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All prices as of 6:30 am Central Time

• Corn is unchanged to slightly lower this morning as trade moves quietly. Notably, prices moved up to the 100-day moving average on Friday but backed off, showing it as important resistance.
• Crop progress will be released later today, and harvest will have likely crossed the halfway mark, but rains last week could have delayed some work.
• In a dry area of Argentina, farmers are beginning to shift their plans for an early corn crop to plant soybeans instead on about 494,000 acres.
• Friday’s CFTC report showed non-commercials as net buyers of corn for the week by 3,821 contracts reducing their net short position to 108,870 contracts.

• Soybeans are lower this morning as they get dragged down by lower soybean meal while soybean oil trades slightly higher. Crude oil is lower on the day.
• Soybeans have trended higher over the past few weeks thanks to South American weather and improving soy exports, but harvest is still adding some pressure to the market.
• Brazilian farmers have planted 29.84% of their 23/24 soybean area which is far below the 37.6% planted at this time last year as drought causes some to wait for better conditions.
• Last week’s CFTC report showed non-commercials as sellers, flipping their position to a net short one. They sold 4,150 contracts and are now net short 1,984 contracts.

• The wheat complex is mixed this morning with Chicago relatively unchanged, KC lower, and Minneapolis higher. 
• There is some pressure on wheat today after beneficial rainfalls fell in drought stricken areas of Argentina which could boost production by millions of tonnes.
• Ukrainian grain exports have fallen 30% year over year with just 8 mmt exported so far, and wheat making up 4.1 mmt of that, down 6.7% y/y.
• Friday’s CFTC showed funds as sellers of just 72 contracts of wheat, increasing their net short position to 104,407 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 higher this morning after its close above 5 dollars in December yesterday for the first time in over two months.
• Since the WASDE report last week showing the USDA’s guess for the national yield at 173.0 bpa, corn has been in an uptrend gaining over 37 cents from its low.
• As of last week’s CFTC report which showed funds heavily short by over 100,000 contracts, many of those positions would be underwater by now which could cause more short covering and higher prices.
• While recent rains have caused water levels on the Mississippi River to improve slightly, the longer term forecast is dry and those low water levels are still a concern.

• Soybeans are beginning the day lower as the December and January contracts struggle to break above their 100-day moving averages. 
• Soybean meal is slightly lower while soybean oil is higher, and crush margins overall have improved significantly over the past month driving domestic demand.
• This week has revealed a number of bullish news pieces with export inspections, NOPA crush, and export sales all stronger than expected. Open interest has increased as well, and Nov beans could be on track for a 30 cent plus gain on the week.
• Brazilian producers are becoming more concerned with the El Nino pattern which is causing very hot and dry conditions in both Brazil and Argentina, causing a bulk of plantings to be delayed.

• Wheat is the only commodity trading higher this morning between corn and soybeans with December Chicago wheat challenging the 6-dollar level for the first time in over a month.
• As in corn, funds hold a very large short position in wheat and with prices seemingly recovering, funds will likely need to short cover.
• The Brazilian 23/24 wheat crop is seen at just 10.5 mmt, down 5.9% from the previous estimate due to dryness, and Argentina’s wheat crop is now rated 47% poor to very poor due to drought, up 5 points from last week.
• Australia has been dry as well with its wheat production slashed significantly, but recent rains across the country could improve production by several million tons.

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 beginning the day slightly lower after yesterday’s gains. Outside influences such as the war in Israel and fears about the economy could be creating some risk off mentality.
• Yesterday’s EIA report showed ethanol production increasing to 1.035 billion barrels per day, and stocks still managed to fall to the lowest levels since 2021 despite the higher production.
• The trade range for today’s export sales report in corn is between 500 and 1,100k tons with an average guess of 835k tons. The majority of US corn exports have gone to Mexico.
• China is moving closer to planting commercial GMO corn after having 37 GMO seed varieties approved in a further effort to be more self sustainable.

• Soybeans are mixed this morning with front months higher and back months slightly lower. Support is coming from an impressive move in soybean meal with big gains yesterday while soybean oil is slightly lower.
• After Argentina’s drought last season and production of soybean meal cut so much, it seems like the US has picked up some of that business after all as shown by the tick up in futures prices.
• With meal prices now up over $50/ton since October, crush margin has improved by over 60 cents per bushel in the past two weeks.
• Brazilian grain exporters are being forced to re-route some cargoes of grain as the drought lowers water levels on Amazonian rivers causing barges to get stuck.

