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All prices as of 6:30 am Central Time

• Corn is trading unchanged to slightly lower this morning as it remains rangebound. December corn has managed to stay just above its 2023 low of 4.73-1/2.
• Crop progress will be released this afternoon and trade is expecting another 1-2 point drop in good to excellent ratings due to the hot and dry conditions.
• The USDA has pegged this year’s corn crop at a near record 15.134 billion bushels based on a yield of 173.8 bpa, but that may end up being too high.
• Friday’s CFTC data showed funds increasing their net short position by 40,996 contracts leaving them net short 134,909 contracts.

• Soybeans are trading lower this morning along with soybean oil while soybean meal trades higher. Soybeans are beginning to feel some harvest pressure.
• Good to excellent ratings for the soybean crop are also expected to decline later today and could make the already small projected crop of 4.146 bb smaller.
• The NOPA crush report for August showed a smaller crush than was anticipated and pressured prices but crush margins are still profitable right now.
• Friday’s CFTC data showed funds selling 8,995 contracts of soybean which reduced their net long position to 73,815 contracts.

• All three wheat products are trading lower this morning with the most losses in KC wheat. French milling wheat fell by 1.6% overnight which pressured US wheat.
• Two cargo ships arrived in Ukraine over the weekend with the intent to export wheat along the western coast of the Black Sea despite the end of the grain deal.
• The southwestern Plains received needed rains over the weekend, but more will be needed as planting starts to pick up for the winter wheat crop.
• Friday’s CFTC data showed funds increasing their net short position by 5,458 contracts leaving them short 84,139 contracts.

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading unchanged to slightly lower this morning as it stays in its trading range with both bull and bear arguments keeping prices gridlocked.
•  Corn is set to fall about three cents on the week following the USDA’s fairly bearish report which saw an increase in planted acres.
• The El Nino pattern has a 95% chance of lasting in the Northern Hemisphere from January through March and could bring drought to India and Australia but more rain to Brazil and Argentina.
• In Argentina, the 23/24 corn planting area is held at 7.3 million hectares and planting is 2.2% complete.

• Soybean are trading lower this morning and are on track for a slight loss on the week with lower soybean meal and slightly higher soybean oil.
• With the US carryout now at a very tight 220 mb and yields seemingly shrinking, focus will be on the upcoming planting progress report for South America.
• US August soybean crush was seen at 168.7 mb which would be 1.9% higher than the previous year but down 2.7% from a month ago.
• US drought exposure for both corn and soybeans increased as of September 12 with soybean crops in drought rising by 5% and reaching 48%.

• Wheat is slightly mixed this morning with Chicago wheat slightly higher but KC and Minn slightly lower. Overall price action in the grain complex is quiet.
• The Argentinian wheat crop improved following much needed rains and is now rated 24% good to excellent vs 18% last week.
• A new ship has left the Ukrainian port of Odesa after Russia backed out of the deal in July. This is the fifth ship to leave after the end of the deal.
• Ukraine’s grain harvest has advanced 13.5% from last year and is now at 29.5 mmt with wheat accounting for 22.15 mmt of that number, up 15.4% from 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 slightly lower this morning and is still just 8 cents from the yearly lows following Tuesday’s bearish USDA report.
• Ethanol stocks fell by 2.1% to 21.171m bbl while analysts were expecting 21.485, and plant production was 1.039m b/d vs survey averages of 1.015m.
• The USDA’s Ukrainian corn and wheat production was seen increasing by 2 mmt and it is believed some of that grain is being exported via the Danube River and by rail into Europe.
• Corn export sales today are not expected to be large, but sales will need to average 7.4 mb per week higher than a year ago to hit the new crop USDA export estimate.

• Soybeans are trading higher this morning helped along by higher soybean meal while soybean oil trades lower. Soybeans have been relatively rangebound for the past month.
• August NOPA soybean crush in the US is seen at 167.802 mb. If realized, the August crush would be down 3.2% from the July crush but up 1.4% from the previous year.
• Export sales are expected to be modest today between 40 and 50 mb. This comes after the USDA lowered soybean exports in Tuesday’s WASDE.
• India’s August vegetable oil imports rose to 1.87 mmt from 1.77 mmt in July which should be friendly to soybean oil and other veg oils.

