Morning Markets: Corn: -0.75 old & -0.25 new.
Beans: +1.50 old & new. Wheat: -3 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. Ag markets are mostly higher at mid-week this morning to start Wednesday trade, but are quieter so far than they were going home yesterday with wheat futures seeing limited follow through from Tuesday's limit up day and the rest of the space generally firmer and near the highs made yesterday. On the headline docket for today, aside from any happenings in the Middle East, will be final preparatory meetings between lower ranking US and Chinese officials in South Korea, as well as a House vote on another round of E15 legislation. Yesterday's numbers were a starting point for the growing season and confirmed crop losses in the wheat belt, but trader focus will likely be elsewhere into the end of the week. Corn futures this morning are trading unchanged to a penny higher, soybean futures are trading 1-2 cents higher, and the Chicago wheat market is trading 1-3 cents lower; KC wheat futures are up around 13 cents and have taken out yesterday's highs.
Crude Oil is down $0.07 at $102.11
US Dollar is up at $98.55
Dow futures are down 179 points at 49,690
WEATHER:
- Light/scattered rains were noted across the northern and northeastern parts of the Corn Belt over the last 24 hours, but forecasts look to be drier still into the end of the week now before rains return to a fairly local area in the west-central part of the region Friday/Saturday. Next week then looks downright wet for a lot of the central US from TX to MN, with models in good agreement this morning on a general 1-3" of precip for the Midwest by the end of the week next week, with heavier totals seen through the Gulf region.
- Temperatures look to continue warming into next week, reaching potentially record levels in parts of the Plains and central US over the weekend as high pressure ridging meanders east.
OTHER HEADLINES:
- Deliveries are slowing as we near the end of the period, with the CME Group for Wednesday assigning just 36 contracts of corn and 22 contracts of rough rice.
- Tuesday's May WASDE update was slightly friendly to neutral the corn and soybean markets, but was notably bullish for wheat as production cuts caused by drought conditions and freezes were bigger than the trade had expected. New crop corn ending stocks for the coming season were pegged at 1.957 bil bu and new crop soybean ending stocks were pegged at 310 mil bu, which would both be down from this year's figures.
- This morning's weekly EIA ethanol update for the week ending May 8th, is expected to show average daily production in the week between 1.025-1.050 mil bbls, while stocks in the week are seen between 25.30-26.20 mil bbls. On average, production would be up from last week while stocks would be lower.
- With geopolitical focus shifting to China for the time being, the situation in Iran appears to have somewhat stalled; the Strait of Hormuz remains effectively shut and there has been little insight available into what President Trump's next move in the region might be. While the matter is expected to be on the agenda for he and President Xi, it would seem today that any sort of resolution to the broader conflict remains a ways off.
- While agriculture trade and geopolitics are almost assured to be talking points during the upcoming China meetings, the last minute addition of Nvidia CEO Jensen Huang to Trump's already "star-studded" delegation seemingly thrusts AI and US-China chip trade into the meeting spotlight as well. Huang joins Tesla/SpaceX CEO Elon Musk, as well as Apple CEO Tim Cook, BlackRock CEO Larry Fink, and, of somewhat lesser stature to those mentioned previously, Cargill CEO Brian Sikes, among several others.
- Private Russian crop consultancy IKAR said this week that Russian wheat area in the 2026/27 season was expected to be down around 500k hectares or so from the current year at just 26.8 million hectares. Spring wheat planting, mostly due to excessive wet weather, was pegged at just 10.5 million hectares, which if accurate, would be the lowest planted figure since 2006. The group pegged production at roughly 90 MMTs, which would be down a little over 1% from this year.
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
