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All prices as of 6:30 am Central Time

• Corn is trading higher this morning with the December contract near its highest levels in a month despite good harvest progress over the weekend.
• Israel has declared war on Hamas over the weekend after they attacked the Gaza Strip killing civilians, and now there are fears of fresh tensions between the US and oil-producing Middle Eastern countries.
• In Brazil, the first crop corn is reportedly 28% planted, and in Argentina, only 14% planted with conditions still extremely dry.
• Friday’s CFTC report showed non-commercials as buyers of corn by 9,173 contracts, reducing their net short position to 159,433 contracts.

• Soybeans are trading higher this morning after a lower close on Friday which saw November soybeans down by 9 cents on the week. Both soybean meal and oil are higher this morning.
• The soy complex is benefitting from higher crude oil which is likely a result of the war with Iran reportedly orchestrating the attacks. This may cause tension with the US.
• China is back from their Golden Holiday week but found prices on the Dalian exchange sharply lower with November soybeans down 4.3% and at a new two month low.
• Friday’s CFTC report showed non-commercials as sellers of 25,057 contracts reducing their net long position to a very small 5,001 contracts.

• Wheat is trading higher along with the rest of the grain complex as prices continue to rebound from last week’s low.
• Support comes from concern about tight world supplies as Argentina and Australia expect smaller crops due to poor weather, and the escalating fight between Ukraine and Russia.
• Russia continued its attacks on Ukrainian grain facilities and a port in southern Ukraine as they continue to export their grain through their own corridor in the Black Sea.
• Friday’s CFTC report showed non-commercials selling 2,396 contracts, increasing their net short position to 98,788 contracts. Funds hold a much larger short position than is typical 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 trading slightly higher to begin the day after posting solid gains at yesterday’s close reaching a one-month high of $4.97-1/2 for December.
• Yesterday, the USDA reported good export sales of corn in the amount of 71.5 mb for both 23/24 and 24/25 with Mexico picking up the bulk of the business.
• In South America, both Argentina and northern Brazil are too dry for planting while southern Brazil is dealing with flooding. 14% of the corn crop in Argentina is planted.
• In the US, corn crops experiencing moderate to intense drought rose by one point from last week to 59%.

• Soybeans are trading higher this morning along with both soybean meal and oil. November beans tested support on Tuesday and have closed higher each day after that.
• The decline in prices of soy products has put pressure on soybeans and yesterday, December soybean oil made a new three-month low. This comes after the contract had 675 deliveries.
• Prices found support yesterday after the export sales report showed better numbers than expected, and soybean meal exports were reportedly up 32% from a year ago with limited Argentinian supplies.
• Barge shipments down the Mississippi River increased last week with barge rates declining, and soybean shipments were up 30.6% week over week.

• Wheat is trading slightly higher along with the rest of the grain complex this morning as the momentum from yesterday’s higher closes carries into today.
• Yesterday, there were some escalations in Ukraine with fresh Russian drone attack on two port cities, and news of a cargo ship registered to Turkey hit a mine in the Black Sea near Romania’s coast.
• The dry weather patterns in Argentina and Australia may significantly impact their wheat crops, and Ukraine is talking about planting less wheat this season, so global supply may drop slightly.
• Russia has raised their 2023 grain harvest forecast to 135 mmt with the wheat crop now expected at 90 mmt.

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading lower this morning and remains in its tight trading range as harvest progresses across the country.
• Yesterday, rain fell in South Dakota and Minnesota slowing harvest temporarily, and today some showers are expected throughout the Midwest, but this weekend should be dry.
• A sale of 7.7 mb of corn was reported to Mexico yesterday, and today’s export sales report is expected to show at least 50 mb of export sales as of September 28.
• US ethanol stocks fell by 0.7% to 21.884m Bbl compared to analyst expectations of 21.943. Plant production was 1.009m b/d vs an estimated 0.999m.

• Soybeans are trading lower today as they continue their downward trend despite tight US stocks. Both soybean meal and oil are lower as well.
• Both soy products have been trending lower and have pressured soybeans with October meal receiving a large number of deliveries, and lower palm oil, canola, and diesel futures.
• Brazilian soy exports are expected to reach 6.71 mmt in October compared to 3.59 mmt at this time a year ago. Soymeal exports are expected to reach 2.13 mmt.
• Estimates for today’s export sales report for soybeans are between 400k and 950k tons with an average guess of 670k tons.

