Morning Markets: Corn: +2.75 old & +4 new.
Beans: -2.25 old & -0.25 new. Wheat: +11.25 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. CBOT ag markets are seeing follow through buying this morning to get Tuesday trade started, with the grains higher on the back of the energy markets and the soy complex closer to unchanged but still in the green. As expected, yesterday's planting progress update showed another steady week of activity across the Midwest last week, but as has been the case for some time now, it would appear this morning that futures are still less concerned with their own fundamentals than they are what's going on in the Middle East and the broader macroeconomic and geopolitical situations. Corn futures this morning are trading 3-4 cents higher, soybean futures are trading either side of unchanged, and the Chicago wheat market is trading 11-12 cents higher.
Crude Oil is up $3.14 at $99.51
US Dollar is up at $98.74
Dow futures are up 123 points at 49,465
WEATHER:
- Rains and storms across the Midwest on Monday were generally less severe than was portrayed in the media, though storm reports from the SPC from yesterday still include 227 wind reports and 221 hail reports; there were just 3 tornado reports, with one being near STL and the others being in northern AR. Rainfall totals according to satellite data were seen in a range of a half inch to 2.5" generally speaking, and were focused on a corridor from northeast KS to southwest OH.
- Forecasts have a drier/cooler outlook now in store for much of the Midwest over the next week to 10 days, with daytime highs expected to be in the 50's and 60's for much of the period, which will lead to frost concerns for northern growing regions. Moisture-wise, models are in agreement on additional moisture for the southeast the rest of the week this week but see little in the way of rain for the rest of the Corn Belt north and west of the Ohio River Valley.
OTHER HEADLINES:
- At the state level, biggest improvements in corn planting pace over the last week were seen in KY (+21%), MN (+20%) and IA (+20%), while the biggest improvements in soybean planting pace were seen in LA (+19%); AR, KY and NE all improved 17% on the week, and IL and IN each improved 16% on the week. Relative to last year, IA continues to be the biggest laggard across the Corn Belt, and is 10% behind on corn planting and 12% behind on soybean planting.
- For wheat, yesterday afternoon's update showed winter wheat conditions steady on the week at 30% in the G/EX category, though the figure remains well behind the 49% seen this week last year. At the state level, conditions in NC are down 51% from last year, MT is down 47% from last year, and CO is down 40% from last year. Spring wheat planting was reported at 19% vs 28% last year, while emergence was seen at 5% which matches last year.
- A Private analytical center in Russia (OleoScope) said on Monday that oilseed exports (sunflower, soybeans, rapeseed, etc.) out of the country in Q1 of this year totaled roughly 933,000 tons, which is up nearly 30% from the same period last year. The group also said vegoil exports were up some 20% in the period from the year prior to 2 million tons.
- Sources familiar with the matter say Iran is trying to decouple the Strait of Hormuz issue from broader nuclear negotiations, though President Trump is unlikely to acquiesce to this request amid it lessening US leverage and giving Iran a political win. Trump's rhetoric regarding Iran's nuclear ambitions has not changed and remains at the heart of the ongoing conflict.
- Reuters reported on Monday that Saudi Arabia's state grain buyer (GFSA) purchased 985,000 tons of wheat in an international tender for delivery from June to August. The total is above the 710,000 tons originally sought, and traders say most of this is likely to be sourced from Black Sea ports in Russia/Ukraine/Romania.
EXPORT NEWS:
- N/A
Be careful!