• Wheat is trading slightly lower this morning along with corn as markets trade cautiously with an eye on the lower crude oil today. 
• Yesterday, wheat posted solid gains with world weather in wheat growing countries adding to the bullishness. Funds were likely covering a portion of their large short position yesterday.
• The Australian wheat crop is expected to fall by 40 to 45% this year due to drought, and India’s production is expected to fall as well which may cause them to become a net importer.
• Export sales of wheat in today’s report are expected to be between 350 and 800k tons with the average guess at 585k tons. Rumors have been circulating that China is looking for more US 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 higher this morning following overnight strength in soybeans. 
• With only isolated showers expected though the weekend for much of the Corn Belt harvest progress should be able to push well beyond the 45% complete as estimated in Monday’s crop progress report.
• Ethanol production set to be released today is expected to come in higher than last week at 1.024 million barrels per day according to estimates gathered by Bloomberg. 
• Safras and Mercado estimate Brazil’s 1st crop corn is 59% planted, this is 6% ahead of last year’s pace and the five-year average. 1st crop corn in Brazil historically accounts for about 25% of their total corn production. 

• Soybeans are trading higher again this morning as dryness concerns continue to build for major producing regions of Northern and Central Brazil. 
• River levels along the Amazon River basin have fallen to their lowest levels in over 100-years due to drought conditions. Rains are expected to be minimal in West Central Brazil for at least the next 7 days, replanting is likely due to the dryness in some key producing regions. 
• S&P Global forecasts US soybean acreage for 2024 will reach 86 million acres, up from 83.6 million in 2023. 
• Basis bids for soybeans at both US river terminals and processors have been steady to firmer recently despite harvest progress.

• Wheat is trading higher this morning following corn and soybean prices which are rallying mostly on Brazilian weather worries. 
• S&P Global Commodity Insights projects 2024 US all wheat acreage at 48.7 million acres, if realized this would be 875,000 acres lower than the 2023 planted area. 
• European Union soft wheat exports since July 1st have reached 8.81 million tons, down 22% from exports at this same time last year. 
• According to Chinese Customs data September wheat imports were over 66% higher than September of 2022. Year to date Chinese wheat imports are up 53.6%. 

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 on harvest pressure and a technical resistance level for December corn at the 5 dollar mark.
• Yesterday’s crop progress report showed that 45% of the crop has been harvested compared to last week at 34% and the trade guess of 46%. 95% of the crop is mature.
• Export inspections for corn yesterday were below expectations at 434k tons vs 804k tons the previous week, but yesterday a sale of 7.8 mb was reported to Mexico.
• Chinese corn prices are slipping down near their two year lows on poor demand from the processing sector and low feed demand within the country.

• Soybeans are trading higher again this morning despite harvest pressure as markets continue to see follow through from last week’s WASDE report which showed a carryout of just 220 mb.
• Yesterday’s crop progress showed soybean harvest at 62% complete which was above the average trade guess of 57%, and 43% from a week ago. 97% of the bean crop is mature.
• Export inspections were excellent for soybeans yesterday at 2.012 mmt, and inspections have now exceeded the seasonal pace needed to hit the USDA’s target by 28 mb. In addition, yesterday, a sale of 183,000 mt of soybean meal was reported to the Philippines for 23/24.
• In more friendly news from yesterday, the NOPA crush report showed 165.456 mb of soybeans crushed in September, higher than expectations and a new record for the month.

• Wheat is trading lower this morning with little fresh news to keep prices moving higher. The excitement from Chinese wheat purchases has died down with the lack of any new ones.
• Export inspections for wheat were mild at 355k tons and within the average trade guess. Crop progress showed 68% of winter wheat planted vs 57% last week.
• Ukraine has harvested about 65.2% of their 2023 winter grains which is around 3.3 million hectares, and 3.02 million hectares of that area was winter wheat. Exporting will likely continue to be a challenge.
• Wheat harvest in Brazil is beginning, but rains in major wheat growing areas are concerning growers and could see output cut by 3.3% despite the total growing area being 12.1% larger than 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 starting off the week relatively unchanged as the December contract struggles to break 5 dollars amid producer selling.
• Last week’s WASDE report was friendly with a national yield guess of 173.0 bpa. Some producers reported better than expected yields, but original expectations likely weren’t that good.
• In Brazil, a severe drought is disrupting barge traffic on a river in the Amazon, and barges are having to reduce their loads by as much as 50% to navigate safely in the shallow waters.
• Non-commercials began to unwind part of their net short position last week buying back 46,742 contracts and reducing their short position to 112,691 contracts. 

