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All prices as of 6:30 am Central Time

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• Corn is trading higher this morning as hot and dry weather threatens yields, but upcoming harvest has put a damper on prices.
• Yesterday’s export sales numbers were solid and a good improvement with the US moving from a new crop sales deficit of over 125 mb to just under 60 mb.
• September’s WASDE report may show reduced yield numbers but may also show increases in acreage which could offset some of the production from yield loss and still leave the US with a carryout above 2 billion bushels.
• In Argentina, production estimates for corn have stayed steady at 34 mmt and harvest is now 98.9% complete.

• Soybeans are trading higher this morning along with both soybean meal and oil. Crude oil is higher again today which has been supportive of bean oil.
• While weather remains hot and dry, chances for rain have improved slightly for the next week but rainfall totals would still be low, and temperatures may not be as hot as expected.
• US soybean offers for October through January are on par with Brazilian offers which has seen US exports pick up significantly over the past few weeks.
• Barge rates are soaring to over 42% this year as water levels in the Mississippi River fall again with little rain forecast to help. Barge rates are currently 85% over the 3-year average.

• Wheat is trading higher this morning along with corn and beans as contracts attempt to find a bottom where prices are more competitive globally.
• With spring wheat yields coming in better than expected, Minn futures have had a hard time finding as much momentum as the Chicago contract which is already nearing competitive prices for exports.
• The UN has sent Russia more bids to revive the Black Sea grain deal, but at this point it isn’t looking like they will rejoin unless unlikely demands are met.
• Australia has been dealing with hot and dry weather which has seriously impacted yields lowering their wheat outlook. China is a key buyer for Australian 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

• Markets are treading quietly this morning with corn up only a penny as technical trade is bearish and weather bullish.
• This weekend, hot temperatures are expected to return with virtually no rainfall in the forecast. Minnesota and Iowa have better rain chances over the next 7 days,
• The weather conditions may be causing the crop to mature too rapidly with many producers seeing ears drop already.
• US ethanol stocks fell by 5% to 21.609 million barrels and analysts had been expecting 22.599 mln bbl.

• Soybeans are unchanged this morning while soybean meal is lower and soybean oil higher.
• The 14 dollar level remains significant resistance for November soybeans as producers have been more willing to sell at that level.
• Today’s export sales report should show a large increase in commitments to China or unknown destinations after the recent string of sales.
• South American soybean meal was offered as much as 9 dollars a ton lower yesterday with the market under pressure as trade anticipates an expansion of US soybean plantings.

• Wheat is trading lower this morning with a new contract low in Dec Chicago wheat and KC wheat with a new yearly low.
• SRW values are now approaching parity with other world exporters which could finally see US exports begin to pick up.
• Russia has said they would talk to Turkey about an alternative to renewing the grain deal where they would sell grain to Turkey at a discounted price with financial support from Qatar.
• Wheat production in Canada is expected to be 14.2% lower than last year’s crop, according to estimates released Tuesday by Statistics Canada on its website.

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 higher this morning following yesterday’s technically weak price action.
• December Corn traded to 499-1/2 in yesterday’s session before facing sharp selling pressure and closing 9-1/2 cents lower.
• Brazilian corn exports in the month of August are expected to reach 9.19 million tons versus 6.89 million tons in the same month a year ago.
• Temperatures over the next two weeks are expected to be far above normal while precipitation is forecast to be below normal for the Corn Belt.

• Soybeans are trading higher this morning along with both soybean meal and oil.
• Heat and limited moisture in most of the Midwest over the next 10-days could speed along soybean maturity. 
• November soybeans are right back near the $14 level with futures technically oversold. November futures have closed above the $14 level just once in the month of August.
• Canadian soybean production is expected to be 2.9% higher than last year according to a Statistics Canada estimate this week.

• Winter wheat is trading higher this morning after sharply lower trade to end last week and start this week. Spring wheat futures are slightly lower this morning.
• Wheat production in Canada is expected to be 14.2% lower than last year’s crop, according to estimates released Tuesday by Statistics Canada on its website.
• A Farm Futures survey released this week expects US all-wheat seedings to be up 5.8% compared to last year.
• The European Union’s soft-wheat exports in the season that began July 1 reached 4.49 million tons as of Aug. 27, compared with 6.31 million tons in a similar period a year earlier, the European Commission said on its website.

