Morning Markets: Corn: -1.75 old & new.
Beans: -7 old & new. Wheat: -10.
We will hold our Annual Crop Tour Meetings Thursday, August 27th
Lincoln ~ Knights of Columbus ~ 8 am for Breakfast!
Monticello ~ Monticello Community Building ~ 12 pm for Lunch!
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. Grain markets traded higher to start the overnight session last night but have been working backwards for the last several hours since then, with the whole of the space now trading in the red at this writing to get Tuesday morning started. Yesterday afternoon's fall in crop conditions was new but doesn't do a lot to change the overall supply narrative following last week's Pro Farmer numbers, and it seems at least for now like headwinds from the EPA and a risk-off attitude in the wheat market are going to again be the dominate features throughout the day today. We view crops and the US supply situation as topic 1A in terms of importance to longer term price direction, but there just isn't a lot of new input on this front on a day-to-day basis until combines get rolling in another several weeks and that has brought some of the other inputs into focus. Corn futures to start Tuesday are trading around a penny lower, soybean futures are trading 4-7 cents lower, and the Chicago wheat market is trading 11-13 cents lower.
Crude Oil is down $3.15 at $81.86
US Dollar is down at $98.95
Dow futures are up 229 points at 53,718
WEATHER:
- The European model trended wetter in the back half of the of the forecast overnight for the western part of the Midwest and the northern Plains, but there's otherwise little new to discuss on the forecast front this morning amid what still looks to be a quieter week across a lot of the Corn Belt. Temperatures will be mild to average, and rainfall looks to still be limited to the southeast and areas along the Gulf Coast through the day Friday and into the weekend.
OTHER HEADLINES:
- At the state level, the biggest falls in corn conditions in the week came out west, with CO and SD each falling 7%, while OH was down 5% and NE was down 4%; improvements on the week were seen in IN, PA, and TN. For soybeans, conditions in ND also fell 7%, KS was down 4% and NC was also down 4%; improvements were seen in the Delta, with LA up 8% and MS up 7%, and MO, NE and TN were all up 3%.
- Though the situation continues to be generally unchanged from Monday, Russia's Ag Minister said the country was considering dropping floating export duties on wheat, barley and corn through the end of the year amid ongoing shipping difficulties in the Black Sea and Sea of Azov regions. The minister also said the government was considering financial support for rail transportation, as well as state grain purchases, extensions of subsidized loans and subsidies on grain sales.
- MARS, the EU's agricultural monitoring unit, lowered their bloc corn yield forecast this week by another 5% to 6.61 tons/hectare, which is now 7% below the recent five-year average. Total grain yields are seen down 2% from the five-year average, while soybean yields are seen falling some 14% from the average. Bloc officials also said that ag ministers from across the EU would be meeting twice in September to discuss the ongoing drought situation due to its severity.
- The Indian government on Monday said it was scrapping a years-long ban on wheat exports amid a continually contracting global supply landscape spurred by the war in the Black Sea. Indian wheat exports have been largely non-existent since 2022, but the country saw a record crop last year and its assumed my most that there is an exportable surplus available.
- Market sources on Monday said prices for US ethanol RINs traded to their lowest level in more than four months following the EPA's announced September 1 compliance deadline extension, trading at around $1.75. The news has traders assuming that the rulings are going to free up more credits than the market had originally thought (SREs), which small refiners will be able to then use to meet their 2025 blending requirements. The news has also pressured soybean oil futures prices, which are down nearly 6 cents/lb from Friday's highs.
- Ag Secretary Brooke Rollins said on Monday, following the resumption of cattle imports to the US at the Douglas, AZ crossing, that two additional ports would be permitted for imports into NM over the next two months. The ports were part of an original phased reopening plan, but there had been no timeline given on when they would be reopened. Rollins said the second port opening would occur thirty days from yesterday, with the third then set for 30 more days past that.
- US Treasury Secretary Scott Bessent rolled out "Operation Economic Outcast" on Monday, sanctioning more than 60 Iran-linked entities, individuals and vessels across the country's nuclear, missile, cyber, oil, and shadow-shipping networks. The move gives foreign governments, banks and businesses operating in cooperation with Iran a limited amount of time to sever ties or risk losing access to the US financial system. Bessent added that additional sanctions announcements should be expected this week.
EXPORT NEWS:
- Private exporters reported sales of 132,000 metric tons of soybeans for delivery to unknown destinations during the 2026/2027 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
