Morning Markets: Corn: -0.75 old & -1 new.
Beans: -1.75 old & -1 new. Wheat: +3.50 old & new.
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 prices are steady to higher this morning as energy prices are supported to start the week on further tensions in the Middle East. Peace talks appear to be splintered as the unrest continues around the Strait of Hormuz. Crude is up $5.00 this morning. Equity futures are slightly lower with the dollar slightly higher. Dry conditions and cold temps in the southern plains are offering support to wheat futures again to start the week.
Crude Oil is up $4.46 at $87.05
US Dollar is up at $98.25
Dow futures are down 200 points at 49,441
WEATHER:
- Chilly temps will dominate the Midwest early this week. Temps will warm up quickly starting on Tuesday. Both extremes will cause additional concern for winter wheat in the southern plains, especially in those areas that are extremely dry. Limited rain is expected in western KS, OK, and Texas this week. A few rain chances are forecast in those areas for the last week of April, with the trade closely watching totals and coverage areas. Rain will also impact the Midwest again by the end of the week, with the heaviest totals seen in Missouri, Arkansas, and the northern Delta. The extended forecast has shifted to normal to below normal temps through early May.
OTHER HEADLINES:
- Reuters is reporting that a ceasefire between the United States and Iran is in jeopardy after the U.S. said it seized an Iranian cargo ship that tried to run its blockage. Iran vowed to retaliate and is refusing to join peace talks for now. Pakistan officials, who have been attempting to broker talks, have told President Trump that the blockage of Iranian ports is an obstacle to talks. May crude expires tomorrow. June crude is currently near $88.
- The crop progress report this afternoon is expected to show further deterioration in the winter wheat crop in the southern plains as both Kansas and Oklahoma were dry again last week. Planting progress for corn and soybeans are both expected to show little overall change as the Midwest was too wet last week. Progress did advance in the southern Midwest and Delta though.
- May corn remains huddled up to the key moving averages as last week's trade finished right in the middle of the mess. To start the week, the key technical areas to watch for May are the 50-day ($4.50), the 100-day ($4.47 3/4), and the 200-day ($4.46 1/2). May soybeans remain in a tight sideways channel with support near $11.55 and resistance at $11.80. May options expire on Friday.
- The April cattle on feed report showed on-feed numbers as of April 1st at 99% of a year ago. Placements in March were 7% below a year ago numbers. Marketings were down 6% from last March 1st. While the report came in near estimates, cattle futures are called higher to start today as cattle inventories remain tighter overall and this report did not change that narrative.
- The commitment of traders' report on Friday afternoon showed corn funds were net sellers of 59K contract, but it is still showing a net long of 159,483 contracts. Beans were net sellers of 14K contracts for the week ended last Tuesday, with a net long now at 175,151 contracts. The wheat managed money were net sellers of just 1.6K contacts for a total net short of 7,266 contracts. Meal showed net buying of 42K contracts and bean oil was marginally changed at net selling of 2.3K contracts.
EXPORT NEWS:
- N/A
Be careful!
Bailey Runyen
Grain Originator | Topflight Grain Coop.
101 N. Main St. | Cisco, IL 61830
Phone :: 217-669-2141
Email :: brunyen@tfgrain.com
