Morning Markets: Corn: -3.25 old & -2 new.
Beans: -5.75 old & -4 new. Wheat: -4 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.
MARKET SUMMARY:
Good morning. Most commodity markets are lower coming out of the long three-day Memorial Day holiday weekend, as rumored progress on peace talks in the Middle East sent things lower generally from the word go on the Monday evening re-open. With the month of May winding down, we assume focus in the row-crop markets will shift back to the growing season at some point, but for now, it's geopolitics in the Middle East and developments in regards to Trump's new deal with China that likely continue to drive a lot of the day-to-day price action at the CBOT. Corn futures to start Tuesday morning are trading 4-5 cents lower, soybean futures are trading 3-6 cents lower, and the Chicago wheat market is trading 6-7 cents lower.
Crude Oil is down $3.77 at $92.83
US Dollar is down at $99.13
Dow futures are up 194 points at 50,856
WEATHER:
- Satellite-based rainfall data from the last 72 hours shows moisture was focused across the southern and southeastern parts of the US, with the heaviest precip seen along the Gulf. The data shows parts of the northern and northwestern Corn Belt also picked up trace showers, but the totals generally looked to be limited while coverage was rather spotty.
- For this week, high pressure across the northern part of the US and southern Canada looks to remain the most dominant feature for the Corn Belt, as this will keep much of the region (especially to the north/northeast) on the warmer/drier side, while an active moisture pump from the Gulf along with southwest flow in the upper atmosphere will keep much of the southern/southeastern US wet. This morning's EU model run has another 1-3" of rainfall possible from TX to GA between now and early Saturday morning.
- Flooding issues will obviously be a concern throughout the region the next several days, but longer term, the moisture should be highly beneficial as these were some of the drier areas in terms of soil moisture over the last several weeks throughout the entire country.
OTHER HEADLINES:
- Friday afternoon's monthly Cattle on Feed report from the USDA showed the US feedlot herd as of May 1 at 11.584 mil head, which was up 2% from a year ago; placements during the month of April were seen at 1.702 mil head, or 106% of a year ago and marketings during the month were seen at 1.642 mil head, or 90% of a year ago.
- Also out Friday afternoon last week was weekly CFTC Commitment of Traders data for the week ending May 19th. The report showed managed money traders in the week were sellers of 6,130 contracts of corn (+293,354), sellers of 7,011 contracts of soybeans (+207,804), and buyers of 14,224 contracts of Chicago wheat (-4,799). In the soy products, funds were buyers of 14,473 contracts of meal (+130,554) and sellers of 5,853 contracts of oil (+156,434).
- Lastly on catch-up news from Friday, the USDA's monthly Cold Storage report showed total US meat supplies in freezers as of the end of April at 861.3 mil lbs, up 5% from March but down 4% from the same month last year. Beef supplies were seen at 408 mil lbs, down 3% from last year, while pork supplies were seen at 436 mil lbs, down 5% from last year.
- The Rosario Grain Exchange in Argentina said last week following news of new export tax reductions from the government that the move would likely offer some relief to farmers making final planting decisions for the 2026/27 growing season. The group said it expected the new measures to lift wheat purchase prices by some 2%+, which would help offset higher input and fuel costs spurred by the war in Iran.
- Private Black Sea Analyst SovEcon said recently that wheat exports out of Ukraine could increase some 60% in the coming 2026/27 season, estimating the total to reach around 21 MMTs, up from the roughly 13 MMTs seen this season. The group said Ukraine wheat stocks were also expected to increase from last year to 3.6 MMTs, with increases in both largely the result of good production last year. Relatedly, government data shows spring planting in the country nearly complete at 94%.
- Shipping data from industry sources released yesterday in Russia showed seaborn grain exports out of the country in the month of April reached 4.9 MMTs, which was a 100% increase from the same month last year. The figure brings total marketing year shipments to 46.0 MMTs, which is up some 7% from last 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
