Morning Markets: Corn: -1.50 old & -1.75 new.
Beans: +3.25 old & +2.50 new. Wheat: -0.50 old & +0.25 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. Following yesterday's mid-morning reversal, both ag and world energy markets have spent the overnight hours trading mostly lower to get Tuesday started ahead of what feels like one of the least cared about WASDE updates in some time. The fundamental updates, should there be any, just don't have a lot of market importance right now in terms of price discovery amid ongoing hostilities in the Middle East and the ongoing China saga. Throw in biofuel policy that is still being waited on, and there just simply exists a number of other things for traders to worry about. Corn futures to start the morning are trading 1-2 cents lower, soybean futures are trading 1-3 cents higher, and the Chicago wheat market is trading 1-2 cents lower also. As has become common, all three have seen fairly wide ranges and are well off their overnight lows at this writing.
Crude Oil is down $4.27 at $90.50
US Dollar is down at $98.78
Dow futures are down 211 points at 47,558
WEATHER:
- Active weather looks to be in store for the Midwest again throughout the day on Tuesday, with the Storm Prediction Center's convective outlook this morning showing an enhanced risk of severe storms throughout much of central TX, as well as through northeast MO and into north-central IL and then over into northwest IN. All the area in between has risk also, but these two locations have the best potential for severe weather over the next 24 hours. Rainfall totals through the end of the week are seen like yesterday, but will be streaky and hard to predict.
- Model runs are beneficially wetter through the bulk of central and south-central Argentina this morning into next week, but are little changed elsewhere and continue to show ongoing rains across most all of Brazil besides the far south into the back half of the month. Northern and north-central Brazil desire a drier forecast, but the moisture is good longer term for the newly planted safrinha corn crop.
OTHER HEADLINES:
- Tuesday morning deliveries from the CME Group include 13 contracts of corn, 156 contracts of soybeans and 5 contracts of KC wheat.
- The USDA is set to release its March supply and demand report today at 11am central time. According to Bloomberg, traders see the report showing new crop corn ending stocks at 2.131 bil bu, which would be up just marginally from last month, while soybean stocks are seen at 346 mil bu vs 350 last month, and wheat stocks were seen at 926 mil bu, down from 931 last month. World stocks are seen at 289.5 MMTs for corn, 125 MMTs for soybeans and 277.5 MMTs for wheat, which are all within 0.5 MMTs of previous estimates.
- Regular weekly crop progress updates have still not resumed for the season, but state-specific data released on Monday showed KS winter wheat ratings in the G/EX category at 56%, which is down 2% from the week prior but still the highest for this week in more than 10 years. Ratings in OK improved 5% on the week to 24% G/EX, while TX saw its conditions in the category unchanged on the week at 16%. Nationally, the USDA reported that 56% of the SU winter wheat crop was in an area experiencing drought as of March 3rd, up from 50% last week and 24% in the same week last year.
- Preliminary Chinese customs data for the months of January and February, combined due to the annual Lunar New Year holiday which may fall in either month, showed the country's soybean imports in the period at 12.55 MMTs, which is down 8% from the same period last year but still generally above analyst expectations. Arrivals for March, according to traders, are seen at roughly 6.5 MMTs, which would compare to around 3.5 MMTs last year.
- Private Brazilian ag consultancy AgRural on Monday pegged the country's soybean harvest at 51% complete as of late last week, up 12% on the week prior but still well behind last year's 61% and still the slowest pace since the 2020/21 season. Meanwhile, safrinha corn planting was seen at 82% complete, which also lags last year's 92%. The figures are similar to weekly data released by CONAB later yesterday evening.
- Ukraine's Deputy Economy Minister said on Monday that farmers in the country had begun planting operations for the 2026 crops, but added delays would be likely across most all regions due to still-frozen soil and longer snow cover. The Minister added that the possible increase in fuel costs from recent geopolitical events wasn't likely to have a critical impact on production at this point.
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
