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All prices as of 6:30 am Central Time

• Corn is trading slightly lower to unchanged this morning as it stays near its lowest prices of the year. Last week’s WASDE report showed ending stocks of corn above 2 bb adding pressure.
• In Brazil, 37% of the corn crop is reportedly planted despite continued hot and dry conditions in the central and northern regions and more rain in the already flooded southern region.
• Ukraine’s grain harvest is ahead of last year’s by 42% with 21.2 mmt of corn harvested, more than double from last year’s 9.6 mmt at this time.
• In Argentina, dry conditions are still a problem, but light rains are expected early this week. 25% of Argentina’s corn has been planted so far.

• Soybeans are trading higher this morning as higher soybean meal provides support with strong demand, but soybean oil continues to trend lower.
• The USDA announced over 100 million bushels of soybean sales last week which were mainly to China in a big turn around from the low exports a few months ago.
• Brazilian farmers have planted 61.28% of their 23/24 soybean crop which compared to 73.44% at this time last year as dry conditions slow things down.
• Ahead of the meeting between Joe Biden and Chinese president Xi Jinping, China has appeared to improve soybean diplomacy and closer ties with the US.

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• All three wheat products are lower this morning with KC and Minneapolis only slightly off their lows. The lack of export demand has put significant pressure on prices.
• In last week’s WASDE report, Russian wheat production was estimated higher by 5 mmt to 90 mmt, but world wheat ending stocks are still forecast to be the lowest in 15 years.
• Sales and shipments of US wheat for 23/24 are down 6% from a year ago, and this is on pace for the lowest export total in over 50 years.
• The pace of the French wheat harvest has slowed down due to waterlogged fields and heavy rainfall in key growing areas dropping the pace below the 5-year average.

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 but has traded either side of unchanged in the overnight session after yesterday’s WASDE fueled selloff
• Yesterday, the USDA revised their estimate of the national corn yield much higher than traders had anticipated from 174 bpa to 174.9 bpa which increased the already large ending stocks.
• December corn had its lowest close since September of 2021 as prices are under pressure from large ending stocks and poor export demand.
• South American weather remains either too hot and dry or too wet depending on the region, and this has caused planting delays that will carry on to delay corn plantings.

• Soybeans are slightly lower again this morning after yesterday’s selloff reaction to the WASDE report, although the reported numbers weren’t extremely bearish.
• The USDA increased the national soybean yield slightly to 49.9 bpa from 49.6 bpa which caused a negative reaction because estimates called for yields to be unchanged, but it was not a large adjustment and increased ending stocks only slightly to a still tight 245 mb.
• The Brazilian forecast remains hot and dry, but recent GFS models have added slight chances of rainfall in the northern part of Mato Grosso in about 10 days.
• Malaysian October palm oil inventories are at a 4-year high at the end of October despite greater than expected exports. Inventories rose by 5.84% from the previous month.

• All three wheat contracts are slightly lower this morning but have stayed away from their recent lows in a potential attempt to make a bottom.
• Yesterday, the USDA lowered wheat production in both Argentina and India but raised production in Russia which resulted in a slightly higher ending stocks number.
• A ship carrying over 35,000 metric tons of French wheat is headed to New York as imports surge due to a decline in the domestic harvest.
• Ukrainian grain deliveries to Black Sea ports have risen over the past week due to the successful implementation of their own export corridor. Exports have primarily been to Africa and Europe. 

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 rally, but prices remain very rangebound and near contract lows.
• There has been some support from hot and dry South American weather, but this has primarily benefited soybeans as plantings have been delayed.
• Estimates for today’s WASDE report are calling for the corn yield to increase slightly from 173 bpa to 173.3, for ending stocks to rise slightly, but world stocks to decline.
• Managed money has added to their already large net short position lately and it appears that they are preparing for a bearish report.

• Soybeans are trading slightly higher this morning but gave back their large gains from yesterday morning as trade quiets down ahead of today’s WASDE report.
• Soybean meal made new contract highs yesterday thanks to strong export demand, but soybean oil has been trending lower along with lower crude oil and world veg oils.
• Today’s USDA report is expecting soybean yields to remain steady to slightly lower with ending stocks rising 3 mb due to adjustments in demand. World ending stocks are expected to decline slightly.
• Despite the hot and dry weather, CONAB has slightly raised its forecast for soybean production over the 23/24 season. They are estimating a crop of 162.4 mmt, but the growing season has not started off well.

