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All prices as of 6:30 am Central Time

• Corn is trading higher this morning after a large selloff on Friday to end the month and quarter. The quarterly stocks report was not bearish for corn, and prices seem to be coming back.
• Corn stocks came in at 1.361 billion bushels on Friday which was less than expected and 91 mb below the USDA’s ending stocks estimate.
• Harvest made good progress over the weekend as rains were mainly confined to Minnesota and Wisconsin. Temperatures were hot in the western Plains and northern Midwest.
• Friday’s CFTC data showed non-commercials as sellers of corn again by 23,791 contracts which increased their net short position to 168,606 contracts.

• Soybeans are trading lower this morning after big losses last week despite a grain stocks report that wasn’t particularly bearish. Soybean meal is lower while soybean oil is higher.
• Friday’s soybean stocks saw 268 mb of beans on hand September 1 which was above the trade estimate of 242 mb, but still a very tight number.
• There were 275 deliveries of October soybean meal for Friday and another 59 for Monday which added to bearish pressure.
• Friday’s CFTC report showed funds whittling away their net long position by selling 15,774 contracts. This leaves them net long just 30,058 contracts.

• All three wheat products are trading higher this morning which is likely helping out corn. The government avoided shutdown which is likely supporting the market.
• Friday’s Small Grains Summary was not helpful to wheat with US production being estimated at 1.812 bb for 23/24, the highest in three years.
• Over the weekend, more Russian drones reportedly damaged grain storage facilities in central Ukraine in the City of Uman. On the other hand, five more ships are reportedly heading to Ukraine to take on grain through the Black Sea route.
• Friday’s CFTC data showed funds buying back a small portion of their wheat position by 413 contracts, reducing their net short position to 96,392 contracts.

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading slightly lower this morning but has been trending higher over the past two weeks with 6 higher closes out of the 8 last trading sessions.
• Today the USDA grain stocks report will be released, and with yields having been reportedly variable, estimates are that the ending stocks number will drop to 1.429 bb which is down from the USDA’s estimate of 1.452 bb.
• Yesterday’s export sales report came in at the middle of the trade range for corn with 33 mb sold, but sales are behind last years.
• In Argentina, the planted area for 23/24 corn was held steady at 7.3 m ha, and planting is now 7% complete.

• Soybeans are trading slightly higher this morning as the November contract sits just below the 100-day moving average. Soybean meal is lower while soybean oil is higher.
• Today’s grain stocks report is expected to show a decline in soybean stocks with the average estimate at 244 mb which compares to this time a year ago at 274 mb.
• In India, the world’s biggest importer of vegetable oils, the production of oilseeds is expected to fall by 7.2% from a year ago due to poor weather conditions.
• Brazilian soy exports are seen reaching 99 mmt in 2024 vs 98 mmt last year, and total soybean processing is seen at 55 mmt which compares to 53 mmt last year.

• All three wheat products are trading higher this morning after KC and Minneapolis wheat made new lows yesterday as export demand remains sluggish.
• US wheat is still not competitive on the global front and tenders are being passed to Romania, Russia, and other cheaper countries.
• The average trade guess for today’s wheat stocks report is 1.772 bb, basically unchanged from last year’s 1.778 bb.
• Ukraine’s grain harvest is now up 17% from last year with 30.5 mmt of grains harvested. 22.2 mmt of wheat have now been harvested, up 16% year over 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 slightly lower this morning after closing higher yesterday, but trade is still relatively quiet and rangebound. December corn ended last week higher and is on track for another gain on the week.
• Tomorrow is the grain stocks report and the supply and demand report is on October 12, and corn will need to avoid bearish numbers on both to continue higher.
• Corn has a wide range of expectations for today’s export sales report with estimates between 475k tons and 1,200k tons. The US is not quiet competitive with Brazil yet, but exports to Mexico and Canada have been good.
• In Brazil, ethanol sales have increased at the gas station by nearly 11% in August year over year showing the growth in demand for biodiesel.

