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All prices as of 6:30 am Central Time

• Corn is trading slightly higher this morning as prices generally rebound from yesterday’s selloff in which corn made new contract lows in the March contract.
• With U.S. corn being the cheapest feed grain in the world right now, exports have picked up and yesterday’s inspections put total inspections 25% higher than a year ago.
• Argentinian corn is now 26% planted and now that weather has turned more favorable, a large crop is expected, but producers will likely hold off on sales until the President elect officially lowers export taxes.
• Friday’s CFTC data showed non-commercials selling 22,106 contracts of corn which increased their net short position to 185,502 contracts, the largest short position in over a year.

• Soybeans are trading higher this morning in an attempt to shake off yesterday’s losses and move back to the upper end of the trading range. Both soybean meal and oil are higher.
• The U.S. is still expected to have very tight ending stocks for 23/24 and demand has been firm which has kept soybeans from selling off as much as corn and wheat have.
• While moisture has improved slightly in central and northern Brazil over the past week, December is forecast to turn drier. Despite this, average trade guesses for Brazil’s soy crop are around 160 mmt.
• Friday’s CFTC data showed non-commercials as sellers of 18,865 contracts of soybeans which decreased their net long position to 108,176 contracts.

• Wheat is trading slightly higher this morning after Chicago, KC, and Minn wheat all made new contract lows yesterday due to lack of export demand.
• Total U.S. wheat export sales are down 9% from this time a year ago and shipments are down even more by 18%. For KC wheat, sales have slipped even more as the U.S. struggles to compete with Russia.
• A storm in the Black Sea region has halted loadings of crude and grains from key ports in Russia and Ukraine and left more than a million people in the area without power.
• In Friday’s CFTC report it was shown that non-commercials continued to sell wheat by 18,865 contracts increasing their net short position to 108,176 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 lower to begin the week and remains rangebound as good export demand supports the market while large supplies add pressure.
• Brazil is now reportedly 80% complete in planting its first crop corn and Argentina is 26% complete. Brazil received light rains over the weekend but not as much as was needed.
• Friday’s report from the USDA showed that export sales and shipments of corn are now up 27% so far this year with Mexico being a main buyer, but China stepping in as well.
• Strong ethanol margins have been a boon for domestic demand with ethanol production up nearly 6% from a year ago at this time.

• Soybeans are trading higher this morning after a selloff on Friday that was largely due to light holiday trade volume. Both soybean meal and oil are higher.
• Trade remains extremely focused on Brazilian weather, and although some rains have fallen in central Brazil over the weekend, totals are below the average amounts.
• While central and northern Brazil are too dry, behind on planting, and may have to replant, southern Brazil is far too wet and is only 25% planted which is down from 55% last year.
• Despite holiday volatility last week, soybean crush premium based on January futures remains very profitable and is a large source of soybean demand.

• Wheat is trading slightly higher this morning with KC attempting to move higher off of Friday’s new contract low, but the overall trend has been lower for a long time now.
• French wheat prices have been slipping along with prices in the U.S. as other global producers struggle to compete with cheap Russian exports.
• Last week, Russia proposed a tariff quota for all grains that would limit sales to 24 mmt from Feb 15 to June 30. This would be supportive for U.S. exports.
• After more Russian attacks over the weekend, Ukraine is now planning to place convoy vessels in the Black Sea to protect their export corridor.

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 expected to open unchanged this morning in very quiet trade following Thanksgiving and remains in a tight range between $4.75 and $4.95 for March.
• The USDA is scheduled to release its export sales report today and estimates for corn are between 800k tons and 1,150k tons with an average guess of 950k.
• U.S. ethanol stocks rose by 3.3% to 21.652m bbl which was higher than analyst expectations of 21.104. Plant production was 1.023m b/d, above the average guess of 1.053m.
• Argentina has fared better than Brazil this season concerning rain amounts with 67% of the planted area showing normal soil moisture and 75% of the crop rated “optimal”.

• Soybeans are expected to be unchanged this morning along with corn. Soybean meal and soybean oil are also called to be unchanged.
• Estimates for today’s export sales report see soybeans between 900k and 1,300k tons for the week ending November 16 with the average guess at 1,108k tons.
• As moisture levels have improved in Argentina, the soy crop is reportedly in good shape with one third of the seasons estimated soybeans now planted.
• While many estimates for Brazils soy crop have stayed steady or even risen, some consulting firm are starting to bring estimates lower with Agroconsult revising their estimate down by 7.6 mmt to 161.6 mmt.

