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All prices as of 6:30 am Central Time

• Corn is trading slightly lower this morning and is near the bottom of its trading range as forecasts for the driest parts of central and northern Brazil begin to show improved rain chances through the end of the month.
• Yesterday, open interest in corn rose by nearly 50,000 contracts which suggests that funds are adding onto their short position in response to rising shipping costs.
• With rebels attacking in the Red Sea region and low water levels in the Panama Canal, shipping costs globally are rising, and this will likely effect costs in the US.
• Brazilian first crop corn planting is now reportedly 96.8% complete as of December 15 which compares with 94.4% last year.

• Soybean futures are lower this morning and have given back all of yesterday’s gains as scattered showers fall in Brazil with a friendlier long-term forecast.
• Yesterday’s rally can be attributed to Argentina’s proposal to increase export taxes on soybean meal and oil to 33% from 31%. Trade had initially expected the Argentine government to enact policy that was more friendly to producers.
• Both soybean meal and oil are trading lower this morning, and the recent selloff in both has caused crush margins to slip slightly.
• Brazilian soybean planting is now reported at 94% as of December 14 which compares with 91% the previous year, but some has had to be replanted or was planted in extremely hot and dry conditions.

• All three wheat classes are trading slightly lower this morning but were higher overnight as rumors circulate that China may be looking to buy more US wheat.
• There was a tender overnight issued by Egypt to buy wheat from Russia which comes after it purchased a large volume yesterday. The theme of the world relying on Russia for cheap wheat has been a constant bearish factor.
• In northern France, some sowings are looking unlikely to be completed due to overly wet conditions. Nearly 10% of planned soft wheat areas are unsown in France.
• Ukraine’s demand for wheat and other grains out of the Danube River has begun to slip as shipping costs rise and more wheat leaves via the Black Sea 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 trading slightly lower this morning with prices in a consolidating pattern as rainfall over the weekend in Brazil adds pressure.
• A new estimate from Safras & Mercado shows Brazilian corn production cut to 129.2 mmt which compares to 135.7 mmt in September and 140.9 mmt the previous year due to a 5.4% decline in planted acres.
• The Biden Administration has revealed their plan for sustainable aviation using corn ethanol in jet fuel in a long awaited plan that should boost demand.
• Friday’s CFTC data showed funds as buyers of corn last week by 8,963 contracts which reduced their large net short position to 151,570 contracts.

• Soybeans are trading lower along with the rest of the grain complex to start the week due to weekend rainfalls in Brazil, but products are steadier with meal essentially unchanged and soybean oil slightly higher.
• Last week, Brazil dealt with 7-days of heat and dryness, but the the pattern has changed to show more moisture and is expected to continue through January which could add more pressure to prices.
• The USDA’s last estimate for Brazilian production was 161 mmt, but some private analysts expect a slightly lower number near 157 mmt.
• Friday’s CFTC data showed funds as net sellers of soybeans by 5,784 contracts bringing their net long position down to 30,849 contracts. They also sold 25,462 contracts of meal reducing that net long position to 92,720 contracts.

• All three wheat classes are trading lower this morning. The Chinese sales two weeks ago gave traders some encouragement, but there has been a lack of business done since then.
• India had previously floated the idea of importing wheat from Russia as poor weather had damaged their own crop, but this idea has now been abandoned.
• Unsurprisingly, Russia has said that it had no interest in restarting the Black Sea grain deal stating that it was a political decision but also that Russia had plenty of buyers for its grain.
• Friday’s CFTC report showed funds buying back a large chunk of their net short position by 26,693 contracts which reduced their net short position to 69,529 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 unchanged to slightly higher this morning in quiet trade that remains rangebound. The March contract is on track for a weekly loss of around 5 cents.
• CONAB in Brazil has estimated their corn crop lower at 118.5 mmt from 137 mmt last year due to fewer acres with many of them damaged by the flooding in southern Brazil.
• With reduced production of Brazil’s first crop corn, the second crop that will be planted over the next few months is more important, but will likely be delayed as a result of harvesting delays in soybeans.
• Yesterday’s export sales report was strong again, and total shipments this year are up 32% from the previous year. Mexico has been responsible for nearly half of the corn purchases.

• Soybeans are trading slightly higher this morning and are on track for a small weekly gain as prices consolidate above the 200-day moving average.
• Soybean meal is trading higher this morning and is nearly unchanged on the week while soybean oil is bear spread and on track for a small weekly loss.
• Argentina had shut down its office for export licenses on Monday but it has reopened today, and so far its new policy changes have caused a 54% reduction in the value of the Argentinian peso.
• While the soy crop in Brazil is dealing with hot and dry conditions for another few days, Argentina has fared much better, and 60% of their bean crop is planted with only 4% in poor condition.

• Wheat is mixed this morning with Chicago and KC slightly lower but Minneapolis maintaining higher prices. The March Chicago contract is on track to be unchanged for the week.
• Yesterday’s export sales report which saw 54.8 mb of wheat sold the previous week was very impressive and the largest one-week sale since 2020 with China as the primary buyer.
• In the US, rains are expected to fall between Nebraska and central Texas today which should benefit the winter wheat crop, but better chances in the southern Plains will come towards the end of the year.
• Russia’s cheap wheat offers continue to keep global prices down, but the US has gotten cheap enough in the past few weeks to pick up some of that export business.

