Closing Markets: Corn: +0.25 old & +0 new.
Beans: +10.50 old & +9.75 new. Wheat: -18.25.
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-
Corn and wheat markets responded to a high-level meeting held today involving Ukraine's President, the Ministers of Agriculture, Economy, and Infrastructure, as well as military officials. They focused on potential frameworks for reopening and operating the ports in and around the Black Sea. Under proposal shipowners or cargo owners would formally notify both Ukrainian and Russian authorities before calling at ports in either country so they would not be targeted. The recent flare up in region has cratered grain exports. Russian grain shipments are reportedly down 75% year-over-year in July, and Ukrainian shipments are down 85% due to the intensifying attacks on port infrastructure and ships.
Corn Summary-
The corn market was a sea saw day today. It traded higher overnight, was down sharply after the close only to rally to two cents higher on the day before selling off again to finish lower on the day. The eastern Europe headline was the driver of the day in wheat and corn. Corn still seems to have a lot of support on global uncertainty and weather - the market was able to pull itself off the lows.
Soybean Summary-
Soybeans had a strong day, and outperformed the ag sector. Beans are finding export demand which is helping keep prices elevated. Meal and oil did not have the same good day. Bean oil futures fell around 100 points, following crude oil lower. And meal was up slightly. But the combination was not enough to keep pace with beans and crush margins fell as a result.
Wheat Summary-
The idea that we could have some sort of cease fire or a return to a semblance of normalcy with regard to shipping in the Black Sea region weighed on the market today. Exports from Ukraine and Russia have cratered in July. One group has said about the situation that buyers should treat Russian and Ukrainian origin as unreliable in the next three to four weeks and secure replacement supply from safer origins. We will see what news develops over the weekend about the situation but markets will likely be volatile in the near term while the conflict continues.
Outside News Headlines-
Crude oil futures down $2.60+/bbl.
Weather Updates-
Over the next 5-7 days, the Midwest is expected to see a mix of warm to hot temperatures with highs generally reaching the upper 80s to mid-90s, while periodic chances for scattered showers should provide some localized rainfall. Forecast models suggest heat will build across portions of the Plains and western Corn Belt this weekend, but no widespread, long-duration heat dome is expected.
8-14 days out shows below normal rainfall for much of Iowa, southern Minnesota, and Northern Illinois. Temperatures are more moderate in the 8-14 day forecast with chances for near normal heat prevalent in most crop producing areas.
Enjoy it!
Bailey Runyen
Grain Originator | Topflight Grain Coop.
101 N. Main St. | Cisco, IL 61830
Phone :: 217-669-2141
Email :: brunyen@tfgrain.com
