Closing Markets: Corn: -0.75 old & -1.25 new.
Beans: -13.50 old & -8 new. Wheat: +11.25 old & +10.50 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 get the new week started. Wheat firmed while corn and soybeans weakened, soymeal closed mixed, 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 President Trump seeks to blockade traffic to and from Iranian ports in the Strait of Hormuz after peace talks in Islamabad failed over the weekend. Both Brent and WTI crude prices surpassed $100/barrel today but settled near the day's lows. While daily price action between the grain and energy markets has decoupled as of late, 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 lower on Monday after managing just a 5 to 6 cent trading range. Futures were up through mid-day on intermarket spreading before chart selling pushed prices lower late in the session. Ethanol margins remain profitable. We estimate central Iowa ethanol margins between 50 to 55¢/ bu. nearby through June. Demand for export corn and a lack of producer selling continues to keep Gulf and PNW values supported. There was notably more FOB PNW corn tender and private business done last week for June/July and more is expected this week. Vietnam and Guatemala are said to be shopping for July corn and Egypt in 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 lower as expectations for increased planted acres and fund long liquidation weighed on futures. Attention remains on China amid renewed trade tensions ahead of the mid?May Trump/Xi Summit, as President Trump threatens China with 50% tariffs if China ships arms to Iran. The Chinese have remained absent from U.S. bean buying and have tempered their Brazilian soy buying. Despite strong nearby crush margins, slow Brazilian customs clearances and deeply negative Chinese hog producer margins have limited their forward soy purchases as of late. Firming Brazilian bean offerings are also keeping them on the sidelines. China remains a longer?term wildcard for U.S. demand.
Wheat Summary-
Wheat futures traded firmer throughout the session, supported by short covering sparked by continued dry conditions across the Western Plains. Attention now turns to this afternoon’s crop progress report, where traders expect a slight uptick in winter wheat conditions. Outside of weather and positioning, the wheat market saw limited fresh headlines.
Outside News Headlines-
Crude oil futures up $1.20+/bbl.
Weather Updates-
Multiple storm systems crossed the Midwest, bringing widespread rainfall to the central and eastern Corn Belt that further saturated soils and limited field activity, while parts of the western Corn Belt saw lighter, more uneven precipitation
A warm and very active pattern looks to dominate the Corn Belt, with well?above?normal temperatures and multiple low?pressure systems bringing repeated rounds of precipitation. The eastern and central Corn Belt faces the highest risk of heavy rain, severe weather, and totals exceeding 2 inches, increasing soil saturation, and limiting fieldwork, while the western Corn Belt also sees active weather but with more variability in rainfall coverage.
The pattern then begins to shift as a robust MJO (Madden-Julian Oscillation) wave and developing NAO (North Atlantic Oscillation) introduce cooler and drier tendencies, especially noticeable late April into early May. While cooler risks increase into the 10–15 day window, precipitation chances remain elevated into week 2—supporting continued moisture across parts of the central and eastern Corn Belt—with a gradual trend toward cooler conditions emerging into early May, particularly across the western Corn Belt.
Crop conditions diverge across the region, with central Brazil trending hotter and drier, particularly in Mato Grosso and Goiás, keeping safrinha corn moisture stress elevated, while southern Brazil sees more reliable showers. In contrast, Argentina looks wetter, especially across central and eastern growing areas, with beneficial moisture for late?season crops but short?term harvest delays possible where rainfall is heaviest, followed by gradual improvement later in the period.
Enjoy it!
Bailey Runyen
Grain Originator | Topflight Grain Coop.
101 N. Main St. | Cisco, IL 61830
Phone :: 217-669-2141
Email :: brunyen@tfgrain.com
