Morning Markets: Corn: -2.25 old & -2 new.
Beans: -0.25 old & -1.25 new. Wheat: -7.25.
Topflight Grain is offering Free PL on soybeans to all full-time locations except Maroa based on space availability good through August 31, 2026.
We also are offering Free PL on corn delivered to Pierson based on space availability good thru August 31, 2026.
Christmas Open House STARTS TODAY! 11am-1pm!
Cisco – TODAY!!
Seymour (Venison BBQ & Chili) & Pierson – Wednesday, 12/17
Emery & Kruger – Thursday, 12/18
Grain Marketing Program signups are due by 12/31/25!! Contact your originator with any questions or if interested in signing up!
MARKET SUMMARY:
Good morning. More of the same this morning at the CBOT to start Tuesday trade, with the grain and soy markets once again quietly mixed and with narrow trading ranges so far in the overnight session. The products are mixed in similar spread activity to what has been seen the past several days, but otherwise, there is just little new to talk about again this morning. The holidays are one thing, but the sheer number of unknowns and uncertainty that exist in the space today have caused the 'wait-and-see' type trade typically common this time of year to show up sooner and in a bigger way than normal. To traders, uncertainty usually means increased risk, and increased risk in what is usually a thin/risk-ripe environment anyway is likely not what most are looking for. Corn futures to start Tuesday trade are unchanged to a penny lower, soybean futures are unchanged to a penny higher, and Chicago wheat futures are 3-5 cents lower. Products are mixed, soybean meal is up $2-3/ton and soybean oil is down 60-70 points. Outside markets are lower, crude oil futures are down 80-90 cents/bbl and at their lowest level since May, the Dow Jones index is down 20 points, and the US$ index is down 20-30 points; the S&P500 is down 10 points, and the NASDAQ is down 70 points.
Crude Oil is down $1.24 at $55.58
US Dollar is up at $98.32
Global Equities: Japan +0.0%, China +0.0%, and Europe +0.0%
Dow futures are down 39 points at 48,799
EU MATIF Exchange: Corn +0.0% and Wheat +0.0%
WEATHER:
- Not a lot new on the Midwest weather front this morning, with models still in good agreement on drier conditions remaining in place through the week this week before another round of storms works through the area Thursday/Friday; moisture type from this system will be variable, with areas to the north in MN/WI/MI seeing snow/ice potential while regions south of here are likely to see rainfall. The models then see some more undefined precip chances into the middle of next week, but overall a warmer/drier bias lies ahead for most of the region into the end of the month.
- For South America, models are wetter if anything through northern and north-central Brazil this morning through the early part of the week next week, but are otherwise unchanged in showing the same overall pattern seen yesterday. Argentina looks to see more scattered precip Saturday/Sunday this weekend but still generally sees a drier bias over the next two weeks, while southern Brazil looks to also again return to the drier side of normal into the back half of next week before the models see rains then returning. Argentina also looks to have some possible heat issues showing up in the 5-10 day anomaly map this morning, which will need monitoring as we get into the weekend and next week.
OTHER HEADLINES:
- The CFTC released another round of delayed commitment of traders data on Monday. The report, with numbers for the week ending November 25th, showed funds flipped from the week prior and were sellers of 48,999 contracts of corn (-10,872), sellers of 15,337 contracts of soybeans (+214,289) and were sellers of 5,055 contracts of Chicago wheat (-53,746); in the products, funds were buyers of 4,198 contracts of soybean meal (+63,508) and were sellers of 10,686 contracts of soybean oil (-18,797). The next CFTC update, with data for the week ending December 2nd, will be out at 2:30pm central time tomorrow afternoon.
- Brazil's CONAB, in a weekly crop update released on Monday, showed soybean planting across the country nearing completion at 94.1%, which compares to 96.8% through the same period last year and the five-year average of 90.6%. First crop corn planting was seen at 77.5% complete, which compares to 75% in the same week last year and the five-year average of 70.3%.
- Monthly soybean crush data from the National Oilseed Processors Association (NOPA), released on Monday, showed US crush in November at 216.04 mil bu, which was below the average trade guess and down 5% from last month's record but still the highest figure ever for the month and the second highest figure ever for any month. The report also showed US soybean oil stocks as of the end of the month at 1.513 bil lbs, which was up 16% from the end of October and up nearly 40% from November of last year.
- In its second soybean auction in as many weeks, China's Sinograin on Tuesday sold around 323,000 MTs of reserve supplies, or some 63% of the total volume offered according to sources familiar with the situation; prices were reportedly quoted around $547/ton, with delivery scheduled for late December through April.
- Other overnight news from China includes reports that Beijing would begin imposing an anti-dumping duty of up to 19.8% on certain pork and pig by-products from the EU beginning on December 17th that would run for five years. China says the dumping of pork from the EU on its markets has caused significant damage to its domestic industry.
- Along similar lines, Mexico's Economy Ministry has also launched an anti-dumping and anti-subsidy investigation into US pork imports, signaling that the two sides still see broader trader differences despite news of other agreements being reached on different items like the Tijuana River water crisis recently.
- Traders and analysts have attributed part of the losses in crude oil futures in recent days to what again appears to be progress on peace talks between Russia and Ukraine. Negotiators from the US and Ukraine said on Monday that "real progress" had been made during discussions in Berlin, and that allegedly somewhere around 90% of the issues in question had reached agreements. The two sides also said follow-up meetings were possible in the US, though there weren't a lot of further details on this readily available.
- Following another round of announced export tax cuts by the Argentine government last week, President Milie announced further economic steps on Monday, saying that starting in 2026, the peso's trading bands would expand at the same pace as monthly inflation as opposed to the current fixed 1% rate, which signals a more flexible and market-driven outline. While the move is expected normalize currency policy in the long run, analysts see increased volatility in the peso as likely in the short term.
- According to US Customs and Border and Protection, America has brought in more than $200 billion in tariff revenue from more than 40 executive orders signed by the Trump administration in 2025, a figure that already surpasses total revenue brought in from tariffs during his first term. However, whether the US gets to keep this revenue is still somewhat dependent on how the Supreme Court rules on the matter; if they rule unfavorably, the White House may be forced to pay some of this money back to companies like Costco, who has sued for refunds.
EXPORT NEWS:
- N/A
Be careful! Safe travels to the Christmas Open House!
Bailey Runyen
Grain Originator | Topflight Grain Coop.
101 N. Main St. | Cisco, IL 61830
Phone :: 217-669-2141
Email :: brunyen@tfgrain.com
