Wednesday, June 3, 2026
Morning Markets: Corn: +0.50 old & +1.50 new.
Beans: +6.50 old & +5.25 new. Wheat: +2.75.
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. Mixed markets are the theme to start Wednesday trade in Chicago, with most of the ags scoring another round of new lows for the week overnight but now trading higher and off those lows at this writing this morning as news continues to be slow and as there are few if any new/noteworthy headlines. The oils (crude and soybean) are the exception, and have both seen steady buying throughout much of the overnight hours, though we aren't seeing a lot this morning to justify the move outside of the same general momentum seen the rest of the week. Corn futures to start mid-week are trading 1-2 cents higher, soybean futures are trading 5-6 cents higher, and the Chicago wheat market is trading 2-3 cents higher.
Crude Oil is up $1.38 at $95.14
US Dollar is up at $99.45
Dow futures are down 221 points at 51,179
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: +0.50 old & +1.50 new.
Beans: +6.50 old & +5.25 new. Wheat: +2.75.
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. Mixed markets are the theme to start Wednesday trade in Chicago, with most of the ags scoring another round of new lows for the week overnight but now trading higher and off those lows at this writing this morning as news continues to be slow and as there are few if any new/noteworthy headlines. The oils (crude and soybean) are the exception, and have both seen steady buying throughout much of the overnight hours, though we aren't seeing a lot this morning to justify the move outside of the same general momentum seen the rest of the week. Corn futures to start mid-week are trading 1-2 cents higher, soybean futures are trading 5-6 cents higher, and the Chicago wheat market is trading 2-3 cents higher.
Crude Oil is up $1.38 at $95.14
US Dollar is up at $99.45
Dow futures are down 221 points at 51,179
WEATHER:
- Weather models this week have continued to trend wetter into next week, with good rains of 2-4" expected from both the EU and the GFS for a lot of the central US and western Corn Belt. However, attention will need to be paid to the eastern part of the region, where the models are keeping drier conditions intact that could spur drought development. The EU's week two precip anomaly forecast is still running wetter than the GFS's version, but the two are in fairly good agreement otherwise into the middle of June.
- For temperatures, the models see mostly warmer air lingering through the next couple weeks and into the middle of the month for most, but don't see much in the way of extreme daytime highs for the most part that would cause a significant amount of crop stress. There are also hints of a cooler pattern emerging for the central US in the extended forecast, but the models see warmth holding both in the east and the west.
OTHER HEADLINES:
- This morning's weekly ethanol report from the EIA for the week ending May 29th is expected to show average daily production in the US during the week between 1.056-1.120 mil bbls, while stocks in the week were seen between 24.268-25.400 mil bbls. The report will be out at its regular 9:30am central time this morning.
- The Wall Street Journal reported on Tuesday, citing the US Deputy Ag Secretary, that China has begun placing orders for new crop US soybeans that have recently been planted, though the reports are otherwise unconfirmed. There has also still been no confirmation that China has officially removed 10% trade duties on US ag products, but if the rumored purchases are true, such a move could be announced in the coming months ahead of those deals actually being executed.
- The US Trade Representative's office said in a statement late Tuesday evening that the US is proposing new 10%-12.5% trade tariffs on imports from 60 partners following investigations into forced labor practices. The statement said countries that impose prohibitions on forced labor or have committed to doing so would receive the lower rate, while others that failed to impose or effectively enforce such practices would receive the higher rate. The timing of these new duties isn't quite clear this morning, but there is a public hearing on the matter scheduled for July 7th.
- Reuters reported late on Tuesday that Canada had sent a letter to both the US and Mexico this week outlining recommendations to extend the USMCA agreement for another 16 years following bilateral talks between only the two last week. The letter came ahead of scheduled meetings between USTR Jamieson Greer and Canadian trade minister Dominic LeBlanc yesterday, and also included mention of a review of sectoral tariffs. Sources say additional discussions are likely to take place next week.
- White House economic advisor Kevin Hassett said this week that the administration expects gas prices to move lower in the coming weeks as additional oil supplies are received from the Gulf, adding that the administration was also considering a plan to offer discounts on drilling licenses or fees on military and public lands in exchange for producers sending a share of their production into the Strategic Petroleum Reserve.
EXPORT NEWS:
- Private exporters reported sales of 136,000 metric tons of corn for delivery to South Korea during the 2026/2027 marketing year.
Be careful!
Bailey Runyen
Grain Originator | Topflight Grain Coop.
101 N. Main St. | Cisco, IL 61830
Phone :: 217-669-2141
Email :: brunyen@tfgrain.com
