Morning Markets: Corn: +2.75 old & +2.50 new.
Beans: +1.50 old & +2.25 new. Wheat: +5.
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. Thursday ag trade is mostly higher to start, though both the grains and the beans are generally trading inside of yesterday's ranges so far. Elsewhere, oil futures are back higher and have scored new rally highs amid continued rhetoric/happenings in the Middle East, which can also be said of the metals markets and most of the other energy markets as well. Corn futures this morning are trading 1-2 cents higher, soybean futures are trading 2-3 cents higher, and the Chicago wheat market is trading 4-5 cents higher.
Crude Oil is up $2.50 at $77.16
US Dollar is up at $99.12
Dow futures are down 370 points at 48,426
WEATHER:
- Again not a lot new on the weather front this morning, as the CPC's daily convective outlook continues to show increased risks of thunderstorm activity through a wide section of the Midwest today and tomorrow and into the weekend. The active pattern then takes a brief couple daybreak early next week for the northern/north-central Midwest while rains continue for the southeast. More rainfall is in the models then by the middle of next week though, as ridging in the southeast keeps Gulf moisture flow active into the central US.
- This morning's EU model run is marginally drier through the far eastern third of Argentina into next week and is also slightly wetter through southern Brazil and Paraguay in the same time frame but is otherwise little changed from previous runs. Ongoing moisture will remain a hinderance for harvest activities in the north, but the bulk of the rest of both countries continues to see a nearly ideal forecast into the back half of March.
OTHER HEADLINES:
- No corn or soybean deliveries this morning, with the CME Group's delivery slate for Thursday including just 76 contracts of soybean meal, 24 contracts of KC wheat, and 26 contracts of rough rice.
- This morning's weekly export sales report, with data for the week ending February 26th, is expected to show corn sales in the week between 700k-2.2 mil MTs, soybean sales between 300k-1.0 mil MTs, and wheat sales between 250k-500k MTs. The report will be out at its regular 7:30am central release time.
- Officials from the European Union said they do not expect tariffs on their exports to the US to be raised from the current 10% level to the 15% Trump has touted recently, saying that they have assurances that the rate would remain unchanged at least for the time being. EU lawmakers have pressed pause on the ratification process of a potential US-EU trade deal until more is known on Washington's tariff situation.
- StatsCanada will be out this morning with principle crop planted acreage estimates for the coming growing season. Traders see the report showing all wheat acres at 26.4 million vs 26.9 this past year, while canola acres are seen at 22.3 million this year vs 21.5 million last year. The report will be out at 7:30am central time this morning.
- Thursday reports from the Chinese government indicated the country plans to boost overall grain output to 725 MMTs by the year 2030, saying they will prioritize yield gains through technology, soil protection, and seed innovation as opposed to expanding farmland. "China has limited scope to expand farmland or irrigation resources, so any meaningful increase in capacity has to come from productivity gains rather than acreage expansion," said a Chinese ag policy analyst.
- Private Black Sea analyst SovEcon said on Thursday that it sees 2026 corn production in Ukraine coming in at 29.9 MMTs, which if accurate, would be down about 6% from last year. Planted area is expected to be down from 4.6 mil hectares last year to 4.3 mil, which the group says is its primary reason for the cuts.
- Staying in that part of the world, Ukraine's state railways said on Thursday that grain shipments to Black Sea ports for export increased by nearly 6% in February from the month prior to 2.3 MMTs despite ongoing attacks by Russia on logistics and infrastructure. The group said weather also continued to have an impact on shipments. Ukraine's farm lobby said earlier this week that grain exports were up 1% on the month to 3.4 MMTs, with the bulk of this being corn.
- US Energy Secretary Chris Wright said the US Navy was prepared to escort commercial vessels through the Straight of Hormuz "when the time is right," indicating plans were being made for an ongoing increase in security risks. There were other news reports overnight that Chinese Naval vessels were positioning in the area for similar reasons.
- In non-geopolitical economic news for Thursday, the White House this week formally submitted the nomination of Kevin Warsh to the Senate to serve as Chairman of the Federal Reserve for the next four years, as well as to be a member of the Fed Board of Governors for the next fourteen years, which is a standard term. The administration also confirmed that Warsh would be replacing Governor Miran.
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
