Morning Markets: Corn: -8 old & new.
Beans: -30.50 old & -24 new. Wheat: -8.75 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.
Please Click Here to urge Congress to secure year-round E15.
MARKET SUMMARY:
Good morning. A Thursday morning sell-off is being had across the CBOT this morning, with the soy complex leading the charge lower on an apparent lack of progress on renewed purchases following day one of the Trump-Xi meeting in China. Sources on both sides have described the opening phases of the discussions as constructive, but that there has been no specific mention of soybeans or other ag commodities was likely a sell signal this morning for the computer/algorithm traders. Energy markets are also seeing moderate pressure this morning, which likely isn't helping matters. Corn futures to start this morning are trading 6-7 cents lower, soybean futures are trading 20-25 cents lower, and the Chicago wheat market is trading 3-4 cents lower.
Crude Oil is down $0.38 at $100.64
US Dollar is up at $98.60
Dow futures are up 422 points at 50,214
WEATHER:
- Weather forecasts for the Midwest this morning have continued to show improving rainfall chances across most all of the region beginning over the weekend and lasting through the first part of next week. Seven day precip maps have anywhere from an inch to 4-5" possible in the period, impacting an area from TX to the Great Lakes. Extended forecasts have also trended wetter this morning across generally the entire eastern 2/3s of the US into the end of the month.
OTHER HEADLINES:
- The CME Group's delivery slate for Thursday morning has 80 contracts of soybean meal, along with 41 contracts of soybeans, 19 contracts of Chicago wheat, 17 contracts of corn, and 28 contracts of rough rice.
- This morning's weekly export sales report, with data for the week ending May 7th, is expected to show old crop corn sales in the week between 1.0-1.9 MMTs, old crop soybean sales between 100k-500k MTs, and old crop wheat sales between 50k-150k MTs. For new crop, corn sales are seen between 0-300k MTs, soybean sales are seen between 0-100k MTs, and wheat sales are seen between 100k-350k MTs.
- Scouts on day two of the Wheat Quality Council's Kansas crop tour saw similar results to day one, as yields in the southwestern part of the state were estimated at 39.3 bu/acre, down from 53.3 last year and the five-year average for that route of 43.4. The scouts mentioned a wide range of development stages throughout the region, with some fields still bright green while others are golden brown and ready for harvest weeks ahead of what would be normal. The tour will put out a final state yield forecast later this evening.
- Staying in South America, the Rosario Grain Exchange on Wednesday raised production forecasts for Argentina's corn and soybean crops, while initial new crop wheat estimates were seen down notably from this year's record levels. The group now sees corn production at 68 MMTs and soybean production at 50 MMTs, while new crop wheat production is seen falling some 10 MMTs to 18-19 MMTs, driven largely be area reductions spurred by increased production costs.
- Newswires this morning are reporting that operations at the Vicentin plant in Argentina that caught fire earlier this week have started to resume, but that they are not yet back to normal. The fire, in part, spurred the rally in meal futures this week.
- The US Senate on Wednesday approved Kevin Warsh as the next chairman of the Federal Reserve, setting up a debate in the months ahead over the possibility of interest rate hikes which Trump seemingly tapped Warsh specifically to avoid.
EXPORT NEWS:
- Private exporters reported sales of 252,000 metric tons of soybeans for delivery to unknown destinations. Of the total, 120,000 metric tons is for delivery during the 2025/2026 marketing year, and 132,000 metric tons is for delivery 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
