Closing Markets: Corn: -3.75.
Beans: -0.75. Wheat: -3.75.
TFG is extending our drying incentive at ALL LOCATIONS through the end of day Saturday!
2 1/2 cents per pt of moisture up to 30%. Regular rate above.
Harvest hours will be used as needed!
TFG Customer Appreciation Lunches start NEXT WEEK!! 11:30-1:30 pm!
Come get a pork chop!
9/24 ~ Milmine
9/25 ~ Tabor
9/28 ~ Pierson
9/29 ~ Emery
9/30 ~ Cisco
10/1 ~ Johnston Siding
The United Church of Atwood will be serving pork chop lunches Saturday, 10/3 from 11am-1pm in Pierson by free-will donation!
Good evening!
Market Recap-
Chicago ag trade was choppy and mixed for a fourth straight session on Thursday, as neither the bulls nor the bears have been able to gain any sort of momentum this week amid a lack of fresh input and as traders remain in wait-and-see mode regarding crop yields and next week's China meeting. Headline risk remains present into the weekend, but with what has been Friday-like trade present throughout much of the week already, we're not sure markets tomorrow are going to vary much from recent days. Position squaring and risk adjustment likely remain the dominant themes, with few willing to be caught short on some sort of China news into next week.
Corn Summary-
Will keep comments for all three crops on the shorter side this afternoon, as trade themes across the space remain largely unchanged from recent days and have continued to produce choppy, sideways markets. This led to corn futures closing lower on Thursday, though they traded in generally the same range again that has been seen the last few days and still remain inside of the report day range from last week. Combine yield data likely becomes more readily available over the next 10-15 days, but until this happens, focus will remain on the situations in the Black Sea and the Middle East, as well as weather in South America ahead of their new growing season as it pertains to El Niño.
Soybean Summary-
The soy complex was mixed again Thursday, with the beans finishing on either side of unchanged and the products sharply mixed on spread activity with there again being little if anything new in the space to discuss from previous days. Treasury Secretary Bessent's meeting with Chinese counterparts this weekend on the deliverables for next week's Trump-Xi summit are likely to attract attention out of the weekend, but traders want to know what this next round of negotiations is going to produce before adding to bullish bets that are already at a record level. Fund length likely sticks around in any case until South American production is known later in January or February, but its developments with China or losses in US yield that spur additional length short term.
Wheat Summary-
Like corn, wheat futures have continued to trade in generally the same daily ranges that have been seen all week, with a lack of new news out of the Black Sea region producing a choppy, rangebound market this week. Traders seemingly continue to think that some sort of deal to allow grain shipments out of the Black Sea is on the horizon, but rhetoric out of both sides, as well as ongoing military strikes on logistical infrastructure would lead us to believe this is not as close to happening as many would like. And even if a deal is reached, it will likely be months at best before capacity returns to anywhere close to a normal level following damage that has already been inflicted.
Outside News Headlines-
Crude oil futures down around $1.00/bbl.
Weather Updates-
There's still not a lot new on the forecast front into the weekend this afternoon, with models continuing to show additional rainfall and thunderstorm activity across the northern and north-central parts of the Corn Belt the next several days and into the first part of next week.
Temperatures will be a bit of a mixed bag into next week, with heat mentioned in recent days across the south still expected to mostly linger while the north cools off a bit beyond the weekend. Nighttime lows don't get low enough to introduce any sort of frost risk at this point, but highs don't look to reach above 70 throughout IA and NE for a couple days into the first part of next week.
The extended forecast is still similar to recent days, with the models in fair agreement on the western US generally staying on the wetter side of normal while the eastern US continues to see a drier bias. Temperature forecasts are more uniform though, with the models continuing to show warmer signals across most all of the country, especially in the south and southeast.
Enjoy it!
Bailey Runyen
Grain Originator | Topflight Grain Coop.
101 N. Main St. | Cisco, IL 61830
Phone :: 217-669-2141
Email :: brunyen@tfgrain.com