• Soybeans are trading higher this morning but have backed off a few cents from their overnight highs. Soybean meal is lower while soybean oil is higher thanks to higher palm oil.
• US September soybean crush is expected near 160.5 mb which would be 1.5% higher compared to September of last year, but 0.6% lower than a month ago.
• Brazilian farmers have planted 17.35% of the 23/24 soybean area which compares with 22.60% at this time last year. Conditions are very dry in northern Brazil which is likely causing delays.
• Friday’s CFTC report showed funds whittling away at their long position by selling 2,831 contracts and leaving them net long just 2,170 contracts.

• Wheat is trading higher this morning with Chicago leading the way with gains amid global weather issues in major wheat producing countries.
• Russia has reportedly destroyed 300,000 tons of grain since July between attacks on ships and ports. Despite Russia backing out of the grain deal, Ukraine is still shipping out grains via their own corridor.
• Heavy rains in China are expected to disrupt wheat planting over the next 10 days. This comes as Australia and Argentina, two large exporters, deal with severe dryness.
• Last Friday’s CFTC report showed non-commercials adding to their short position by selling 5,547 contracts and increasing their net short position to 104,335 contracts, unusually large for this time of 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 starting the day off higher on the heels of yesterday’s friendly WASDE report and has now posted nearly a 30 cent gain since its low on September 19th.
• There have been continued reports of delayed harvest work as rain moves across a good portion of the Midwest, likely pushing the work to next week.
• Yesterday’s WASDE report called corn yields at 173 bpa, below expectations, but total production was called near a record of 15.064 bb.
• The South American weather pattern is still causing dryness in Argentina and northern Brazil while southern Brazil receives too much rain, and this could impact their production.

• Soybeans are continuing to trade higher following yesterday’s much needed bullish WASDE report and with help from gains in both soybean meal and oil.
• Yesterday’s report called soybean yields at 49.6 bpa, below expectations and last month’s estimate of 50.1 bpa, and ending stocks were kept at 220 mb, the lowest levels in 8 years. World ending stocks were reduced.
• In Paraguay, planting is nearly 60% complete, but rain fall has been light and uneven and producers are waiting for more moisture before they finish planting.
• Water levels on the Mississippi River have improved causing grain shipments to rise and barge rates to fall. Soybean shipments are up 53.1% week over week.

• Wheat is continuing its higher trade from yesterday with support from corn and soybeans as the report yesterday was not particularly bullish for wheat.
• Yesterday, the USDA said that US ending stocks increased from 615 mb to 670 mb due to a higher production estimate. Feed demand was increased by 30 mb to 120 mb.
• With Australia’s dry weather, the USDA reduced the size of their wheat crop by 1.5 mmt to 24.8 mmt, down 38% from last year’s crop.
• Ukraine’s grain harvest has advanced 31% from last year and is now at 35.6 mmt for the season starting July 1st.

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 higher this morning as grains trade quietly ahead of today’s WASDE report which will be released at 11 a.m. central.
• Estimates for today’s WASDE report have yields lower at 173.7 bpa and ending stocks lower as well at 2.148 billion bushels. World ending stocks are also expected to fall.
• China is boosting their expected corn output for 23/24 to 288.94 mmt on higher yields. This would put output higher by 11 mmt than last year.
• In Brazil, reports of restricted grain movement are popping up as drought conditions cause low water levels on the Amazon which has caused boats to run aground and get stuck.

• Soybeans are trading higher this morning with support from higher soybean meal. Soybean oil is lower in the front months but higher in the deferred contracts.
• Average estimates for today’s USDA report have yields at 49.9 bpa compared to 50.1 bpa last month with US ending stocks expected to increase, but world soybean stocks decreasing.
• Low export sales this year have been the biggest hinderance to soybean prices with export commitments 32% lower than a year ago, but yesterday’s sale of 12.2 mb of soybeans to China and unknown may be showing that the US is entering its export window.
• As in corn, the low water levels on the Amazon in South America are holding up soybean shipments which would be friendly to US exports.

