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All prices as of 6:30 am Central Time

• Corn is trading higher this morning in response to the new 7-day forecast which is showing virtually no rain for the Corn Belt or Midwest and above normal temperatures.
• December corn futures seem to have found support near the 4.80 level and are technically oversold. They may have found a temporary bottom.
• While most of the Corn Belt received beneficial rains recently, soil moisture maps have shown that there are topsoil deficits in parts of Iowa, Illinois, and Indiana.
• Argentinian corn production is seen as maintained at 34 mmt, and 90% of the crop has been harvested.

• Soybeans are higher this morning and are headed for a third consecutively higher close as weather forecasts stay hot and dry into pod fill. Both soybean meal and oil are higher.
• Technically, November soybeans appear to have put a bottom in and are hugging the 50-day moving average which is moving higher. There is a gap on the chart at 13.79 which may be a target.
• With this two weeks of hot and dry temperatures, the September WASDE report could show another reduction in yields, but that is also the report where acres could be adjusted higher which would effect the carryout.
•  India’s July oilmeal exports rose to 381,301 tons, but soybean meal exports fell to 52,210 tons from 73,139 in June.

• Wheat is trading higher this morning after 5 consecutively lower closes in Chicago wheat as markets look for a bottom. There was no news of attacks in the Black Sea last night.
• India is reportedly in confidential talks with Russia for a massive purchase of 9 mmt of wheat which would be the largest grain deal ever between the two countries. Indian wheat stocks are 20% below the 10-year average.
• A drought in Kazakhstan has led to the destruction on 170 hectares of cropland with much of that being dedicated to wheat.
• Ukraine’s August grain exports out of the Danube River are reported at 820,000 metric tons so far as the river becomes Ukraine’s main export route.

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 along with wheat as prices seem to slide downwards whenever Russia doesn’t launch a new attack on Ukraine’s ports.
• Export sales will be released today and are expected to be slow, but new crop sales have picked up slightly over the past month as US corn prices fall.
• US ethanol stocks rose by 2.4% to 23.435 m bbl, but analysts were expecting 22.83. Plant production was 1.069 m b/d compared to the survey average of 1.035.
• The US is preparing to request a dispute resolution panel with Mexico claiming that their corn policy banning GMO corn violates the trade deal.

• Soybeans are trading quietly this morning and are essentially unchanged as soybean meal slips lower but soybean oil continues on higher.
• Soybean oil prices are getting a boost from higher palm oil on talk of increased imports from India, helping to firm soybean oil’s percent of crush value to 6-month highs, while also adding support to soybeans.
• Brazilian food and fuel processor Caramuru Alimentos has started selling soybean based ethanol at one of its plants in Brazil.
• In the EU, soybean imports were down slightly from the previous year at 1.33 mmt by August 13 compared to 1.58 mmt a year earlier.

• All three wheat products are lower after a lack of activity in the Black Sea region last night. The progression of US harvest is also weighing on prices.
• Brazil’s wheat crop is now seen at 11.19 mmt which is down 2.3% from the previous estimate. Their imports were unchanged at 5.77 mmt.
• Ukraine’s August grain exports out of the Danube River are reported at 820,000 metric tons so far as the river becomes Ukraine’s main export route.
• India is considering wheat imports from Russia of 9 mmt to calm local prices which have reached a 7-month high due to their own low wheat stocks.

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

• The corn market is trading higher this morning with the forecast showing warm and dry conditions for the next two weeks. 
• While weather conditions for the end of August will warm up, the improved crop conditions have some analysts thinking the current USDA yield estimate of 175.1 bpa may be too low and could rise in subsequent reports, adding to the already comfortable 23/24 ending stocks.
• Dalian corn futures traded sharply lower on increased concerns about the Chinese economy. 
• There are reports that ethanol stocks in Brazil are piling up on weakening demand as gasoline prices have gotten cheaper and more competitive with ethanol.  