• Wheat is lower this morning but posted solid gains of 22 cents yesterday in the December Chicago contract. Overall, lack of export demand has seriously depressed prices.
• The net short positions held by managed money over all three wheat contracts is close to a record short. Any friendly news at this point could cause short covering.
• Today’s WASDE report estimates are that US wheat ending stocks will remain unchanged at 670 mb, but that world ending stocks could decrease slightly as many countries deal with adverse weather.
• The Argentinian wheat crop forecast has been cut by 5.6% to 13.5 mmt by the Rosario Board of Trade. It is expected to be just 1.7 mmt larger than last year’s drought 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 higher this morning as the entire grain complex bounces back from yesterday’s selloff. The move higher comes even as crude oil is lower this morning.
• Yesterday, open interest in corn futures jumped to the largest levels in almost two years which could indicate that the non-commercials are growing their net short position.
• Estimates for ethanol production are being called higher than last week by analysts at 1.058m b/d with the stockpile expected to grow to around 21.222m bbl.
• Yesterday, the USDA released their long-term baseline projections and estimated that the 24/25 corn crop will have 91 million acres of corn with 181 bpa.

• Soybeans are sharply higher again this morning and have more than made up for yesterday’s losses taking out the high from yesterday with support from both soybean meal and oil.
• Soybean oil is only slightly higher as it is being held back by lower crude oil, but soybean meal continues its rally making a new contract high thanks to very strong export demand.
• In the driest areas of Brazil, some scattered showers are expected this week, but the most recent forecast significantly cut the chances of further showers in the following week.
• Yesterday, China made the largest single day US soybean purchase in over three months in the amount of 10 cargoes or 600,000 metric tons for shipment out of the Gulf.

• Wheat is trading higher this morning and has made back yesterday’s losses. Despite the sharp selloff in corn yesterday, wheat managed to stay above its recent lows.
• Argentina is now set to produce just 14.5 mmt of wheat for 23/24, a 2 mmt decline from previous estimates due to extremely dry conditions.
• In France, heavy rainfall over the past two weeks has brought grain sowing to a near halt, and lower wheat yields are now expected in some growing regions.
• Although focus has largely shifted away from the Russian/Ukrainian war and towards the Middle East, exports from Ukraine between July 1 and November 6 have fallen from 14.3 mmt last year to 9.8 mmt this 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 lower this morning in what appears to be a risk off day for all commodities with the dollar higher and crude oil lower.
• Yesterday evening, the USDA released the crop progress report which showed the corn crop at 81% harvested, slightly below the average trade guess but above the 5-year average of 77%.
• On Thursday the USDA will release the WASDE report, and the average trade guesses are for yields to be slightly increased to 173.2 bpa, and for ending stocks to increase by 18 mb.
• The USDA attaché in Brazil sees their 23/24 corn crop at 130 mmt. Planted acreage is expected to decline due to tight profit margins.

• Soybeans are slightly lower with the rest of the grain complex this morning but remain elevated and are firmly above the 100-day moving average. 
• Soybean meal is bull spread with the two front months higher and deferred contracts lower, and soybean oil is lower with a decline in crude oil today. Crush margins remain supportive.
• Crop progress saw the soybean harvest at 91% complete, slightly below the average trade guess, but still above the 5-year average of 86%.
• Thursday’s WASDE report will be interesting and we will see how much, if at all, they lower yields. The average trade guess expects a decline in yields of just 0.1 bpa, so little change is expected.

• All three wheat contracts are lower this morning in the general risk off environment today, but yesterday’s poor export inspections have added more pressure.
• Export inspections were just 71,608 metric tons which was far below trade guesses, and was an all time low in records that date back as far as 1983. 
• The hot and dry weather conditions remain a concern in Brazil and Argentina, and wheat volume available to export are expected to shrink. Argentinian production may total just 14.5 mmt.
• Crop progress showed winter wheat at 90% planted, 75% emerged, and rated 50% good to excellent. The crop rating was above the trade guess, and above the 30% a year ago at this time.

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 they find support from a lower dollar, higher crude oil, and higher soybeans.
• Weather in the US is dry, and the seven day forecast for the Corn Belt is very dry as well which should help wrap up harvest. South America remains dry and is becoming a concern.
• This Thursday, the USDA will release their WASDE report, and many analysts are expecting that the national corn yield will be increased closer to 173.3 bpa as reports of good yields are coming in.
• Friday’s CFTC data showed funds as net sellers for the week ending October 31 increasing their net short position by 44,002 contracts to 144,432 contracts.

