Closing Markets: Corn: -3.75 old & -3 new.
Beans: +2 old & new. Wheat: +12.25.
Topflight Grain is offering Free DP on soybeans to all full-time locations except Maroa based on space availability good through August 31, 2026.
We are also offering Free DP on corn delivered to Pierson and Milmine based on space availability good through August 31, 2026.
Good evening!
Market Recap-
Wheat followed through this afternoon and finished around 12c higher on the day. Beans tried to rally but stalled at the close and finished just 2 cents higher. Corn also tried to rally but fell short and finished lower on the day 3 cents, although a solid nickel off the lows. The markets remain supported and we could see some profit taking tomorrow ahead of the weekend. Overall though today gave us little news to stop the bullish sentiment in the market.
Corn Summary-
Corn futures never could quite get all the way positive after a few attempts throughout the day and finished 2-3 lower. The market was due for a breather - CZ26 had tacked on more than a quarter on the week coming into today. On August 11th we were trading in the 4.60 range and have added 70+ cents since then. The fund length is growing and as of this morning we showed an estimated net long of 399,000 contracts which is just 30,000 shy of the all time record long.
Soybean Summary-
Soybean futures closed higher on the day today after trading nearly 15c lower on the open. Managed money added an estimated 29k lots to their long position yesterday and now sit long around 200k lots by our estimation. The rally is impressive because the estimates of the size of this fall's US soybean crop have grown in recent days. Soybean oil and soybean meal have not been able to keep up with the runup in beans so crush margins have slumped to around $2, well off the recent highs. Meal has been doing some heavy lifting up 6% month-to-date in August.
Wheat Summary-
North America is not the only place seeing a move higher in wheat prices. December 2026 Wheat futures on the EU's Euronext traded a one-month high, following the sharp move higher in board prices. The futures showed good follow through from yesterday and the situation in Eastern Europe is bleak - a lot of risk remains in the wheat market unless and until the two sides can come back to the negotiating table. Remember, when this war started more than four years ago, wheat futures quickly shot north of $14/bu, meaning there seemingly still exists plenty of room to run on the upside.
Outside News Headlines-
Crude oil futures up $1.30+/bbl.
Weather Updates-
The European model continues to depict greater precipitation coverage across portions of the northern and northwestern Corn Belt than the GFS, although confidence in exact rainfall amounts and placement remains moderate. The best chances for meaningful rainfall remain focused on Minnesota, the Dakotas, northern Iowa, and portions of Wisconsin.
Temperatures are forecast to trend warmer through the weekend as high pressure gradually expands eastward across the Midwest. However, current guidance does not indicate a prolonged or widespread extreme heat event. Most areas should remain near to slightly above seasonal averages, with only brief periods of above-normal warmth expected.
Model agreement in the extended period has fallen apart overnight, with the EU model now notably wetter throughout the central and eastern parts of the US in the period than the GFS is. As we get into September, its worth noting at some point that moisture is going to be more of a hurt than a help, as it will switch from boosting production to delaying harvest.
Temperature forecasts in the extended period are little changed from Tuesday, with the eastward movement of high pressure ridging generally keeping this part of the country on the warmer side of average into the second week of September.
Enjoy it! Thank you all who attended our meetings today!
Bailey Runyen
Grain Originator | Topflight Grain Coop.
101 N. Main St. | Cisco, IL 61830
Phone :: 217-669-2141
Email :: brunyen@tfgrain.com