• After two days of higher closes, wheat is beginning the day lower as speculators look to sell rallies.
• The Argentinian wheat crop estimates were but by 0.6 mmt for 23/24 due to dryness and is now seen at 15 mmt. Argentina is not the only country dealing with wheat production issues.
• The USDA dropped world wheat ending stocks in the Tuesday report but Russia’s crop seems to keep growing and they continue selling wheat cheaper than other offers.
• The UN secretary will discuss the Black Sea grain deal with Ukraine, Turkey, and Russia next week, but it seems unlikely that Russia will change its stance.

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 after a lower close yesterday caused by a slightly bearish WASDE report.
• Yesterday’s report featured a decline in yields as expected, but pressure came from an increase in acreage that was larger than trade expectations.
• The hot and dry conditions are pushing the crop towards an early harvest, and because of this, ear weights would be expected to come up short.
• Ethanol production is being estimated slightly higher than last week at 1.015 m b/d with stockpile estimates seen at 21.485 m bbl vs 21.621 a week ago.

• Soybeans are unchanged to lower this morning after a selloff caused by yesterday’s USDA report. Soybean meal is lower while soybean oil is higher.
• The reaction to yesterday’s report was a bit of a headscratcher considering that yields were dropped and ending stocks were lowered to an extremely tight 220 mb, the lowest ending stocks in 8 years.
• Bearish notes came from a decline in crush by 10 mb which is interesting considering crush demand has been strong, and a decline of 35 mb in exports which is likely reasonable with Brazil’s crop.
• Brazil’s total soy exports are expected to reach 99 mmt in 2023, up significantly from a month ago, and soymeal exports are expected to reach 2.16 mmt in September vs 2.06 mmt the previous week. 

• Wheat is trading higher this morning after a higher close yesterday reversing off of contract lows and hopefully finding a bottom.
• World wheat production estimates fell by 6 mmt yesterday as many countries struggle with poor weather conditions impacting crops which could be causing large speculators to short cover.
• Ukraine has said that Russian drones attacked areas south of the Odesa region near the Izmail port on the Danube River overnight, and seven people were injured.
• Also overnight, Russia has said that Ukraine attacked the Sevastopol Shipyard in Crimea causing a fire and wounding at least 24 people.

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 crop progress report that showed deterioration slightly less than trade expectations.
• The good to excellent rating fell by 1 percentage point to 52%, the seventh lowest rating over the past 36 years. 34% of the crop is mature compared to 24% a year ago.
• The hot and dry temperatures that began in mid-August took a toll on the crop and also pushed it to maturity quicker which likely resulted in ears that have had less time to put test weight into the ears.
• As US prices become more competitive with Brazil, export inspections have begun to increase gradually. 24.5 mb were inspected last week with 8.8 mb to China.

• Soybeans are also lower this morning following yesterday’s crop progress with both soybean meal and oil lower as well. Markets are a bit risk-off ahead of the WASDE report.
• Yesterday’s crop progress showed good to excellent ratings falling by 1 percentage point to 52% while trade was expecting a decline between 2-3 points. 
• For tomorrow’s USDA report analysts are expecting a decline of 0.8 bpa for yield which represents a 65 mb production decline. Ending stocks are expected to fall to 213 mb, but it is possible that acreage is increased.
• China is boosting their outlook for soy imports in 23/24 to 97.25 mmt on robust demand from the livestock sector.

• Wheat is lower again this morning with the December Chicago contract making another new low in the overnight session.
• Offers from Russia continue to fall while the US dollar rallies, and this combined with a crash in Russian currency makes them the best deal in wheat export business.
• The spring wheat harvest is now rated 87% good to excellent which is up in a big way from last week’s 74%. Winter wheat plantings are now at 7% compared to 1% last week.
• Russia’s agriculture ministry has once again raised their 2023 total grain harvest to 130 mmt from 123 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 a bit higher this morning but has remained relatively rangebound ahead of tomorrow’s USDA report.
• The general expectations are that yield will be decreased tomorrow with production being lowered by about 125 mb, but exports may also be lowered, so it is unknown how ending stocks will be affected.
• The Indian Prime Minister is seeking a global initiative with G-20 nations to increase the ethanol mix in gasoline to 20%.
• Friday’s CFTC data showed funds increasing their net short position by 6,565 contracts leaving them net short 93,913 contracts.

