Closing Markets: Corn: +3.25 old & +2.50 new.
Beans: -1.50 old & +1.25 new. Wheat: +5.75 old & +6.75 new.
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-
Chicago ag futures were mixed today to start the new week. Wheat and corn firmed, soybeans settled either side of unchanged soymeal closed higher, and soyoil ended the day lower. Geopolitical risk and the war in Iran remain front and center, leaving the market in a wait-and-see mode as to if the ceasefire between the U.S. and Iran holds. U.S. envoys are due to arrive in Islamabad for reported talks, although Tehran has said it will not participate. President Trump has again threatened to target Iran’s energy infrastructure if they do not agree to the U.S. peace proposal. While daily price action between the grain and energy markets has decoupled, happenings in the Middle East continue to direct overall money flow in the commodity space. Otherwise, U.S. planting progress and weather conditions are expected to get the bulk of the fundamental attention this week with updated planting progress data out this afternoon.
Corn Summary-
Corn ended quietly higher on Monday. CN26 resistance sits at $4.62 1/2, which was last week's high. Ethanol margins remain profitable. We estimate central Iowa ethanol margins between 40 to 45¢/ bu. nearby through June. Demand for export corn and a lack of producer selling continues to keep Gulf and PNW values supported. Mexico is said to be shopping for July corn and Saudia Arabia for August corn. Short term, the corn market is expected to be influenced by the happenings in the Middle East, so more choppy/sideways trade would not be unexpected. Fundamentally, we are starting with larger corn acreage intentions than expected so traders will be monitoring planting progress and weather closely the next several weeks.
Soybean Summary-
Soybeans started the week mixed. SN26 futures are consolidating in an $11.55 to $12.00 range. Bean and meal spreads weakened while oil spreads firmed. May board crush closed higher at $3.15 1/2. Attention remains on China ahead of the mid?May Trump/Xi Summit. China remains absent in regard to new soybeans purchased from the U.S. but were reported to be a more active buyer of Brazilian beans last week. Much of the activity was for May/June, but some purchases were noted out in February, March, and April 2027. China remains a longer?term wildcard for U.S. demand.
Wheat Summary-
The Kansas City wheat premium over Chicago futures traded to a new high overnight. Wheat futures were supported today by short covering sparked by continued dry conditions across the Western Plains as well as recent freeze damage. NOAA has 60% of the U.S. in some level of drought conditions as of early April, centered mostly on the S & W Great Plains. Attention now turns to this afternoon’s crop progress report, where traders expect a slight decline in winter wheat conditions, although damage from this weekend’s frost will likely not be known for a bit. Outside of weather and positioning, the wheat market saw limited fresh headlines.
Outside News Headlines-
Crude oil futures up $5.30+/bbl.
Weather Updates-
The ECB was the wettest region over the weekend, with moderate to locally heavy rainfall from MO through IL and into WI slowing fieldwork, while widespread frost and freezes caused isolated concerns for early?planted crops. The WCB was colder and largely drier, especially in northwest areas that missed meaningful moisture. Parts of the Plains picked up beneficial rain in southern TX and southwest OK, while the Delta received light but beneficial rain that supported ongoing planting under generally warm conditions.
High pressure brings a warm, mostly dry start across the eastern and western Corn Belts and the Plains, improving planting progress where soils allow, though recent rains keep some eastern areas slower to dry. Temperatures are expected to run well above normal midweek before a late?week cold front returns widespread rain and fieldwork delays to the southwestern through ECB and WI, while the NW Corn Belt stays comparatively dry and moisture?limited. The Delta also looks to remain largely dry into Thursday, allowing aggressive planting ahead of increasing rainfall late week into the weekend.
A cooler, more unsettled pattern is expected for the Corn Belt and Plains under a suppressed storm track, with brief dry breaks—especially late April into early May—allowing planting progress. Precipitation increasingly favors the Delta and Southeast into mid?May, improving soil moisture but causing periodic interruptions, while western and northwestern areas remain comparatively dry and in need of more consistent rain.
A generally favorable pattern persists across Brazil and Argentina, with conditions supporting late?season crop development and harvest progress. Central and northern Brazil stay warm with periodic showers maintaining adequate moisture for safrinha corn, while southern Brazil trends slightly cooler with more episodic rainfall, allowing harvest to advance between systems. Argentina turns cooler and more variable, with scattered showers early followed by longer dry breaks that favor late corn and soybean harvest across the Pampas.
Enjoy it!
Bailey Runyen
Grain Originator | Topflight Grain Coop.
101 N. Main St. | Cisco, IL 61830
Phone :: 217-669-2141
Email :: brunyen@tfgrain.com
