Closing Markets: Corn: -5 old & -4.50 new.
Beans: -1.25 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-
Grain markets settled lower to end the month of July. Rains moving across the Midwest today weighed on futures. Talks that Ukraine was looking at different shipping corridors to avoid the war zones were negative to wheat futures today. Technical indicators for corn have turned down as key support levels have failed this week. The two wars still hang in the background for commodities in general, with no real change for either conflict. The Sunday night opening will be influenced by rain totals and the short-term forecast.
Corn Summary-
For the week, September corn closed 23 1/2 cents down with December corn closing down 23 1/2 cents as well. A more benign weather forecast contributed to the weakness this week. Export demand has been routine, and the producer continues to leak out remaining old crop inventory with harvest nearing. The seasonals point to a sideways to lower trend into mid-September, but both weather and political headline risk are higher than normal this year.
Soybean Summary-
Another flash announcement for soybeans helped beans off the overnight lows, and China was thought to be looking for U.S. beans again today. Deliveries for bean oil totaled 783 contracts with no soybean deliveries seen on the first day. November beans closed 66 cents lower for the week. There is still a lot of weather to go for soybeans, and it hasn't been a smooth growing season for beans this summer. However, these recent rains will help and will be a stabilizer for the return of the heat.
Wheat Summary-
Wheat futures fell sharply today on reports that Ukraine was looking at alternative shipping routes to move grain, with proposals expected to be made to their President next week. Despite the Black Sea escalations disrupting grain transportation and storage assets, the earlier iteration of this war reminded us that heavy agriculture countries will find a way to make ag work. It doesn't seem like a solution to the conflict is coming anytime soon, so it is possible that more disruptions are coming. There has been no real talk of global business turning to the U.S. yet. For the week, September wheat closed 38 3/4 cents lower.
Outside News Headlines-
Crude oil futures up $1.15+/bbl.
Weather Updates-
Rains are moving through the Midwest currently and will continue though the weekend. Rains in central Iowa early this morning were deemed as disappointing. The rain that is falling is welcome and the totals will be closely examined for market direction on Sunday night.
Temperatures are expected to rise again towards the middle of August. Rain chances will remain below normal in the west and will stay near normal in the east. More rain is needed in the west to deter further falling crop conditions.
Enjoy it!
Bailey Runyen
Grain Originator | Topflight Grain Coop.
101 N. Main St. | Cisco, IL 61830
Phone :: 217-669-2141
Email :: brunyen@tfgrain.com
