Closing Markets: Corn: +4.75 old & +4.25 new.
Beans: +16.75 old & +6.25 new. Wheat: +7.75 old & +6.75 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-
With the exception of meal, CBOT ag markets closed higher on Wednesday, helped into the close by White House headlines regarding the China meeting and as ties to the energy markets begin to sever. Whether or not anything (additional soybean purchases) comes out of said meeting is yet to be seen, but that it's at least back on was enough to give traders excitement today and lead to early-afternoon pops in the markets ahead of the close.
Corn Summary-
Corn futures finished near their highs for the day on Wednesday, as strength in the soy complex was able to lift the grain markets despite selling across the energy space. Though headlines continue to flow out of the Middle East, focus will presumably begin to shift back to market fundamentals in the days ahead, with the USDA's quarterly stocks and planting intentions reports due in another just four trading sessions. With markets maybe still a hair overvalued on extra war premium, we would see any sort of bearish report as possibly leading to a sharper negative reaction than would be expected otherwise, which lifts overall market risk going into next week.
Soybean Summary-
Soybean futures closed higher on Wednesday and made new highs for the week while the products were mixed as China buying was the name of the game beyond the noon hour. In our opinion, Trump and Xi simply having a meeting isn't in and of itself bullish to the bean market; it’s whether or not that meeting produces a deal for China to buy more US beans that would justify the current injection of premium into prices. If China doesn't buy anymore, end stocks likely continue to build both for the old crop and the new crop and we would argue this doesn't bode well for prices. In other news, there remains just one more day ahead of Friday's Ag Celebration event at the White House for the EPA to release RVO guidelines, which means product pricing and specifically bean oil pricing will likely see increased volatility into the weekend.
Wheat Summary-
Wheat futures were higher on Wednesday, mostly in lock step with the corn market, as news continues to be limited and focused for the most part on US Plains weather into the middle of April. A jump in Russian export duties into the end of the month has had little effect on the market to this point, and this has been the only other real news story of late through the week this week. Chart-wise, that the market held Monday's lows was technically friendly, and the high from Monday at 6.06 1/2 will be the upside market objective for the rest of the week this week.
Outside News Headlines-
Crude oil futures down $1.20+/bbl.
Weather Updates-
Mild weather seen the first half of the week this week across the Midwest gets active again over the next 24 hours, as models show a potentially severe line of storms working through the eastern and east-central parts of the Midwest Thursday into Friday as a frontal boundary moves through area. The system will cause a sharp drop in temperatures for a couple days, but warmth then returns by the back half of the weekend and into the first part of next week.
Extended forecasts then continue to show increased rainfall chances through the Corn Belt beyond the middle of next week, as anomaly maps for April 2nd-8th are wetter than normal across almost all of the US besides the far Wase Coast.
The EU model's 10-15 day temperature forecast trended slightly cooler this afternoon but still keeps things warmer than normal in the period, while the GFS's run was like previous days this week in keeping the eastern US much warmer than normal.
Wednesday forecasts again trended drier on the back end for northern and north-central Brazil into the second week of April, but were unchanged elsewhere. For Argentina, dry conditions look to remain across most of the growing regions until early next week when models have storm chances possible for the southeastern portion of the country.
Enjoy it!
Bailey Runyen
Grain Originator | Topflight Grain Coop.
101 N. Main St. | Cisco, IL 61830
Phone :: 217-669-2141
Email :: brunyen@tfgrain.com
