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All prices as of 6:30 am Central Time

• Corn is trading a bit higher this morning but has remained relatively rangebound ahead of tomorrow’s USDA report.
• The general expectations are that yield will be decreased tomorrow with production being lowered by about 125 mb, but exports may also be lowered, so it is unknown how ending stocks will be affected.
• The Indian Prime Minister is seeking a global initiative with G-20 nations to increase the ethanol mix in gasoline to 20%.
• Friday’s CFTC data showed funds increasing their net short position by 6,565 contracts leaving them net short 93,913 contracts.

• Soybeans are higher this morning and soy products are following the same pattern where soybean meal is higher but soybean oil is lower.
• There has been a big break in world veg oil prices over the past few weeks which has seen soybean oil fall by nearly 10% in the past 3 weeks.
• For tomorrow’s USDA report analysts are expecting a decline of 0.8 bpa for yield which represents a 65 mb production decline. Ending stocks are expected to fall to 213 mb, but it is possible that acreage is increased.
• Friday’s CFTC data showed funds selling 8,175 contracts which reduced their net long position to 82,810 contracts.

• Wheat futures are trading lower this morning and the Chicago December contract made new contract lows overnight on stagnant export sales.
• Canada’s July 31 wheat stocks fell to 3.58 mmt compared to 3.66 mmt during the same period last year, while durum fell to 0.4 mmt from 0.57 mmt.
• Wheat is sensitive to moves in the dollar seeing as export sales are crucial right now, and recently the dollar has rallied in a big way making new 6 month highs last week.
• Friday’s CFTC data showed funds buying back a small portion of their short position by 1,200 contracts leaving them net short 78,681 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

If you missed our latest strategy update, click here:  Grain Market Insider Strategy Update

• Corn is trading slightly higher this morning as quiet trade continues ahead of Tuesday’s USDA report.
• The long stretch of dryness and heat in the Midwest has brought down yield estimates with some analysts expecting a final yield of between 172 and 173 bpa.
• Planting estimates for corn are very large at 94.1 million acres, so even with lower yields, ending stocks should come in near 2 billion bushels.
• November corn on the Dalian exchange is trading at the equivalent of $9.22 a bushel , so with US corn becoming more competitive with Brazil, exports could pick up in the coming months.

• Soybeans are trading slightly higher to unchanged to begin the morning with higher soybean meal but lower soybean oil again.
• News out of China has been confusing and leads one to believe that their economy is in trouble. Yesterday, China’s Customs Office reported that total imports were down 7.3% in August, but the same office just reported that soybean imports were up 31% from a year ago.
• The Dow Jones survey is expecting yields from next weeks USDA report to come in between 49.0 and 51.0 bpa, but many analysts are predicting the lower end of that range.
• Argentina’s soy crop for 23/24 is seen jumping 138% from the previous drought year with planted acres set to expand by 5.6%.

• All three wheat products are trading slightly lower this morning amid quiet trade in general and little fresh news.
• Moderate to heavy rains are forecast from Nebraska to Texas over the next 5 days which should set up better winter wheat planting conditions.
• After Russia targeted Ukraine’s Black Sea and Danube River ports, Ukraine is now exporting grain through Croatian ports.
• World wheat production for 23/24 is now seen at 781.1 mmt which is down from the July estimate of 783.3 mmt due to downgraded prospects in Canada, the EU, and China.

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 unchanged to start the day with little reaction to the hot and dry conditions. Harvest is nearing and the crop is pretty well made at this point.
• The 7-day forecast features better chances for rain in the western Corn Belt while the rest of the Belt is expected to receive very limited showers.
• Most private analysts are estimating yields above 170 bpa, but things could change quickly when the USDA updates their estimates on Tuesday.
• The USDA has previously estimated 94.1 million acres of planted corn which could be adjusted in the WASDE report. This comes at the same time that Brazil harvests a record crop.

• Soybeans are trading lower this morning after yesterday’s higher close with both soybean meal and oil lower. Trade has been rangebound and will likely continue that way until the USDA report is released.
• Analysts are anticipating yields between 49 and 50 bpa, but the planting estimate of just 83.5 million acres could lead to an even tighter carryout unless the USDA finds more soybean acres.
• Export sales have been active with total new crop sales up to 526 mb so far, and tomorrow’s weekly export sales are expected to be solid.
• November soybeans on the Dalian exchange ended lower by 0.4% today, but are still very expensive at the equivalent of $18.80 per bushel. 

