Closing Markets: Corn: -5.50 old & new.
Beans: -3 old & new. Wheat: +3.75.
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-
Wheat was the only ag commodity to muster a gain today. Corn and beans have not been able to add any gains after a strong showing on Monday. Rain blew through Iowa and Illinois this morning and this afternoon which is helpful for the soybean crop. More rain is expected in the coming days as well.
Corn Summary-
Corn futures closed lower by 5-6 cents. Ethanol production was lower as was expected. Ethanol margins remain elevated so the incentive for production is there. Mexico was in buying corn which is good news for exports. As of last week's data new crop exports are neck-and-neck with last year's pace.
Soybean Summary-
The soy complex also finished lower again today but SX26 did bounce off the 100-day moving average. Both meal and oil were slightly lower today. Crush margins were largely unchanged.
Wheat Summary-
Wheat futures finished four cents higher but off the highs. There remains a lot of risk in the wheat market due to the continued conflict between Russia and the United States. Minister of Agrarian Policy and Food of Ukraine Taras Vysotskyi told Reuters "A significant amount of production — specifically, just over 30 million tons — will not be exported to international markets unless this issue is resolved."
Outside News Headlines-
Crude oil futures down $0.25+/bbl.
Weather Updates-
Rain blew through a big portion Iowa and into Illinois today bringing good rain to the soybean crop. Chances of rain exist in the coming days.
Temperatures for the central US are still expected to be cooler for the rest of the week this week. Normal early August temps return by the weekend and into next week. Extreme heat in the triple digits is kept largely to the intermountain west.
The 10-15 day temperature outlook is cooler in the models today than yesterday's runs, but the variability keeps confidence low in any outlook beyond the next week. The models are having a hard time with central US high pressure ridging and the resulting thunderstorms it likely produces.
Heat across the southern US into mid-month is likely. As long as the ridge stays positioned further south, storms and rain through the mid-section of the country should limit extreme heat there.
Enjoy it!
Bailey Runyen
Grain Originator | Topflight Grain Coop.
101 N. Main St. | Cisco, IL 61830
Phone :: 217-669-2141
Email :: brunyen@tfgrain.com