• Wheat is the only commodity trading higher this morning in the grain complex as prices hold above last week’s lows.
• While today’s export sales report will likely show another low number for wheat, China’s purchase of 8.1 mb of SRW wheat from the US was encouraging and may show that the US is becoming more competitive with Russia.
• The number of ships heading into the Black Sea to move Ukrainian grain has been increasing as Ukraine’s attacks on Crimea have pushed Russian vessels out of the area.
• The drought in Argentina that impacted corn and soybean production is ongoing and is now threatening this year’s wheat crop. Argentina is the third largest exporter of wheat.

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading slightly lower this morning but within its tight trading range. Prices are already on the low side, but it has been good to see corn steady over the past few weeks with harvest ongoing.
• Corn prices in Brazil have risen is September despite the end of the safrinha corn harvest and higher supplies as sellers have been reluctant so sell corn too cheaply.
• A top US ethanol lobby is targeting California to approve a higher ethanol fuel blend of 15% to help lift demand.
• In Brazil, the smaller first crop corn is making progress thanks to light rains but in Argentina, conditions are still too dry for early planting.

• Soybeans are finally higher this morning after a big technical move yesterday in which the the low from June 28 was tested, but prices immediately rebounded.
• Soybean meal is trading higher this morning while soybean oil is lower. Soybean oil has been getting pressured from lower prices in the palm oil market, but soybean meal has been in a downtrend as well.
• Weather over the weekend should be favorable for harvest, but in the North there are chanced for sub-freezing temperatures.
• Yesterday, China purchased 9.7 mb of soybeans which was encouraging given that they are on a holiday week. Overall, exports have been slow this season amid competition from Brazil.

• All three wheat products are lower this morning as the trend lower continues. Last Friday’s grain stocks report kicked funds into further selling, and prices remain near the lowest levels in two years.
• Yesterday, wheat managed to close higher amid a large selloff in the stock market and a new high for the year in the US Dollar Index, but those gains have not held.
• China made a surprise purchase of US wheat yesterday of 8.1 mb which was encouraging and points to the US becoming more competitive, but Russian offers are still cheaper.
• Two more ships have neem tracked headed to Ukraine’s Black Sea ports, and so far, 10 vessels have completed routes to those ports despite threats from Russia.

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 to begin the day after a 12-cent gain yesterday, but prices are still rangebound and near their highest levels in months.
• Yesterday, the USDA said that 82% of the corn crop was mature vs 70% a week ago and 73% a year ago as the dryness this season caused early maturity.
• 23% of the corn crop is reportedly harvested which compares to the trade guess of 25% and 15% a week ago. 53% of the crop was rated good to excellent which was steady with a week ago.
• Chinese markets are on holiday this week, but they are still able to buy corn with a purchase from the US yesterday and more frequent purchases from Brazil. 

• Soybeans are trading lower as they struggle to find momentum as harvest begins despite extremely tight stocks. Both soybean meal and oil are lower this morning.
•  Yesterday, the USDA said that 23% of the bean crop has been harvested which compares to the trade guess of 25% and 12% a week ago. Southern states are further ahead with harvest.
• 86% of the soybean crop are dropping leaves compared to 73% a week ago, and 52% of the crop is rated good to excellent which was higher than the trade guess of 50% and 50% a week ago.
• NASS reported that 169 mb of soybeans were crushed in August which was down significantly from the 184.8 mb in July as the prices of soy products falls.

• Wheat is mixed this morning with Chicago and KC higher but Minneapolis still slightly lower. Wheat has been slowly trying to regain its losses from Friday.
• Yesterday afternoon, the USDA said that 40% of the winter wheat crop was planted which was in line with expectations and up from 26% a week ago. 15% of the crop is emerged.
• Russia’s grain exports are seen at 1.6 times last season’s volumes at 17.7 million tons exported so far. Wheat shipments so far are at 13.5 million tons.
• In the southern Hemisphere, countries such as Argentina and Australia are facing very dry conditions which are stressing the wheat crops. Australia’s production is expected to be reduced further.