• Oversold conditions and a change in the forecast to warm and dry for the next two weeks have soybeans trading higher this morning along with higher soybean meal and oil.
• Yesterday’s U.S. NOPA crush report showed that NOPA members crushed 173.3 mb of soybeans last month, an increase of 1.8% from year ago levels and above expectations.
• Despite the increase in crush, soybean oil stocks were only 1,527 mil. lbs, a 10-month low, which highlights the increased use for domestic biofuel demand.
• Soybean oil prices are also getting a boost from higher palm oil on talk of increased imports from India, helping to firm soybean oil’s percent of crush value to 6-month highs, while also adding support to soybeans.
• Demand for soybean meal continues to be strong in China as prices remain firm despite the county’s weak economic data.

• Chicago and Minneapolis wheat futures are firmer this morning while K.C. futures are mixed, as the market recovers somewhat on oversold conditions.
• Reports of increased Russian drone attacks on a Danube River port may be adding support to the market. 
• The Wall Street Journal reported that the U.S. is in negotiations with Ukraine, Turkey and Romania with the goal to increase Ukraine’s grain export capacity to 4 mmt/month through alternative routes including using the Danube River.
• Currently, following the recent decline, U.S. Soft Red Winter wheat export prices are below EU offers and $13/mt below Russia and could add support to the market and increase export sales. 
• There are thoughts in the market that U.S. wheat buyers are covered through the end of the year and may be staying out of the market for now.

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 crop progress was released yesterday afternoon which showed the corn crop improving.
• The good to excellent rating for corn rose by 2% to 59% and is now rated higher than last year’s crop at this time. 96% of the crop is silking and 65% is doughing.
• The upcoming hot and dry forecast that is expected to last around 2 weeks may impact ear fill, especially in areas that have didn’t receive as much rain.
• Yesterday’s export inspections for corn were slow at 15.6 mb but were slightly above the previous week. There was a cargo to China, but Mexico is still the number 1 importer of US corn.

• Soybeans are trading lower this morning with front month September leading the way after an improvement in crop ratings. Soybean meal is lower while soybean oil is higher.
• Crop progress saw a 5% increase in the good to excellent rating for soybeans with 78% of the crop setting pods.
• The 7-day forecast contains almost no rain for the Midwest and could impact yields, but things would be more concerning if not for the recent rains.
• Soybean inspections totaled 10.9 mb for the week ending August 10, and total inspections are now down 8% from the previous year.

• Wheat is lower again this morning after crop progress showed a slight improvement to spring wheat ratings.
• Crop progress showed spring wheat good to excellent ratings increasing by 1% to 42%. Spring wheat is now 24% harvested vs 11% last week, and winter wheat is now 92% harvested vs 87% last week.
• IKAR has raised their estimate for the Russian wheat crop once again to 89.5 mmt vs 88 mmt, and traders seem confident that those grains will actually get exported despite the war.
• Despite Russia pulling out of the Black Sea grain deal, Ukraine has begun registering ships for another Black Sea corridor to release cargo ships that have been trapped.

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading slightly lower this morning following Friday’s WASDE report which showed a decline in expected demand.
• The weather forecast has turned more bullish with the 7-day forecast showing very little rain in the Corn Belt and hotter temperatures.
• In Brazil, corn on the Bovespa exchange fell by 1.5% as the second crop corn harvest has estimates pointing to a record output.
• Brazilian farmers have now harvested 72.84% of their second crop corn compared to 83.41% at this time last year. 

• Soybeans are trading higher this morning along with both soybean meal and oil. The drier forecast could impact soybean yields.
• China’s soybean imports were up 15% between January and July with an estimated 62.3 mmt imported in that timeframe.
• NOPA July US soybean crush is expected at 171.337 mb which would be up from June’s 9-month low.
• In India, July vegetable oil imports rose to 1.77 mmt with palm imports rising the most from 683,133 tons to 1.09 mmt.

• Wheat is trading lower this morning and is testing the lower end of the trading range. Friday’s USDA report shows winter wheat yields improving added pressure.
• Russia’s wheat exports have been huge but are expected to get even bigger as the country dominates the global export market. They are expected to export 47 mmt in 23/24.
• Ukraine’s grain harvest is exceeding expectations and could be 5% higher than in 2022 thanks to favorable weather.
• Despite Russia pulling out of the Black Sea grain deal, Ukraine has begun registering ships for another Black Sea corridor to release cargo ships that have been trapped.

