Morning Markets: Corn: +2 old & +2.75 new.
Beans: +8.50 old & new. Wheat: +1.50.
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. Thursday trade at the CBOT this morning has gotten off too much the same start as previous days this week, with most ag and energy markets once again in the green on a further injection of risk premium based on both ongoing shipping risks across several fronts in the eastern hemisphere and weather forecasts both in the US and Europe that are less than ideal for crop development. Resistance hurdles are being cleared on the charts, but otherwise, we have little inkling today as to when the current rally phase in the markets might come to an end. Until money flow slows a bit, it would appear the trend is your friend, and the trend today is unquestionably higher. Corn futures through the overnight hours are trading 3-4 cents higher and have again made new highs for the week, soybean futures are 6-8 cents higher and have made new highs for the week, and the Chicago wheat market is 1-3 cents higher and has also made new highs for the week.
Crude Oil is up $4.51 at $91.34
US Dollar is up at $101.48
Dow futures are down 636 points at 51,813
WEATHER:
- Little new to talk about this morning on the Midwest weather front through the weekend and into next week, as models continue to be in good agreement on the brief cold spell currently present to give way to more warmth again by Sunday. The heat then lingers through the week next week, with precip across the region largely limited to what is produced by ridge-riding thunderstorms through parts of the southern and southwestern portions of the region. We've talked about it all week, but the northern Midwest then likely stays drier at least through next, with limited precip being shown in the models.
OTHER HEADLINES:
- This morning's weekly export sales report for the week ending July 16th is expected to show old crop corn sales in the week between 400k-800k MTs and old crop soybeans ales between (200k)-400k MTs; for the new crop, corn sales are seen between 400k-800k MTs also, soybean sales are seen between 1.0-1.8 mil MTs, and wheat sales are seen between 200k-550k MTs.
- Day two of the Wheat Quality Council's North Dakota crop tour, which moved further north compared to day one, found better yield prospects than those in the southern part of the state, with scouts citing better soil moisture than what had been found on day one. Yields in the northern part of the state were estimated at 48.0 bu/acre, which is up from 47.1 bu last year and the route's five-year average of 43.8 bu. The group will release final state yield estimates later today.
- China's Ministry of Commerce said this week that it and the US were actively working together on the tariff reduction plan agreed to during the summit in May and that the two sides have remained in close communication on the matter. While the statements are viewed as positive, there has still been no implementation date or product list given by either country. Trump has said in recent weeks that he expects to host President Xi for another round of talks in Washington towards the end of September.
- President Trump said Wednesday that Venezuela was working with the US to increase oil production while also reiterating that US oil companies were still moving into the South American country as part of the effort, indicating the move could be a way to reduce reliance on imports out of the Middle East. An output increase isn't likely to a quick process, but it would be at least a partial offset to the supply disruption stemming from the closure of the Strait of Hormuz.
- Touched on it above, but the Houthis overnight claimed attacks on two Saudi tanker ships in the Red Sea, seemingly opening a new front in the Middle Eastern conflict and leading to another jump in crude oil values early on this morning. Headlines from the region also indicate this morning that the US used a B-1 long range bomber as part of last night's strike package, which would seem to indicate an increase in military pressure being applied to Iran.
EXPORT NEWS:
- Private exporters reported sales of 126,000 metric tons of soybeans for delivery to unknown destinations 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
