Closing Markets: Corn: +2 old & +2.75 new.
Beans: +4.50 old & +4.75 new. Wheat: -9.50.
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 retreated today but corn and beans ended positive. Global conflicts and weather are driving markets. The rally we have seen since the beginning of July is counter-trend - typically we see prices weakening into harvest, but not this year. The rally is helpful to producers who have held corn, and any remaining producers holding beans. These markets also are giving an opportunity for producers to hedge next year's crop at relatively good levels.
Corn Summary-
Export sales for the 2025/26 crop were glossed over as we are now through week 46 in the data, and the export result is known. The focus is now on 2026/27 crop export sales data and today had another good showing with 27.6 mbu. This brings the total to just shy of 300 million bushels for the 2026/27 crop year. That export pace is 12% ahead of last year's pace, a sign that US corn demand on the export market has not slowed. The corn market continues to show resilience and today settled well off the low of the day.
Soybean Summary-
The soybean market had another strong day and continues to move into new highs for the move. In export sales, the old crop volume was solid at a bit over 2 mbu. New crop exports were strong at 56.5 mbu. At this point in the year new crop export sales are nearly three times the volume as last year - a good sign for the soybean export market. Private exporters this morning announced 126,000 mt of beans to unknown for the 2026/27 crop year. This week we have had export sales announcements on Monday and today, which helps the market stay firm. Both meal and bean oil were quiet with a small upward move on the day for oil and a small down day for meal. Soybean futures ran out of gas a little bit on the close but still settled around a nickel higher. Board crush margins remain on an upward trend.
Wheat Summary-
Russia’s Defense Ministry has said Russian forces continue strikes on Odesa using air-launched precision weapons and attack drones in retaliation for the Ukraine attacks in and around the sea of Azov. Ukraine's port of Odesa and Russia's port Rostov-on-Don near the sea of Azov are two major export locations for wheat. Both ports find themselves in the crosshairs in the ongoing battle. The result is a disrupted global wheat trade, and concerns about corn exports from the region, which is causing futures prices to move higher. Back at home Reuters reports in North Dakota "The Wheat Quality Council tour estimated the average hard red spring wheat yield at 48.0 bushels per acre, up from 47.1 bushels in the same area last year and above the tour's five-year average for this part of the state of 43.8 bushels." Wheat yields are doing well in North Dakota despite high heat and lack of rain in areas.
Outside News Headlines-
Crude oil futures up $5.00+/bbl.
Weather Updates-
We will be cooler for another day or two before we get back to the 90s. A little more heat was put into the forecast in the coming days, but we were already in the mid-90s in many areas. Rain is sparse in most of the Corn Belt over the next five days, and a sizeable portion of the region will see little to no rainfall potential into the first of August.
8-14 days out shows eastern IA, southern MN, and Northern IA will below normal rainfall. Temperatures are more moderate in the 8-14 day forecast with chances for above normal heat more prevalent in the west of the country away from most crop producing areas.
Enjoy it!
Bailey Runyen
Grain Originator | Topflight Grain Coop.
101 N. Main St. | Cisco, IL 61830
Phone :: 217-669-2141
Email :: brunyen@tfgrain.com
