Morning Markets: Corn: -5.50 old & -5.75 new.
Beans: -4.25 old & -6.75 new. Wheat: -2.75.
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. Additional gains in world energy values overnight on a continuation of the trade seen Monday have not had the same impact on the ag markets as they did a day ago, with the space mostly lower this morning and giving back more than what was gained to start the week at least early on. That said, we still expect macro happenings to be somewhat in focus today amid little materially new overnight otherwise, with weather being the other driving factor. Seasonal lows have very likely been scored in the row crops, but for additional price gains to become reality, traders and the markets need to know more about crop sizes (corn and beans) and how the balance sheets are going to look once harvest wraps up this fall. Corn futures to start Tuesday are trading 5-6 cents lower, soybean futures are trading 7-9 cents lower, and the Chicago wheat market is trading 5-6 cents lower also.
Crude Oil is up $1.86 at $80.00
US Dollar is down at $100.70
Dow futures are down 178 points at 52,586
WEATHER:
- Weather forecasts this morning were little changed overnight and continue to show ridging across the central US providing a warm/dry week to a lot of the country's mid-section. However, the models also still see this ridge generally retrograding beyond the weekend and into next week, while a low-pressure trough forms in the northeast. Should this develop, a lot of the eastern US will likely see a quick return to more normal/cooler than normal highs during the day and also a return to wetter conditions, which most of the extended models are trying to pick up on.
OTHER HEADLINES:
- Deliveries this morning, according to the CME Group, include 75 contracts of rough rice, 30 contracts of KC wheat, and 2 contracts each of soybean meal and oats.
- Monday's weekly crop progress update showed a 1% improvement in corn conditions on the week to 68% G/EX; at the state level, conditions in OH improved 9% on the week, KY was up 8% and ND was up 7%, while the only declining states on the week were NC and SD who fell 7% and PA who fell 3%. Soybean conditions also improved 1% on the week to 65% G/EX, with the biggest state level improvements coming in KY (+11%), OH (+9%), AR (+8%), and MI (+7%); LA, MO and NC were the biggest declining states on the week, all falling 4%.
- The report also showed corn silking at 34% as of Sunday, which compares to 32% last year and 30% on average. For soybeans, 19% of the crop is setting pods vs 14% last year and 13% on average. Winter wheat harvest advanced 8% on the week to 67% complete, while spring wheat conditions improved 1% in the G/EX category to 58%.
- Touched on it briefly yesterday afternoon, but President Trump and the White House on Monday said the naval blockade of Iranian vessels in the Strait of Hormuz would be reinstated immediately, and that the US was looking to charge a 20% fee on all other cargo transiting the waterway as payment for its services. There are few details available, but crude oil futures are again higher this morning on the headlines.
- Though not a major market mover at this point in the year, Brazil's CONAB is set to release monthly crop data this morning at 7am central time. Traders see the report showing soybean production in the country at 180.9 MMTs, which would be up moderately from last month; total corn production is seen at 140.4 MMTs, which would nearly match last month. Soybean harvest has wrapped up for the season, while second crop corn harvest is seen at about 40% complete as of late last week, which is near average.
- Preliminary customs data from the Chinese government showed the country's soybean imports during the month of June at 13.55 MMTs, which is another new record for any month and up nearly 15% from May's total. Total imports through the first six months of the year are seen at 50.15 MMTs, which is up 1.5% from last year. A source familiar with the situation said the June surge was largely the result of a bumper harvest in Brazil, adding that total 2026 imports were now on track to either meet or exceed the annual record set last year.
- A Russian grain lobby said on Tuesday that the country would be able to fully meet its export commitments to foreign partners despite the ongoing situation in the Sea of Azov, saying that the country had the required capacity to redirect shipments to other terminals. Other new details on the situation are generally lacking this morning, but headlines from Monday show vessel/port attacks in the region remain ongoing.
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
