Closing Markets: Corn: +3.75 old & +1 new.
Beans: -1.75 old & -2 new. Wheat: -17.75 old & -17 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.
Market Recap-
Ag futures finished mixed on Wednesday amid sharply volatile trade in the outside markets, with notable selling present in the bean oil and wheat markets while corn and beans closed mixed on either side of unchanged. All else aside, that crude oil was down some $15-20/bbl throughout the majority of the session and corn only closed a penny or two lower should be considered a success for the day in our opinion, and would be further evidence of the decoupling of energy and ag values as the war hysteria subsides.
Corn Summary-
Corn futures closed lower on Wednesday but were some 4-5 cents off the lows as selling in the crude oil market was unable to keep values down for the duration of the day. While last night's ceasefire announcement seemingly avoided the worst case scenario, there are still few that are comfortable with the situation and this produced somewhat of a 'what now?' reaction on the part of traders today. Prices are below where they were at the end of February when the war started, but we see added fund length as being plenty of ammo for a correction if all hostilities end in the Middle East.
Soybean Summary-
Mixed trade in the soybean complex Wednesday, with the beans and meal higher while the oil was sharply lower throughout the session on selling in the energy markets. Trump's new tariff threats would seemingly put China back in the crosshairs, as they are known to be a major supplier of military equipment to Iran, but its unclear today as to what extent as the market clearly shrugged this development aside. Aside from that, an unwind in crush spreads was noted throughout the day on the selling in the bean oil, and we would add on this front that with funds holding a record long position in this market, a further move in this direction on additional war de-escalation could be likely.
Wheat Summary-
It was a slow day news-wise in the wheat world, with active selling seen throughout the day the result of an extraction of risk premium based on developments in the situation in Iran. When the war started, wheat futures saw the sharpest price reaction of the ag markets, which makes it logical that it would see the biggest correction now on any sort of end to conflict, and this was exactly the case on Wednesday. From here, the 50-day moving average just below the market at 5.76 1/4 will be support going into the weekend, while the 100 and 200-days are a bit further down in the 5.56-5.59 area.
Outside News Headlines-
Crude Oil Futures: down $16.00/bbl on the front month
Weather Updates-
Afternoon weather models are little changed again this afternoon and continue to feature a quarter inch to an inch of rainfall in a path from KS to MI starting on Thursday night and lasting into the end of the weekend. Ridging across the southeast keeps areas east of this line dry, while the West Coast also looks to pick up 1-2" of rainfall in the period.
Week two precipitation anomaly maps trended wetter through the eastern Corn Belt this afternoon but were drier through the central and southern Plains and little changed throughout the central Corn Belt and most of the Midwest. Models continue to see the wettest conditions relative to normal in the southern Plains and south-central part of the country.
Again, there was little change today on the temperature outlook into the back half of April, as models continue to see little change in the warmer outlook that has been seen for most of the US for weeks now. Both the 5-10 and 10-15 day outlooks have some cooler air possible along the West Coast, but this is the only area in the US in today's maps that see cooler temperature potential.
?
South American weather looks to remain largely beneficial across most of both Argentina and Brazil, as dryness to the south will help to advance Argy corn harvest, and moisture to the north continues to benefit the developing safrinha corn crop. Argentina sees some warmer days possible into the middle of next week, but otherwise, heat stress remains a non-factor throughout the region.
Noah Richardson
Topflight Grain Seymour
202 N Main Street, Seymour IL 61875
nrichardson@tfgrain.com
www.topflightgrain.com