• All three wheat contracts are expected to open unchanged to lower along with the rest of the grain complex. European wheat markets traded lower over the past two days which could pressure U.S. prices.
• China’s COFCO imported Canadian durum wheat for the first time with the intention of processing it into flour. China typically imports finished flour and pasta.
• Russia has approved a grain export quota from February 15 to June 30 in which it expects to export 24 mmt of grain.
• Russia has also decided to ban durum wheat exports as of December 1 in an effort to protect their domestic market and increase the supply of their products.

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

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

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

All prices as of 6:30 am Central Time

• Corn is mixed this morning with the two front months Dec and March slightly higher and the deferred months slightly lower in more quiet trade ahead of Thanksgiving.
• Barchart has updated its expected corn yield for 2023 and it is no above the USDA’s guess at 183.78 bpa while the USDA’s estimate is much more modest at 174.9 bpa.
• In Brazil, the largest fuel distributor, Vibra Energia, is trying to bring corn ethanol use to northern Brazil and is expanding its sales to parts of the country that almost exclusively use gasoline.
•  First notice day for Dec corn is on the 30th and as a result, many traders are beginning to roll into the March contract which has pressured the spreads.

• Soybeans are trading lower this morning after strong gains the two previous days. Traders are assessing the rain totals that have fallen in Brazil over the past week, but it does not seem as much as expected.
• Lower prices today follow an updated forecast for Brazil that shows better chances for rain over the next 7-days that include the driest regions in central Brazil.
• Barchart updated yield estimates for both corn and soybeans today with both revised higher and soybeans now pegged at 52.0 bpa compared with the USDA estimate of 49.9 bpa.
• Indonesia is planning on capping its limit of palm oil in biofuels to 40% to ensure enough supplies for exports and local markets.

• All three wheat contracts are higher this morning for what would make the second consecutively higher close as funds begin to short cover with prices near contract lows.
• Overnight, there were reports of new Russian attacks on the Ukrainian port of Odesa which may be offering support to prices.
• The UN World Food Programme has warned that Ukraine could fail to meet future domestic and export wheat demand if Russia’s attacks continue.
• The EU’s soft wheat exports have fallen by 19% year over year to just 11.6 mmt as of November 19 which compares with 14.3 mmt the previous year.

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 while remaining rangebound between $4.75 and $4.95 in the March contract. 
• Crop progress was released yesterday afternoon and showed the corn harvest at 93% complete which was below expectations by 2 points but up from 88% last week.
• Export demand is firm with export inspections up more than 50 mb from last year and total sales and shipments up more than 250 mb from last year. Mexico has been a main buyer.
• While South America has received some scattered showers, the total moisture amounts are now showing less rain this week and drier conditions over the 8 to 14 day forecast.

• Soybeans are moving higher again this morning on the heels of yesterday’s bullish key reversal and are trading comfortably above the 100-day moving average.
• Soybean meal is trading higher and is nearing its contract highs from last Wednesday while soybean oil trades lower with lower palm and crude oil.
• Traders have been extremely focused on Brazilian weather and last week’s forecast gave the impression that the driest areas would receive significant moisture, but this has not been the case, and the top agricultural state of Mato Grosso has stayed very dry.
• Brazilian soybean planting for 23/24 is now 68% complete as of November 16 and has advanced just 7 points from the previous week. It is way below the pace of 80% from last year.

• All three wheat contracts are trading slightly higher this morning with support from both corn and soybeans. Yesterday, KC wheat managed to not take out its contract low.
• Yesterday’s crop progress report showed winter wheat plantings at 95% complete, emergence at 87% compared to 86% a year ago, and the good to excellent rating at 48% rising a point from last week.
• Yesterday’s export inspections of 13.2 mb were better than the previous weeks, but exports are still over 90 mb behind last year.
• Ukraine is expecting their winter wheat harvest between 18 and 20 mmt for 2024 with planting on par with the previous year.