• Soybeans are firmly higher again this morning after two consecutive days of strong gains. The November contract has broken solidly above the 100-day moving average which had been tough resistance.
• Soybean meal is bear spread this morning with the two front months lower, but still near contract highs. Soybean oil is higher thanks to higher palm oil and crude oil.
• South American weather has been a key part in this rally with the northern areas of Brazil and Argentina very dry with hotter conditions incoming which will force some to replant. Southern Brazil is far too wet and continues to flood.
• Friday’s CFTC report showed non-commercials as buyers of 15,400 contracts which increased their net long position to 23,153 contracts.

• Wheat is lower this morning with KC and Minneapolis slightly off their recent lows. Both contracts did manage to put in a small reversal last week.
• Over the weekend, Russian air strikes hit the Ukrainian port of Odesa wounding eight, damaging the port, and a nearby museum. This type of news has done little to get traders excited lately.
• The expansion of winter wheat planted acreage in the northern hemisphere is expected to be limited in 2024 due to depressed prices.
• Friday’s CFTC report showed non-commercials continuing to add to their short position. They sold 9,321 contracts increasing their net short position to 101,575 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 this morning as it continues to slide, and earlier, December corn came just 1 tick away from its contract low set in September at 4.67-3/4.
• On Monday, 85% of the corn crop was said to be harvested and mostly clear weather this week likely saw a good amount of progress made. Prices are struggling with the arrival of nearly 15 bb of new corn from harvest.
• Yesterday, the USDA reported corn export sales at 29.5 mb which was on the low side, and Mexico was a top buyer picking up more than half of the total sales.
• According to the Buenos Aires Grain Exchange, 23% of Argentina’s corn crop has been planted, but Brazil will mostly hold off on planting their second crop corn for another few months.

• Soybeans are trading higher again after yesterday’s solid gains. The combination of tight US ending stocks and South American weather concerns may be enough to see soybeans break out of their range.
• There has been some talk amongst analysts that estimates for the national soybean yield are too high, and that the USDA could reduce that number in next week’s WASDE. This could bring ending stocks even lower than 220 mb.
• Yesterday’s export sales were good at 37.1 mb, but shipments were great at  73.2 mb, and China was listed as the top buyer.
• A global deficit of vegetable oil next year is very possible due to the El Nino pattern disrupting weather, and demand remains very strong.

• Wheat is trading slightly lower this morning but did see some mild gains yesterday as prices moved off of their lows. Poor export sales did not help prices.
• FAO-AMIS has cut its estimate of the world wheat stockpiles for 23/24 to 315.1 mmt which is down from last month’s 319.3 mmt.
• Expansion of winter wheat areas in the US and Canada for next year are expected to be limited due to the poor crop prices this year.
• Ukrainian food exports have risen by 15% in October to 4.8 mmt due to the creation of their own humanitarian corridor which primarily shipped grains to Europe and Africa.

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 remain near their lows on a lack of fresh bullish news.
• Export sales will be released today, and the average analyst guess is between 600k tons and 1,200k tons with an average of 920k. Sales will likely be below last weeks.
• Yesterday, the US Department of Energy said that ethanol stocks fell by 1.8% to 21.012m bbl, and analyst expectations were 21.402. Production was slightly higher than survey averages.
• There is virtually no rain on the radar this morning in the Corn Belt and the 7-day forecast is very dry which should see harvest activity pick up as crops dry out.

• Soybeans are beginning the day higher with support from both soybean meal and oil, with crude oil higher as well. Soybeans are near the top of their recent trade range.
• Yesterday’s US crush report was friendly with 175 mb of soybeans crushed in September, 4.3% higher than the same time last year.
• Today’s export sales report is expected to show soybean sales between 900k tons and 1,500k tons with an average of 920k. There are rumors that China is purchasing soybeans out of the PNW.
• StoneX has raised their outlook for US corn output but has cut their estimates for soybeans, and it is possible that the USDA might lower their estimate for yields in the next WASDE report.

