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All prices as of 6:30 am Central Time

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

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

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

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

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

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

All prices as of 6:30 am Central Time

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

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

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

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

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

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

All prices as of 6:30 am Central Time

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

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

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

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

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

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

All prices as of 6:30 am Central Time

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

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

• All three wheat classes are trading slightly higher this morning and are the only grain trading higher. March wheat is on track for around a 15-cent gain on the week.
• Demand fell to extremely low levels for US wheat exports this year, and as a result, cash prices of KC wheat are on track for a 27% loss for the year.
• Estimates for today’s export sales report for wheat are low again between 200k and 600k tons with an average guess of 342k tons. There were no flash sales of wheat this week.
• Managed funds bought an estimate 4,000 contracts of wheat yesterday and currently hold a short position of around 50,000 contracts.

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

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

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

All prices as of 6:30 am Central Time

• Corn is unchanged to start the day  with the March contract continuing to trade rangebound to slightly lower. Large US ending stocks and an upcoming South American harvest are adding pressure.
• Demand for ethanol as well as good export demand has kept prices from falling much lower. Expectations for today’s EIA report see production lower at 1.062m b/d and stockpiles at 22.923 m bbl.
• The USDA’s last estimate for Brazilian corn production was 129 mmt, but Brazil’s estimates are lower at 118 mmt. Estimates for Argentina were at 55 mmt, but their final production could be higher.
• The decline in estimates for Brazilian corn production is due to planting delays of the first crop and likely planting delays of the second crop as the soybean harvest will be late.

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

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

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 currently trading slightly lower in a tight 1 3/4 cent range after Tuesday’s solid reopen to the shortened holiday week.
• Yesterday’s weekly export inspections report showed 1.082 mmt (42.6 mb) of corn inspected for export.  Currently, total inspections are 26% ahead of last year at this time and on track to hit the USDA’s forecast.
• South American weather continues to show improvement. Much needed rain is expected to favor the parched areas of northeastern Brazil. Argentina continues to see favorable weather, with current expectations for their corn crop weighing on US prices.
• Managed funds were active buyers in yesterday’s trade, buying an estimated 4,000 contracts of corn. They are currently estimated to hold a short position totaling 156,000 contracts.

• The soybean complex is trading lower this morning in a quiet 7-cent range. Both soybean meal and oil are also trading lower this morning.
• Forecasts continue to show rain for the dry areas of Brazil which should help to stabilize crop conditions. The much-improved conditions in Argentina from last year continues to weigh on soybean meal, which has steadily come off its high from mid-November.
• With the last large soybean sale to China reported on December 19, concerns are growing that they may have filled their needs for now and be done buying US beans.
• Managed funds were active buyers in the soybean market yesterday, buying an estimated 6,000 contracts. This would bring their current long position to an estimated 29,000 contracts.

• All three wheat classes are trading lower this morning in quiet trade. While most of Chicago and KC contracts have seen activity, only March and May Minneapolis have traded this morning. 
• Yesterday, the wheat complex posted strong gains as tensions in the Black Sea region escalated once again with an attack by Ukraine on a Russian warship in a Crimean port. Lately, Ukraine war news has been mostly brushed off by the markets in general, but with the end of the year approaching, this event likely triggered short covering.
• In general, world wheat demand has been increasing lately, but since Russia continues to be the cheapest origin, they have been the dominant source.
• Yesterday, managed funds were active buyers of Chicago wheat, buying an estimated 10,000 contracts. They currently hold an estimated short position totaling 58,000 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

• Early calls for corn futures look to open slightly lower this morning following a 10-cent loss in the March contract last week.
• On Friday, US Customs re-opened both of the rail lines that had been closed down at El Paso and Eagle Pass, but that had little bullish effect on corn which only closed higher by half a cent.
• Argentina is gearing up for a solid corn crop with excellent conditions early in the season. 59% of the crop is planted and all of it is rated good or better.
• Friday’s CFTC data showed non-commercials increasing their net short position by 26,355 contracts leaving them net short 127,570 contracts.

• Soybeans are called to open slightly higher at this point this morning but were dealt a loss of 16 cents last week in the January contract.
• Scattered showers are falling in central Brazil this morning while good rains fell last week and the extended forecast is wetter as well.
• Ag Rural has reported that 94% of the Brazilian soy crop has been planted, and the beans that are in pod fill will benefit from the current rainy forecast.
• Friday’s CFTC data showed non-commercials as sellers, reducing their net long position to just 1,998 contracts.

• Calls for the wheat open are unchanged to slightly lower following a loss of 13 cents last week for March Chicago wheat. Futures remain at the 100-day moving average and are in a bull pennant formation.
• It has been three weeks since a flash sale was reported to China, and while traders remain hopeful, Russia continues to dominate global exports.
• The re-opening of the two railways into Mexico should be friendly for wheat as well as corn as Mexico has been a steady buyer of all three classes of 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 futures are mixed this morning with slight gains in the front month and small losses in the deferred months. Yesterday’s export sales were supportive.
• Yesterday’s export sales report saw corn sales falling slightly from the previous week to 1,014k tons from 1,419k tons, but still a strong number. Shipments were 40 mb which was higher than a week ago.
• The railroad closures on the southern border remain a big issue as Mexico has been the primary buyer for US corn, and it has become increasingly difficult to export.
• Argentina is now 69% complete with their soybean planting for 23/24 from 60% last week and continue to plant in favorable conditions with good soil moisture.

