Closing Markets: Corn: +0.25 old & new.
Beans: +3.50 old & +0.50 new. Wheat: -7.25 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-
Corn futures were initially lower following news of a ceasefire between the U.S. and Iran and the opening of the Strait of Hormuz to commercial passage. President Trump posted on Truth Social that Iran has agreed to "never close the Strait of Hormuz again," though some reports of commercial ships turning around in the Strait surfaced late in the session, adding a note of uncertainty to the headlines. Cash movement was slow in the country to end the week. Nearby corn spreads tightened on firm CIF premiums while deferred spreads were mostly weaker. River corn basis was firmer again to end the week with April CIF now bid +96K. COT Report: Money managers were aggressive sellers on the week, cutting their net long by 59,149 contracts to 159,483.
Corn Summary-
Corn futures recovered nicely from their morning lows, as the market shrugged off the softer energy complex and geopolitical noise. Weather will be the focus heading into next week, with rain in the forecast tonight across much of Western and Central Illinois — worth watching as planting season gets underway.
Soybean Summary-
Soybeans were down double digits before recovering nicely for a small uptick. Old crop spreads were firmer while deferred spreads leaked wider. SX/SF is now at -12 and got as wide as -12 3/4 during today's session. Monday's crop progress report will be interesting to see how much soybean planting has occurred this past week.
Wheat Summary-
The spread between Kansas City and Chicago wheat will continue to track weather pattern differences between the western plains and the soft red winter wheat growing region. Monday's crop condition report will be worth watching closely as the winter wheat crop moves through its critical development stages.
Outside News Headlines-
Crude oil futures down $9.90+/bbl unchanged.
Weather Updates-
The latest 7-day forecast shows rain chances for Missouri and the eastern corn belt with heavier totals in Central Missouri and Southeast Kansas. A round of storms is expected to hit Western and Central Illinois this evening with the potential for 1" of rain or greater in spots. Cooler temperatures are projected for the weekend with highs in the 50's. There are chances of Frost for the upper Midwest on Monday morning.
Enjoy it!
Bailey Runyen
Grain Originator | Topflight Grain Coop.
101 N. Main St. | Cisco, IL 61830
Phone :: 217-669-2141
Email :: brunyen@tfgrain.com