• Soybeans are higher this morning and soy products are following the same pattern where soybean meal is higher but soybean oil is lower.
• There has been a big break in world veg oil prices over the past few weeks which has seen soybean oil fall by nearly 10% in the past 3 weeks.
• For tomorrow’s USDA report analysts are expecting a decline of 0.8 bpa for yield which represents a 65 mb production decline. Ending stocks are expected to fall to 213 mb, but it is possible that acreage is increased.
• Friday’s CFTC data showed funds selling 8,175 contracts which reduced their net long position to 82,810 contracts.

• Wheat futures are trading lower this morning and the Chicago December contract made new contract lows overnight on stagnant export sales.
• Canada’s July 31 wheat stocks fell to 3.58 mmt compared to 3.66 mmt during the same period last year, while durum fell to 0.4 mmt from 0.57 mmt.
• Wheat is sensitive to moves in the dollar seeing as export sales are crucial right now, and recently the dollar has rallied in a big way making new 6 month highs last week.
• Friday’s CFTC data showed funds buying back a small portion of their short position by 1,200 contracts leaving them net short 78,681 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

If you missed our latest strategy update, click here:  Grain Market Insider Strategy Update

• Corn is trading slightly higher this morning as quiet trade continues ahead of Tuesday’s USDA report.
• The long stretch of dryness and heat in the Midwest has brought down yield estimates with some analysts expecting a final yield of between 172 and 173 bpa.
• Planting estimates for corn are very large at 94.1 million acres, so even with lower yields, ending stocks should come in near 2 billion bushels.
• November corn on the Dalian exchange is trading at the equivalent of $9.22 a bushel , so with US corn becoming more competitive with Brazil, exports could pick up in the coming months.

• Soybeans are trading slightly higher to unchanged to begin the morning with higher soybean meal but lower soybean oil again.
• News out of China has been confusing and leads one to believe that their economy is in trouble. Yesterday, China’s Customs Office reported that total imports were down 7.3% in August, but the same office just reported that soybean imports were up 31% from a year ago.
• The Dow Jones survey is expecting yields from next weeks USDA report to come in between 49.0 and 51.0 bpa, but many analysts are predicting the lower end of that range.
• Argentina’s soy crop for 23/24 is seen jumping 138% from the previous drought year with planted acres set to expand by 5.6%.

• All three wheat products are trading slightly lower this morning amid quiet trade in general and little fresh news.
• Moderate to heavy rains are forecast from Nebraska to Texas over the next 5 days which should set up better winter wheat planting conditions.
• After Russia targeted Ukraine’s Black Sea and Danube River ports, Ukraine is now exporting grain through Croatian ports.
• World wheat production for 23/24 is now seen at 781.1 mmt which is down from the July estimate of 783.3 mmt due to downgraded prospects in Canada, the EU, and China.

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

If you missed our latest strategy update, click here:  Grain Market Insider Strategy Update

• Corn is unchanged to start the day with little reaction to the hot and dry conditions. Harvest is nearing and the crop is pretty well made at this point.
• The 7-day forecast features better chances for rain in the western Corn Belt while the rest of the Belt is expected to receive very limited showers.
• Most private analysts are estimating yields above 170 bpa, but things could change quickly when the USDA updates their estimates on Tuesday.
• The USDA has previously estimated 94.1 million acres of planted corn which could be adjusted in the WASDE report. This comes at the same time that Brazil harvests a record crop.

• Soybeans are trading lower this morning after yesterday’s higher close with both soybean meal and oil lower. Trade has been rangebound and will likely continue that way until the USDA report is released.
• Analysts are anticipating yields between 49 and 50 bpa, but the planting estimate of just 83.5 million acres could lead to an even tighter carryout unless the USDA finds more soybean acres.
• Export sales have been active with total new crop sales up to 526 mb so far, and tomorrow’s weekly export sales are expected to be solid.
• November soybeans on the Dalian exchange ended lower by 0.4% today, but are still very expensive at the equivalent of $18.80 per bushel. 

