Morning Markets: Corn: -0.50 old & -0.75 new.
Beans: +4.75 old & +2.50 new. Wheat: -4 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. Monday ag trade at the CBOT is mixed this morning and in rather thin volume coming out of the long three-day Easter holiday weekend, with the grain markets mostly lower and the soy complex mostly higher on a continuation of the geopolitical headlines seen to end the week last week and as the Midwest gets a good soaking just ahead of spring planting season. With much of the world still out today for Easter Monday and today being day 10 of Trump's proposed deadline for a deal in Iran, it's expected to be a potentially slower day of trade across the commodity space; nobody wants to get caught on the wrong side of developments in the Middle East and the world financial sector presumably doesn't return to full strength until later in the week. Corn futures this morning are trading 1-2 cents lower, soybean futures are trading 3-5 cents higher, and the Chicago wheat market is trading 2-3 cents lower.
Crude Oil is down $0.08 at $111.46
US Dollar is down at $99.87
Dow futures are down 31 points at 46,701
WEATHER:
- Weekend weather saw a noted boost in rainfall across a lot of the Corn Belt, though 72-hour satellite data seems to be on the lower side of reported rain gauge readings from around the countryside. Totals going back to the beginning of last week have ranged anywhere from an inch or so to upwards of 4-6", which has already made a noted impact on soil moisture maps in the last couple days.
- That said, models look to be a bit drier now for a few days this week, with not a lot of moisture expected across most of the Midwest until another low pressure system enters the region Thursday/Friday, turning things wet again through the weekend and into the following week. Temperatures this week will be cooler for most to start out, and then gradually warm back up again the back half of the week and into the weekend as models overall continue to keep most of the country in a warmer bias now into the back half of the month.
OTHER HEADLINES:
- CFTC Commitment of Traders data was still released Friday despite markets being closed for good Friday. The report showed that in the week ending March 31st, managed money traders were sellers of 16,575 contracts of corn (+267,974), buyers of 15,503 contracts of soybeans (+213,407) and buyers of 10,877 contracts of Chicago wheat (+8,641); in the products, funds sold 7,999 contracts of meal (+99,933) and bought 13,188 contracts of oil (135,809). Of note, this is the first time the funds have been long Chicago wheat since June of 2022.
- A Russian-installed official in eastern Ukraine said on Sunday that a cargo ship carrying wheat had been hit and sunk by a Ukrainian drone in the Sea of Azov, highlighting ongoing shipping and logistics risks in the region despite most focus being on the Strait of Hormuz and the broader Middle East conflict.
- Weekly data released by the USDA on Friday showed barge shipments down the Mississippi River in the week ending March 28th at 691k tons, which was up a little more than 11% on the week prior. Corn shipments at 443k tons were up 24% and soybean shipments at 219k tons were down 7%. STL barge freight in the week was quoted at $18.07/short ton, which was up 20 cents on the week prior.
- Sources familiar with the matter said over the weekend that workers at a JBS meat plant in Greeley, CO were planning to return to work on Tuesday this week, despite no new labor agreement being in place. The development signals a temporary resolution, but leaves in place the risk that further disruptions could be seen again down the road due to underlying worker-management tensions remaining unresolved.
- While obviously a backseat news item in terms of market impact due to the ongoing situation in the Middle East, OPEC+ announced over the weekend that they would be increasing daily production by 206,000 bbls beginning in May. The headline is a bit confusing though today, as it's assumed the ongoing conflict means key producing members will likely be unable to meet these increase requirements.
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