• Soybeans are trading lower this morning following yesterday’s rally where November soybeans broke but failed to close above the 100-day moving average. Both soybean meal and oil are lower.
• It is likely that there was farmer selling yesterday as soybeans rallied 30 cents off of Monday’s low, but ending stocks are still tight and yields are being estimated below the USDA’s guess.
• In today’s export sales report, soybeans are estimated in a range of 500k tons to 1,200k tons. Sales this week have been sluggish.
• Palm oil prices are expected to climb on concerns of the El Nino dry weather pattern in Indonesia for 2024.

• All three wheat products are trading lower again this morning after posting losses yesterday. Chicago wheat in December remains towards the bottom of its trading range.
• Discussions to reinstate the Black Sea grain deal are ongoing, but there have been no set dates with Russia. Despite record wheat exports, the secretary of the UN Conference on Trade and Development has said that distribution routes have changed, so small and medium sized countries are still suffering with supplies.
• Ukraine’s agriculture ministry has kept the 2023 grain crop forecast unchanged at 57 mmt with oilseed output at 22 mmt.
• Export sales estimates for wheat in today’s report are between 250k and 550k tons, but overall wheat exports have remained sluggish.

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, just above the 20-day moving average this morning, following yesterday’s small losses.
• Overseas, China’s corn futures were trading lower, down 19 yuan.
• Weekly ethanol production will be released by the EIA today at 10:30 am, with production estimated to be slightly higher at 983k barrels per day, and stocks lower at 21.479 mil. barrels.
• USDA will release the quarterly Grain Stocks report on Friday. While there is variability in corn usage for this report, expectations are for overall grain stocks to be slightly higher than last year’s totals for this report.

• Overnight, November soybeans broke through resistance at the 100-day moving average and are trading higher this morning along with both soybean meal and oil.  
• Higher palm oil and crude oil are offering support to soybean oil as the contract recovers from recent losses due to a supply glut of green diesel that has threatened to diminish producer’s profits.
• Weather conditions in Brazil have been hot and dry in the central and northern regions but is expected to change to a wetter pattern later this week with more chances for rain. Planting in Brazil is estimated to be 1.9% complete.
• According to Anec, Brazil’s soybean exports are expected to reach 6.23 mmt in September, versus 3.58 mmt in September 2022.

• The wheat complex is trading mixed this morning with Chicago mostly lower, while both K.C. and Minneapolis are mixed.
• The wheat markets continue to chop around and consolidate as traders square positions ahead of Friday’s quarterly Grain Stocks report.
• A third ship is said to have left the Chornomorsk port in Ukraine, traveling via their own “humanitarian corridor.” These vessels run the risk of Russian attacks, with new reports of a strike against grain facilities in Ismail, an export area along the Danube River.
• Ukraine’s Ag Ministry reports that the countries grain exports have plunged more than 50% in September to 1.75 mmt as their Black Sea and Danube River ports have seen continued Russian attacks.

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading unchanged to slightly lower after yesterday’s small gains. In December, the low of 5.73-1/2 was tested but held.
• There was a large sale reported yesterday to Mexico of 41.3 mb for 23/24 and 24.1 mb for 24/25 which provided support to the market.
• Yesterday’s crop progress report showed the corn harvest at 15% complete compared to 9% a week ago and the 5-year average at 13%.
• 95% of the corn crop is dented and 70% is mature compared to 54% last week. Good to excellent ratings actually rose by 2 points to 53%.

• Soybeans are continuing to move higher after yesterday’s gains and are about two cents from climbing back above the 100-day moving average. Soybean meal is higher while soybean oil is lower in the front months but higher in deferred contracts.
• Yesterday’s crop progress report showed that 12% of soybeans are harvested compared to 5% last week, and compared to the 5-year average of 11%.
• 73% of the soy crop is dropping leaves compared to 54% last week, and good to excellent ratings fell from the previous week by 2 points down to 50%.
• Yesterday’s export inspections report came in at 17.7 mb which was higher than a week ago but still a small number which shows that Brazil has maintained the competitive advantage for exports.