• Wheat is slightly higher this morning but still near its lowest levels in two years. The continuing problem is poor export demand as Russia sells its wheat cheaply.
• Expectations for today’s WASDE report are for US ending stocks to increase from 615 mb to 646 mb, but that number could end up being higher.
• China has been looking to import wheat after heavy rains damaged its harvest, and this occurrence could explain the surprise US sale of wheat to China last week.
• England’s wheat crop has reportedly fallen by 10% to 12.81 mmt due to lower yields than expected, but planted acres were reduced as well.

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 ahead of tomorrow’s WASDE report and following yesterday evening’s crop progress report.
• The crop progress report was delayed due to Columbus Day, but the corn harvest was called at 34% complete compared to 23% last week, and good to excellent ratings were unchanged at 53%.
• Estimates for tomorrow’s WASDE report have yields slightly lower at 173.7 bpa, and ending stocks slightly lower as well at 2.148 billion bushels.
• The USDA’s attaché in Beijing lowered its estimate of Chinese corn imports from 23.0 mmt to 20.0 mmt, and November corn on the Dalian exchange closed at its lowest levels in three months.

• Soybeans are slightly lower this morning despite both soybean meal and oil trading higher. Crop progress said that the soybean harvest was ahead of pace for this year.
• Yesterday, the USDA said that 43% of the bean crop was harvested compared to 23% last week, with crop ratings down a point to 51% good to excellent.
• Average estimates for tomorrow’s WASDE report have yields at 50.0 bpa compared to 50.1 bpa last month, but ending stocks are expected to increase slightly to 233 mb from 220 mb last month.
• Supplies of soybeans in Brazil appear to be tightening, giving the US a good opportunity to export beans. China has been an active buyer out of the PNW for October through December.

• All three wheat contracts are trading lower this morning and are near their lowest prices in two years as the US struggles to find export demand.
• Yesterday’s crop progress report said that 57% of winter wheat has been planted compared to 50% last week and 53% a year ago. 29% of the winter wheat has emerged .
• UN officials will visit Moscow to continue talks about the Black Sea grain deal, but so far Ukraine doesn’t seem to be running into much trouble exporting grain on their own.
• Estimates for tomorrow’s WASDE report are that wheat ending stocks in the US will increase slightly to 649 mb from 615 mb, but that world ending stocks will decrease slightly as multiple countries deal with adverse weather.

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 started off the day lower following the attack on Israel over the weekend and ahead of the WASDE report on Thursday. Prices have leveled off from Friday’s high.
• Estimates for Thursday’s USDA report have yields slightly lower at 173.5 bpa compared to 173.8 bpa, and production at 15.121 bb which is also slightly lower than the last estimate.
• Brazilian summer corn is reportedly 51.2% planted which compares with 44.5% a year ago and the 5-year average of 40.1%. The planted acres are slightly smaller than the previous year.
• Indonesia is set to import 250,000 tons of corn for animal feed to anticipate the El Nino pattern and will source this corn from multiple countries.

• Soybeans are starting the day lower as well and are above the level of support at 12.56-3/4 in Nov but dipped below that low overnight getting down to 12.54-1/4.
• Both soybean meal and oil are lower this morning and the recent selloff in the soy products is limiting processing returns and is likely slowing crush demand.
• Estimates for Thursday’s WASDE report call for soybean yields to fall slightly yo 49.9 bpa from 50.1 bpa in last month’s estimate. Production is expected to be lowered slightly to 4.134 bb.
• Brazil is now 10.1% planted which is nearly equal to the progress from a week ago. This comes as excessive rains and fungal infections in parts of the country limit progress.

• Wheat is lower this morning along with the rest of the grain complex as it stays in a narrow trading range.
• Thursday’s WASDE report should show a higher production estimate for US wheat near 1.812 billion bushels, but changes could be made on the demand side as well.
• UN officials will visit Moscow to continue talks about the Black Sea grain deal, but so far Ukraine doesn’t seem to be running into much trouble exporting grain on their own.
• While Argentina and Australia’s wheat crops that are struggling with drought, Kazakhstan’s wheat quality is being hurt significantly by heavy rains.

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

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