Closing Markets: Corn: +11 old & +11.25 new.
Beans: +10.25 old & new. Wheat: +22.
We will hold our Annual Crop Tour Meetings Thursday, August 27th
Lincoln ~ Knights of Columbus ~ 8 am for Breakfast!
Monticello ~ Monticello Community Building ~ 12 pm for Lunch!
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-
Happy Friday. Ag markets were higher to end what was a mostly bullish week, with a further injection of risk premium noted on additional escalation in the Black Sea region and as offsetting bearish input is just generally lacking at this point. The Pro Farmer crop tour next week will help to begin shining light on the crop potential sitting in Midwest fields currently, but like we've talked about for weeks now, until something changes between Russia and Ukraine, price discovery is going to continue to be a two-part equation with a healthy dose of geopolitics.
Corn Summary-
Corn futures ended the week on a positive note this week, with prices higher ahead of the weekend on a further injection of risk premium amid ongoing escalation in the Black Sea and storms across the Midwest that while providing moisture, are also providing wind damage in some areas. Outside of that though, there's really not a lot new to discuss in the space this afternoon that we haven't touched on all week, with the dog days of summer upon us and harvest still several weeks out. Crop tours next week will bring focus back onto the US growing season more than likely, but as mentioned above, price discovery is going to remain a two-part equation of that and geopolitics in the Black Sea.
Soybean Summary-
The soy complex closed the week higher on Friday, with all three of the beans, meal and oil in the green on what seemed to be a trend day amid a lack of fresh headlines and a further inflow of capital to the long side of the space. The grains have been trading Black Sea headlines for much of the past week, but its a different story for the beans as there simply hasn't been a lot new in terms of news outside of daily sales flashes to the Chinese. Traders want to see more weather come and go before getting comfortable on any sort of yield number, and until that happens, we wouldn't be surprised to see prices more sideways than not.
Wheat Summary-
Wheat futures led to the upside to end the week on the Friday, adding another round of premium on more port attacks in the Black Sea. There's really not a lot to discuss otherwise heading into the weekend, and we imagine the conversation next week is going to be much the same. Pricing in the wheat market nearby is all about risk assessment and export capacity out of the Black Sea, and while that doesn't mean every day is going to be straight up, it should mean futures should continue to at least be supported.
Outside News Headlines-
Crude oil futures up around $1.00/bbl.
Weather Updates-
Forecasts have been notably consistent this week and there is little change in the pattern expected through the weekend, with ongoing thunderstorm activity expected to continue impacting parts of the central Midwest around the high pressure ridge that remains anchored over the south.
Models have a pocket of cooler air lingering across the north and northwest into next week, but have been somewhat variable this week on exactly how far south and east that cooler air is able to make it. The rest of the country, meanwhile, especially in the south, looks to stay on the warmer side of normal.
Extended forecast runs are the same as previous this week, with the models showing a drier bias through the central Corn Belt into the back half of the month while the southeast and East Coast stay wetter. However, forecasts for the upper atmosphere are keeping the ridge present in the south/southwest with troughing in the east, which should allow flow to continue to work through the middle of the two, keeping weather active in the central US.
Enjoy it!
Bailey Runyen
Grain Originator | Topflight Grain Coop.
101 N. Main St. | Cisco, IL 61830
Phone :: 217-669-2141
Email :: brunyen@tfgrain.com
