Closing Markets: Corn: +3.25 old & +3.50 new.
Beans: +9.50 old & +8 new. Wheat: +8.
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-
Ag markets turned in a good day Friday with most markets higher on the day and settling at or near their high of the day. Next week will be the test to see if markets can collect themselves and go take a run at the recent highs for corn, beans, and wheat.
Corn Summary-
Corn futures were able to end the week with a positive day. It was a see-saw week for corn as technicals dominated the trade. This week CZ26 was able to break through the 200-day moving average. Yesterday on the overnight it was able to test the next resistance level of the 100-day moving average only to get rejected and see a solidly down day yesterday. Now corn is right back at the 200-day moving average and looking to see if it can collect itself and make another run at the final technical hurdle of the 100-day moving average around 4.73. The Russia/Ukraine conflict and weather have thrown volatility into the market and Sunday night's open will be interesting to see if corn chooses a direction.
Soybean Summary-
Oil once again was the star of the soy complex trading around 250 points higher and reaching values last seen in early June. Meal traded lower today and beans were able to trade in the green to finish the week. Crush margins extended nearby gains and nearby board crush is now trading around 3.25, up from around 2.50 to start the month. SX26 futures are about a dime away from the recent highs of 12.12 from mid-May.
Wheat Summary-
Wheat futures did not go back and recapture the highs from this week, but finished on a positive note. The Sea of Azov/Kerch Strait situation between Russia and Ukraine shows now sign of resolving. Activity over the weekend will be watched closely by market participants to see if more attacks happen. Wheat producers were selling into the rally as we hit prices last seen in Mid-May.
Outside News Headlines-
Crude oil futures down $0.30+/bbl.
Weather Updates-
The ridge of high pressure we've been experiencing will begin breaking down in the next few days, though dry weather will persist. Over the next 7 days, temperatures should trend cooler and return to closer to seasonal averages, with most of the heat focused across the southern plains.
The 1-3 week forecast is showing a cooler pattern for much of the Midwest and eastern U.S. as the ridge moves back to the southwest. In the second half of July, precipitation is expected across the Ag Belt.
Enjoy it!
Bailey Runyen
Grain Originator | Topflight Grain Coop.
101 N. Main St. | Cisco, IL 61830
Phone :: 217-669-2141
Email :: brunyen@tfgrain.com
