Closing Markets: Corn: +1.75 old & +3 new.
Beans: +20 old & new. Wheat: +24.25.
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-
Markets are higher to end the week. Soybeans and wheat had another strong day both up around 20c. Corn was also better on the day up 3-4. Bean oil has also gained back all the recent losses in the past two days. Today bean oil was nearly 250 points higher. Meal had an impressive week as well, gaining 7% on the week. All-in-all the ag complex had a good week. The markets will keep an eye on any developments over the weekend and Sunday night's opening will be interesting.
Corn Summary-
Corn futures seem to be out of gas for the moment after the recent strong run-up. Futures rose 5% on the week. The CFTC data just released put managed money long 317k lots. The record long position is 429k lots implying some room to run for funds still looking to get long. Ukraine will be harvesting corn soon and if the export situation remains at a standstill the world will look to the US to help fill the void.
Soybean Summary-
Soybean futures finished around 20c higher on the day, another strong move and settling near the highs. The export activity helped support the market today. Soybean futures were also undervalued relative to corn and wheat as we moved into the end of the week. Managed money looking to get long some part of the ag space likely saw relative value in buying soybeans. Markets remain unclear about the increase in refinery exemptions. That headline risk remains in the market. This afternoon the COT report listed funds long 200k lots of soybean futures, nearing the record long of 254k.
Wheat Summary-
Wheat continues to rally on the uncertainty in the Black Sea region. Logistics in the Danube River are backed up and that export route is not proving to be a solution to the greater problem of grain not exiting the Black Sea. The market needs to price in the current level of exports lasting into the next month or two or three. Wheat futures are up 12% on the week as a result of the global uncertainty.
Outside News Headlines-
Crude oil futures down $0.30+/bbl.
Weather Updates-
The near-term forecast calls for little precipitation in the coming days in most of the corn belt. Temperatures are also higher than normal in the coming days.
The GFS model is drier in the extended view than the EU model, especially throughout the Dakotas and other parts of the northwestern Corn Belt - the areas that have been hit hardest by drought this summer. Lingering high pressure across the southern US is keeping the temperature outlook in the extended period warmer.
Enjoy it!
Bailey Runyen
Grain Originator | Topflight Grain Coop.
101 N. Main St. | Cisco, IL 61830
Phone :: 217-669-2141
Email :: brunyen@tfgrain.com
