Morning Markets: Corn: -0.25 old & -1 new.
Beans: -0.75 old & +0.25 new. Wheat: -1.75.
PLEASE JOIN US FOR OUR 2026 FOCUS MEETINGS!!
Tuesday, March 3rd at the Knights of Columbus in Lincoln with breakfast at 8:00am and meeting to follow.
Tuesday, March 3rd at the Monticello Community Building in Monticello with lunch at 12:00pm and meeting to follow.
Topflight Grain is offering Free PL on soybeans to all full-time locations except Maroa based on space availability good through August 31, 2026.
We are also offering Free PL on corn delivered to Pierson and Milmine based on space availability good through August 31, 2026.
MARKET SUMMARY:
Good morning. CBOT ag markets are mostly quietly lower to start Tuesday trade this morning, with ranges and volume both being down notably at this point from yesterday's hot start to the week. On the news front, focus has shifted almost entirely the last couple days from crop sizes and weather to Trump's new tariff endeavors, which go into effect today amid what appears to still be a lot of questions and unknowns. We are certain Trump and his team have been planning for this SCOTUS decision for some time now and would view recent developments as more a bump in the road as opposed to some sort of broad-based overhaul that's going to upend the President's entire economic agenda, but would just add that recent developments have increased the amount of unknowns in the space, and that usually precedes increased volatility. Corn futures this morning are trading unchanged to a penny lower, soybean futures are trading 2-4 cents lower, and the Chicago wheat market is trading unchanged to a penny lower also.
Crude Oil is up $0.36 at $66.67
US Dollar is up at $97.885
Dow futures are up 74 points at 48,923
WEATHER:
- Weather forecasts are little changed this morning for the Corn Belt in the short term, as both remain in good agreement on a small clipper system for the Great Lakes tonight into tomorrow, with a more defined system then still expected to work through the southeastern part of the US Thursday into Friday. Rainfall totals are seen like yesterday, with just trace moisture expected through the northern and central parts of the region, while the southeast looks to pick up 1-2" generally with some locally heavier amounts possible.
- Also little new in South America this morning forecast-wise, as models are also in good agreement here and see limited rains for Argentina through the week this week before moisture returns on the weekend, while Brazil trends wetter again through the central and northern parts of the country into next week. There will be pockets here in the south and southwest that miss out on rains, which will be good for the central regions but concerning for areas further south that have been dry for a while now. Parana and RGDS, Brazil's two southernmost states, account for around 20-25% of production annually.
OTHER HEADLINES:
- Brazil's AgRural on Monday said soybean harvest pace in the country was the slowest since the 2020/21 season at just 30% complete as of last Thursday, up 9% on the week prior but still 9% behind the same week last year. Safrinha corn planting was estimated at 50% complete, which compares with 64% complete through the same week last year. CONAB showed similar progress this week, pegging soybean harvest at 32% complete as of Saturday, while second corn planting was seen at 47% complete.
- Staying in Brazil, the country's government announced on Monday it was reversing plans to privatize key waterways in the Amazon, marking a win for protestors who have occupied a Cargill terminal in Para state since late last week. Sources familiar with the matter said President Lula had deiced to reverse his own decree, and also suspended bidding for a public dredging project on the Tapajos River.
- Government spokespeople from both Japan and Taiwan have said this week that trade agreements reached with the US in recent weeks/months would be upheld despite new tariff rulings, with both parties emphasizing a desire to move forward amid what will be new dialogue brought about by the changes. The comments are similar to those made by Indian officials, meaning it would appear the SCOTUS decision has not entirely upended Trump's broader trade agenda.
- Amid the tariff/trade talks, President Trump is also slated to give a State of the Union address later this evening to Congress, where analysts anticipate he could use the stage to provide updates on his economic plans and try to calm investors who have again grown somewhat leery of late over new developments on global trade. Iran and other geopolitical flashpoints will also likely be on the agenda.
- Not new news as it was announced earlier this month, but the Indian government on Tuesday set wheat export quotas for this year at 2.5 MMTs, with a statement indicating the government would also permit further shipments based on request from other countries to meet food security needs. The approvals also include an additional 500,000 MTs of wheat products.
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
