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All prices as of 6:30 am Central Time

• Dalian corn futures fell and U.S. rains are aiding crop prospects amid expectations for a strong U.S. and record Brazil crop.
• Weaker U.S. corn export outlook could lift 25/26 carryout to 2,085M bu vs USDA’s 1,660M, despite higher feed and ethanol use estimates.
• Delayed Brazil safrinha harvest and logistics issues are firming Brazilian corn basis.

• Dalian soy complex futures rose, while North and East Corn Belt rains are expected to support U.S. soybean yields.
• Crop optimism and uncertain U.S. soybean demand, with lower export estimates, could push 25/26 carryout to 510M bu vs USDA’s 310M.
• Brazil basis strengthened on reports of increased Chinese buying and slower farmer selling.

• Rising Russian wheat export prices on lower yield concerns and firm cash markets may boost U.S. and EU export demand.
• Southern Hemisphere crop prospects are providing resistance to global wheat prices.
• U.S. ND wheat tour pegs first-day yield at 50 bpa (vs 52 last year, 45 avg); U.S. carryout seen at 895M bu with higher exports offsetting lower feed use.

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 to start the day after the Crop Progress report showed corn ratings remaining impressive. December corn is trading back below all major moving averages.
• Yesterday’s Crop Progress showed corn ratings unchanged at 74% good to excellent which compares to 67% at this time a year ago. 56% of the crop is silking and 14% is in dough stage.
• There have been recent reductions in area on the drought monitor, but both the 6-10 day and 8-14 day forecast show below normal precipitation throughout the Southern half of the Corn Belt which will be accompanied with above normal temperatures.

• Soybeans are lower this morning despite a decline in crop ratings, and the November contract is hovering just below all its major moving averages. Both soybean meal and oil are lower as well.
• Crop ratings for soybeans fell by 2 points from last week to 68% good to excellent which is on par with this time last year. 62% of the crop is blooming and 26% is setting pods.
• Yesterday’s export inspections for soybeans were decent for this time of year at 365k tons which compared to 151k last week and 338k a year ago. Top destinations were to Germany, Mexico, and Egypt.

• Wheat is trading lower along with the rest of the grain complex, but its losses are more mild than those in corn and soybeans as crop conditions slipped again. The wheat quality tour is starting today and may reveal a damaged crop.
• Yesterday’s Crop Progress report showed a reduction in the good to excellent rating for spring wheat. Ratings fell by 2 points to 52% which compares to 77% last year at this time. 86% of the spring wheat crop is headed. The winter wheat harvest is now 73% complete which is on par with the average pace.
• Yesterday’s export inspections were good for wheat at 732k tons which compared to 445k tons last week and 291k a year ago. Top destinations were to Nigeria, Mexico, and Indonesia.

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 following significant gains on Friday and in general last week. December corn gained back 15-1/2 cents on the week after making new contract lows.
• There have been recent reductions in area on the drought monitor, but both the 6-10 day and 8-14 day forecast show below normal precipitation throughout the Southern half of the Corn Belt which will be accompanied with above normal temperatures.
• Friday’s Commitment of Traders report saw funds buying back corn as of July 15. They bought back 29,106 contracts which reduced their net short position to 174,755 contracts. They likely bought back more contracts in the following days.

• Soybeans are trading lower to start the day following big gains over the past three trading days and are trading right at resistance in the November contract where the major moving averages have congregated. Both soybean meal and oil are lower as well.
• Some of the pressure this morning may be coming from a slight shift in weather models which show light rain falling on the Midwest’s soybean crop while the Delta stays dry. The forecast into August is hot with below average rain.
• Friday’s CFTC report saw funds as sellers of 26,062 contracts of soybeans which increased their net short position to 32,278 contracts. They bought 5,480 contracts of bean oil and sold 1,537 contracts of meal.

• Wheat is mixed to start the week with Chicago and KC wheat trading higher while Minneapolis trades slightly lower. Tomorrow, the Wheat Quality Council’s Crop Tour will begin, and trade may be anticipating poor crop ratings.
• The European Union has put sanctions on Russia and has specifically targeted the petroleum industry which could boost prices as Russia exports a lot of wheat to Europe.
• Friday’s CFTC report saw funds selling 4,893 contracts of Chicago wheat which increased their net short position to 60,487 contracts. They also sold 4,683 contracts of KC wheat which left them short 48,002 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 significantly higher this morning following yesterday’s lower close. December futures have broken through recent resistance and may be targeting the gap on the chart at $4.32-3/4. Funds may be covering short positions ahead of a potentially hot and dry August.
• There have been recent reductions in area on the drought monitor, but both the 6-10 day and 8-14 day forecast show below normal precipitation throughout the Southern half of the Corn Belt which will be accompanied with above normal temperatures.
• Yesterday’s export sales report saw corn sales falling to 664k tons from last week’s 2,151k tons. This compared to 924k tons a year ago, and top buyers were Japan, Mexico, and Colombia.

