Morning Markets: Corn: +5.50 old & +5 new.
Beans: +7.75 old & +9.75 new. Wheat: +13.
All TFG locations will be closed on Friday, June 19th in observance of the Juneteenth holiday!
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. Ag markets to start Wednesday are trading much the same as they were to end the day on Tuesday, with the beans and wheat leading the charge higher with corn and the product markets in tow. Energy markets are taking a breather this morning after selling off the first half of the week on the reopening of the Strait of Hormuz, but otherwise, new news is largely limited and it's confirmation of some sort of bean business by the Chinese that will be looked for by traders the next several days. Weather is mostly favorable for crop development, which has brought more focus back onto the demand side of the market. Corn futures to start Wednesday are trading 3-4 cents higher, soybean futures are trading 7-9 cents higher and the Chicago wheat market is trading 8-10 cents higher.
Crude Oil is up $0.60 at $75.87
US Dollar is up at $99.60
Dow futures are down 23 points at 52,447
WEATHER:
- Severe thunderstorm/tornado potential across the north-central part of the Midwest will be the main weather focus for Wednesday, as radar data shows a fairly sizeable cut-off low working across the northern part of the region this morning and into this afternoon, with this system dropping a tail through KS/MO later this evening and into tonight. Rainfall totals via the models are maybe marginally less this morning for the next 24 hours than were seen yesterday, but there's still a pocket through IL/IN that looks to pick up upwards of 2+" out of these storms, while the rest of the region likely sees a more general half inch to an inch.
- Forecasts for the rest of the week then have the pattern staying active across the south and southeast, while the Midwest and Corn Belt will turn back off quieter for a few days before another round of rain/storms is expected to impact the area Sunday and into Monday.
OTHER HEADLINES:
- This morning's weekly ethanol update from the EIA is expected to show average daily production in the US during the week ending June 12th between 1.118-1.125 mil bbls, while stocks in the week are estimated between 24.40-24.80 mil bbls. On average, both figures would be up from last week.
- The agreement on the table between the US and Iran is looking increasingly bearish world energy markets, as it would allow Iran to sell oil and fuel products immediately upon being signed, with there being waivers for the banking, shipping, insurance and transportation costs associated with this business. However, nuclear talks that appear to be part of a 60-day period for ongoing discussions are seemingly still a sticking point between the two sides, which raises doubts surrounding the agreement as a whole.
- While there is little chance that interest rates see any sort of adjustment at the conclusion of today's FOMC policy meeting, traders and analysts will still be focused on rhetoric out of the Fed following the decision, as clues are sought on future moves and the outlook for global interest rates. Though the CME's FedWatch tool still shows better odds than not that interest rates are raised before the end of the year, a recent decline in global energy vales has helped to somewhat ease inflation concerns.
- Notably, Wednesday's Fed meeting and subsequent press conference will mark the first for new Chairman Kevin Warsh, who some expect will try and move away from the heavy forward guidance given during Jerome Powell's tenure. There are also thoughts that Warsh may not submit a 'dot', lowering the importance of the 'dot plot' which the market uses to assess future interest rate expectations.
- One of the main headlines out of this week's G7 meeting in France has been a report that the group is trying to reduce China's leverage over rare earth metals and other critical minerals by setting a 2030 target that no single country should supply more than 60% of G7 imports. China still controls a dominant share of critical-mineral refining, which gives them leverage over several strategic supply chains including chips and batteries.
EXPORT NEWS:
- Private exporters reported sales of 372,000 metric tons of soybeans for delivery to unknown destinations. Of the total, 60,000 metric tons is for delivery during the 2025/2026 marketing year, and 312,000 metric tons is for delivery during the 2026/2027 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
