Closing Markets: Corn: -2.75 old & -1.25 new.
Beans: -3.25 old & +1.50 new. Wheat: +4.75 old & 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-
Initial corn support from wheat failed to hold during the session as the weather forecast looks more favorable for planting progress into next week. Corn sales totaled 55.1 mbu. in this morning's weekly sales report. This was within expectations and compares to 53.6 mbu. last week. Total commitments stand at 2.865 bbu., which is 87% of the full year target. Sales need to average just over 20 mbu. per week to reach the 3.300 bbu. goal. South Korea, Japan, and Mexico were the main buyers of corn in this report.
Corn Summary-
Corn futures closed slightly lower today with the old crop contracts losing to new crop today. Early strength was noted from the neighboring wheat market but that failed to hold as the session went on. The forecast looks more favorable for planting next week. Corn continues to distance itself from crude as the $3.00 rally in the energy product did little to move the needle for corn today. Corn exports were solid again and demand remains very strong when combined with ethanol grind. Corn needs to hold the 100-day and 200-day moving averages to avoid further downside after it failed to follow through from yesterday's strength.
Soybean Summary-
Soybeans traded on both sides of unchanged today before eventually finishing 1 to 3 cents lower in the old crop. The new crop contracts gained on the old today. Bean oil was stronger today as the less than expected stocks from the NOPA crush report yesterday continues to offer support. With today's close in the May oil at 69.33, it is within just a few ticks of the contract high of 70.49. The forecast looks a bit drier next week, which should aid planting progress. Board crush margins shot sharply higher again today.
Wheat Summary-
The Chicago wheat market was better today, but most of the attention was on the KC contract. It closed 16 to 17 cents higher in the nearby months, which helped drag up Chicago. Concerns about dry weather in the western plains are the main driver. There is some rain showing up in the extended forecast so that will need to be monitored closely as fundamentals have not shifted a great deal yet.
Outside News Headlines-
Crude oil futures up $3.40/bbl unchanged.
Weather Updates-
Rain chances will hang out over the Midwest through the end of the week, with the heaviest totals slated for Missouri. Cooler temperatures will prevail late this weekend and early next week. Overnight temps for that period will approach freezing. Next week warms up again and is advertising a drier profile.
NOAA released its 30-day and 3 month outlooks today. The maps are shown above. Precipitation looks normal for those periods for the MIdwest, as the driest areas of concern stay in the PNW. Temps are forecast to average above normal through the southern half of the U.S., with the northern half stated as normal. El Nino will continue to become a reality as the year progresses, with its timing key for the impact on the growing season.
A drier than desired trend is still being shown in the 6 to 10 day forecast for center-south Brazil. Some relief is possible in those areas in the 11 to 15 day forecast. Rains continue to hamper parts of Argentina and may pose some harvest risk if it maintains.
Enjoy it!
Bailey Runyen
Grain Originator | Topflight Grain Coop.
101 N. Main St. | Cisco, IL 61830
Phone :: 217-669-2141
Email :: brunyen@tfgrain.com