• Wheat posted solid gains yesterday but is starting the day softer. Yesterday’s rally may have been due to the attacks on Ukrainian port cities.
• Russia has made it clear that they would not return to the Black Sea grain deal any time soon, but Ukraine appears to be letting ships carrying grain trickle out of their own humanitarian corridor.
• Spring wheat harvest in the US is going well and will be helped along by a dry forecast for the northwestern US. In HRW wheat regions, upcoming rains will be needed to improve soil moisture.
• Overnight there were no new attacks reported in Ukraine, but a blast was reported at Russian headquarters in Rostov, and Ukrainian forces are reportedly making progress against Russian forces.

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 gapped higher at the beginning of trading yesterday evening on lower crop ratings.  Since then, the market has filled the gap, but continues to trade higher this morning.
• In Tuesday’s weekly crop progress report, the USDA lowered the good/excellent rating for the corn crop by 3% to 53%, which compares to last year’s 54% rating for the same week.  The maturity of the crop jumped 9% as well to 18%.
• U.S. corn exports are down 32% from last year, at 52.2 mmt, and EU corn imports for 23/24 as of September 3, were 2.7 mmt, 41% below the 4.55 mmt for the same week last year.
• Low Mississippi river levels have forced barge lines to reduce volumes to New Orleans, which in turn has lent support to Brazil’s corn exports.

• Soybeans opened 12 cents higher yesterday evening on lower-than-expected crop ratings.  Soybean meal is currently trading sharply higher with beans, while soybean oil is lower following lower palm and crude oil prices.
• The USDA lowered soybean good/excellent ratings in Tuesday’s weekly update by 5%.  The crop is now rated 53% good/excellent, compared to last year’s 55% rating.  The percentage of the crop dropping leaves also increased to 16%, from last week’s 5%.
• Grain markets are becoming concerned about the water levels on the Mississippi River for the fall harvest window. Barge restrictions have been put in place, limiting grain movement, and will have the potential to impact cash basis levels going into the fall months.
• July soybean crush was reported to be a new record for July at 184.8 million bushels which was up 2% from July last year.  In order to reach the USDA’s goal of 2.22 bb, August crush will need to tie the 2019 record of 177 mb, which is possible as processors have been well incentivized with high crush margins. 

• Wheat is trading higher this morning with all three classes on the positive side of unchanged led by K.C.
• Spring wheat harvest is clicking along with 74% of crop harvested as of Sunday, September 3, 3% behind the average for this date, but a 20% jump from last week.  Winter wheat is estimated to be 1% planted versus 3% on average.
• U.S. wheat exports continue to be slow and are currently running 24% behind last year’s pace with 4.3 mmt shipped.
• There were reports of Russian drone attacks on Ukraine’s Danube River port of Ismail that damaged grain elevators and killed one worker.

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 unchanged this morning despite hot and dry conditions over the weekend with more dryness forecast over the next few days.
• Corn that was looking more promising following rains in August is now looking poorer which may show up in decreased yields on the WASDE report.
• In Brazil, 84% of their second crop corn has been harvested after rains delayed planting, but the moisture will be beneficial to the next round of planting.
• Friday’s WASDE report showed funds buying back some of their net short positions by 18,787 contracts leaving them net short 87,348 contracts.

• Soybeans are trading lower this morning along with both soybean meal and oil as markets in general struggle to find higher prices today.
• The focus for the near term is next week’s WASDE report which will show revised yields, acreage, and ending stocks which could be reported at their lowest levels in 8 years.
• Late Friday, NASS reported that 184.8 million bushels of soybeans were crushed in July which is 2% more than a year ago and the most on record for July.
• Friday’s CFTC report showed funds buying 32,779 contracts of soybeans increasing their net long position to 90,985 contracts.

• Wheat is trading mixed this morning with Chicago and Minneapolis higher but KC lower.
• Early Sunday morning, Russia attacked the Ukrainian port of Reni, damaging warehouses and port infrastructure.
• Russia’s fresh attack came one day before Putin met with the president of Turkey about reviving the grain deal, but Putin refused to renew citing a list of unmet demands.
• Friday’s CFTC report showed funds adding to their net short position by 8,960 contracts increasing it to 79,881 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

If you missed our latest strategy update, click here:  Grain Market Insider Strategy Update

• 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.

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