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading slightly lower this morning but is mostly quiet ahead of the USDA report today.
•  The USDA has surveyed over 15,000 producers for today’s report, and estimates are that production will be over 15.0 bb and that new crop ending stocks will be over 2.0 bb.
• DTN’s yield tour was on day 4 yesterday and they estimated corn yields in Kansas at 150.7 bpa and 150.1 bpa in Missouri.
• Brazil’s corn production was raised again for 22/23 from 127.8 mmt to 130 mmt, but analysts in a Bloomberg survey were estimating 135.5 mmt.

• Soybeans are slightly higher this morning along with soybean meal and oil ahead of the WASDE report which is anyone’s guess to whether it will be friendly or not.
• Estimates are expecting a smaller crop of 4.238 bb which would be based on a lower yield of 51.2 bpa with new crop ending stocks expected to be lowered from 300 mb to 261 mb.
• Yesterday’s yield tour by DTN saw soybean yields in Kansas at 39.0 bpa and 48.4 bpa in Missouri, but both crops have chances to improve from further rains.
• Thursday’s weekly export sales report showed that old crop soybeans only need 46 mb more shipped by the end of August to meet the USDA’s goal of 1.980 bb, but sales have slowed down in a big way.

• Wheat is mixed this morning with Chicago and KC slightly lower but Minn slightly higher as markets trade quietly ahead of the WASDE report.
• In today’s report, the USDA will most likely adjust wheat export estimates as Russia stays in control of wheat exports and other countries have trouble exporting.
• This morning the US halted an import of Polish wheat at Houston after authorities cited issues with contamination, but the move could spark tensions with the EU.
• Ukraine has harvested nearly 23 mmt of grain so far which includes 17.7 mmt of wheat and 4.9 mmt of barley, but shipping will be a problem.

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 it settles into a trading range ahead of tomorrow’s WASDE report.
• Rains are currently falling in Kentucky and Tennessee but are forecast to move into Iowa and Minnesota and the northeast over the next 5 days.
• The Dow Jones average trade guess for yields that the USDA will release tomorrow are at 175.4 bpa with the USDA’s most recent guess at 177 bpa.
• In China, corn on the Dalian exchange is near its highest prices in 4 months following concerns about recent flooding in northeastern China.

• Soybeans are slightly higher as well but have mostly traded in a range the past week, and soy products are mixed with soybean meal higher and soybean oil lower.
• Very beneficial rains have fallen over the past 7 days for western and southern soybean states with the 5-day forecast showing rain in the northern and eastern states, a great scenario for soybeans setting pods.
• Tomorrow’s WASDE report estimates are expecting a reduction in new crop ending stocks due to expectations for a small reduction in the yield estimate of 52.0 bpa.
• Yesterday, another soybean sale was reported to China of 9.2 mb for the 23/24 marketing year.

• Wheat is trading slightly higher along with corn and soybeans ahead of the WASDE report but mainly has been stuck in a trading range over the past 4 days.
• The Dow Jones pre-report survey doesn’t show much change expected in the USDA’s estimate of world wheat production, but changes could occur in China and India.
• Japan’s Ministry of Agriculture is seeking to buy a total of 93,972 mmt of food quality wheat from the US and Canada in a tender that will close on August 10.
• In France, harvesting of soft-wheat fields has been postponed due to very heavy rainfall, and the quality is expected to decline.

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 found support yesterday at the 4.90 area in December futures and some short covering kicked in.
• Corn has not wanted to drop much further in price despite the frequent rains lately and improving yield estimates which is a good sign.
• This morning’s radar is showing rain in Kansas and western Iowa and fronts that are expected to move into Missouri, Ohio, and Tennessee later in the day.
• DTN’s Digital Yield Tour continued yesterday and pegged corn yields for Illinois at 197 bpa, a massive jump from the previous guess of 140 bpa in June thanks to the rain. Indiana is expected at 191 bpa. 

• Soybeans have also rebounded after touching support at the 100-day moving average. Nov has moved over 25 cents higher after meeting support yesterday morning. Both soybean meal and oil are trading higher as well.
• Day two of the DTN yield tour showed estimates of 60.2 bpa for Illinois, 58.8 for Indiana, and 58.7 for Ohio. If the yield estimate for Illinois holds, it would be a new record high, a further testament to the significance of August rains.
• The average trade guess for Friday’s USDA report is a soybean yield of 51.2 bpa which is very close to DTN’s guess of 51.0.
• November soybean prices in China are holding the highest levels of the year with the last trade at the equivalent of $17.85 a bushel. This has helped export demand from the US.

