Closing Markets: Corn: +0 old & new.
Beans: -1.50 old & new. Wheat: +8.50.
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-
The grain markets had a quiet finish to the week, and it proved to be a boring week for markets overall. For the week, September corn lost 1 3/4 cents, November beans lost 11 1/2 cents, and September wheat gained 1/2 cent. The favorable weather forecast for most of the Midwest offers resistance to the market, while decent demand (China bean buying) and technicals offer support. The USDA report will be out next week, and production numbers will be closely watched. Updates on either war could be potential movers for the market coming out of the weekend. Otherwise, it will be positioning ahead of the report and weather watching.
Corn Summary-
Corn futures finished near unchanged on what proved to be a very quiet day. Producer selling was limited today. Some early strength was tied to a stronger wheat market, but the gains couldn't be maintained. The weather forecast continues to offer resistance to corn futures as there remains amble rain chances from Iowa to the east in the coming days. A few showers are possible in the western plains as well. Temperatures are slated to cool down late next week through the northern half of the Midwest. Both war headlines are possible market movers, but corn became more numb to it this week. The August 12th report is likely to add more volatility to the recent quiet trend.
Soybean Summary-
Soybeans traded most of the day at higher levels but ultimately finished with small losses. The prospects for good rains over the next few days limited the upside as it will keep yield prospects lofty if achieved. China continues to buy a few U.S. beans, which provides some underlying support. From a technical perspective, the 50-day moving average ($11.75 1/2) held this week for November beans.
Wheat Summary-
Wheat futures ended up having a fairly steady week as Black Sea concerns have muted some of the trade action. The dollar was lower today on the disappoitning jobs data, which added some support to a currency sensitve commodity like wheat. The report next week will serve as another reminder that U.S. supplies will be tighter this year.
Outside News Headlines-
Crude oil futures up $0.85+/bbl.
Weather Updates-
Rain is expected to move across the Midwest over the next few days with the heaviest totals favoring eastern Iowa and east. Temps will stay warm over the next few days. A few rain showers are possible in Kansas and Nebraska.
As seen in the chart above, temps are expected to cool down through a large part of the Midwest later next week. The precip map calls for above normal precip through most of the U.S. This forecast should help support crop growth through most of August.
Enjoy it!