• Soybeans are trading slightly higher this morning but have posted losses for the last 3 consecutive days with nearly 38 cents lost in that time frame.
• Both soybean meal and oil are trading higher this morning as well with help from higher palm and crude oil, but crush margins have tightened lately.
• Scattered showers are falling over central Brazil this morning, and the forecast into January still looks favorable for their soy crop. Production losses are still likely due to the early heat and drought.
• New projections from Rabobank concerning the Brazilian soybean crop now see 23/24 production at 158 mmt compared to the initial forecast of 163 mmt.

• All three wheat classes are trading slightly higher this morning, and wheat has held strong at the 100-day moving average in general. Positive news could cause a breakout to the upside.
• Yesterday’s export sales report showed very small amounts of wheat sold, especially compared to when China was making US purchases.
• Argentina dealt with a storm last week that targeted main growing areas, but the wheat crop has reportedly not been damaged and production of 14.7 mmt is expected.
• Wheat production in western Australia is expected to be cut by 40% compared to production the previous year. Unexpected frosts damaged the crop.

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 after making new contract lows yesterday and posting the lowest close of the year.
• Shipping issues globally have put pressure on futures with many routes in the Red Sea closed off due to attacks and shipping in the Panama Canal limited due to low water levels.
• Estimates for today’s export sales report see corn between 800k and 1,500k tons with an average trade guess of 1,019k tons.
• On Monday’s inspections report, out of the 35.5 mb of corn that was inspected, only 5.5 mb were inspected at the Gulf and 10 mb were out of the PNW showing the disruptive shipping issues.

• Soybeans are trading slightly lower again this morning as rains fall in Brazil and the forecast remains friendly there. Soybean meal is unchanged to slightly higher while soybean oil is lower.
• Brazil’s soybean output for 23/24 is now being called lower than last year’s at 156.5 mmt due to a 20% expected drop in production from the main growing state of Mato Grosso.
• To offset some of Brazil’s losses, Argentinian soybean production is now called higher at 47.9 mmt due to improved soil moisture levels in key areas.
• Expectations for today’s export sales report see soybean sales between 1,300 and 2,500k tons with an average guess of 1,984k. Considering that there was a flash sale every day last week, export numbers should be strong.

• All three wheat classes are trading slightly higher this morning as March Chicago wheat hugs the 100-day moving average and remains in a bull pennant formation which looks like may break higher technically.
• There have not been any reported flash sales by China since two weeks ago, but the fact that wheat has remained off its lows despite the lack of sales has been encouraging.
• Estimates for today’s export sales report are low with a lack of flash sales and are between 300k and 600k tons with an average guess of 425k tons.
• SovEcon has raised its estimate for the Russian 2024 wheat harvest by 1.5 mmt to 91.3 mmt as a result of good weather 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 slightly higher this morning as markets attempt to shake off some of yesterday’s losses. So far, prices are still rangebound, but March corn did have its lowest close of the year yesterday.
• Projections for the weekly ethanol output and stockpile report see production lower than last week at 1.067m b/d with stockpiles estimated at 22.098 m bbl, slightly lower than last week.
• Brazil has overtaken the US as China’s primary corn supplier and has maintained the top spot for soybeans. Out of the 22.18 mmt of corn imported by China, 40% was shipped from Brazil and 29% was from the US.
• Ever in an effort to diversify their imports, China has given Russia the right to supply corn from all of its regions. The US still has the competitive advantage globally.

• Soybeans are trading higher this morning with the majority of gains in the two front months while deferred contracts are only slightly higher.
• Both soybean meal and oil are slightly higher as well, but the overall trend has been lower as trade prepares for the Argentinian soy harvest and the large number of soy products that will be exported from the country.
• Scattered showers continue to fall in central and northern Brazil this morning and the overall forecast looks much better for January.
• Due to the heat and drought early in the season, Brazil’s largest soybean growing state, Mato Grosso, is expected to produce 20% fewer soybeans in 2024 with estimates at 36.15 mmt.

• All three wheat classes are trading lower this morning, but held their own yesterday while corn and soybeans were down significantly.
• March soybeans have been consolidating at the 100-day moving average and have also formed a bull pennant. Friendly news like a new Chinese sale could cause wheat to break out higher.
• The European Union’s soft wheat exports have dropped by 16% year over year in the season through December 17 as the world continues to look to Russia for their needs.
• Private analyst APK-Inform has increased their estimates for the 23/24 Ukrainian grain harvest to 56.3 mmt from previous estimates of 54.7 mmt. Wheat production is called at 21.5 mmt.

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

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