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All prices as of 6:30 am Central Time

• Corn is trading slightly higher this morning as they find support from a lower dollar, higher crude oil, and higher soybeans.
• Weather in the US is dry, and the seven day forecast for the Corn Belt is very dry as well which should help wrap up harvest. South America remains dry and is becoming a concern.
• This Thursday, the USDA will release their WASDE report, and many analysts are expecting that the national corn yield will be increased closer to 173.3 bpa as reports of good yields are coming in.
• Friday’s CFTC data showed funds as net sellers for the week ending October 31 increasing their net short position by 44,002 contracts to 144,432 contracts.

• Soybeans are firmly higher again this morning after two consecutive days of strong gains. The November contract has broken solidly above the 100-day moving average which had been tough resistance.
• Soybean meal is bear spread this morning with the two front months lower, but still near contract highs. Soybean oil is higher thanks to higher palm oil and crude oil.
• South American weather has been a key part in this rally with the northern areas of Brazil and Argentina very dry with hotter conditions incoming which will force some to replant. Southern Brazil is far too wet and continues to flood.
• Friday’s CFTC report showed non-commercials as buyers of 15,400 contracts which increased their net long position to 23,153 contracts.

• Wheat is lower this morning with KC and Minneapolis slightly off their recent lows. Both contracts did manage to put in a small reversal last week.
• Over the weekend, Russian air strikes hit the Ukrainian port of Odesa wounding eight, damaging the port, and a nearby museum. This type of news has done little to get traders excited lately.
• The expansion of winter wheat planted acreage in the northern hemisphere is expected to be limited in 2024 due to depressed prices.
• Friday’s CFTC report showed non-commercials continuing to add to their short position. They sold 9,321 contracts increasing their net short position to 101,575 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 as it continues to slide, and earlier, December corn came just 1 tick away from its contract low set in September at 4.67-3/4.
• On Monday, 85% of the corn crop was said to be harvested and mostly clear weather this week likely saw a good amount of progress made. Prices are struggling with the arrival of nearly 15 bb of new corn from harvest.
• Yesterday, the USDA reported corn export sales at 29.5 mb which was on the low side, and Mexico was a top buyer picking up more than half of the total sales.
• According to the Buenos Aires Grain Exchange, 23% of Argentina’s corn crop has been planted, but Brazil will mostly hold off on planting their second crop corn for another few months.

• Soybeans are trading higher again after yesterday’s solid gains. The combination of tight US ending stocks and South American weather concerns may be enough to see soybeans break out of their range.
• There has been some talk amongst analysts that estimates for the national soybean yield are too high, and that the USDA could reduce that number in next week’s WASDE. This could bring ending stocks even lower than 220 mb.
• Yesterday’s export sales were good at 37.1 mb, but shipments were great at  73.2 mb, and China was listed as the top buyer.
• A global deficit of vegetable oil next year is very possible due to the El Nino pattern disrupting weather, and demand remains very strong.

• Wheat is trading slightly lower this morning but did see some mild gains yesterday as prices moved off of their lows. Poor export sales did not help prices.
• FAO-AMIS has cut its estimate of the world wheat stockpiles for 23/24 to 315.1 mmt which is down from last month’s 319.3 mmt.
• Expansion of winter wheat areas in the US and Canada for next year are expected to be limited due to the poor crop prices this year.
• Ukrainian food exports have risen by 15% in October to 4.8 mmt due to the creation of their own humanitarian corridor which primarily shipped grains to Europe and Africa.

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading slightly higher this morning as prices remain near their lows on a lack of fresh bullish news.
• Export sales will be released today, and the average analyst guess is between 600k tons and 1,200k tons with an average of 920k. Sales will likely be below last weeks.
• Yesterday, the US Department of Energy said that ethanol stocks fell by 1.8% to 21.012m bbl, and analyst expectations were 21.402. Production was slightly higher than survey averages.
• There is virtually no rain on the radar this morning in the Corn Belt and the 7-day forecast is very dry which should see harvest activity pick up as crops dry out.

• Soybeans are beginning the day higher with support from both soybean meal and oil, with crude oil higher as well. Soybeans are near the top of their recent trade range.
• Yesterday’s US crush report was friendly with 175 mb of soybeans crushed in September, 4.3% higher than the same time last year.
• Today’s export sales report is expected to show soybean sales between 900k tons and 1,500k tons with an average of 920k. There are rumors that China is purchasing soybeans out of the PNW.
• StoneX has raised their outlook for US corn output but has cut their estimates for soybeans, and it is possible that the USDA might lower their estimate for yields in the next WASDE report.

