Thursday, May 28, 2026
Morning Markets: Corn: +3.25 old & new.
Beans: +7 old & +6.25 new. Wheat: +2.75 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.
MARKET SUMMARY:
Good morning. It's a turn-around-Thursday this morning to get things started at the CBOT, with the ag space higher across the board on a rebound in crude oil prices as the US and Iran traded fresh military strikes overnight. We cannot stress enough that price discovery in the short term has been almost entirely the result of headlines out of the Middle East, and until some semblance of normalcy returns to the region and more specifically, the Strait of Hormuz, we're not sure when this changes. The growing season is here, but trader focus remains elsewhere. Corn futures this morning are trading 4-6 cents higher, soybean futures are trading 8-9 cents higher, and the Chicago wheat market is trading 2-4 cents higher.
Crude Oil is up $2.05 at $90.73
US Dollar is down at $99.16
Dow futures are down 89 points at 50,639
WEATHER:
OTHER HEADLINES:
EXPORT NEWS:
Be careful!
Bailey Runyen
Grain Originator | Topflight Grain Coop.
101 N. Main St. | Cisco, IL 61830
Phone :: 217-669-2141
Email :: brunyen@tfgrain.com
Morning Markets: Corn: +3.25 old & new.
Beans: +7 old & +6.25 new. Wheat: +2.75 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.
MARKET SUMMARY:
Good morning. It's a turn-around-Thursday this morning to get things started at the CBOT, with the ag space higher across the board on a rebound in crude oil prices as the US and Iran traded fresh military strikes overnight. We cannot stress enough that price discovery in the short term has been almost entirely the result of headlines out of the Middle East, and until some semblance of normalcy returns to the region and more specifically, the Strait of Hormuz, we're not sure when this changes. The growing season is here, but trader focus remains elsewhere. Corn futures this morning are trading 4-6 cents higher, soybean futures are trading 8-9 cents higher, and the Chicago wheat market is trading 2-4 cents higher.
Crude Oil is up $2.05 at $90.73
US Dollar is down at $99.16
Dow futures are down 89 points at 50,639
WEATHER:
- Rinse and repeat on the weather news for this morning, as models show ongoing rainfall/thunderstorm activity across the southern and southeastern parts of the US, while pressure in the north/northeast keeps most of the Midwest on the warmer/drier side. The EU model has added some moisture for the central Plains this morning through the weekend, but the bulk of the Corn Belt is still seen staying almost completely dry through the middle of the week next week.
OTHER HEADLINES:
- This morning's weekly ethanol update from the EIA, delayed a day this week for the Memorial Day holiday, is expected to show average daily production in the US in the week ending May 22nd between 1.060-1.125 mil bbls, while stocks in the week are seen between 24.925-26.100 mil bbls. The report will be out at 11am central time this morning instead of the regular 9:30.
- These headlines hit late in the day on Wednesday, but Argentina's government thwarted a brief oilseed worker strike this week, ordering a halt to the walkout only hours after it began, forcing to the two sides to negotiate. Workers walked out after claiming that the Unions had not offered wage adjustments for the month of May, which is a common practice in Argentina due to at times rapidly expanding inflation. While a positive short term, the ongoing labor disputes keep the door open the door for future shutdowns.
- India's ag ministry said in a statement on Wednesday that wheat production in the country during the 2025/26 season was expected to total 120.66 MMTs, which would be up more than 2% from the previous season and if accurate, would be a new record. The ministry also said total foodgrain output was expected at 376.56 MMTs, which would also be a new record.
- Export data for the first four months of the 2026 calendar year show Brazil has overtaken Argentina as the world's top exporter of soybean meal, shipping 7.7 million tons in the period vs 7.5 million tons. Analysts say that while the gap is narrow now, the shift highlights structural changes occurring between the two as Argentina's production capacity has seemingly plateaued while other countries like Brazil have steadily continued to increase output. Argentina, for decades, has been the world's number one producer and exporter of soybean meal.
- Beef producers in Australia have said this week that they largely expect demand in other markets like the US and southeast Asia to mostly offset the effects of a new 55% tariff by China that they expect will be triggered sometime in the next four weeks. Data shows Australia has seen record red meat production through the first quarter of 2026, on top of what was already a record production cycle last year.
- The US Treasury and the IRS launched a three-day public hearing yesterday regarding the 45Z clean fuel production credit, with more than 70 industry stakeholders expected to give testimony by the end of the week. The main issues focus on how the Treasury finalizes carbon intensity scoring, modifications to the GREET model, feedstock eligibility, and whether indirect land use change should be excluded from the model. A final ruling is not immediately expected after the conclusion of the hearing.
- Financial markets will see influence from this morning's PCE price index report, which is at risk of showing annual inflation continuing to inch away from the Fed's 2% target. Should this occur, it could reinforce ideas that not only is the current easing cycle likely over, but that rates could even tick back up during the rest of 2026 amid the ongoing war in Iran. Analysts see this morning's report showing annual inflation at 3.8%, which would be up from 3.5% last month.
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
