Morning Markets: Corn: -12.50.
Beans: -12. Wheat: -31.25.
TFG is offering a drying incentive at MILMINE Today & Tomorrow!
2 1/2 cents per pt of moisture up to 30%
Hours are normal 7-4pm!
TFG is offering the same incentive and hours at EMERY TOMORROW!
MARKET SUMMARY:
Good morning. Wednesday's corrective behavior at the CBOT has expanded into Thursday this morning, with selling seen across the whole of the space again throughout the overnight hours as traders continue to bank profits and re-evaluate just how long they want to be ahead of next week's WASDE update and what is now a looming US harvest. Like we talked about yesterday, the fundamentals haven't changed and in our opinion are still friendly, but a bull market needs fed daily and we've come to a bit of stand still on the situations both in the Black Sea and in the Middle East. Crop data is desired, with the push and pull between end-user buying and producer hedging likely to remain common short term. Amid the correction, don't lose sight of the fact that corn prices have rallied nearly a dollar in the last four weeks, while soybeans were up closer to a buck and a half on yesterday's high; there is still premium present. Corn futures to start Thursday morning in Chicago are trading 11-12 cents lower, soybean futures are trading 9-10 cents lower, and the Chicago wheat market is trading 25-27 cents lower.
Crude Oil is up $0.78 at $91.79
US Dollar is down at $99.03
Dow futures are up 298 points at 53,419
WEATHER:
- The remnants of Tropical storm Edouard will continue to dump rainfall and provide flood risks to parts of east TX today and into this evening, with the storm expected to largely dissipate by the overnight hours tonight. Elsewhere, the models continue to show just light/scattered rainfall potential across the northern Midwest and into the northeast through the weekend, as high pressure continues to push ridge-riding storm systems north of the primary Corn Belt.
- Temperatures moderate marginally over the weekend, but are still expected to be above normal for much of the US east of the Rockies through at least the middle of next week as the forecasts continue to show little if any sign of cooler air emerging into the back half of the month.
OTHER HEADLINES:
- Deliveries were active again this morning, with the CME Group assigning another 390 contracts of soybean oil, 265 contracts of meal, 114 contracts of corn, 80 contracts of rough rice, 19 contracts of soybeans, and 9 contracts of Chicago wheat.
- This morning's weekly export sales report for the week ending August 27th is expected to show both old crop corn and soybean sales in the week between (200k)-200k MTs; for the new crop, corn sales are seen between 500k-1.6 mil MTs, soybean sales are seen between 1.4-2.5 MMTs, and wheat sales are seen between 350k-650k MTs.
- Touched on it yesterday afternoon, but private US brokerage and consultancy Allendale on Wednesday released SU crop yield estimates following a yield survey conducted in August. For corn, the group pegged production at 15.833 bil bu on a yield of 178.7 bu/acre, and for soybeans, the group pegged production at 4.515 bil bu on a yield of 52.6 bu/acre. Of note, Allendale's corn yield estimate has come in at or below the USDA's September yield figure in 13 of the last 15 years.
- Cash sources familiar with the situation said this week that several Asian buyers, including the world's number two wheat importer Indonesia, had bought upwards of half a million tons of wheat from Australia and Argentina in the last ten days or so in an effort to replace supplies that haven't arrived from Russia and Ukraine. The sources said buyers paid anywhere from $310 to $330/ton for the shipments, which compares to Black Sea offers ranging from $260-$280.
- Following crop losses driven by record heat and drought across parts of Europe this summer, a European feed manufacturer association said this week that bloc corn imports would need to increase some 37% in the coming season, or around seven million tons, in order to meet animal feed demand. The group says that corn is likely to come from Ukraine, the US, and Brazil, while purchases of soy products for animal feed are also expected to increase.
- Sources familiar with the situation said this week that the US military on Tuesday escorted some 40 commercial vessels carrying around 18 million barrels of oil through the Strait of Hormuz, indicating that the Strait remains at least somewhat operational despite ongoing claims by the Iranians to the contrary.
- The US Department of Justice said this week that it was expanding its antitrust probe in the beef industry to include eight additional retailers including Walmart and Costco, though no additional details on the situation were given.
EXPORT NEWS:
- Private exporters reported sales of 192,000 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