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading higher this morning after a large selloff on Friday to end the month and quarter. The quarterly stocks report was not bearish for corn, and prices seem to be coming back.
• Corn stocks came in at 1.361 billion bushels on Friday which was less than expected and 91 mb below the USDA’s ending stocks estimate.
• Harvest made good progress over the weekend as rains were mainly confined to Minnesota and Wisconsin. Temperatures were hot in the western Plains and northern Midwest.
• Friday’s CFTC data showed non-commercials as sellers of corn again by 23,791 contracts which increased their net short position to 168,606 contracts.

• Soybeans are trading lower this morning after big losses last week despite a grain stocks report that wasn’t particularly bearish. Soybean meal is lower while soybean oil is higher.
• Friday’s soybean stocks saw 268 mb of beans on hand September 1 which was above the trade estimate of 242 mb, but still a very tight number.
• There were 275 deliveries of October soybean meal for Friday and another 59 for Monday which added to bearish pressure.
• Friday’s CFTC report showed funds whittling away their net long position by selling 15,774 contracts. This leaves them net long just 30,058 contracts.

• All three wheat products are trading higher this morning which is likely helping out corn. The government avoided shutdown which is likely supporting the market.
• Friday’s Small Grains Summary was not helpful to wheat with US production being estimated at 1.812 bb for 23/24, the highest in three years.
• Over the weekend, more Russian drones reportedly damaged grain storage facilities in central Ukraine in the City of Uman. On the other hand, five more ships are reportedly heading to Ukraine to take on grain through the Black Sea route.
• Friday’s CFTC data showed funds buying back a small portion of their wheat position by 413 contracts, reducing their net short position to 96,392 contracts.

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading slightly lower this morning but has been trending higher over the past two weeks with 6 higher closes out of the 8 last trading sessions.
• Today the USDA grain stocks report will be released, and with yields having been reportedly variable, estimates are that the ending stocks number will drop to 1.429 bb which is down from the USDA’s estimate of 1.452 bb.
• Yesterday’s export sales report came in at the middle of the trade range for corn with 33 mb sold, but sales are behind last years.
• In Argentina, the planted area for 23/24 corn was held steady at 7.3 m ha, and planting is now 7% complete.

• Soybeans are trading slightly higher this morning as the November contract sits just below the 100-day moving average. Soybean meal is lower while soybean oil is higher.
• Today’s grain stocks report is expected to show a decline in soybean stocks with the average estimate at 244 mb which compares to this time a year ago at 274 mb.
• In India, the world’s biggest importer of vegetable oils, the production of oilseeds is expected to fall by 7.2% from a year ago due to poor weather conditions.
• Brazilian soy exports are seen reaching 99 mmt in 2024 vs 98 mmt last year, and total soybean processing is seen at 55 mmt which compares to 53 mmt last year.

• All three wheat products are trading higher this morning after KC and Minneapolis wheat made new lows yesterday as export demand remains sluggish.
• US wheat is still not competitive on the global front and tenders are being passed to Romania, Russia, and other cheaper countries.
• The average trade guess for today’s wheat stocks report is 1.772 bb, basically unchanged from last year’s 1.778 bb.
• Ukraine’s grain harvest is now up 17% from last year with 30.5 mmt of grains harvested. 22.2 mmt of wheat have now been harvested, up 16% year over year.

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading slightly lower this morning after closing higher yesterday, but trade is still relatively quiet and rangebound. December corn ended last week higher and is on track for another gain on the week.
• Tomorrow is the grain stocks report and the supply and demand report is on October 12, and corn will need to avoid bearish numbers on both to continue higher.
• Corn has a wide range of expectations for today’s export sales report with estimates between 475k tons and 1,200k tons. The US is not quiet competitive with Brazil yet, but exports to Mexico and Canada have been good.
• In Brazil, ethanol sales have increased at the gas station by nearly 11% in August year over year showing the growth in demand for biodiesel.

• Soybeans are trading lower this morning following yesterday’s rally where November soybeans broke but failed to close above the 100-day moving average. Both soybean meal and oil are lower.
• It is likely that there was farmer selling yesterday as soybeans rallied 30 cents off of Monday’s low, but ending stocks are still tight and yields are being estimated below the USDA’s guess.
• In today’s export sales report, soybeans are estimated in a range of 500k tons to 1,200k tons. Sales this week have been sluggish.
• Palm oil prices are expected to climb on concerns of the El Nino dry weather pattern in Indonesia for 2024.

