Morning Markets: Corn: +1 old & +2 new.
Beans: +4.25 old & +13.50 new. Wheat: -3.25 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. It's been another bumpy night of trade in Chicago so far, as most CBOT ag markets saw gap-lower opens to start the overnight session last night before then attempting to play the turn-around-Tuesday game for a few hours, falling back to new lows, and then reversing again to now trade higher. We've said it for weeks, but increased headline volatility ahead of both the geopolitical (China) and fundamental (quarterly stocks/seedings) happenings at the end of the month isn't going anywhere, and in our opinion, likely continues to be the number one driver of price action. What looks to be another choppy day ahead has started with the corn market trading 2-3 cents higher, the soybean market trading 6-12 cents higher, and the Chicago wheat market trading unchanged to a penny higher.
Crude Oil is up $2.52 at $94.98
US Dollar is up at $100.00
Dow futures are up 387.94 points at 46,946.41
WEATHER:
- The remains from the winter storm system that impacted the Midwest over the last couple days will work through the northeastern part of the country today, but the Corn Belt looks to be mostly dry otherwise throughout the day today. Ridge riding clippers from the north then become the forecast focus the rest of the week for the area, though these systems don't look to produce much in the way of precipitation. A warming trend in temperatures is also expected the rest of the week and into the weekend.
- Forecasts for South America are losing market importance by the day it seems, but are nonetheless little changed this morning from previous runs. Argentine weather continues to be nearly ideal for finishing crops there and should give those planted later a small yield boost, while continued moisture in Brazil is an ongoing story that the market is apparently done worrying about. There are harvest delays in areas, but number one producer Mato Grosso is near average and also nearly complete, and the additional moisture is now seen as a positive for the second corn crop.
OTHER HEADLINES:
- Winter wheat crop ratings fell over the past week according to weekly state level data from the USDA. Conditions in KS as of Sunday were seen at 52% G/EX, down from 56% last week, while conditions in TX were down 1% in the category to 15% and conditions in OK were down 6% to 18%. Regular weekly crop progress data from the USDA is set to resume on Monday, April 6th.
- According to documents seen on Monday, Brazil's Ag Minister announced that one out of every 10 cargoes of soybeans bound for China will face strict sanitary inspections, in what appears to be a shift following industry backlash at new restrictions announced earlier this month. Several cargoes failed to pass inspections last week, raising the risk that shipments to number one buyer China could be delayed.
- A Ukrainian farmers union said on Monday that farmers in the country's south have planted around 50,000 hectares of spring cereals, marking the start of the 2026 seeding campaign that has been delayed by some 10-15 days in areas due to frosts and frozen soils. Ukraine has not yet announced total planted area estimates for the coming season.
- Crude oil futures are higher again this morning, though there have been little in the way of new developments out of the Middle East in the last several hours. Trump said Iran is signaling a willingness to negotiate, but that the US is having a hard time understanding who exactly is in charge; he added that several individuals have reached out for discussions but that their legitimacy is unclear. The President further reiterated that he expects the conflict to be resolved soon, though he didn't think that would be this week.
- Mexico's Economy Ministry confirmed on Monday that its deputy minister would be meeting with officials from the USTR's office today on Tuesday to begin formal discussions tied to the USMCA review process. The talks come ahead of broader negotiations scheduled for later this summer, and seemingly mark the start of what is likely to be a more active negotiating process on the matter.
EXPORT NEWS:
- N/A
Noah Richardson
Topflight Grain Seymour
202 N Main Street, Seymour IL 61875
nrichardson@tfgrain.com
www.topflightgrain.com
