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All prices as of 6:30 am Central Time

• Corn is trading slightly lower this morning along with wheat, but yesterday corn followed wheat higher. Overall, large supplies are pressuring futures.
• Yesterday’s export inspections report showed corn inspections totaling 45.6 mb for the week ending November 30 with total inspections at 332 mb, up 27% from the previous year.
• Yesterday morning, Stats Canada revealed that their estimates of corn, wheat, and canola production were all higher than last month’s estimates and higher than trade estimates.
• There have now been 532 deliveries against the December corn contract. This is partially due to large amounts of traffic and poor conditions through the Panama Canal.

• Soybeans are trading slightly higher this morning after yesterday’s selloff as analysts in Brazil begin to estimate their production to be lower.
• Soybean meal is slightly higher while soybean oil is slightly lower following a strong crush report last week. Crush margins remain profitable despite the recent selloff.
• Brazilian soybean plantings are being reported as 85% complete which compares to 74% last week and 91% a year ago. Progress has improved with better weather forecasts.
• Brazil is predicting that 4.2% of soybeans in its main growing state of Mato Grosso will need to be replanted, and production in the state has been estimated lower at 42.12 mmt from 43.78 mmt.

• All three wheat classes are trading lower this morning after yesterday’s rally that was helped by an announced sale of wheat to China.
• Yesterday’s wheat purchase by China of 440,000 metric tons was their largest purchase of U.S. wheat since 2020 and may have caused funds to buy back some of their short positions.
• Funds hold a very large net short position in wheat of over 120,000 contracts and so far Mar Chicago wheat has gained 62 cents off its low. This could cause that short position to get squeezed.
• The outlook for Australia’s wheat production has improves slightly but heavy rains in the forecast may threaten the quality of unharvested crops making them feed grain quality.

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 sympathy with a lower soybean market as it runs into resistance at the 20-day moving average.
• There continues to be talk of China’s trading house, Sino Grain, having approval to purchase more corn for reserves.  With some estimating that China may now import between 30-40 mmt versus the USDA’s estimate of 23 mmt.
• There is also talk that 2024 corn acres may drop due to an increase in soybean acres, which could reduce 2024 ending stocks estimates.
• In Friday’s Commitment of Traders report the CFTC reported that managed funds added nearly 21k contracts to their short corn position in the week ending November 28.  Bringing the net short position to a total of 206,478 contracts.

• Soybeans and soybean meal are both trading lower this morning, while soybean oil is mixed, near unchanged.
• Forecasts for better rain across the northern and central areas of Brazil are weighing on soybeans this morning, and the continuation of generally favorable weather in Argentina is adding pressure to soybean meal on the prospect of reduced US demand due to more normal Argentinian supplies.
• There are some thoughts that increased US crush could reduce 23/24 soybean carryout to 225 mb versus the USDA’s current 246 mb estimate. 
• In Friday’s Commitment of Traders report the CFTC reported that managed funds reduced their net long soybean position in the week ending November 28 by just over 14k.  Bringing the net long position to a total of 67,562 contracts.

• The wheat complex is mostly higher across the board as traders continue buy the market on follow-through strength from last week’s rally.
• The forecast for the US southern Plains is warm and dry, and the market needs more normal weather in the northern hemisphere to offset reduced southern hemisphere crops, without which, prices could trend higher.
• While uncertainty remains regarding available Black Sea supplies, Russia’s export prices continue to be cheaper than other exporting countries and adds resistance to prices. 
• In Friday’s Commitment of Traders report the CFTC reported that managed funds increased their net short Chicago wheat position in the week ending November 28 by just under 12k.  Bringing the net short position to a total of 120,000 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 trading lower this morning to start the month with some pressure from the news that 221 contracts of December corn were delivered yesterday.
• Brazilian weather started out the season hot and dry, but lately they have received more consistent rains which has caused concerns for another large Brazilian crop.
• Both domestic demand and export demand has been a bullish point, and corn used in ethanol production is now seen up 0.9% year over year to 452.7.
• Weather in Argentina has significantly improved from last year, and corn plantings are now 32% complete from 26% the previous week.

• Soybeans are lower this morning and have retreated to the bottom of their range mainly due to pressure from lower soybean meal. Soybean oil is slightly lower.
• Argentina’s harvest is still a ways off but so far, it is looking good for soybeans which could take a significant chunk of soybean meal demand away from the U.S.
• Although Brazilian weather has improved lately, some analysts are revising their production estimates lower. Consultancy Patria Agroegocios has lowered their estimate to 150.67 mmt from 154.10 mmt. This would be a 2.2% drop from last year.
• The U.S. soybean crush likely jumped to a record 201.1 million bushels, while soybean oil stocks thinned for a sixth straight month.

• All three wheat classes are lower this morning with risk off trade to start the month. March KC wheat failed again at the 20-day moving average.
• More pressure came from 225 deliveries of Dec KC wheat and 1,752 deliveries of Dec Chicago wheat in the first two days of the delivery period.
• Yesterday’s export sales report which showed 22.9 mb of sales for wheat last week was encouraging, and China was listed as a buyer.
• In the U.S., 50% of the winter wheat crop is rated good to excellent which is the best start since 2019.