• Soybeans are trading higher this morning and have also broken above their recent resistance levels and are only 5 cents away from filling the gap on the November chart at $10.44-1/4. The potentially hot and dry August is most supportive for bean prices.
• Both soybean meal and oil are trading higher as well, but August soybean oil has rallied sharply on demand for biofuel and is now trading at the highest level since August 2023.
• Yesterday’s export sales were good for soybeans at 802k tons which compared to 751k the previous week and 735k a year ago. Top buyers were Mexico, unknown, and Taiwan.

• All three wheat classes are trading higher taking back all of yesterday’s losses and then some on the updated hot/dry weather forecast. Yesterday, KC wheat contracts traded at new contract lows.
• The European Union has put sanctions on Russia and has specifically targeted the petroleum industry which could boost prices as Russia exports a lot of wheat to Europe.
• Yesterday’s export sales report saw wheat sales at 494k tons which compared to 577k last week and 579k a year ago at this time. Top buyers were Mexico, Venezuela, and South Africa.

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 moving up to the 20-day moving average in overnight trade and then retreating. The $4.25 level may be temporary resistance.
• Estimates for today’s export sales report see corn sales in a range between 900k and 2,000k tons with an average guess of 1,383k tons. This would compare to 2,151k last week and 924k tons a year ago.
• After an unusually warm start to July, more above-normal heat is forecast for the second half of the month, raising concerns about potential pollination issues.

• Soybeans are trading slightly lower to start the day after yesterday’s sharp reversal higher which was caused by a drop in the US dollar and a flash sale that was speculated to be going to China. Soybean meal is lower while bean oil is higher.
• President Trump announced a trade deal with Indonesia earlier this week, with early details indicating the framework includes $4.5 billion in annual U.S. agricultural product purchases.
• Estimates for today’s export sales report see soybean sales in a range between 450k and 1,000k tons with an average guess of 733k tons. This would compare to 751k last week and 735k a year ago.

• All three wheat classes are trading lower to start the day as prices consolidate towards the bottom of their recent trading range. Support for Chicago September wheat futures is around the $5.35 mark.
• Estimates for today’s export sales report see wheat sales in a range between 300k and 700k tons with an average guess of 475k tons. This would compare to 577k last week and 579k a year ago.
• SovEcon reports Russia’s 2025 wheat harvest is off to a slow start, with early yields trailing those of 2024.

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 early Wednesday, extending Monday’s bullish reversal and attempting to hold above the $4 mark.
• Traders expect last week’s ethanol production to average between 1.08 and 1.1 million barrels per day, according to Wednesday’s EIA report. The previous week averaged 1.085 million bpd, with production for the marketing year running 3.7% above last year.
• After an unusually warm start to July, more above-normal heat is forecast for the second half of the month, raising concerns about potential pollination issues.

• Soybeans are trading higher this morning as futures attempt to bounce off of the $10.00 support level that was tested and held to start the week. 
• President Trump announced a trade deal with Indonesia on Tuesday, with early details indicating the framework includes $4.5 billion in annual U.S. agricultural product purchases.
• Wednesday’s NOPA report showed June soybean crush at 185.7 million bushels — a record for the month, though down nearly 4% from May as expected. Soybean oil stocks fell to 1.366 billion pounds, the lowest June level in over 20 years, per Reuters.

• All three wheat classes are holding onto gains to start Wednesday, following corn and soybean futures higher. 
• SovEcon reports Russia’s 2025 wheat harvest is off to a slow start, with early yields trailing those of 2024.
• USDA reported 63% of the U.S. winter wheat crop harvested as of July 13, just 1% behind the five-year average. Spring wheat conditions improved 4% to 54% good-to-excellent, likely due to recent rains in parts of Montana, North Dakota, and Minnesota.

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 start the day after yesterday’s bullish reversal in December futures. Despite good export demand and oversold technicals, traders are focusing on the good weather and strong crop conditions.
• Yesterday’s Crop Progress report saw corn ratings unchanged at 74% good to excellent. Historically, crop conditions above 70% in July point to final yields above trendline. 34% of the crop is silking and 7% is in dough stage.
• Yesterday’s export sales report were good for corn at 1,287k tons which compared to 1,564k the previous week and 1,100k tons a year ago at this time. Top buyers were Mexico, Japan, and South Korea.

• Soybeans are trading lower with both August and September futures below $10.00 and the November contract only 4 cents above that level. Yesterday’s lows have not been taken out. Both soybean meal and oil are trading lower as well.
• Yesterday’s Crop Progress report saw soybean crop ratings improve 4 points from last week to 70% good to excellent. This was also 2 points higher than last year at this time. 47% of the crop is blooming and 15% is setting pods.
• Yesterday’s export sales report saw soybean sales on the poor side at 147k tons which compared to 400k the previous week and 175k tons a year ago. Top buyers were Mexico, Egypt, and Japan.

• All three wheat classes are lower to start the day as crop conditions for spring wheat improved and the winter wheat harvest continues. September Chicago wheat futures are currently trading at support levels.
• Yesterday’s Crop Progress saw spring wheat good to excellent ratings improve by 4 points to 54%. This is still far behind last year’s 77% at this time. The winter wheat crop is now 63% harvested compared to 53% last week.
• Export sales were within trade estimates yesterday at 440k tons which compared to 522k the previous week and 622k tons a year ago at this time. Top buyers were Mexico, the Philippines, and Republic of South Africa.

