Morning Markets: Corn: +2.75 old & +2.25 new.
Beans: +2.25 old & +3.50 new. Wheat: +2 old & +2.25 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. Traders are seeing steady markets this morning to get the last week of April trade started, with the ag space mostly positive and the outside markets mixed but closer to unchanged than not despite seeing more overnight volatility. There was seemingly little progress made in Iran over the last couple days, which is going to keep trader focus centered here for the most part this week amid an ongoing lack of ag-specific news that would materially alter corn or soybean fundamentals. Weather and planting progress remain the other market movers, but here too there just isn't a lot new to discuss short term. Corn futures to start Monday morning are trading 3-4 cents higher, soybean futures are trading 1-3 cents higher, and the Chicago wheat market is trading 3-4 cents higher also.
Crude Oil is up $1.51 at $95.91
US Dollar is down at $98.27
Dow futures are down 99 points at 49,293
WEATHER:
- Weekend weather was rather spring-like across the west-central and south-central parts of the country, as several rounds of thunderstorms produced anywhere from a scattered tenth or two to upwards of 2.5" of rainfall from the Gulf to the KS/NE line, with generally lesser totals than seen to the north of here through NE and SD. Models have additional rains also slated for the first part of the week this week, as a fairly large low pressure system works across the country today and into tomorrow with potential for up to another 1-3" by the end of the day tomorrow.
- Temperatures will then have a slightly cooler lean the rest of the week this week once this system passes, as models see daytime highs trending back mostly below average for most of the eastern 2/3s of the US at least into the weekend.
OTHER HEADLINES:
- Friday afternoon's CFTC Commitment of Traders report for the week ending April 21st showed managed money traders in the week were buyers of 24,923 contracts of corn (+184,406), buyers of 17,733 contracts of soybeans (+192,884), and were sellers of 3,451 contracts of Chicago wheat (-10,717). In the soy products, funds were sellers of 14,887 contracts of meal (+120,856) and were buyers of 17,125 contracts of oil (+165,444); this is a new record long fund position in the bean oil.
- The USDA also released monthly cold storage data on Friday. The report showed total US red meat supplies in freezers as of the end of March at 838.425 mil lbs, which was down just marginally from February but down 2% from last year. Beef supplies at 410.5 mil lbs were down 3.4% from last year and pork supplies at 411.2 mil lbs were up 0.4% from last year.
- The Rosario Grain Exchange in Argentina said on Friday that eliminating the government's export taxes could sharply lift grain production in the country and could also increase tax revenue in the long run citing 10-year models of the country's farm sector that were recently completed. The group said total ag planted area would rise some 5% from current levels, while output would increase nearly 10%, driven largely by corn and soybean production. Lastly, the models also indicated ag exports would increase, adding more than $6 billion in revenue annually.
- Other Argy news from over the weekend includes an ending of the trucker strike that was taking place last week at the country's Quequen grain port following a breakthrough in negotiations that led to a 16% freight rate increase late last week. Port sources said over the weekend that activity at the terminal had already begun to normalize following the agreement.
- In a government statement issued on Sunday, officials in India said they remain "cautiously optimistic" regarding the country's wheat crop prospects for the current season, as there have been no reported yield losses due to disease or insect pressures and as planting was mostly timely. The outlook was also supported by a 0.6 million hectare increase in planted area from last year which is expected to make up for any minor yield losses.
- Brazil's government said late last week that it was moving ahead with plans to increase the amount of ethanol used in gasoline blends from 30% to 32%, which the government says could reduce gasoline imports by some 500 million liters/month. The move is part of a wider government plan to help protect consumers from rising prices brought on by the war in Iran.
- Financial markets this week will at least have a portion of their attention turned to the FOMC's April policy meeting, which is set for Tuesday/Wednesday this week. The CME's FedWatch tool shows it being almost a foregone conclusion that rates will remain unchanged, but traders and investors will be curious as to comments out of current Fed Chair Jerome Powell, who's term is set to end in the coming weeks.
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
