Morning Markets: Corn: +4 old & new.
Beans: +4 old & new. Wheat: +5.25.
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 SUMMARY:
Good morning and happy Friday! Grains and soybean futures are firmer this morning as traders continue to monitor geopolitical issues, Midwest weather risks, and position ahead of Monday’s Crop Progress and Wednesday’s August WASDE report. For the week (thus far), corn is up 1 ¼ ¢, and soybeans are down a nickel.
Crude Oil is down $0.46 at $76.83
US Dollar is down at $99.42
Dow futures are up 172 points at 54,185
WEATHER:
- U.S. weather remains largely favorable heading into mid-August. Recent rainfall has improved conditions across portions of the Midwest, leaving overall drought pressure stable to slightly improved week-over-week. Current drought coverage stands at 28% of U.S. corn acreage and 26% of soybean acreage. Forecasts for the central and eastern Corn Belt show periodic rainfall is expected to aid corn and soybean development through its critical reproductive and grain-fill stages. Dryness continues to warrant attention in the western Corn Belt, although forecast models are beginning to introduce better precipitation chances farther out. Early yield reports from the Delta have generally been encouraging, while results across the Carolinas have been more mixed due to the impact of summer heat stress.
OTHER HEADLINES:
- Deliveries for Thursday according to the CME Group included 3 contracts of soybean oil, zero contracts of soybeans, and 15 soybean meal. The last trading day for August contracts is August 14th.
- The Buenos Aires Grain Exchange reports Argentina's corn harvest has reached 73.7% complete, though progress remains slowed by wet conditions. Yields, however, are being reported in line with expectations. Despite the delays, production is still projected at 64 MMT. Meanwhile, wheat planting is nearly finished (99%). Fieldwork is complete across most areas, with delays limited to parts of southeastern Buenos Aires where excess moisture continues to slow progress.
- China's trade activity remained robust in July, with a trade surplus of $112.5 billion as both exports and imports continued to post strong year-over-year growth, although the pace slowed from June. Meanwhile, China's soybean imports fell 1.6% from a year ago to 11.48 MMT’s, reflecting softer feed demand tied to a shrinking sow herd. Even so, year-to-date soybean imports remain slightly above last year's pace.
- Market participants will be watching closely for additional USDA flash sales after reports China was actively buying soybean cargoes mid-week. Private estimates suggest China has already booked roughly 6 MMT of U.S. soybeans for the 2026/27 marketing year, representing nearly one-quarter of expected annual purchases.
- Efforts to expand year-round E15 sales hit a setback after the Senate Agriculture Committee rejected the farm bill, delaying progress on key biofuels measures while lawmakers continue to negotiate a broader agreement.
- Policymakers continue to take a cautious approach toward inflation. Fed Governor Musalem signaled that inflation remains a concern and indicated support for keeping monetary policy restrictive, reinforcing expectations that the Fed is unlikely to ease policy in the near term. In Mexico, Banxico left its benchmark interest rate unchanged at 6.50% while noting that inflation risks remain elevated. Meanwhile, reports that the U.S. sold euros to buy yen during last week's intervention alongside Japan surprised European officials, highlighting potential strains in international currency policy coordination.
- According to Odesa regional governor Oleh Kiper, a Russian attack on August 5th damaged the Guinea-Bissau-flagged vessel Mera Queen, which was carrying wheat, killing one crew member and sparking a fire. Global grain buyers continue to evaluate origin competitiveness amid ongoing uncertainty surrounding Black Sea exports. While Black Sea wheat shipments remain constrained, the EU appears best positioned to capture near-term demand, though improved U.S. export interest remains possible if supply disruptions persist.
- According to weekly data from the USDA, Mississippi River grain shipments increased in the week ending August 1st, led by a 13% jump in soybean movements and a modest 1.2% increase in corn shipments. Meanwhile, St. Louis barge rates eased slightly, declining $0.16 per ton to $25.46.
EXPORT NEWS:
- 238,000 metric tons of soybeans for delivery to China during the 2026/2027 marketing year.
- 286,097 metric tons of corn for delivery to Mexico. Of the total, 29,808 metric tons is for delivery during the 2026/2027 marketing year and 256,289 metric tons is for delivery during the 2027/2028 marketing year.
Be careful!
Bailey Runyen
Grain Originator | Topflight Grain Coop.
101 N. Main St. | Cisco, IL 61830
Phone :: 217-669-2141
Email :: brunyen@tfgrain.com
