Morning Markets: Corn: +4.25 old & +3.75 new.
Beans: +4.50 old & +3.25 new. Wheat: +12.25 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. Happy WASDE day. Markets are seeing varying degrees of strength this morning to get Tuesday trade started in Chicago, with wheat and bean oil seemingly seeing strength from the energy markets, which are higher, while corn and soybean futures have been quieter and seen smaller trading ranges through the overnight hours ahead of this morning's much anticipated update. With there seemingly being little if anything new on the geopolitical front this morning and the China meeting still set for the end of the week, it will be interesting to see just how much reaction there is to this morning's numbers; focus has been away from crops and fields across the US Midwest for most of the early growing season and the big question today is does this change with new crop year balance sheets or carry on into the heart of summer. Corn futures this morning are trading 3-4 cents higher, soybean futures are trading 4-6 cents higher, and the Chicago wheat market is trading 12-13 cents higher.
Crude Oil is up $3.15 at $101.22
US Dollar is up at $98.32
Dow futures are down 30 points at 49,762
WEATHER:
- Weather models trended wetter overnight last night for the central/south-central Corn Belt, though timing hasn't changed much in the last 24 hours with the rains still not expected to show back up until the weekend or first part of next week. By mid-week next week, there then remains good model agreement on a return to the same general pattern seen throughout much of the month of April where Gulf moisture is able to easily make it way into the central part of the US.
- Through the end of next week, this morning's EU model run has rainfall totals ranging anywhere from 1-3" throughout a bulk of the region, with a heavier 4-6" possible in the period in a band from TX up into southern IL and IN.
OTHER HEADLINES:
- The CME Group delivery slate for Tuesday morning includes 14 contracts of rough rice, 6 contracts of KC wheat, and 2 contracts of Chicago wheat.
- Monday afternoon's crop progress update pegged corn planting progress at 57%, ahead of the five-year average of 52% but behind last year's 59%. At the state level, IA jumped 30% on the week to 72%, while MN and SD each gained 26% to 68% and 53% respectively. Compared to last year, MI is 22% behind at just 17% planted, while ND is 13% behind and SD is still 12% behind.
- Soybean planting progress was seen at 49% complete, ahead of last year's 45% and well ahead of the five-year average of 36%. At the state level, IA also saw the biggest improvement here on the week, jumping 33% to 60% complete, while MN and NE each jumped 24% and SD improved 20%. Similar to the story on corn, MI is the furthest state behind compared to last year at just 12% planted, while SD is 13% behind and WI is 9% behind.
- Winter wheat conditions in the G/EX category fell 3% this week to 28%, which compares to 54% last year. At the state level, OK fell 7% on the week to just 9% G/EX, TX and NE each fell 6%, and KS was down 5%. US P/VP conditions were up 3% on the week to 40%, led by a 15% jump in NE. Spring wheat planting was up 21% on the week to 53% complete, which is ahead of the five-year average but behind last year's 63%.
- Following headlines that President Trump was set to sign an executive order on Monday that would lower beef import tariffs, the Wall Street Journal reported late yesterday afternoon that the signing had in fact been delayed due to significant pushback from both Republican lawmakers and cattle ranchers. The White House didn't publish any statements or fact sheets on the measure as of late yesterday evening, which is typically customary when the President signs new executive orders.
- Ahead of field tours that are expected to begin this morning, officials with the Wheat Quality Council said on Monday ahead of their annual crop tour through Kansas that scouts were likely to find fields damaged by freeze and stressed by drought. Harvest is also likely to be sped up due to the weather situation according to a K-State agronomy professor.
- According to a Chinese government notice issued on Monday, state grain buyer Sinograin is set to auction 61,600 MTs of imported soybeans on Thursday, May 14th. While the volume is relatively small, the timing is notable ahead of meetings between Presidents Trump and Xi which are expected to include talks on additional Chinese purchases of US soybeans.
- Aside from obviously still having a significant amount of focus on the Middle East, financial markets this morning will, at least briefly, will turn their attention to monthly CPI data. The report is expected to show core inflation falling from last month to 2.6%, while headline inflation is seen falling to 3.3%. The data will be out at 7:30am central time this morning.
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
