Closing Markets: Corn: +8.25 old & +7.50 new.
Beans: +9 old & +10.50 new. Wheat: +1.75 old & +0.50 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-
Our ag markets finished the day mostly higher with corn and bean futures leading us higher while wheat futures managed to close slightly higher in Chicago and 1 to 4 higher in KC. Soybean board crush margins made a new high and finished the day near $3.13 as bean oil and meal rallied (1.16 cents and $4.70, respectively). The energy markets were relatively tame on Wednesday with WTI crude up roughly 30 cents and RBOB up 3.4 cents. War uncertainties are keeping energy traders from leaning too far one direction or the other. Rhetoric from Trump suggests the US and Iran may be meeting soon to discuss their next steps. Senior Pakistani mediators arrived in Tehran today to extend the cease-fire between the two countries. Treasury Secretary Bessent stated on Wednesday the US would not be renewing a set of exemptions that allowed the sale of Russian and Iranian oil. Those exemptions were strictly meant for oil that was already loaded on ships and on the water. Bessent also stated that letters were sent to Chinese banks threatening additional sanctions connected to transactions with Iran.
Corn Summary-
Corn futures managed a solid bounce on Wednesday to finish the day 8 cents higher. Wet conditions across parts of IA, MO, N IL, WI, and MI are starting to cause minor planting delays. A sudden switch to a warm and dry weather across parts of C and E Brazil may be offering support to corn futures. Technical buying was evident as futures broke through key resistance at the 50, 100 and 200-day moving averages. Nearby spreads firmed once again as producers have shifted their attention from selling/hauling corn to now wanting to get to the fields and plant corn. CK/CN finished the day at -9.25 after briefly trading as firm as -8.75, a 6-week high.
Soybean Summary-
Soybean futures continue to chop in sideways fashion but managed to close back above the 20 and 50-day moving average despite yesterday's disappointing close. Poor export demand remains a bearish factor and trade relations with China don't seem to be getting better as war uncertainties continue and the Strait of Hormuz remains closed. However, Trump did comment today that Xi would give him a "big hug" as the Strait opens back up (again, no details). NOPA crush data was below trade expectations at just 226.1 MB, roughly 4 MB below what the trade was expecting. Bean oil stocks of 2.039 bln lbs was down 41 mln from the Feb report. This news helped oil bounce moderately on Wednesday. Nearby board crush had its highest close in nearly 3 years. The oil share portion accounts for just over 50% of the crush margin, near 6-week lows but still historically high. As for cash movement, the producer remains disengaged at current board levels.
Wheat Summary-
Wheat futures finished the day slightly higher with KC wheat leading Chicago futures. Dry conditions in the W Plains remains supportive with chances of meaningful rains slim in the near future. The 11-15 day outlook shows some scattered rain chances for W KS, NE, and W OK. Crop damage will persist in the near future, and confidence is low in the longer range models. Crop ratings will most likely show more deterioration in next week's Crop Progress report.
Outside News Headlines-
Crude oil futures near unchanged.
Weather Updates-
Above normal temperatures continue to dominate the Midwest with temps running 10-20 degrees above normal. Several low pressure events move across the nation, providing multiple chances of heavy precipitation and severe storms. The heaviest rains are expected in parts of MO, E IA, N IL, N IN, WI, and MI.
Weather models are trending wetter for the Delta and the W Plains into the final days of April and early May. These rains will help replenish dry soil conditions that have plagued these regions. Temperatures are expected to cool towards normal across the Midwest. NOAA's 8-14 day maps are showing above normal temperatures for the Delta and S Midwest, and above normal precipitation for most of the US.
Monsoonal rainfall is coming to an abrupt end for Mato Grosso and Goais in C and EC Brazil. The drier pattern is not uncommon for this time of year but appears to be arriving 1-2 weeks ahead of normal. These drier conditions may become counter-productive for safrinha corn production. Meanwhile, improved rain chances are expected for RGDS in S Brazil as a warm front moves northward out of Argentina.
Enjoy it!
Bailey Runyen
Grain Originator | Topflight Grain Coop.
101 N. Main St. | Cisco, IL 61830
Phone :: 217-669-2141
Email :: brunyen@tfgrain.com
