Morning Markets: Corn: -1 old & -1.75 new.
Beans: +5.25 old & +4 new. Wheat: -3.25 old & -4.25 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. Happy Friday. Markets are quietly mixed for the most part this morning to begin wrapping up with the week, with the corn, beans and wheat all trading either side of unchanged in light volume, while the products are sharply mixed on spread unwinding following what was a rather dull April WASDE update. From here, attention outside of the Middle East turns to planting progress and the new crop balance sheet that will be available in another several weeks as the Midwest spring planting season is all but upon us. Corn futures to start Friday are trading unchanged to a penny lower, soybean futures are trading 1-2 cents higher, and the Chicago wheat market is trading 4-5 cents lower.
Crude Oil is down $0.09 at $97.78
US Dollar is down at $98.67
Dow futures are down 8 points at 48,408
WEATHER:
- Weekend weather across the Midwest looks to feature additional rains through the central US and west-central part of the Corn Belt that has seen good moisture all week this week, as southwest flow continues to bring low pressure systems across the southern US before they hit the southeastern ridge and turn back east. The EU model this morning has totals in a range of a half inch to two inches, though exact locations and amounts will be difficult to forecast.
- Temperatures look to increasingly warm through the weekend and into next week, with highs in the central part of the Midwest expected to reach the mid/upper 80's for several days. Passing storm systems will keep daily ranges somewhat variable, but the overall bias continues to lean warmer than not.
OTHER HEADLINES:
- Yesterday's April WASDE update, as many had expected, offered the trade little if anything of note as corn and soybean ending stocks in the US were both left unchanged from last month. There were no changes to the corn balance sheet of any kind, while the bean balance sheet saw 35 mil bu of demand shifted from exports to crush. There were also just minimal changes on the wheat balance sheet, with ending stocks up 7 mil bu from last month.
- The Buenos Aires Grain Exchange's weekly crop update showed little progress in Argentina's corn harvest over the past week, with a gain of just 2.6% seen to bring progress now to 21.6% complete. For soybeans, there still isn't any harvest update, but there was a 3 point decline in crops rated in the poor category, which brought G/EX conditions to 86%. BAGE made no production estimate updates this week for either crop.
- Private Black Sea analyst SovEcon this week said they see corn and wheat crops in Ukraine this year being down from previous estimates on rising concerns over the costs of fuel and fertilizer associated with the conflict in the Middle East. The group now sees wheat production in the coming season at 23.6 MMTs, down 1 MMT from previous, and sees corn production at 28.1 MMTs, down 1.7 MMTs from previous. Of note, the group made a comparison to 2022, the year Russia invaded, saying good weather that year was offset by a lack of input availability which led to a drop in yields.
- According to sources familiar with the situation, Indian urea production is expected to return to normal by the end of the week this week, with some idled plants able to restart operations amid an improvement in natural gas supplies. Several manufacturers, including the country's top producer, shuttered facilities or took routine maintenance operations as gas supplies declined as a result of the situation in the Middle East.
- US Trade Representative Jamieson Greer said Thursday that today's lower level meeting with Chinese officials is expected to focus on shaping policy outcomes for the upcoming Trump-Xi summit, rather than delivering any sort of immediate deals or agreements.
- According to weekly data from the USDA, barge shipments down the Mississippi River in the week ending April 4th were seen at 535k tons, which was down 23% from the week prior. Corn shipments at 365k tons were down 18% and soybean shipments at 148k tons were down 32%. STL barge freight rates were quoted at $18.23/short ton, up just 16 cents on the week prior.
EXPORT NEWS:
- 125,640 metric tons of corn for delivery to unknown destinations during the 2025/2026 marketing year
- 100,000 metric tons of soybean cake and meal for delivery to Italy 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