• Wheat is trading lower this morning but like corn and soybeans, has found some support above the lows in early May. Winter wheat harvest is making rallies difficult.
• Friday’s USDA report will give updates of US wheat production, but big changes aren’t expected. The WASDE report will update production estimates.
• Ukraine has said that if Russia continues to target Ukrainian ports and export routes that they would begin picking targets that would “prevent their waters from being blocked”.
• Ukraine’s 23/24 grain exports have totaled 2.76 mmt for far in the June/July season, but exports have been affected since Russia stepped up their attacks on export routes.

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 again this morning after recent rains added pressure and the crop progress report showed an improvement in crop ratings.
• Crop progress showed corns good to excellent rating improving by 2 points to 57%, above the average trade guess. 47% of corn is doughing and 93% is silking.
• Corn inspections yesterday totaled 14.8 mb which brought total inspections for 22/23 to 1.3486 bb, down 33% from the previous year.
• Brazil’s winter corn harvest is now 64% complete as of August 3 compared with 55% complete a week earlier but 80% last year. The winter corn production estimate was raised to 105.6 mmt.

• Soybeans are lower again this morning with both soy products lower as rains help the crop during pod fill. November soybeans broke below the 100-day moving average.
• DTN’s Digital Yield Tour has pegged the US soybean yield at 51 bpa which may not be so far off with all the rain expected during August.
• Yesterday’s crop progress saw soybean good to excellent ratings increase beyond the average trade guess with an improvement of 2 points to 54%. Illinois improved by 12 points to 58%.
• Yesterday there was another flash sale of soybeans to China of 4.85 mb for 23/24 which follows a recent string of sales and points to an improvement in demand despite Brazil. 

• Wheat is trading lower this morning after yesterday’s small rally as war in Ukraine escalated. French wheat was down 1% this morning and the US often watches that market at the beginning of the day.
• Russia sent more missiles to eastern Ukraine overnight but traders are accustomed to this news so far, but now that they backed out of the grain deal, Russia is having more difficulty shipping grain as their insurance costs increase.
• Yesterday’s crop progress showed spring wheat decline by 1 point to 41% good to excellent while the harvest is at 11%. The winter wheat harvest is 87% complete vs 80% last week.
• Russian wheat exports for 23/24 are estimated at 48.1 mmt by SovEcon which is up from 47.2 mmt, but shipping issues may put a dent in that number.

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 relatively unchanged this morning as news that Ukraine’s attacks against Russia have ramped up offset the news that most of the Corn Bely received significant rains over the weekend.
• On Friday, Ukraine attacked a Russian naval ship and then followed that up with attacks on an oil tanker and two bridges leading into Crimea. Russia attacked more Ukrainian grain ports along the Danube River.
• Over the weekend, beneficial rains fell in South Dakota, Minnesota, Iowa, Illinois, and Indiana, with more rain forecast over the eastern Corn Belt today.
• Friday’s CFTC report showed funds exiting some of their long position by selling 9,862 contracts leaving them net long 16,741 contracts.

• Soybeans are sharply lower to begin the day with both soy products lower as well as a result of the beneficial weekend rains.
• These August rains could not have come at a better time following the heat and dryness and could really set the crop up with better yields as the crop starts to fill pods.
• The prices of soy products have not been falling as much as the prices of soybeans, so crush incentives remain profitable which is good for domestic demand.
• Friday’s CFTC report showed funds exiting long positions and selling 26,246 contracts bringing their net long position down to 94,493 contracts.

• Wheat is having the most positive reaction to the escalation of fighting between Russia and Ukraine over the weekend with both Chicago and KC wheat higher.
• As Ukraine begins to target Russian naval infrastructure near ports, trade may be concerned that Ukraine will target Russian export infrastructure which would shake up the world supply of available wheat.
• Russia has said that JPMorgan has stopped processing payments for the Russian Agriculture Bank and Russia is pressuring Washington to step in.
• Last week’s CFTC report showed funds adding to their net short position by 10,096 contracts leaving them net short 50,428 contracts.

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

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