Closing Markets: Corn: -0.25 old & +1.25 new.
Beans: +2 old & +2.75 new. Wheat: +7.25 old & +7 new.
All Topflight locations will be closed Friday, April 3rd in observance of Good Friday
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! Go Illini!!
Market Recap-
Higher trade was seen in the ag markets Thursday, though price action throughout the day was notably quieter than it’s been in recent sessions. While there will continue to be influence from the ongoing situation in the Middle East, tomorrow's ag event and the USDA's quarterly stocks and acreage data will likely produce a good amount of position adjustment the next few sessions. Volatility likely doesn't go away anytime soon.
Corn Summary-
Corn futures closed on either side of unchanged Thursday on what was one of the quieter days of trade in some time now. With the funds now getting into a rather long position, we imagine there's some kind of position squaring going on ahead of next week's stocks and acreage data, but otherwise, there was little if anything new for traders to sink their teeth into throughout the day today. We have little idea as to what the USDA is going to print in its figures next week, but would caution that the media has likely far overblown the impact the war in Iran is going to have on planting considerations this spring. Most farmers have inputs booked and locked in well before the end of February, and history shows the American likes to plant corn if it’s at all possible.
Soybean Summary-
Like corn, it was a quiet day of trade Thursday in the bean complex for the most part, with oil seeing good gains on the prospects the EPA releases RVO guidelines tomorrow, while the beans and meal were just marginally higher in narrow trade. Other than ongoing spill-over trade from the energy markets, we just simply don't have a lot else to discuss as the trade is almost entirely in wait-and-see mode for the biofuel mandates that have been sought for months now. US-China has been kicked further down the road which doesn't help anyone in the space, and the acreage debate will further intensify into April as the spring planting window opens. Lastly, while the funds are bullish beans now on China hope and the idea that demand for biofuel will pick up significantly, this means they also have a lot of selling power built up should that opinion change.
Wheat Summary-
Wheat futures had the best day of the three principle crops on Thursday, with futures seeing gains on a marginally drier forecast for the southern Plains next week and as chart buying emerged near the week's highs. While there is dryness concern at present, it’s important to note that supplies of old crop stocks remain abundantly available for the most part. This has led the commercial to more or less take a "so what?" approach to the drier forecasts, along with abundant global supplies that have kept US exports mostly uncompetitive.
Outside News Headlines-
Crude oil futures up $4.00+/bbl.
Weather Updates-
Models show a strong line of potentially severe storms working through the eastern and east-central Midwest tonight and into the early morning, with parts of IL, IN and OH seeing elevated risks for hail and tornadoes. Models have rainfall from the system estimated at a half inch to an inch generally with some locally heavier amounts possible.
Along with the rain, this cold front is expected to bring a sharp drop in temperatures. Friday's highs across the Midwest are expected to be some 30-40 degrees lower than today's but then warm up again by the end of the weekend and into the first part of next week.
Week two forecasts are little changed on the precip side this afternoon in continuing to call for wetter than normal conditions across a lot of the eastern US, but have continued to see notable model run differences on the temperature side. The EU model is like recent runs in keeping the warmest air across the US in the southeast and up the East Coast, while the GFS has shifted the warmest air back to the West Coast.
Concern is still simmering regarding the end to the rainy season across the heart of Brazil's growing regions, as models continue to see drier outlooks through the month of April and into May. Such an end to the rainy season is normal, but how long moisture lingers into April usually determines how big the crop is. Remember last year, monsoonal rains extended all the way through April and into May, which led to record yields in a lot of areas.
Enjoy it!
Bailey Runyen
Grain Originator | Topflight Grain Coop.
101 N. Main St. | Cisco, IL 61830
Phone :: 217-669-2141
Email :: brunyen@tfgrain.com