• Wheat is mixed this morning with Chicago and KC moving higher, but KC unchanged to lower. Yesterday, some support came from weekend attacks on Ukrainian ports by Russia.
• Yesterday’s crop progress showed that 96% of the spring wheat crop has been harvested compared to 93% last week, and winter wheat 26% planted compared to 15% last week. 7% of the winter wheat crop has emerged.
• The Canadian wheat crop is now seen at 29.8 mmt which is a decline of 13% from the previous season and 3.4 mb from the August report.
• Ukraine’s winter wheat and rapeseed planting is well ahead of  2022 with 2.2 m hectares expected to be planted compared with 1.67 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 unchanged to slightly lower to begin the week on little fresh news and the ongoing harvest. Corn remains rangebound.
• Today’s crop progress will likely show a solid advancement in harvest, but there is rain forecast in the eastern Corn Belt which could slow things down.
• In Brazil, the second crop corn harvest is in full swing, but sales have been on the low end as many purchasers already have large inventories.
• Friday’s CFTC report showed non-commercials continuing to sell corn by 9,906 contracts increasing their net short position to 144,815 contracts.

• Soybeans are trading slightly lower this morning while soybean meal trades higher but soybean oil lower. The gains in crude oil have begun to level off around the 90 dollar a barrel level.
• With harvest set to begin in the US and prices depressed, the same has started to spill over in Brazil, and prices in the spot market there have fallen over the past few days.
• The USDA has forecast that US ending stocks will come in around 220 mb although many think it will be tighter than that, but traders are more focused on the combination of Brazilian and US harvest.
• Last week’s CFTC report showed non-commercials selling 27,983 contracts reducing their net long position to 45,832 contracts.

• Chicago wheat is trading higher this morning but KC and Minn wheat are mostly unchanged, hovering above recent lows.
• There was more fighting between Russia and Ukraine over the weekend with Ukraine saying Russian drones damaged another grain storage facility near Odesa.
• India has said that it sees no wheat shortage and may increase sales to control prices. Previously, India curbed exports to manage food inflation which was up 9.9% from the previous year.
• Last week’s CFTC report showed funds tacking further onto their short position selling 12,666 contracts and increasing the net short position to 96,805 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 slightly higher this morning following yesterday’s selloff in the grains, but trade remains tightly rangebound.
• Weather models are showing showers in the western and southern Plains as well as Illinois, and heavy rains are expected to fall in the Dakotas through Oklahoma next week.
• After some early dryness in Brazil, rains are expected to begin falling next week which could be a start to their rainy season and could be favorable for planting.
• CONAB estimated Brazilian corn production lower after reducing acres and it is now seen at 119.8 mmt which is down from the USDA’s estimate of 129.0 mmt.

• Soybeans are trading higher after yesterday’s selloff and the Nov contract is trying to get back above that 100-day moving average. Both soybean meal and oil are higher this morning.
• Argentina’s soybean planting is set to cover 39.54 million acres, the same as last year, but another severe drought is not expected, so a much larger crop than last year is expected.
•  US incentives to boost consumption of more environmentally friendly fuel has created a new market for used Chinese cooking oil, worth almost $390 million in the last 12 months.
• US soybeans in drought conditions have increased by 5 points as of September 19 and now reach 53%. 

• All three wheat products are trading higher this morning following yesterday’s selloff.
• Yesterday, the entire grain complex was lower and this was likely a result of the Fed’s decision to keep rates higher for longer than expected which caused the dollar to rally which makes US exports less competitive.
• A second grain ship carrying 18,000 tons of wheat has left the Ukrainian Black Sea port for Egypt, and three more cargo ships are heading to the port to pick up grain bound for China.
• Ukraine’s grain harvest has advanced 14% from last year and 22.19 mmt of wheat have been harvested, up 16% year over 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 following lower ethanol production than expected, but trade remains rangebound.
• Heavy rains are forecast for the northwestern Plains and Texas and Arkansas, too late to help the crop but may improve water levels on the Mississippi.
• Yesterday’s report from the US Energy Department said that just 980,000 barrels of ethanol were produced last week which was the lowest since May.
• After estimates for Brazil’s corn crop were lowered to 119.8 mmt on a decrease in planted acres by 4.8%, corn on the Bovespa exchange traded higher at the equivalent of $5.60 a bushel.

