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All prices as of 6:30 am Central Time

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

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

• All three wheat contracts are lower again this morning with Chicago trading near its recent lows and KC making new contract lows on a lack of export strength.
• The continued bearish pressure on wheat has been the dismal U.S. export demand and the availability of extremely cheap Russian wheat offers.
• Ukraine can potentially harvest between 18 and 20 mmt of winter wheat in 2024 as farmers have now planted approximately 9.9 million acres.
• Friday’s CFTC report showed funds buying back wheat for the second week in a row, this time buying 2,951 contracts and reducing their net short position to 89,311 contracts.

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading slightly lower to begin the day as it remains in its trading range of $4.61 and $4.80 in December. The incoming large supplies of corn have pressured prices.
• Yesterday, corn and soybeans were pulled lower by a new forecast for Brazil that featured better chances for rain through Thanksgiving, but corn managed to end the day higher.
• World grain stockpiles at the end of the 23/24 season are now called higher at 585 mmt due to an increase in corn stockpiles to 285 mmt from 283 mmt.
• U.S. corn consumption for ethanol has been strong and has kept prices from slipping lower. Ethanol margins have risen to an average of $1.19 per gallon, a favorable price for processors. 

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

• All three wheat contracts are lower this morning with KC posting the most losses and a new contract low. Despite the low prices, Russian wheat remains at a discount.
• Export sales were poor again yesterday at just 6.5 mb for last week, and now near the halfway point of the season, only 267 mb of wheat have shipped, 20% less than a year ago at this time.
• On the heels of last year’s extreme drought in Argentina, more dry conditions this season have limited the wheat crop to 15.0 mmt which would be the second smallest crop in eight years.
• Western Australia’s wheat outlook has been cut as well due to hot and dry weather with the new estimate down to 7.85 mmt from October’s guess of 8.13 mmt.

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading slightly lower this morning with pressure from lower soybeans, rain in the Brazilian forecast, and large domestic supplies.
• U.S. harvest conditions have been favorable and the work is about wrapped up. Despite the lack of rain this growing season, harvest is estimated to bring a record 15.234 billion bushels of new corn.
• U.S. ethanol stocks were unchanged at 21m bbl, below analyst expectations of 21.353. Plant production was at 1.047m b/d, slightly below the trade guess.
• Export sales of corn will be released today, and the trade range is between 900k and 1,700k tons with an average guess of 1,203k tons.

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

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

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

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

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

All prices as of 6:30 am Central Time

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

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

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

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

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

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

All prices as of 6:30 am Central Time

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

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

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

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

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 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.

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