• All three wheat products are trading lower again this morning after posting losses yesterday. Chicago wheat in December remains towards the bottom of its trading range.
• Discussions to reinstate the Black Sea grain deal are ongoing, but there have been no set dates with Russia. Despite record wheat exports, the secretary of the UN Conference on Trade and Development has said that distribution routes have changed, so small and medium sized countries are still suffering with supplies.
• Ukraine’s agriculture ministry has kept the 2023 grain crop forecast unchanged at 57 mmt with oilseed output at 22 mmt.
• Export sales estimates for wheat in today’s report are between 250k and 550k tons, but overall wheat exports have remained sluggish.

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, just above the 20-day moving average this morning, following yesterday’s small losses.
• Overseas, China’s corn futures were trading lower, down 19 yuan.
• Weekly ethanol production will be released by the EIA today at 10:30 am, with production estimated to be slightly higher at 983k barrels per day, and stocks lower at 21.479 mil. barrels.
• USDA will release the quarterly Grain Stocks report on Friday. While there is variability in corn usage for this report, expectations are for overall grain stocks to be slightly higher than last year’s totals for this report.

• Overnight, November soybeans broke through resistance at the 100-day moving average and are trading higher this morning along with both soybean meal and oil.  
• Higher palm oil and crude oil are offering support to soybean oil as the contract recovers from recent losses due to a supply glut of green diesel that has threatened to diminish producer’s profits.
• Weather conditions in Brazil have been hot and dry in the central and northern regions but is expected to change to a wetter pattern later this week with more chances for rain. Planting in Brazil is estimated to be 1.9% complete.
• According to Anec, Brazil’s soybean exports are expected to reach 6.23 mmt in September, versus 3.58 mmt in September 2022.

• The wheat complex is trading mixed this morning with Chicago mostly lower, while both K.C. and Minneapolis are mixed.
• The wheat markets continue to chop around and consolidate as traders square positions ahead of Friday’s quarterly Grain Stocks report.
• A third ship is said to have left the Chornomorsk port in Ukraine, traveling via their own “humanitarian corridor.” These vessels run the risk of Russian attacks, with new reports of a strike against grain facilities in Ismail, an export area along the Danube River.
• Ukraine’s Ag Ministry reports that the countries grain exports have plunged more than 50% in September to 1.75 mmt as their Black Sea and Danube River ports have seen continued Russian attacks.

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

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

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

All prices as of 6:30 am Central Time

• Corn is trading unchanged to slightly lower after yesterday’s small gains. In December, the low of 5.73-1/2 was tested but held.
• There was a large sale reported yesterday to Mexico of 41.3 mb for 23/24 and 24.1 mb for 24/25 which provided support to the market.
• Yesterday’s crop progress report showed the corn harvest at 15% complete compared to 9% a week ago and the 5-year average at 13%.
• 95% of the corn crop is dented and 70% is mature compared to 54% last week. Good to excellent ratings actually rose by 2 points to 53%.

• Soybeans are continuing to move higher after yesterday’s gains and are about two cents from climbing back above the 100-day moving average. Soybean meal is higher while soybean oil is lower in the front months but higher in deferred contracts.
• Yesterday’s crop progress report showed that 12% of soybeans are harvested compared to 5% last week, and compared to the 5-year average of 11%.
• 73% of the soy crop is dropping leaves compared to 54% last week, and good to excellent ratings fell from the previous week by 2 points down to 50%.
• Yesterday’s export inspections report came in at 17.7 mb which was higher than a week ago but still a small number which shows that Brazil has maintained the competitive advantage for exports.

• Wheat is mixed this morning with Chicago and KC moving higher, but KC unchanged to lower. Yesterday, some support came from weekend attacks on Ukrainian ports by Russia.
• Yesterday’s crop progress showed that 96% of the spring wheat crop has been harvested compared to 93% last week, and winter wheat 26% planted compared to 15% last week. 7% of the winter wheat crop has emerged.
• The Canadian wheat crop is now seen at 29.8 mmt which is a decline of 13% from the previous season and 3.4 mb from the August report.
• Ukraine’s winter wheat and rapeseed planting is well ahead of  2022 with 2.2 m hectares expected to be planted compared with 1.67 last year.

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