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 lower this morning following yesterday’s crop progress report but weather over the next two weeks is expected to be hot and dry.
• Crop progress showed corn’s good to excellent rating falling to 56% from 58% last week and the average trade guess being 55%.
• 88% of the crop is doughing, 51% is dented compared to 35% last week, and 9% is mature compared to 4% a week ago.
• While ratings didn’t fall much last week, temperatures over the next two weeks are expected to be far above normal while precipitation is forecast to be below normal for the Corn Belt.

• Soybeans are trading lower this morning along with both soybean meal and oil as trade was expecting a much larger drop in crop ratings.
• 58% of the soybean crop was rated good to excellent vs 59% a week ago with trade expecting a rating of 56%. 91% of the crop is setting pods vs 86% a week ago, and 5% is dropping leaves.
• November soybeans may be finding some resistance at the 14 dollar level with futures technically oversold and a gap lower on the chart at 13.90-1/2.
• Brazil’s soybean crop for 23/24 is seen at 162.8 mmt vs 154.6 mmt in the previous year as production expands.

• Wheat is trading lower again this morning with KC taking the brunt of the losses and Chicago following behind. Yesterday’s crop progress was slightly friendly for Minn wheat.
• Yesterday’s crop progress for spring wheat showed harvest 54% complete compared to 39% a week ago and in line with trade guesses while the good to excellent rating slipped 1 point to 37% which was in line with expectations.
• The Russian Grain Union has said that Russian exports of wheat have risen by 27% year over year in August to 6.4 mmt.
• In Brazil, wheat prices have faded significantly with the monthly price averages at the lowest levels since 2020. 70% of the wheat crop is harvested in Brazil.

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 higher this morning but has backed off overnight highs as weather forecasts predict more dryness over the next 7 days.
• Soil moisture is already dry and the dry 7-day forecast could push corn to mature more quickly which could affect rest weights.
• The Pro Farmer tour wrapped up last week with an average national yield guess of 172 bpa. The USDA typically estimates yields a few bpa higher than this crop tour.
• Friday’s CFTC data showed funds as net sellers of 33,555 contracts of corn increasing their net short position to 106,135 contracts.

• Soybeans are trading higher this morning along with soybean meal while soybean oil is slightly lower. The dry forecast is bullish for soybeans as well as corn.
• Exports have picked up slightly over the past few weeks for soybeans which is typical this time of year as Brazil shifts their focus to second crop corn exports.
• Pro Farmers crop tour ended last week with an average yield estimate of 49.7 bpa which compares to the USDA’s guess of 50.9 bpa.
• Non-commercials were net sellers of soybeans for the week ending August 22 and sold 13,362 contracts reducing their net long position to 50,719 contracts.

• Wheat is trading lower again this morning and can’t seem to gain any ground despite the bullish weather in the US and gains in other commodities. 
• A second ship that has left Ukraine through the Black Sea in Ukraine’s new humanitarian corridor safely reached Romania despite Russia backing out of the grain deal.
• Yields for spring wheat in Minnesota and North Dakota are expected to be better than trade initially thought. This is in contrast to the USDA which has showed poor crop conditions.
• Funds continue to put selling pressure on wheat adding to their net short position again by 5,331 contracts increasing it to 70,921 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 again this morning as prices struggle to gain traction despite hot and dry weather and slipping yields in Illinois and Minnesota.
• The extreme heat is moving South today but solid rains are still a ways off in the forecast. The 7-day forecast is showing only light scatters of rain over the Corn Belt.
• Pro Farmer wrapped up their tour of Iowa and Minnesota yesterday finding average yields of 182.8 bpa in Iowa which is below last year, and 181.34 bpa in Minnesota which is large decline from last year.
• In Brazil, second crop corn harvest is still incomplete as they continue to receive rains that are causing delays, but the rains will be helpful for next month’s planting.

