in December. This came in well above the average trade guess and set a new record. The crush was up 10% year over year and up 5% from the prior December high. Following the NOPA report, soybean oil retreated as soybean oil stocks were much higher than expected and pegged at 1.36 billion pounds, though stocks were down 24% from last year.
• A Brazilian farm lobby has stated that current estimates of Brazil’s soybean production are too high given the tough growing conditions.  The lobby estimates 23/24 production closer to 135 mmt. Whereas the current USDA estimate puts the crop at 157 mmt.

• The wheat complex is mixed this morning as all three classes trade quietly in tight 4-5 cent ranges with Chicago and KC showing minor gains, while Minneapolis retreats.
• There is currently talk of 2 Chinese vessels at US Gulf terminals set to load SRW wheat. Presumably these would be the first loadings of the wheat purchased back in early December.
• Weekly wheat inspections reported by the USDA yesterday came in at 8.6 mb, bringing 23/24 total inspections to 381 mb, which is below the pace needed to meet the USDA’s projection and down 16% from last year. The USDA’s estimate for 23/24 exports remains at 725 mb.
• With this recent cold snap, it is currently estimated that about 20% of the US winter wheat crop has been exposed to the extreme cold, and it is unknown how much has been damaged if any.
• According to FranceAgriMer, estimates of France’s soft wheat exports for 23/24 have been reduced to 17.01 mmt, down from December’s estimate of 17.2 mmt, showing slower demand. This also raised the countries ending stocks to 3.43 mmt.

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 on momentum from Friday’s WASDE report that saw higher production in the US for 23/24 as yields were increased to 177.3 bpa, up significantly from the previous week.
• South American corn production was not lowered as much as trade had expected despite dry conditions with Brazil pegged at 127 mmt down from 129 mmt last month, and Argentina unchanged at 55 mmt.
• Corn prices in Brazil have declined over the past week due to the beginning of the first crop corn harvest and an overall decrease in demand.
• For the week ending Tuesday, January 9, non-commercials sold another 33,397 contracts of corn increasing their net short position to 230,723 contracts.

• Soybeans are trading higher this morning and although they had a negative reaction to the WASDE report, they settled significantly off of Friday’s lows.
• The USDA increased soybean ending stocks and overall production, but supportive was that the US stocks to use ratio is only 6.7%, and CONAB has released Brazilian production numbers that are closer to 150 mmt and are likely more accurate.
• December soybean crush was seen at a record 192.6 mb which was up 8.5% from this time last year and up 1.9% from last month.
• Friday’s CFTC report showed funds as sellers of soybeans by 19,619 contracts increasing their net short position to 31,248 contracts.

• All three wheat classes are trading slightly higher this morning after last week’s USDA report which was mostly bearish apart from the wheat seedings number.
• Wheat seedings were expected to decline by around 800,000 acres but the report revealed a decline of 1.4 million acres. World wheat ending stocks also fell slightly which was supportive.
• Ships carrying over 1.3 mmt of grains have been diverted from the Red Sea to other routes due to attacks against Houthi rebels, adding to world shipping issues.
• Friday’s CFTC report showed funds as buyers of wheat by 2,289 contracts decreasing their net short position to 57,988 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 slightly higher this morning as prices consolidate ahead of the WASDE report which will be released at 11am central today.
• Argentina’s corn crop is now estimated to be a record large 59 mmt which is 4 mmt above the last guess by the USDA and way higher than last season’s drought year.
• On Wednesday, CONAB reduced estimated Brazilian corn production by 5 mmt to 117.6 mmt which is 11 mmt lower than the USDA’s last guess. It is likely that production is reduced in today’s report.
• US corn exports are not expected to be adjusted in today’s report as they have been on track to meet USDA estimates, but exports are 37% higher than a year ago.

• Soybeans are trading higher this morning ahead of what could be a friendly WASDE report. Prices remain rangebound for the week, and both soybean meal and oil are higher.
• On Wednesday, CONAB cut their production estimates for Brazil to 155.3 mmt from 160.2 mmt, and the USDA’s last guess was 161 mmt. Many analysts see that number being even lower, closer to 150 mmt.
• Where Brazil will likely lose production due to the hot and dry conditions, Argentina is set to produce more than double of last year’s crop due to good weather.
• Weather forecasts for Argentina and most of Brazil are favorable with showers expected, but parts of western and central Brazil are expected to be dry over the next week.

• All three wheat classes are trading higher this morning with Chicago wheat posting the largest gains. The March contract is in a bull pennant formation and more short covering by the funds could cause a breakout higher.
• Temperatures in the Midwest are expected to fall below zero next week which could damage wheat that has not gotten a cover of snow.
• In today’s report, traders will be watching wheat acreage closely, and they are expected to fall by about 800,000 acres or more to 35.8 million acres.
• Last week’s export sales of wheat were low at just 4.7 mb for 23/24, but there are rumors that China is looking to purchase US wheat.

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 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.