Closing Markets: Corn: -3.25 old & new.
Beans: -4 old & new. Wheat: +2.75.
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-
Overnight markets got a charge on headlines Ukraine attacked a Russian grain export facility on the Kerch Strait. Markets were strong to start the day with wheat leading the way up almost 20c and corn and beans up a few cents. The strength in the markets faded by mid-morning, however. Corn and beans turned negative and never did recover and finished lower on the day. Wheat finished only up around 2 cents.
Corn Summary-
Corn futures saw some strength this morning on the back of wheat futures amid more war risk premium as Ukraine struck a Russian port. However, corn ended the day in the red as better than expected Midwest weather forecasts show rain for much of the region over the weekend.
Soybean Summary-
Soybean export sales today were pretty strong for the 2025/26 crop at 11.11 mbu. Five weeks of data remains for the 2025/26 crop year. New crop 2026/27 exports were strong at 49 mbu. 2026/27 exports are more than double last year's 2025/26 pace at this time, and the best volume since the 2021/22 crop year. December bean oil closed below the 100-day moving average today. RIN values were down sharply yesterday which is not helping the bean oil market; oil is down 8% week-over-week as of today's close. If soybean oil takes another leg lower crush margins will likely see further declines.
Wheat Summary-
Reuters reported a Ukrainian drone attack that inflicted "significant damage" on a major grain export terminal at Russia's Taman port on the Kerch Strait. The terminal is reportedly controlled by Demetra, one of Russia's largest ag firms, and has a capacity of 5 mmt. The reports put a charge in the wheat market overnight around 1:30am and at the open wheat was trading nearly 20c higher. The move fizzled by the close, however, and wheat was only able to muster a few cents higher on the day at the close. The issue does not appear to be resolving. Every other day it seems we see a new report about Ukraine and Russia trading attacks on grain and energy infrastructure.
Outside News Headlines-
Crude oil futures down $1.00+/bbl.
Weather Updates-
Farmers in the western corn belt are waiting with bated breath for the rain they are supposed to receive tonight and into tomorrow. The area of the eastern Dakotas and Nebraska through Iowa and onto Illinois should get a nice rain. Some areas need it. The soybean market seems to have been pricing this rain development in recent days with the sharp declines. We will see what materializes over what is an important 24-48 hours for producers.
Temperature forecasts into the weekend trend cooler for the eastern/east-central part of the country. Temps will be moderate as we begin next week.
The extended outlook for temperatures shows heat returning to most of the Midwest, especially the southern part of the region, into the middle of the month. Variability is present with each run, however, and the Climate Prediction Center's outlooks for the period are notably different than the model ensemble runs. All that to say we should be hot in mid-August but the extent of the heat is still up in the air.
Enjoy it!
Bailey Runyen
Grain Originator | Topflight Grain Coop.
101 N. Main St. | Cisco, IL 61830
Phone :: 217-669-2141
Email :: brunyen@tfgrain.com