• Soybeans are higher again this morning and are on track for a gain on the week. Soybean meal is slightly lower while soybean oil is higher.
• Soybeans are gaining support from the extreme heat and rain that has been absent for over 10 days in the Midwest during crucial pod filling time.
• Yesterday, the Pro Farmer tour was in Iowa and Minnesota and found pod counts in a 3×3 area in Iowa at 1,190.41 which is up from last year and the 3-year average. In Minnesota, counts were at 984.39 which was below last year and the 3-year average.
• Yesterday, October soybean meal gained $11.10 which boosted the value of crushed soybeans and should keep processors buying cash beans.

• Wheat is trading slightly higher this morning and December KC is actually on track for a slight gain this week. The Dec contracts of all three wheats held above their May lows which could be considered a small win.
• These past few weeks in the news have shown plenty of attacks back and forth between Russia and Ukraine with Russia targeting grain facilities and Putin likely killing the Wagner group boss, but wheat prices had very little reaction to these headlines.
• The dryness in the US is setting up for good harvest conditions and the spring wheat harvest for both the US and Canada should reach the halfway mark by Monday’s crop progress report.
• Canada’s wheat crop estimates will be revised on Tuesday the 29th, and private analysts are expecting that number to be below the USDA estimate of 1.21 billion bushels.

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 despite the heat and dry weather on the heels of the crop tour which showed better than expected yields in Illinois.
• Pro Farmers crop tour wrapped up in Illinois yesterday with a lot of variability but the average yield pegged at 193.72 bpa which is above both last year and the 3-year average.
• The heat is expected to peak today with temperatures cooling off in the following weeks. High 100’s are forecast for Nebraska and Illinois, but after the heat subsides, dry conditions are still expected for another two weeks.
• The Argentinian grains exchange is expecting a dry start to their 23/24 corn season and planted corn is estimated at 7.3 million hectares which would be 2.8% times larger than the previous planting.

• Soybeans and soybean meal are beginning the day higher while soybean oil trades lower but is still near its recent highs. The tight carryout and hot weather has been supportive of the soy complex.
• The Pro Farmer tour finished its rounds of Illinois yesterday and found an average of soybean pod counts in a 3×3 area at 1,270.61 which is above a year ago and the 3-year average.
• India’s June palm oil exports rose to 3.45 mmt from 2.23 mmt in May. Output fell to 4.42 mmt, and domestic consumption rose significantly from the previous month.
• China is conducting trials on GMO soybeans and corn and surprise, yields were up to 11.6% higher in those trials. China has not yet approved commercial planting of GMO grains.

• Wheat is relatively unchanged this morning as markets are unsure how to respond to the death of Wagner group’s boss, Yevgeny Prigozhin. First reactions are that it was an act of retaliation by Putin.
• Without the Wagner groups military, Russia is not expected to be as effective in their war. With Russia the only real game in town for global wheat exports, and they at war, any disruption to their grain infrastructure could have massive impacts on world prices.
• Putin has resumed talks to supply free wheat to 6 African countries in the amounts of between 25 and 50 thousand tons as humanitarian aid.
• Agritel is expecting that French wheat exports will rise to 17 mmt in 23/24 compared to 16.4 mmt last season supported by strong sales within the EU.

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 about a penny higher this morning but futures are still hovering around their lows despite crops dealing with stress from the heat.
• The Corn Belt is forecast to miss much of the rain expected over the next 6 to 14 days, but temperatures are expected to cool down after Thursday giving the crop some relief.
• The ProFarmer crop tour saw South Dakota with an average yield of 157.4 bpa, while estimates for Ohio came in around 172.4 bpa, similar to last year.
• The gap between US and Brazilian corn has narrowed recently but FOB prices remain a bit cheaper in Brazil for August and September. US corn exports have been very slow with the main buyer being Mexico.

• Soybeans are trading lower this morning along with both soy products lower as well. The crop tour has been finding pod counts higher than the previous year.
• The crop tour completed its run through of Nebraska and Indiana yesterday and found pod counts in a 3×3 plot with an average of 1,160.02 in Nebraska and 1,309.96 in Indiana, both ahead of last year.
• November soybeans on the Dalian exchange fell slightly today to the equivalent of $19.04 a bushel but remain near the yearly highs.
• Cargill has agreed to buy plants from the Brazilian biodiesel maker Granol in an effort to expand its soybean production in South America.