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 small amounts of rain begin to fall in Brazil, but planting there remains well behind schedule for soybeans which will impact safrinha corn.
• With soybean planting in Brazil delayed and some needing to be replanted, the timing for corn planting is becoming a concern, and there have been reports that some seed orders were cancelled all together.
• Corn prices continue to rise in Brazil due to a lack of farmer selling and worries about the delayed planting, and this could translate to higher corn prices in the U.S.
• Friday’s CFTC report showed non-commercials buying back 5,102 contracts of corn as of November 14 which decreased their short position to 163,486 contracts.

• Soybeans opened lower last night due to volatility from the Presidential election in Argentina, but are currently trading higher now that the results have been confirmed.
• Javier Milei won the election in Argentina which is seen as bearish for commodities as he may work with grain and livestock producers there to eliminate agricultural taxes and caps that would make it easier for the country to export.
• In the driest areas of Brazil, there have been many reports of farmers being forced to abandon their soybeans in favor of planting cotton or another crop in Mato Grosso.
• Friday’s CFTC report showed funds as net buyers of soybeans increasing their net long position by 19,315 contracts to 87,913 contracts.

• All three wheat contracts are lower again this morning with Chicago trading near its recent lows and KC making new contract lows on a lack of export strength.
• The continued bearish pressure on wheat has been the dismal U.S. export demand and the availability of extremely cheap Russian wheat offers.
• Ukraine can potentially harvest between 18 and 20 mmt of winter wheat in 2024 as farmers have now planted approximately 9.9 million acres.
• Friday’s CFTC report showed funds buying back wheat for the second week in a row, this time buying 2,951 contracts and reducing their net short position to 89,311 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 lower to begin the day as it remains in its trading range of $4.61 and $4.80 in December. The incoming large supplies of corn have pressured prices.
• Yesterday, corn and soybeans were pulled lower by a new forecast for Brazil that featured better chances for rain through Thanksgiving, but corn managed to end the day higher.
• World grain stockpiles at the end of the 23/24 season are now called higher at 585 mmt due to an increase in corn stockpiles to 285 mmt from 283 mmt.
• U.S. corn consumption for ethanol has been strong and has kept prices from slipping lower. Ethanol margins have risen to an average of $1.19 per gallon, a favorable price for processors. 

• Soybeans are trading lower after yesterday’s bearish Brazilian weather forecast while soybean meal is lower and oil is higher. Export sales yesterday were a marketing year high.
• While soybeans previously benefitted from a hot and dry South American forecast, the inclusion of better chances for rain in the driest areas of Brazil over the next two weeks caused prices to sell off sharply yesterday. After Thanksgiving, weather is expected to turn dry again.
• Yesterday, the USDA reported 144 mb of soybean sales for last week plus a new sale of 8.1 mb to unknown destinations. China has been the largest buyer over the past few weeks.
• Argentinian farmers are intending to increase their planted soy acreage this season after the drought damaged some of their early corn. They are increasing acres by nearly 500,000.

• All three wheat contracts are lower this morning with KC posting the most losses and a new contract low. Despite the low prices, Russian wheat remains at a discount.
• Export sales were poor again yesterday at just 6.5 mb for last week, and now near the halfway point of the season, only 267 mb of wheat have shipped, 20% less than a year ago at this time.
• On the heels of last year’s extreme drought in Argentina, more dry conditions this season have limited the wheat crop to 15.0 mmt which would be the second smallest crop in eight years.
• Western Australia’s wheat outlook has been cut as well due to hot and dry weather with the new estimate down to 7.85 mmt from October’s guess of 8.13 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 slightly lower this morning with pressure from lower soybeans, rain in the Brazilian forecast, and large domestic supplies.
• U.S. harvest conditions have been favorable and the work is about wrapped up. Despite the lack of rain this growing season, harvest is estimated to bring a record 15.234 billion bushels of new corn.
• U.S. ethanol stocks were unchanged at 21m bbl, below analyst expectations of 21.353. Plant production was at 1.047m b/d, slightly below the trade guess.
• Export sales of corn will be released today, and the trade range is between 900k and 1,700k tons with an average guess of 1,203k tons.

• Soybeans are lower this morning following changes in the Brazilian forecast and after Biden’s meeting with Chinese president Xi. Both soybean meal and oil are lower.
• Soybeans have owed a large portion of their rally to dry South American weather, so now that rain is expected from Sunday to the end of November or longer, prices have retreated.
• Yesterday’s NOPA report showed a record 187.237 mb of soybeans crushed in October, an all-time high for any month and above analyst expectations.
• Export sales for soybeans will also be released today and the trade range is between 2,900k and 4,500k tons with an average of 3,431k following a slew of sales to China.