• Wheat is mixed this morning with Chicago and KC lower while Minneapolis is slightly higher. Both KC and Minn wheat remain near their recent lows.
• Wheat export sales are expected to be lackluster again this week with trade expecting between 300k tons and 600k tons in sales.
• Export demand remains a challenge for the US wheat market, and currently, US SRW prices are on par with the EU and Baltic offerings.  While US HRW is $30/tonne over Germany and $50/tonne over Russia.
• Despite Australia’s smaller than anticipated wheat crop due to drought, China has been an active buyer as it leaves US wheat as a last resort.

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

• With little fresh news to move the market, corn is trading slightly higher this morning within a tight 1 1/2-2 cent range.
• The EIA will release its weekly ethanol production report today, estimates for production range from 1,030k bbl/day to 1,052k bbl/day versus 1,040k bbl/day the previous week.
• South American crop watcher, Dr. Michael Cordonnier adjusted his Brazilian corn production estimate down 2 mmt to 123 mmt, based on the lower plantings due to delays and lower domestic prices.  While he lowered Brazilian production, Cordonnier left Argentine corn production unchanged 52 mmt. For comparison, the current USDA estimates 129 mmt and 55 mmt for Brazil and Argentina respectively.

• Soybeans are showing minor losses this morning along with soybean meal, though bean oil is slightly higher along with higher palm and crude oil.
• The EIA reported on biodiesel and renewable diesel capacity yesterday and while both numbers steady for Aug’23 at 2.080 bil. gal and 3.704 bil. gal respectively from last month, renewable diesel capacity increased 74% from Aug. last year.  For use, the amount of soybean oil consumed in Aug ’23 fell 6% from the previous month but was 29% higher than Aug ’22.
• South American crop watcher Cordonnier lowered his estimate for Brazil’s soybean production down 2 mmt to 160 mmt, due to lower yields and the potential of lower acres from replanting.  The USDA’s current estimate is 163 mmt.   He kept his Argentine estimate unchanged at 50 mmt, which remains above the USDA’s 48 mmt estimate.
• Argentina is seeing much needed rains, while Brazil continues to be a mixed bag with too much rain in the south, too little in the north and east, with showers in the central areas.
• There is also talk that Argentina may see some corn acres switched to soybeans.

• Led by KC, the wheat complex is higher this morning as the markets try to recover some of yesterday’s losses.
• There is talk that China’s milling wheat supplies are low and that they are buying French and Australian wheat.  While it’s not new to the market, it’s been reported that China will likely import a record 12 mmt of wheat in 2023.  The question is, how much of the business will the US receive if Australia and others run low on supplies.
• Export demand remains a challenge for the US wheat market, and currently, US SRW prices are on par with the EU and Baltic offerings.  While US HRW is $30/tonne over Germany and $50/tonne over Russia.
• Russia continues to dominate the world wheat market with prices in the $220-$230 range.

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 this morning but near the bottom of its range with little fresh news to go on.
• Crude oil is up slightly after yesterday’s selloff which could be supportive to ethanol, but ethanol margins have also been mostly rangebound.
• Yesterday’s crop progress report showed corn at 71% harvested which was above the average trade guess and up from 59% a week ago.
• A fire at a key Brazilian port is delaying grain shipments which have already struggled to be transported due to low water levels in Amazonian rivers.

• Soybeans are mixed with the Nov contract lower, Jan slightly higher, and deferred contracts unchanged. Weather has improved slightly in South America, but in the US, poor yields are being reported in the western Plains.
• Yesterday’s crop progress report said that the soybean crop was 85% harvested which was in line with trade guesses and above the 5-year average of 78%.
•  Brazil’s 23/24 soybean planting has reached 40% completion of the expected area, but this pace is behind last year’s 46% at this time.
• With reports of poor soybean yields coming in in the US, it is possible that the USDA may reduce their production estimate of 4.104 bb. Ending stocks are already tight at 220 mb.

• All three wheat contracts are trading lower this morning, but December KC has not taken out its contract low from yesterday. The lack of export demand has significantly pressured wheat prices.
• The US winter wheat crop is looking promising with good weather conditions, and yesterday, the USDA said that 84% of the crop has been planted with 64% emerged, on track with its average pace. The USDA also said that 47% of the crop was rated good to excellent, up from 28% last year.
• In Brazil, unfavorable weather conditions during their wheat harvest have led to quality concerns and have caused prices to move higher.
• China is set to import record volumes of wheat this year due to damage to their crop, and they have been purchasing large amounts of Australian and French wheat. 

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

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