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Morning Comments

Tuesday, June 2, 2026  
Morning Markets: Corn: -1.25 old & -2.25 new.
Beans: -3.50 old & -2.25 new. Wheat: -5.75.
 
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. Commodity markets are seeing red pretty much across the board to start Tuesday, with metals markets about the only exception as headlines out of Iran and the Middle East continue to dominate a lot of the morning news. There were some who felt slightly worse-than-expected crop conditions yesterday afternoon could lead to a small bounce in the grain and soy markets early this morning, but this has not been the case so far as instead it's been another round of new lows for the beans and wheat, while corn futures are right back to the lows made yesterday after closing a bit off of them. The corn market to start Tuesday is trading 1-3 cents lower, soybeans are trading 1-3 cents lower also, and the Chicago wheat market is trading 3-5 cents lower.
 
Crude Oil is down $0.25 at $91.91
US Dollar is down at $99.09
Dow futures are down 255 points at 50,879
 
WEATHER:

• Weather models have trended wetter through the western and central parts of the Corn Belt over the last 24 hours into next week, as both the EU and the GFS are trying to break down ridging that has been in place across the northeast for several days now. Precip looks to be mostly light/scattered through parts of eastern IA, southern WI and northern IL in this morning's model runs, but this moisture is still expected to mostly miss the region around the Ohio River Valley, as things remain drier here overall.
• Rains expand further east then into the back half of next week according to the models, but as is the case a lot during summer, we don't have much confidence in the forecast into week two. How the ridge breaks down and how far east moisture is able to make it by the end of next week will be the main forecast features to watch for the next several days.

 
OTHER HEADLINES:

• Yesterday afternoon's weekly crop progress update showed corn conditions in the first reading of the year at 67% G/EX, which is down 2% from the reading seen to start last year. IA has the highest rated crop at 82% G/EX, while WI is seen at 79%, MN is seen at 76%, and PA is seen at 74%; IL is at 65% G/EX and IN is at 61%. Planting progress was seen at 93% complete, 1% ahead of last year and average.
• Soybean conditions in the G/EX category were seen at 66%, which is 1% behind where they started last year. WI was the highest rated state here to start at 80% G/EX, while IA was 79%, AR was 76% and MN was 74%; IL was rated 64% in the category and IN was rated 59%. Planting progress was seen at 87% complete, compared to 83% last year and 80% average.
• Winter wheat conditions held steady on the week at 26% G/EX, while harvest was seen at 5% complete in the first reading of the season vs 3% both last year and on average. For spring wheat, conditions were seen well below trade expectations at just 47% G/EX, while planting progress was seen at 94% complete.
• USDA released monthly soybean crush and corn grind data yesterday afternoon; the reports showed US soybean crush in the month of April at 218 mil bu, which was down 6% from March but up 6% from last year, and showed corn grind for ethanol in April at 48 mil bu, which was down 10% from March but up 1% from last year. Other data in the reports included soybean oil stocks as of the end of April at 2.443 bil lbs, which was down 6% from last month but up 24% from April of last year.
• Private US ag consultancy StoneX on Monday said they now soybean production in Brazil at 181.8 MMTs, up slightly from last month, and that they see corn production at 136.8 MMTs, down 0.2 MMTs from last month.
• Australia's government said in a quarterly crop update on Tuesday that wheat production in the coming season was likely to be the smallest in the last three years at just 26.7 MMTs, as high fertilizer costs spurred by the war in Iran and drought conditions throughout some of the country's main growing regions have reduced crop prospects. The government added that planted area was expected to be down some 12% from last year to just 10.9 million hectares.
• Argentina's CIARA-CEC grain processors and exporters chamber said on Monday that export revenue from ag products in the month of May was down some 12% from the same month a year ago at just $2.68 billion, though the figure was still up some 7% from April. Argentina's main export window is during the summer months due to newly harvested supplies having recently made it to ports or processors.
• The White House said on Monday that it would be lowering tariffs on certain agricultural equipment, such as combines and other harvesters, as part of an ongoing effort to reduce costs for US farmers and manufacturers. The tariffs are set to drop from 25% to 15% on June 8th, while companies could qualify for an even lower 10% rate if the equipment contains at least 85% US steel or aluminum. The new policy is set to run through the end of 2027.  

 
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