Morning Markets: Corn: +3.25 old & new.
Beans: +10.50 old & +7.75 new. Wheat: +8.50 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. Commodity markets are higher coming out of the weekend this morning despite most analysts having called Sunday night's open mixed/lower before a Trump Truth Social post mid-afternoon yesterday rejecting the latest Iranian offer for peace threw a sizeable wrench in those predictions. Despite the May WASDE report, which is usually a notable one, being on the docket for tomorrow, it is clear this morning that there is still a sizeable amount of the trade focused on happenings in the Middle East. Add in the Trump-Xi China summit that is scheduled for the end of the week, and the situation quickly becomes ripe for fireworks. Volatility should be expected this week, with it hard to say this morning exactly which storyline is going to be the most dominant over the next several trading sessions. Corn futures to get Monday rolling are trading 3-4 cents higher, soybean futures are trading 10-13 cents higher, and the Chicago wheat market is trading 6-7 cents higher.
Crude Oil is up $1.39 at $96.81
US Dollar is up at $97.91
Dow futures are down 22 points at 49,669
WEATHER:
- On the weather front for this week, meteorologists are in good agreement on a likely pattern shift coming for the US, as persistent low pressure troughing in/around the Great Lakes finally moves east and allows the northwestern US high pressure ridge to drift further east into the central part of the country by the back half of the week. The high pressure will bring warmer/drier weather along with it, which will likely be beneficial for farmers in the northern and western parts of the Midwest, where planting progress hasn't been quite as quick as other areas.
- Rainfall-wise, models have just a scattered few tenths or so likely across the Midwest the next five days, with the best moisture potential of maybe around an inch seen in a small area around the MO/IA border and into parts of western IL. Temperatures will be more near average today on Monday, but then will slowly warm to above average throughout most all of the country by the end of the week and weekend, giving most of the Midwest a more summer-like feel than has been had the last couple weeks.
- In South America, models this morning have generally dry conditions lingering through most of Brazil and Argentina throughout the week this week, before a system is seen working through western/southwestern Brazil over the weekend and into the first part of next week. Two-week forecasts have little if any rainfall for Argentina, where things are expected to remain dry.
OTHER HEADLINES:
- According to the CME Group, there were 250 contracts of soybean oil assigned for delivery this morning, along with 16 contracts of KC wheat, 1 contract of Chicago wheat, and 28 contracts of rough rice.
- Friday afternoon's Commitment of Traders report from the CFTC showed managed money traders in the week ending May 5th were buyers of 79,822 contracts of corn (+343,925), buyers of 36,336 contracts of soybeans (+221,617) and sellers of 20,567 contracts of Chicago wheat (-9,903). In soy products, funds were sellers of 10,251 contracts of meal (+110,937) and were buyers of 3,417 contracts of oil (+169,142). This is another new record long fund position in bean oil.
- For tomorrow's WASDE update, traders according to a Bloomberg survey of analysts see new crop corn ending stocks coming in at 1.942 bil bu with production at 15.986 bil bu. For soybeans, new crop ending stocks are seen at 366 mil bu, with production pegged at 4.447 bil bu. New crop wheat ending stocks are pegged at 845 mil bu, while all wheat production is seen at 1.747 bil bu. At the world level, new crop corn ending stocks are seen at 291 MMTs, soybean stocks are seen at 126.5 MMTs, and wheat ending stocks are seen at 281 MMTs.
- Preliminary Chinese customs data for the month of April showed the country's soybean imports in the month at 8.48 MMTs, which is more than double the figure seen in March and up some 40% from the April figure in 2025. The figure brings cumulative imports through the first four months of 2026 to 25.151 MMTs, which is up 8.5% from last year.
- Brazilian ag consultancy Safras y Mercado said last week that they now see corn production in the country totaling 140.11 MMTs in the current season, which is down from a previous estimate of 141.7 MMTs and similar to the final production figure seen in the 2024/25 season of 140.05 MMTs.
- In a lead-up to the first US state visit to China in nearly 10 years, both signs over the weekend confirmed a visit in South Korea between Treasury Secretary Scott Bessent and his Chinese counterpart He Lifeng in South Korea on Wednesday, where the two are expected to go over last-minute details and agendas for the broader meetings set to then take place in Beijing at the end of the week. Among ag, tech, and other trade related items, senior US officials said over the weekend that the meeting was also likely to include discussion on the war and Iran and the situation in Taiwan.
- In Washington this week, Congress is expected to vote on standalone E15 legislation on Wednesday, which if adopted, would allow voluntary year-round sales of the fuel blend, and there is also expected to be Senate conversation on the recently adopted House Farm Bill. Sources expect notable changes to be made in the Senate's version of the bill, which would prompt another House vote for adoption, seemingly indicating any sort of final passage remains a ways off.
EXPORT NEWS:
- 380,000 metric tons of corn for delivery to Mexico. Of the total, 220,000 metric tons is for delivery during the 2025/2026 marketing year, and 160,000 metric tons is for delivery during the 2026/2027 marketing year
- 128,000 metric tons of corn for delivery to South Korea during the 2025/2026 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