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 along with the rest of the grain complex following yesterday’s Fed announcement that rates would remain unchanged. This caused the dollar to move lower.
• While US corn is near the low end of trade, Brazilian corn futures are trading at the equivalent of $6.31 a bushel making US corn much more competitive.
• Yesterday’s report from the Energy Department showed last week’s ethanol production at 1.074 million bpd, a strong pace that shows good demand.
• Estimates for today’s export sales report are calling for corn sales between 800k and 1,600k tons with an average of 1,245k tons. Sales are expected to be good but likely lower than last week’s.

• Soybeans are trading higher along with both soybean meal and oil with help from the decline in the US Dollar which makes US soy products more competitive.
• Yesterday’s selloff was due to Argentina’s suspension of their export licenses and likely their selling of what soybean meal  producers had left.
• Soybean meal prices in the US have sold off sharply now that trade is expecting Argentina to produce a normal soy crop and fulfill their typical crushing capacity which will give them the ability to export large amounts of meal.
• With the prices of both soybean meal and oil falling this week, US crush margins have fallen, but this may be temporary as cash meal in Illinois closed $36 above the January futures.

• All three wheat classes are trading higher this morning with the March Chicago contract in a bull flag formation that is hugging the 100-day moving average. A strong close above that average could trigger more short covering.
• Estimates for today’s export sales in wheat are expected to be strong thanks to all the Chinese purchases and the trade range is between 1,260k and 2,000k tons, far above last week’s 347k.
• Most winter wheat crops are looking good for the most part expect for in Europe where too much rain has kept the entire crop from getting planted. In the US, the crop could use more moisture.
• The Argentinian wheat crop is now expected to increase by 7.4% to 14.5 mmt after recent beneficial rains. This is up from the last guess at 13.5 mmt, and harvest is 57% complete.

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 giving back most of the gains posted yesterday.
• Today’s EIA ethanol report is expected to show ethanol production backing off from last week’s 5 month high, with ethanol stocks growing slightly week over week. 
• The Biden Administration is expected to announce this week guidance on whether corn-based sustainable aviation fuel will qualify for government subsidies.
• Brazil’s Agrivest says purchases of fertilizer and corn seed are down 18-20% compared to a year ago as farmers eye second crop corn planting in early 2024. 

• Soybeans are trading lower this morning as heavier rain totals are forecast in the driest regions of Brazil starting late next week through January. 
• Weather conditions look to remain mostly favorable for Argentina over the next two weeks continuing to support early crop development. 
• Newly elect Argentine President Milei is expected to announce this week many of his reforms which could have an impact on global soybean meal trade given Argentina’s large impact in that market. 
• Brazil’s ABIOVE lowered their Brazilian soybean production forecast to 161.9 million tons this week, down 2.8 million tons from their previous estimate, but above the USDA’s December estimate of 161 million tons.  

• All three wheat classes are trading lower this morning after yesterday’s rally.
• Argus said this week that Ukraine’s wheat production could be a 12-year low in 2024 due to lower planted area. 
• EU soft red wheat exports through December 10 were estimated at 13.61 million tons compared to 15.85 million a year ago.
• A low pressure system is expected to move slowly across much of the US central plains this week bringing welcome moisture.

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

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

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

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

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

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

All prices as of 6:30 am Central Time

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

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

• Wheat is trading lower this morning but remains in an uptrend with prices hugging just below the 100-day moving average. Renewed buying interest from China has been supportive.
• Last week, China purchased 41.2 mb of soft red winter wheat from the U.S. which put total purchases above 80 mb, more than China purchased last year.
• Ukraine is expecting to harvest a record 59.7 mmt of grain with wheat making up 22.2 mmt. The ongoing struggle will be safely exporting their grain.
• Friday’s CFTC report showed funds buying back 23,764 contracts of wheat which brought their net short position to 96,222 contracts.

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading near unchanged in a tight 2 1/2 cent range in anticipation of today’s USDA WASDE update.
• Weekly export sales were released yesterday.  Weekly corn sales came in at just under 51 mb, with the total commitment at 1.014 bb, 35% higher than last year.
• The USDA will release the next WASDE report today at 11:00 a.m. CST. Expectations are for slight reductions in US corn ending stocks due to small demand adjustments from 2.156 billion bushels to 2.152 billion bushels. 
• CONAB estimated the Brazilian corn crop at 118 mmt, down from the USDA’s last estimate of 129 mmt.  Current trade estimates that the USDA will put that crop at 127 mmt in today’s report.

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

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

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

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

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

All prices as of 6:30 am Central Time

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

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

• Wheat futures are mostly higher across the board as Minneapolis and KC attempt to regain some of yesterday’s losses and Chicago builds on yesterday’s small gain.
• The USDA announced another large private sale of SRW wheat to China totaling 327,000 mt yesterday.  This on the heels of two other purchases earlier in the week and brings total SRW sales to China near 145 mb, which equals the USDA’s estimate.
• Estimates for today’s USDA wheat export sales update range between 250,000 mt and 800,000 mt.  Last week, the USDA reported 635,000 mt in wheat sales.
• With the added Chinese purchases, US SRW ending stocks are declining.  This could be lending support to the Chicago contracts and triggering some fund short covering of their estimated 97,000 contract short position.

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading higher again this morning and is on track for a sixth consecutively higher close if prices remain here. Funds hold a large net short position and may be buying contracts back.
• Brazil previously took the U.S.’s spot as the number one exporter of corn, but now it is expected to slip back to second place thanks to a smaller winter corn crop.
• On Friday, the USDA will release their WASDE report and reveal the changes, if any, to the carryout which is already expected to be over 2.1 billion bushels.
• Some private analysts are expecting that Brazil’s corn production will fall between 10 and 15% due to the likelihood of a delayed soybean harvest.

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

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

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

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