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

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

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

All prices as of 6:30 am Central Time

• Corn is mixed this morning with the front month slightly higher but deferred contracts unchanged to slightly lower in quiet trade.
• Estimates for today’s export sales report have corn sales between 600k and 1,300k tons with an average guess of 1,030k tons.
• According to the U.S. Department of Energy’s weekly report, ethanol stocks fell by 1.3% to 21.379m bbl and analysts were expecting 21.575. Plant production was slightly lower than the average guess.
• U.S. corn ending stocks are being estimated at a 5-year high of 2.16 billion bushels with total production pegged at 15.23 bb. These large supplies are pressuring prices.

• Soybeans are trading unchanged to slightly lower this morning as they stay between their recent range of 13.45 and 14.00 in the March contract. Soybean meal is higher while bean oil is lower.
• Today’s export sales report is expected to be strong for soybeans with the trade range between 850k tons and 1,500k tons. The average guess is at 1,110k.
• With corn and wheat selling off recently to new contract lows, soybeans have been supported due to very tight ending stocks and a growing market for renewable diesel and good domestic crush demand.
• The bearish factor may be improving weather conditions in both Argentina and Brazil. Both countries are expected to produce large crops despite drought to start the planting season.

• All three wheat classes are trading slightly lower this morning after yesterday’s surprising rally that was likely led by short covering into the end of the month.
• Yesterday, the CME announced 100 deliveries of December KC wheat and 1,347 deliveries of December Chicago wheat. No deliveries were reported for corn.
• Argentinian wheat that has been planted near the coast has been showing big yield numbers, and this is expected to offset some of the countries losses in the northern region of Argentina.
• Iraq reportedly has 2 mmt of wheat in reserve which is enough to cover the country’s requirements until next year’s harvest, but they will continue to offer contracts for imports.

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 mixed and near unchanged as the market continues to consolidate ahead of tomorrow’s first notice day, when long December position holders are notified of delivery. 
• Yesterday, the corn market experienced bear spreading and lower prices as traders liquidated or moved long positions out of the December to the deferred months due to lower export demand and to avoid taking delivery.
• Hog prices in China have dropped to record lows as farmers liquidate their herds in accordance with the government’s mandate to lower the hog population.  This could very well affect the import demand of corn and soybeans for feed in the coming months.
• The threat of a carryout in excess of 2.1 bbu has moved fund managers to build a collective managed money short position of 185,502 contracts in the last Commitment of Traders report, the largest since July 2020.  Managed funds are currently estimated to hold 171,000 short contracts.

• The soybean complex is trading mixed this morning as the front months see some follow-through strength from yesterday’s solid close. While soybean meal higher with oil trading lower, as both products reverse some of yesterday’s moves.
• With US prices currently the cheapest to China, there continues to be rumors of Chinese interest in US soybeans, and there is talk that they may have bought 6 – 8 cargoes for February delivery.  Additionally, yesterday the USDA reported a private sale to unknown destinations totaling 123k mt.
• As Argentina has struggled with low soybean supplies to crush, managed funds have grown their soybean meal long position to an estimated 138,000 contracts, the largest since last March, on increased US meal demand.  While the fund’s position has supported prices recently, it may negatively affect them as once they begin to liquidate.  Managed funds soybean position is currently estimated to be long 73,000 contracts.
• On the weather front, the northern growing areas in Brazil are expected to see net drying through the end of this week with showers expected pick up next week and the following, bringing much needed moisture.  While southern Brazil is expected to remain wetter than normal.

• The wheat complex is mostly higher this morning with all classes showing gains with the exception of December Minneapolis, as markets follow through from yesterday’s strong price action.
• Over the last few months, managed funds have grown their short positions in the wheat complex to just over 183,000 contracts across all three classes.  This is just under the record short of just over 187,000 contracts.  Currently, they are estimated to be short 102,000 Chicago wheat contracts.
• Yesterday’s reversals higher combined with the managed funds large short positions and oversold conditions, is likely leading to some short covering.
• Storms and heavy rain are sweeping through southeastern Australia, and according to some analysts, may have damaged the wheat crop possibly reducing it by 100,000 mt and turning upwards of 1 mmt of milling wheat into feed grade wheat.

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

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

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

All prices as of 6:30 am Central Time

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

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

• Wheat is trading slightly higher this morning after Chicago, KC, and Minn wheat all made new contract lows yesterday due to lack of export demand.
• Total U.S. wheat export sales are down 9% from this time a year ago and shipments are down even more by 18%. For KC wheat, sales have slipped even more as the U.S. struggles to compete with Russia.
• A storm in the Black Sea region has halted loadings of crude and grains from key ports in Russia and Ukraine and left more than a million people in the area without power.
• In Friday’s CFTC report it was shown that non-commercials continued to sell wheat by 18,865 contracts increasing their net short position to 108,176 contracts.

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading slightly lower to begin the week and remains rangebound as good export demand supports the market while large supplies add pressure.
• Brazil is now reportedly 80% complete in planting its first crop corn and Argentina is 26% complete. Brazil received light rains over the weekend but not as much as was needed.
• Friday’s report from the USDA showed that export sales and shipments of corn are now up 27% so far this year with Mexico being a main buyer, but China stepping in as well.
• Strong ethanol margins have been a boon for domestic demand with ethanol production up nearly 6% from a year ago at this time.

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

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

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

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

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

All prices as of 6:30 am Central Time

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

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

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

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

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

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

All prices as of 6:30 am Central Time

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

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

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

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

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

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

All prices as of 6:30 am Central Time

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

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

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

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

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