• Wheat posted solid gains yesterday but is starting the day softer. Yesterday’s rally may have been due to the attacks on Ukrainian port cities.
• Russia has made it clear that they would not return to the Black Sea grain deal any time soon, but Ukraine appears to be letting ships carrying grain trickle out of their own humanitarian corridor.
• Spring wheat harvest in the US is going well and will be helped along by a dry forecast for the northwestern US. In HRW wheat regions, upcoming rains will be needed to improve soil moisture.
• Overnight there were no new attacks reported in Ukraine, but a blast was reported at Russian headquarters in Rostov, and Ukrainian forces are reportedly making progress against Russian forces.

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

If you missed our latest strategy update, click here:  Grain Market Insider Strategy Update

• Corn gapped higher at the beginning of trading yesterday evening on lower crop ratings.  Since then, the market has filled the gap, but continues to trade higher this morning.
• In Tuesday’s weekly crop progress report, the USDA lowered the good/excellent rating for the corn crop by 3% to 53%, which compares to last year’s 54% rating for the same week.  The maturity of the crop jumped 9% as well to 18%.
• U.S. corn exports are down 32% from last year, at 52.2 mmt, and EU corn imports for 23/24 as of September 3, were 2.7 mmt, 41% below the 4.55 mmt for the same week last year.
• Low Mississippi river levels have forced barge lines to reduce volumes to New Orleans, which in turn has lent support to Brazil’s corn exports.

• Soybeans opened 12 cents higher yesterday evening on lower-than-expected crop ratings.  Soybean meal is currently trading sharply higher with beans, while soybean oil is lower following lower palm and crude oil prices.
• The USDA lowered soybean good/excellent ratings in Tuesday’s weekly update by 5%.  The crop is now rated 53% good/excellent, compared to last year’s 55% rating.  The percentage of the crop dropping leaves also increased to 16%, from last week’s 5%.
• Grain markets are becoming concerned about the water levels on the Mississippi River for the fall harvest window. Barge restrictions have been put in place, limiting grain movement, and will have the potential to impact cash basis levels going into the fall months.
• July soybean crush was reported to be a new record for July at 184.8 million bushels which was up 2% from July last year.  In order to reach the USDA’s goal of 2.22 bb, August crush will need to tie the 2019 record of 177 mb, which is possible as processors have been well incentivized with high crush margins. 

• Wheat is trading higher this morning with all three classes on the positive side of unchanged led by K.C.
• Spring wheat harvest is clicking along with 74% of crop harvested as of Sunday, September 3, 3% behind the average for this date, but a 20% jump from last week.  Winter wheat is estimated to be 1% planted versus 3% on average.
• U.S. wheat exports continue to be slow and are currently running 24% behind last year’s pace with 4.3 mmt shipped.
• There were reports of Russian drone attacks on Ukraine’s Danube River port of Ismail that damaged grain elevators and killed one worker.

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

If you missed our latest strategy update, click here:  Grain Market Insider Strategy Update

• Corn is trading unchanged this morning despite hot and dry conditions over the weekend with more dryness forecast over the next few days.
• Corn that was looking more promising following rains in August is now looking poorer which may show up in decreased yields on the WASDE report.
• In Brazil, 84% of their second crop corn has been harvested after rains delayed planting, but the moisture will be beneficial to the next round of planting.
• Friday’s WASDE report showed funds buying back some of their net short positions by 18,787 contracts leaving them net short 87,348 contracts.

• Soybeans are trading lower this morning along with both soybean meal and oil as markets in general struggle to find higher prices today.
• The focus for the near term is next week’s WASDE report which will show revised yields, acreage, and ending stocks which could be reported at their lowest levels in 8 years.
• Late Friday, NASS reported that 184.8 million bushels of soybeans were crushed in July which is 2% more than a year ago and the most on record for July.
• Friday’s CFTC report showed funds buying 32,779 contracts of soybeans increasing their net long position to 90,985 contracts.

• Wheat is trading mixed this morning with Chicago and Minneapolis higher but KC lower.
• Early Sunday morning, Russia attacked the Ukrainian port of Reni, damaging warehouses and port infrastructure.
• Russia’s fresh attack came one day before Putin met with the president of Turkey about reviving the grain deal, but Putin refused to renew citing a list of unmet demands.
• Friday’s CFTC report showed funds adding to their net short position by 8,960 contracts increasing it to 79,881 contracts.

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