Closing Markets: Corn: -6.25 old & new.
Beans: +0.50 old & +0 new. Wheat: +2 old & +2.75 new.
All Topflight locations will be closed Friday, April 3rd in observance of Good Friday!!
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-
A low-volume, low-interest day of trade produced mixed closes across the CBOT on Monday, with corn futures ending the day lower, beans ending on either side of unchanged and the wheat market closing just slightly higher ahead of what most anticipate to be one of the more volatile data days the space has seen in some time tomorrow on Tuesday. Bean oil, meanwhile, finished the day more than a penny higher, as traders that rushed for the exits on long positions Friday seemingly couldn't get them put back on fast enough during the session today on the new RVO news, with the dust on that situation still not completely settled.
Corn Summary-
Corn futures closed notably lower to start the week this week, trading to their lowest level since March 18th on short covering ahead of tomorrow morning's reports. We don't know what tomorrow's numbers will bring, but would surmise there still exists a fair amount of premium cooked into prices at current levels, meaning greater risk would theoretically exist to the downside from here than to the upside. At the same time, and until the situation in Iran and global energy markets calm to some extent, we have a hard time seeing the corn market do more than briefly correct in the short term, despite what the fundamentals may call for. Beyond 11am central time tomorrow morning, the 2026 US spring planting campaign will begin to receive far more attention than it has to this point, with weather and progress pace likely to be a near-daily part of market conversations.
Soybean Summary-
Bean futures closed mixed on Monday, as a morning rally that lasted most of the day session failed to make it through the noon hour and into the close, leaving values near unchanged. Like corn, volume here was down notably from recent days with traders not wanting to take on new positions ahead of tomorrow's updates. Aside from ongoing trade centered on Friday's RVO news, there continues to be a fair amount of chatter that a spike in fertilizer prices could lead to a shift to more soybean acres, but we are skeptical that even is this is true it'll show up on tomorrow's reports. Remember, the surveys for tomorrow's data were done at the beginning of March, when the Iran war was still in its opening stages. There are likely (as there are most years) to be changes from tomorrow's figures to the final ones seen in June, but the market will probably nonetheless react tomorrow as if this were not in fact the case.
Wheat Summary-
Wheat futures closed higher on Monday, though were some 4 or 5 cents off their highs made earlier in the session as late-day selling in the corn market pressured values into the close. Dry forecasts for the US southern Plains remain the number one topic of conversation in the market to start the week this week, as there's not a lot overly new from a global standpoint and as managed money remains largely neutral.
Outside News Headlines-
Crude oil futures up $4.50+/bbl.
Weather Updates-
Models are in good agreement on an active weather outlook for the Midwest and most of the eastern half of the US this week, with several storm systems expected to provide upwards of 2-4" of rainfall to a wide swath of the area. Notable is that the western Plains and southwestern US look to stay dry, which will continue to exaggerate drought conditions in these areas.
Warmer temperatures across the central US to start the week this week will quickly give way to more cool air by the middle of the week, with the temperature forecast then into the weekend mostly variable. The east and southeast will generally stay on the warmer side of normal through the week, but the rest of the Midwest and central US will likely be on the cooler side for a few days.
Week two precip anomaly maps trended drier over the weekend as the progressive on again, off again moisture pattern seen through much of March looks to remain in place into the first half of April. Models have Gulf moisture trying to work into the south-central US in the period but see it failing to work much into the central part of the country.
Extended range temperature outlooks remain variable but generally warm, though are in rather poor agreement this afternoon. The GFS has the warmest air in the 10-15 day period stay west of the Rockies, while the EU model has this area warmer but not as warm as the eastern US.
Weather over the weekend across South America was largely as expected, with dry conditions seen throughout a lot both Argentina and Brazil. Forecasts show this dryness generally lingering through the first half of the week this week, before rains looks to return to southern and southeastern Argentina by the end of the week. Brazil, meanwhile, will see mostly spotty rains through the south and southeast but will be drier in the west this week, with better rains then expected to fill back in next week.
Enjoy it!
Bailey Runyen
Grain Originator | Topflight Grain Coop.
101 N. Main St. | Cisco, IL 61830
Phone :: 217-669-2141
Email :: brunyen@tfgrain.com