• Soybeans are trading lower this morning but are hovering right above the 100-day moving average which could be acting as support. Both soybean meal and oil are lower.
• While Brazil decreased their corn planted acres, they increased acres for soybeans and are now expecting a massive 162.4 mmt crop which is pressuring prices.
• China appears to be banking on having access to a large, cheap Brazilian crop next year as their soybean futures on the Dalian exchange are trading at the equivalent of $17.68 for November, but March beans are trading at the equivalent of $15.81.
• Chinese August soy imports from Brazil are now up 45% from the previous year.

• All three wheat contracts are slightly lower this morning as a lack of export demand keeps prices at these low levels.
• According to the Wall Street Journal, the Ukrainians have been so successful that Russian ships are no longer safe in the northwestern part of the Black Sea which is why Ukraine has been able to start sending ships through that passage.
• Yesterday, the Fed announced they would not do another rate hike, but they would keep rates this high until later next year. This caused the dollar to increase which is bearish for wheat.
• Sov Econ cut their estimates for Russian wheat production for 2023 to 91.6 mmt from 92.1 mmt citing a decrease in Siberia’s expected crop.

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading slightly higher this morning following yesterday’s strong price action higher. 
• US weekly ethanol production set to be released today is expected to come in lower than last week at 1.025 million barrels per day according to estimates compiled by Bloomberg.
• The slowing global economy will likely weaken commodity prices according to some global economists. higher interest rates meant to tame inflation seem to be the main factor contributing to the slowed growth. 
• In Brazil, light rains are forecast through next week which should be favorable for first crop corn planting which accounts for less than 25% of total Brazilian corn production. 

• Soybeans are trading slightly higher this morning along with soybean meal as value buyers step in after the recent drop in prices.
• Storm clusters across the Midwest late this week and into the weekend will likely delay early harvest progress. The rains may benefit late planted or double crop beans. 
• Soybean planting in the southern Brazilian state of Parana has reached 6% complete up 5% from last week according to state agency DERAL. 
• Chinese importers have booked at least 20 cargoes of soybeans from Brazil and Argentina over the past two weeks for delivery to China during October, November and December. This is typically a period dominated by the US.

• All three wheat contracts are higher this morning after poking down to new lows recently.
• Above normal rainfall and temperatures are expected for most of the Plains States in the most recent 8-14 day outlook from the CPC, this should benefit early planted winter wheat. 
• Australia’s Bureau of Meteorology suggests El Nino conditions are likely to persist into the Spring of 2024 leading to yield reductions in their wheat crop. 
• EU soft wheat exports from July 1st through September 15th have reached 6.32 million tons, down 8.7 million tons from a year ago. 

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 and has made new lows for 2023 as harvest begins and some producers see better yields than expected.
• Yesterday, the USDA said that 51% of the corn crop was rated good to excellent which is down from 52% last week, and the lowest rating for this time of year since 2012.
• 54% of the crop is considered mature and 9% has been harvested primarily in southern states. While the weather has caused early maturation, some producers are reporting average or better yields.
• In Brazil and Argentina, light rains are forecast through next week which should prove favorable for the next corn planting.

• Soybeans are trading lower along with both soybean meal and oil as harvest nears and exports business trickles in, but not quite to the levels needed.
• Yesterday, the USDA said that good to excellent ratings for the soybean crop were unchanged at 52% while trade was expecting a 1 to 2 point decline.
• 54% of the crop is dropping leaves which is ahead of the 5-year average of 43%, and a signal that harvest will begin soon.
• Low water levels on the Mississippi River are impacting basis negatively for many producers, but rains forecast in the northwestern Plains and Midwest through Saturday could make their way to the river to raise levels in the next two weeks.

• All three wheat contracts are lower again this morning and remain near their lowest prices this year as Russia continues to dominate the export market by undercutting prices.
• Yesterday’s weekly export inspections report showed only 13.5 mb of wheat inspected with most of that number spring wheat and white wheat.
• 93% of the spring wheat crop has been harvested compared to 87% last week. 15% of winter wheat has been planted which compares to 7% last week.
• The USDA has estimated that world production would fall short of world demand by 8.5 mmt as most countries apart from Russia struggle to put out solid production, but other analysts say that the USDA is underestimating the size of the Russian crop.

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

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