Morning Markets: Corn: -1.50.
Beans: +4.50. Wheat: -3.75.
State Bank of Bement will be passing out Harvest Bags TODAY! from 1:30pm-3:30pm in Bement
United Prairie will be serving lunch Friday, 10/16 from 11am-1pm in Pierson
MARKET SUMMARY:
Good morning. Like previous days so far this week, overnight ag trade on Wednesday has been quietly mixed to start, with trading ranges in the grain markets again small and the soy complex quietly higher on some back-and-fill type trade relative to yesterday. Whether it be that traders are stunned from last week's balance sheet adjustments or that there just simply hasn't been much of anything new to grab hold of the last couple days, trade this week has had a 'so now what?' feel to it, and we're not sure this morning just what bucks this trend in the short term. Bigger picture market inputs are unchanged but it feels today like the trade is looking for some sort of new input to provide direction into the end of the year. Corn futures this morning are trading either side of unchanged, soybean futures are trading 7-8 cents higher, and the Chicago wheat market is trading 1-2 cents lower.
Trivia: What movies iconic bench scenes were filmed in Chippewa Square, Savannah, Georgia? (answer below)
Crude Oil is up $1.25 at $95.39
US Dollar is up at $102.82
Dow futures are down 154 points at 51,781
WEATHER:
- Radar has a slow-moving frontal boundary working across the southern Midwest this morning, with thunderstorm activity noted across parts of MO and IL and then further south through KS and OK. Models have things staying on the stormy side for the next couple days as this system works through, with high pressure on the back side then causing a notable drop in temperatures into the end of the week and weekend. Things warm up again somewhat into next week, but a lot of the northern half of the Corn Belt looks to get their first frost of the season this weekend.
OTHER HEADLINES:
- At the state level, corn harvest progress advanced 15% in IL to 51%, 14% in MO to 64%, and 13% in IN and MN to 34% and 25% respectively; MI gained just 2% on the week to 4% complete. For soybeans, MN, and WI each saw increases of 43% on the week to 68% and 54% complete, while SD was up 30% to 47%, and IA and ND were each up 26% to 31% and 60%.
- Chinese customs data for the month of September showed soybean imports into the country at 11.88 MMTs, down a little more than 2% from the August figure and down nearly 8% from the same month last year. Data shows cumulative imports in 2026 now at 86.08 MMTs, but sources familiar caution that buying could slow into the end of the year due to weak animal feed demand and negative crush margins.
- A Ukrainian farmers union said this week that corn exports in the 2026/27 season were unlikely to exceed 18-19 MMTs due to ongoing disruptions at Black Sea ports; the figure would be down from more than 22 MMTs in the previous season. The union added that monthly totals are capped at around 1.5 MMTs, while exports to this point in the season have reached roughly 2 MMTs. Meanwhile, wheat exports in the season are seen at just 11 MMTs, which would be down from more than 14 MMTs exported last year.
- From late yesterday, the US EPA said on Tuesday that it would be reallocating 100% of the exempted biofuel volumes to other refiners, with the only question now a matter of whether the reallocations occur in a split between 2026 and 2027 or entirely in 2027. Notable is that the EPA still has not made announcements on SRE decisions for the current 2026 year, which were originally expected before the end of this month.
- There seems to still be little if any progress being made in negotiations between the US and Iran, with President Trump indicating on an almost daily basis that the war is close to being over but then there being no evidence on the ground that this is actually the case. The latest comments indicate a decision regarding further military action is coming "soon" but there is little new this morning regarding the situation otherwise.
- Similarly, Russia launched another air attack on Ukrainian energy infrastructure overnight, signaling that Trump's announced ceasefire last week is having little affect. Trump says he feels both sides are interested in finding an end to war but that differences remain and have been difficult to overcome.
EXPORT NEWS:
- N/A
Answer: Forrest Gump. “Mama always said, “Life was like a box of chocolates; you never know what you’re gonna get.”
Be careful!
Bailey Runyen
Grain Originator | Topflight Grain Coop.
101 N. Main St. | Cisco, IL 61830
Phone :: 217-669-2141
Email :: brunyen@tfgrain.com