• Wheat is mixed this morning with Chicago and KC lower while Minneapolis is slightly higher. Both KC and Minn wheat remain near their recent lows.
• Wheat export sales are expected to be lackluster again this week with trade expecting between 300k tons and 600k tons in sales.
• Export demand remains a challenge for the US wheat market, and currently, US SRW prices are on par with the EU and Baltic offerings.  While US HRW is $30/tonne over Germany and $50/tonne over Russia.
• Despite Australia’s smaller than anticipated wheat crop due to drought, China has been an active buyer as it leaves US wheat as a last resort.

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

• With little fresh news to move the market, corn is trading slightly higher this morning within a tight 1 1/2-2 cent range.
• The EIA will release its weekly ethanol production report today, estimates for production range from 1,030k bbl/day to 1,052k bbl/day versus 1,040k bbl/day the previous week.
• South American crop watcher, Dr. Michael Cordonnier adjusted his Brazilian corn production estimate down 2 mmt to 123 mmt, based on the lower plantings due to delays and lower domestic prices.  While he lowered Brazilian production, Cordonnier left Argentine corn production unchanged 52 mmt. For comparison, the current USDA estimates 129 mmt and 55 mmt for Brazil and Argentina respectively.

• Soybeans are showing minor losses this morning along with soybean meal, though bean oil is slightly higher along with higher palm and crude oil.
• The EIA reported on biodiesel and renewable diesel capacity yesterday and while both numbers steady for Aug’23 at 2.080 bil. gal and 3.704 bil. gal respectively from last month, renewable diesel capacity increased 74% from Aug. last year.  For use, the amount of soybean oil consumed in Aug ’23 fell 6% from the previous month but was 29% higher than Aug ’22.
• South American crop watcher Cordonnier lowered his estimate for Brazil’s soybean production down 2 mmt to 160 mmt, due to lower yields and the potential of lower acres from replanting.  The USDA’s current estimate is 163 mmt.   He kept his Argentine estimate unchanged at 50 mmt, which remains above the USDA’s 48 mmt estimate.
• Argentina is seeing much needed rains, while Brazil continues to be a mixed bag with too much rain in the south, too little in the north and east, with showers in the central areas.
• There is also talk that Argentina may see some corn acres switched to soybeans.

• Led by KC, the wheat complex is higher this morning as the markets try to recover some of yesterday’s losses.
• There is talk that China’s milling wheat supplies are low and that they are buying French and Australian wheat.  While it’s not new to the market, it’s been reported that China will likely import a record 12 mmt of wheat in 2023.  The question is, how much of the business will the US receive if Australia and others run low on supplies.
• Export demand remains a challenge for the US wheat market, and currently, US SRW prices are on par with the EU and Baltic offerings.  While US HRW is $30/tonne over Germany and $50/tonne over Russia.
• Russia continues to dominate the world wheat market with prices in the $220-$230 range.

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 this morning but near the bottom of its range with little fresh news to go on.
• Crude oil is up slightly after yesterday’s selloff which could be supportive to ethanol, but ethanol margins have also been mostly rangebound.
• Yesterday’s crop progress report showed corn at 71% harvested which was above the average trade guess and up from 59% a week ago.
• A fire at a key Brazilian port is delaying grain shipments which have already struggled to be transported due to low water levels in Amazonian rivers.

• Soybeans are mixed with the Nov contract lower, Jan slightly higher, and deferred contracts unchanged. Weather has improved slightly in South America, but in the US, poor yields are being reported in the western Plains.
• Yesterday’s crop progress report said that the soybean crop was 85% harvested which was in line with trade guesses and above the 5-year average of 78%.
•  Brazil’s 23/24 soybean planting has reached 40% completion of the expected area, but this pace is behind last year’s 46% at this time.
• With reports of poor soybean yields coming in in the US, it is possible that the USDA may reduce their production estimate of 4.104 bb. Ending stocks are already tight at 220 mb.