• Wheat is mixed this morning with Chicago slightly higher, KC a bit lower, and Minn unchanged, all near their lowest prices of the year.
• Russia and Ukraine hit each other with more drone attacks last night with Ukraine targeting Moscow and Russia again targeting grain facilities in Odesa and around the Danube River region.
• Russia’s estimated wheat production has again been bumped up to 92.1 mmt from 87.1 mmt for 23/24, far above the USDA’s most recent estimate of 85 mmt.
• Russia seems to be the only country with a strong wheat crop right now as Canada, India, Argentina, and Australia all struggling with various weather issues and Ukraine unable to export the grain they do have. 

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 but is quiet as trade seems mostly unfazed by the hot and dry conditions.
• Temperatures between the 90’s and 100’s will stretch as far north as South Dakota and Minnesota and as far east as Indiana and Kentucky before cooling off after Thursday.
•  Yesterday’s crop progress showed good to excellent ratings for corn slipping by one point to 58% with 78% in the dough stage and 4% mature.
• The Pro farmer crop tour in South Dakota yesterday saw corn yields averaging 157.4 bpa according to 91 samples taken. Last year, the average was 118.45 bpa.

• Soybeans are trading slightly lower this morning and are getting pulled lower by lower soybean oil while soybean meal trades a bit higher.
• The USDA kept the good to excellent rating steady at 59% good to excellent which is good considering the heat and dryness lately.
• September soybeans on the Dalian exchange hit a new 2023 high today and are trading at the equivalent of $19.82 a bushel. This could explain the recent string of purchases from the US.
• The Profarmer tour in South Dakota found an average of 1,013 pods within 3 square foot averages which is only slightly below the 3-year average. In Ohio, the counts came in at 1,049 pods.

• All three wheat contracts are trading slightly higher this morning as prices try to find support among the lowest prices of the year.
• Yesterday, prices fell after reports came out that Ukraine would be exporting grain through a new humanitarian corridor that hugs the coastline.
• Yesterday afternoon, the USDA said that 96% of the winter wheat crop was harvested with work incomplete in Washington, Ohio, and Montana.
• 39% of the spring wheat crop has been harvested which is below the 5-year average pace of 46%. For what is left, the good to excellent ratings were lowered from 42% to 38%.

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 but has backed off its overnight highs as the dry and hot forecast continues and stresses the crop.
• The forecast for the next 7 days offers more rain chances in the Corn Belt than the previous week but is expected to be light, and temperatures are expected to drop later in the week.
• According to Conab, Brazil’s second crop corn harvest was 72% complete as of August 12 which was down from 86% this time a year ago. Rains have been delaying their progress.
• Friday’s CFTC report showed non commercials as sellers of corn last week by 45,924 contracts increasing their net short position to 72,580 contracts.

• Soybeans are significantly higher this morning along with soybean meal and oil as the hot and dry weather affects soybeans most directly as they fill pods.
• While Chinese economic growth struggles with deflation and poor economic data, their food demand remains robust with November beans on the Dalian exchange trading at the equivalent of $19.11 a bushel, a new high for this year.
• Chinese imports from the US fell by 63% from the previous year as they source their soybeans from Brazil.
• Friday’s CFTC data showed funds as sellers of soybeans by 13,362 contracts as of August 15 reducing their net long position to 50,719 contracts.

• While corn and soybeans trend higher, wheat is lower and has struggled to gain momentum on poor demand that is effecting global prices.
• Ukraine is attempting to use a new “humanitarian corridor” to export grains that will hug the western coastline near Romania and Bulgaria.
• Egypt’s total consumption of wheat is expected to reach between 19 and 20 mmt. They are expected to import 10 mmt to meet demand which is 50% of their total consumption.
• Friday’s CFTC data showed funds piling into their short position increasing it by 10,195 contracts, leaving them net short 65,590 contracts.

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

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