•  
• Wheat is lower again this morning remaining near its recent lows with Chicago wheat posting the bulk of the losses as poor export demand keeps prices down.
• U.S. wheat exports are at a 52 year low, and even Europe is struggling to export their wheat due to the availability of extremely cheap Russian offers.
• Today’s export sales report is expected to show another low number for wheat with the trade range between 250k and 500k tons with the average guess at 355k.
• While Australia’s wheat crop has struggled with hot and dry conditions, harvest has been ahead of pace with yields so far coming in better than expected, but still more than a third below last year.

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 this morning with underlying support from higher trade in both soybeans and wheat.
• A prominent Brazilian crop analyst lowered his Brazil corn production total to 121 million tons this week, this compares to the USDA’s November estimate at 129 million tons. 
• The US weather outlook looks mostly favorable for harvest and fall field work conditions for the rest of this week before a system is expected this weekend and into early next week.
• Private exporters announced the sale of 4 million bushels of corn for delivery to Mexico during the current marketing year yesterday, this was following Monday’s announced sale of 5.7 million bushels of Mexico. 

• Soybeans are higher this morning leading the gains in the grain complex, soybean meal and oil are also higher. 
• A large part of this rally has been due to South American weather, the afternoon weather model run yesterday backed off on rain totals and continued with a warmer than normal bias for currently stressed west and central regions of Brazil into the end of November.
• NOPA soybean crush data set to be released later today is expected to show October’s US soybean crush at an all-time high of 187.237 million bushels. If realized this crush number would be up 13.2% from September and surpass the previous all-time monthly record crush of 186.438 million bushels set in December 2021. 
• Though showing no sign of the resistance this morning, front month continuous soybean futures closed yesterday right at the 200-day moving average. Front month soybeans have not closed above the 200-day since April 20th.  

• Wheat is trading slightly higher this morning after yesterday’s massive break lower in the US dollar index. 
• The US dollar index posted it’s largest daily loss in nearly a year yesterday as US CPI data showed that underlying inflation slowed in October, increasing the odds that the Federal Reserve is done raising interest rates. 
• The European Union’s soft-wheat exports since July 1st are down nearly 3 million tons compared to the same period last year. 
• Beneficial rains for the US southern Plains are expected early next week, while amounts do not look heavy this should be a good boost to the recently planted wheat ahead of winter dormancy. 

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 due to a new forecast for driest areas of central and northeastern Brazil that is showing moderate rain amounts over the next 7 days.
• Yesterday afternoon, the USDA said that 88% of the corn crop has been harvested which was slightly below trade expectations but above the 5-year average of 86%.
• Yesterday, Brazilian corn futures went limit up due to a lack of farmer selling and a a major decline in the purchases of safrinha corn seed.
• Yesterday’s CFTC data showed non-commercials adding to their short position by 24,156 contracts for the week ending November 7 increasing their net short position to 168,588 contracts.

• Soybeans are lower this morning along with corn after yesterday’s impressive rally lead by soybean meal. Today, soybean meal is lower while soybean oil is higher.
• A large part of this rally has been due to South American weather, so this wetter change in the forecast may pressure prices. On the other hand, the already wet parts of southern Brazil will be in worse shape.
• Yesterday’s crop progress report showed 95% of the soybean crop harvested which was slightly below the average trade guess but still higher than the 5-year average.
• Yesterday’s CFTC data showed funds as net buyers as of November 7 adding 45,445 contracts to their net long position bringing it to 68,598 contracts.

•  Wheat is trading lower this morning and although it closed higher yesterday, it did not get as much support from the rest of the grain complex as trade would have liked to see.
• Prices remain near contract lows due to poor export sales. Yesterday, weekly export inspections were a meager 207k tons, down 26% from the previous year.
• Crop progress showed 93% of the winter wheat crop planted which was in line with the 5-year average. 81% of the crop is emerged, and 47% was rated good to excellent, down 3 points from last week.
• Yesterday’s CFTC report showed non-commercials offsetting some of their net short position by 9,313 contracts reducing their net short position to 92,262 contracts.

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

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