• All three wheat contracts are trading lower this morning, but December KC has not taken out its contract low from yesterday. The lack of export demand has significantly pressured wheat prices.
• The US winter wheat crop is looking promising with good weather conditions, and yesterday, the USDA said that 84% of the crop has been planted with 64% emerged, on track with its average pace. The USDA also said that 47% of the crop was rated good to excellent, up from 28% last year.
• In Brazil, unfavorable weather conditions during their wheat harvest have led to quality concerns and have caused prices to move higher.
• China is set to import record volumes of wheat this year due to damage to their crop, and they have been purchasing large amounts of Australian and French wheat. 

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading slightly lower to begin the week, but prices remain very rangebound with the lack of fresh news.
• Harvest activity was limited over the weekend with broad rains over the Midwest on Friday, rains from Oklahoma through Ohio on Sunday, and some ice and snow in areas of the northwestern Corn Belt.
• The next seven days should be much drier for harvest with almost no rain forecast in the Corn Belt, allowing that work to get done.
• In South America, there are big concerns over planting with northern Brazil and Argentina facing much drier than normal conditions and southern Brazil too wet. Argentina is 22% planted for corn and Brazil is 33% complete.

• Soybeans are trading higher this morning but have faded from their larger gains over night. Support has come from weekend weather and higher soybean oil.
• The snow and frosts in the northwestern Corn Belt could be damaging to any soybeans left in the field with harvest incomplete, but North Dakota and Minnesota are mostly finished with soybeans.
• December soybean meal is lower today but still near its contract highs. There is a 28 dollar premium from Dec to March suggesting high demand and limited on hand supplies.
• In China, March soybeans on the Dalian exchange ended 1.0% higher today at the equivalent of $16.07, a new one month high.

• All three wheat contracts are trading lower this morning, but December KC wheat has made new contract lows as demand remains poor.
• Russia’s Ag Ministry is now forecasting their wheat crop at 93.0 mmt which is far above the USDA’s previous guess of 85.0 mmt. Russia also continues to dominate export sales.
• Ukraine’s grain exports for October are down nearly half year over year to 2.15 mmt after Russia exited the Black Sea grain deal. Ukraine has been forced to export via their own corridor.
• Friday’s CFTC report showed non-commercials exiting a portion of their short position and buying back 12,153 contracts which reduced their net short position to 92,254 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 higher this morning following crude oil higher after it was reported that The US hit targets in Syria overnight in retaliation to strikes against US positions in the Middle East.
• Yesterday, it was reported that 3rd quarter GDP was above analyst expectations at 4.9%, and this caused traders to get nervous about the Fed keeping interest rates high.
• Corn harvest has been going at a slow pace due to rains that have been moving through the Corn Belt, and there are more rains forecast over the next 7 days.
• Barge shipments down the Mississippi River have increased to 562k tons compared to 496 the previous week, but barge rates have increased over the past week as well.

• Soybeans are trading higher this morning with support from both soybean meal, oil and crude oil, but overall, soybeans have been rangebound for the past week.
• Crush margins remain strong for soybeans as domestic demand stays stout, and soybean meal is back near contract highs improving margins further.
• Indonesia’s flag carrier Garuda tested its first commercial flight that used jet fuel mixed with palm oil which is encouraging for the outlook of soybean oil as jet fuel.
• Yesterday’s export sales for soybeans were impressive at 50.6 mb for 23/24, and export shipments were well above expectations at 87.6 mb. In addition, there was a sale to China of 110,000 mt.

• Wheat is lower this morning after a heavy downpour in key areas of Argentina greatly improved the conditions of their wheat crop which has been affected by drought.
• Yesterday, it was reported that Ukraine’s export corridor had been temporarily closed due to worries of explosives, but ship traffic is reportedly still moving through today.
• Ukrainian grain harvest is running 40% ahead of last year with 43.4 mmt of grain harvested so far, and 22.4 mmt of that being wheat. Exports remain a challenge.
• India has announced that it would sell more wheat in the open market to control local prices, and is looking at amounts near 300,000 tons from state reserves.

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 four consecutively lower closes as prices are under pressure from harvest and some reports of better than expected yields.
• There has been some outside pressure from equity markets as the strength of the US economy lately has trade concerned that the Fed will leave interest rates higher for a longer period of time.
• Yesterday’s ethanol production report showed that the US increased production to 1.040 million barrels a day which was the 2nd highest ever for this time frame and the highest production in the past 9 weeks.
• The average guess for today’s corn export sales are 905k tons as sales have improved slightly but the majority of exports have been to Mexico.