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 and the December contract has rallied off its overnight low by 9-1/2 cents. There has been some positivity to be found in strong exports and a relatively friendly WASDE report on Friday.
• Friday’s USDA report reduced 24/25 US ending stocks by 25 mb to 1.340 bb thanks to increases in exports and feed demand. Brazilian corn production estimates were lowered by 2 mmt, and global stocks were reduced as well.
• Friday’s CFTC report saw funds as buyers of corn as of July 9 by 2,602 contracts which reduced their net short position to 203,861 contracts, still a very large position.

• Soybeans are higher to start the day and like corn, have rallied sharply off their overnight low. November soybeans have gained 15 cents since their low of $9.98-1/4 last night. Both soybean meal and oil are higher as well.
• Last week’s WASDE report was mostly neutral with US ending stocks for 24/25 unchanged at 350 mb while 25/26 ending stocks were called 15 mb higher from the previous month at 310 mb. Exports were reduced while soybean crush was increased.
• Friday’s CFTC report saw funds as sellers of soybeans by 6,641 contracts which left them with a net short position of 6,216 contracts. They sold 1,670 contracts of bean oil and bought 459 contracts of meal. 

• All three wheat classes are higher to start the week with KC wheat leading the way higher, over 10 cents off overnight lows. The WASDE report held few surprises for wheat, but traders may now be taking advantage of oversold conditions.
• US 24/25 ending stocks were increased by 10 mb to 851 mb while 25/26 stocks were reduced slightly by 8 mb. Global stocks were lowered, but the Argentinian crop is expected to improve thanks to recent rainfall.
• Friday’s CFTC report saw funds as buyers of Chicago wheat by 7,477 contracts which decreased their net short position to 55,594 contracts. They sold 971 contracts of KC wheat which left them short 43,319 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 gotten a reprieve from its sell-off over the past two days. Yesterday’s export sales were friendly, but traders still anticipate a large crop.
• Brazil’s CONAB has updated its estimates for 24/25 corn production at 132.0 mmt which is up 3.7 mmt from last month and is up 115.5 mmt from this time a year ago, a 14.3% increase.
• Estimates for today’s WASDE report see corn ending stocks for 24/25 at 1.35 bb which would be down slightly from the June estimate due to an increase in export demand, yields are expected to be unchanged at 181.0 bpa.

• Soybeans are trading lower this morning but are 10 cents off yesterday’s low which saw August get down to $10.01-3/4 showing that the $10 mark is resistance. Meal is higher this morning while bean oil is lower.
• Pre-report estimates for today’s USDA report peg old crop soybean ending stocks at 358 mb which would be up from 350 mb the previous month. New crop ending stocks are estimated at 302 mb compared to 295 mb in June.
• Brazil’s CONAB said that estimates for the 24/25 soybean crop would be cut to 169.49 mmt which would be down slightly from June citing slight decreases in yield, but is still a record crop.

• Wheat is mixed to start the day as Chicago wheat is slightly lower while KC and Minneapolis are trading higher. Today’s WASDE report may show a reduction in winter wheat production, but world numbers could lean bearish.
• Yesterday’s export sales for wheat came in at 577k tons which was down slightly from last week’s 586k but up from 240k tons a year ago at this time. Top buyers were South Korea, Japan, and Mexico.
• For today’s USDA report, wheat ending stocks for 25/26 are estimated at 894 mb which would be down slightly from last month’s 898 mb as production is expected to come in slightly lower on lower yields.

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 to start the day and has recovered from lower prices overnight. Today’s low of $3.96-1/4 have not taken out yesterday’s lows.
• US ethanol stocks fell by 0.7% to 23.96m bbl according to the weekly petroleum report, slightly below analyst expectations. Plant production of 1.085m b/d was above trade guesses.
• Estimates for today’s export sales report see corn sales in a range between 400k and 1,400k tons with the average guess at 975k tons. This would compare to 1,473k a week ago and 669k last year.

• Soybeans are mixed to start the day with the front month August slightly lower and deferred months higher. November futures dropped down to $10.02-1/4 last night before recovering.
• Pre-report estimates for tomorrow’s USDA report peg old crop soybean ending stocks at 358 mb which would be up from 350 mb the previous month. New crop ending stocks are estimated at 302 mb compared to 295 mb in June.
• Estimates for today’s export sales report see soybean sales in a range between 300k and 900k tons with an average guess of 613k tons. This would compare to 702k last week and 320k a year ago.

• All three wheat classes are trading higher to start the day and are now 10 cents off the low from overnight as prices find some technical support.
• Canadian wheat yield outlooks reportedly remain steady despite recent dryness. Production for 25/26 is estimated at 35.0 mmt. Rainfall is forecast to fall in key areas that have seen moisture deficits over the next 10 days.
• Estimates for today’s export sales report see wheat sales in a range between 200k and 600k tons with an average guess of 419k tons. This would compare to 586k last week and 805k at this time last year.

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

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