Morning Markets: Corn: -3 old & -3.50 new.
Beans: -13 old & new. Wheat: -8.50.
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. Despite a reversal rally day yesterday to get the week started, CBOT ag markets on Tuesday are back trading mostly lower again this morning, as it appears the choppy price action seen over the last couple weeks has no interest in abating just yet. We've said it repeatedly over the last 10-20 days, but market input into the ag space continues be a rather straightforward combination of geopolitical risk assessments, world energy values, Chinese demand, and US crop size/weather; on a day-to-day basis, a headline regarding any of those matters will grab trader attention for a period, but the overall situation is likely to continue producing more back-and-forth markets until more becomes known on any one of the fronts. Corn futures to start Tuesday morning are trading 2-3 cents lower, soybean futures are trading 10-12 cents lower, and the Chicago wheat market is trading 8-10 cents lower.
Crude Oil is down $2.79 at $77.55
US Dollar is up at $99.97
Dow futures are up 685 points at 54,019
WEATHER:
- Not a lot new on the weather front this morning, as models continue to see a frontal boundary producing rains across the central Midwest later this week, though the GFS continues to have the heavier totals further to the east than what the better-performing EU model does. On the temperature side, this front will bring cooler air across the country's mid-section but the models then see warmer, more seasonal, temps returning then to most of the Midwest beyond the weekend and into the first part of next week.
OTHER HEADLINES:
- The CME Group's August delivery slate for Tuesday included 572 contracts of soybean oil and 196 contracts of soybeans.
- At the state level for corn conditions, ND had the worst week, falling 13% in the G/EX category (also up 12% in the P/VP category), while KS was down 8%, NE was down 6%, and and NC was down 3%; the I-states saw minimal changes, with IL and IN up 1% and IA unchanged. For soybeans, KS was saw the biggest declines here of 5% G/EX, while NE was down 4%, and all of AR, LA, and MN were down 3%; like corn, IL and IN were each up 1% and IA was unchanged.
- The USDA on Monday released monthly soybean crush and corn grind data for the month of June. The reports showed US soybean crush in the month at 218 mil bu (NOPA reported 214 mil), which was up 2% from May and up 11% from June 2025; soybean oil stocks as of the end of the month were seen at 2.097 bil lbs, down 9% from May but up 11% from last year. On the corn side, corn used for ethanol during the month totaled 467 mil bu, which was down 1% from May but still up 4% from June 2025.
- World energy markets are quieter this morning, with there little in the way of fresh overnight updates out of the Middle East. As was the case over the weekend and into Monday, the Iranians have continued to deny talks are happening to reopen the Strait of Hormuz, while both the US and mediators in Oman are saying that talks are ongoing. Trump yesterday said an agreement to reopen the shipping channel could become more clear by the end of the day today.
- Local news services in the Black Sea region, as well as government officials from both Russia and Ukraine, have continued to claim attacks on each other's port/shipping infrastructure. Russia's Defense Ministry overnight said it hit eight dry cargo vessels serving Ukrainian ports, while officials from Ukraine claimed attacks on three Russian warehouses.
- Ahead of expected US crop updates later this week, private ag group StoneX said on Monday that they see soybean production in Brazil in the 2026/27 season reaching 183.1 MMTs, which would be another new record and up around a half million tons from the current season if accurate. Of note, the group also raised its 2025/26 safrinha corn production estimate in Brazil from 107.5 MMTs to 110.7 MMTs, while total production was seen at 141.5 MMTs.
- Along the same lines, private consultancy AgRural, via a Monday report, made similar assessments, raising total 25/26 corn production in Brazil to 142.8 MMTs, up from 139.9 last month, while pegging safrinha production at 110.5 MMTs, up from 108.2 last month. The group added that it sees safrinha harvest at 69% complete as of late last week.
EXPORT NEWS:
- Private exporters reported sales of 132,000 metric tons of soybeans for delivery to China 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
