Closing Markets: Corn: -3 old & -2 new.
Beans: +10.50 old & +5.25 new. Wheat: -3.50 old & -4.25 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-
Happy Friday. Grain markets had a mostly quietly lower close to the week on Friday, while the beans and meal saw end-of-week strength on currency movement and cash rumors out of Brazil. We'll see if anything comes about out of weekend peace talks in Pakistan, which will likely be the main market talking point on Monday, but otherwise, its planting progress and weather that likely attracts most of the trader attention into the end of the month.
Corn Summary-
Corn futures closed lower to end the week on Friday, with the market making new lows for the week on fund selling into the weekend. News remained slow on Friday, with there really not a lot new to discuss this afternoon. We assume the risk-off mood was the result of funds being long and not wanting to be as exposed for potential developments in Iran over the next couple days. Monday's planting progress update is likely to be near normal, with a mix of rain and sun across the Corn Belt allowing some areas to get an early start, while other areas stay on the wetter side.
Soybean Summary-
The bean market saw strength to end the week, on the back of meal futures which closed some 4.5% higher on Friday. We touched on some of the fundamentals above, but it’s really a bit of a perfect storm for the meal market that has allowed values to overcome the large supply situation based on elevated US crush. Longer term, the rains that are delaying harvest in Argentina are also boosting yields, which should allow domestic crush in the country to pick back up at some point in the next couple months when harvest gets rolling. We still see meal as being the bearish leg of the complex longer term, but short term fundamentals have turned friendly.
Wheat Summary-
Wheat futures were also lower to end the week on Friday, as futures were higher at mid-morning but then saw selling emerge into the afternoon to finish the day closer to the lows than not. We've talked about it recently, but the wheat market has remained the most tied to energy markets, and we assume the selling seen into the close was mostly the result of a risk-off attitude ahead of weekend peace talks. Plains rain forecasts remain the other big price driver into next week, but are drier now into the back half of the month this afternoon. Crop conditions would say the rains are needed rather badly, but wheat is finnicky and can often come out of winter better than weather/conditions would suggest.
Outside News Headlines-
Crude oil futures down $1.60+/bbl.
Weather Updates-
Friday afternoon model runs are little changed from previous days this week over the next few days, with additional rainfall expected through the southern Plains and into the west-central Midwest and then further north into the first part of next week. As long as high pressure remains parked over the southeastern US, thunderstorm activity along its periphery will remain common, with several more chances through the week next week.
Temperatures will continue to steadily climb throughout the Corn Belt into next week, with daytime highs expected to reach the mid/upper 80's on Monday/Tuesday before backing off just a touch into the back half of the week.
Precip anomaly maps for the week of April 18th-24th this afternoon see just minimal progression of the southeastern ridge the next couple weeks, with this remaining the dominant feature in the pattern that keeps the southeast dry while the central US up into the Great Lakes region continues to see regular rain/storm activity. Elsewhere, the southern Plains and most of the wheat belt continue to see drier biases, along with a lot of the western US.
Temperature forecasts into the back half of the month remain little changed, as most all the US continues to see warmer than normal daytime highs while cooler air stays shoved north into Canada for the most part.
Weekend weather will be largely dry across Argentina's ag regions, which should aid in harvest activity, while Brazil sees light/scattered showers across the southern and south-central regions. Forecast concerns for both countries remain minimal, with additional rains in Brazil likely to aid safrinha corn yields.
Enjoy it!
Bailey Runyen
Grain Originator | Topflight Grain Coop.
101 N. Main St. | Cisco, IL 61830
Phone :: 217-669-2141
Email :: brunyen@tfgrain.com