• Soybeans are trading slightly higher this morning with early support from higher soybean oil. Yesterday’s trade helped expand crush margins by another 10 cents.
• Soybean meal has moved sharply higher recently due to the US picking up soybean meal export demand that was left by Argentina’s lack of production, but futures may have gotten too overbought causing the small selloff.
• While South America remains very dry with the 10-day forecast showing very little moisture, there are some small chances for rain in key areas that could pressure soybeans.
• Today’s export sales report is expected to be solid for soybeans with the average trade guess near 1,010k tons following good inspections and sales to China.

• All three wheat contracts are trading higher this morning, but KC wheat made a new contract low overnight so the buying may be more technical with oversold technicals.
• A large amount of pressure in KC wheat has come from significant rains falling in the southern Plains recently which gives new winter wheat crops the moisture they need ahead of winter.
• Ukraine is hoping to export at least 1 million metric tons of grain through their new Black Sea corridor for the month of October as their defense from Russia in the area gets stronger.
• In the Czech Republic, estimates for this years grain harvest has been seen at 7.40 million tonnes in September which was above July estimates.

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 after three consecutively lower closes due to harvest pressure and some outside pressure from lower crude oil.
• Yesterday, private exporters reported to the USDA export sales of 117,200 mt of corn for delivery to Mexico during the 23/24 marketing year, but this sale didn’t have much effect on the market as traders look for exports to destinations like China.
• Ethanol production for the week ending October 20 is expected to be higher than last week at 1.043 m b/d with the stockpile average estimate at 21.236 m bbl vs 21.112m a week ago.
• The USDA attaché in Ukraine sees its 23/24 corn crop at 30.7 mmt which would be a larger production amount than the previous year.

• Soybeans are mixed this morning with the two front months slightly lower but deferred contracts higher after yesterday’s solid gains. Both soybean meal and oil are trading higher.
• December soybean meal made new contract highs overnight as momentum from strong US exports of meal continues.
• Some analysts are already revising their estimates of South American production to be lower amid the dry conditions that Argentina and northern Brazil are dealing with during planting.
• Yesterday, China signed a US agricultural purchase agreement that would include them buying billions of dollars worth of agricultural goods, mostly soybeans, during a ceremony in Iowa.

• Wheat is mixed this morning with Chicago and KC lower but Minneapolis higher. KC is nearing contract lows while Minn is faring better due to better demand for high protein wheat.
• Ukraine announced that 700,000 tons of grain have been exported through their own humanitarian corridor since August, with 30 ships having left Ukrainian ports.
• EU soft wheat exports fell by 22% in the season through October 22 at just 9.33 mt vs 12 mt last year.
• Russian grain production is expected to rise further to 600,000 tons this year as many other countries deal with lower production due poor weather. Russia continues to dominate export sales.

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 which would be the third consecutively lower day due to harvest pressure and yesterday’s crop progress report which saw harvest advancing.
• Harvest was seen at 59% harvested as of October 22 which was in line with trade expectations and the pace from a year ago, but ahead of the 5-year average.
• Yesterday’s big selloff in the cattle complex following the bearish Cattle on Feed report likely added some pressure to corn yesterday.
• In Brazil, corn is now 63% planted which is ahead of the 5-year average of 58%, but their corn acres will be fewer than last year. In Argentina, just 18% of the crop has been planted which is down from the average of 29%.

• Soybeans are working higher this morning after two consecutively lower closes with support from soybean meal and strong export inspections yesterday.
• Yesterday’s crop progress report shower soybeans at 76% harvested which was slightly lower than trade expectations of 77%, but above the 5-year average of 67%.
• Soybeans were under pressure yesterday due to forecasts of rain in South America, but only light showers were reported with most areas getting missed.
• Brazilian farmers have been reluctant to sell their new soybeans with prices so much lower than a year ago. StoneX has estimated that 25% of the new soy crop which is estimated at 164 mmt has been sold.

• Wheat is trading lower this morning with KC posting the largest losses. SRW wheat has become more competitively priced which has gotten China’s buying interest.
• Yesterday’s crop progress report showed that winter wheat is now 77% planted  which was lower than the average trade guess, but up from 68% a week ago. 53% of the crop is emerged, up from 39% a week ago.
• Ukraine says that it has shipped 700k tons of grain so far through the temporary export corridor in the Black Sea with destinations primarily to Europe and Africa.
• APK-Inform has cut their estimates of the 23/24 Ukrainian grain crop to 53.4 mmt from their previous estimate of 54.2 mmt.

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

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