Morning Markets: Corn: +3.75 old & +3.50 new.
Beans: +4.75 old & +5.25 new. Wheat: +4.25 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. Happy Friday. Markets are mixed/mostly higher this morning at the CBOT, with the soy complex - oil specifically - the upside leader early on, while wheat futures have spent the last several hours drifting to back unchanged or a hair lower after being up 7-8 cents early in the overnight session last night. With another weekend looming and there still seemingly little if any progress occurring in the Middle East, we assume risk adjustment will likely be the theme of the day for Friday, as traders continue to cautiously navigate what has become a headline-laden trading environment in the last several weeks. Corn futures this morning are trading 2-3 cents higher, soybean futures are trading 6-7 cents higher, and the Chicago wheat market is trading 1-3 cents higher. Bean oil has scored another round of new contract highs and is up around 0.80 cents/lb.
Crude Oil is down $1.83 at $103.24
US Dollar is down at $97.90
Dow futures are up 149 points at 49,984
WEATHER:
- Weekend weather across the Corn Belt looks to be cold and dry for the most part, as forecasts are in good agreement this morning on the late-season chill lingering into next week, while rainfall stays confined generally to the southeast and areas along the Gulf Coast. Better rains are then seen moving further north back into the heart of the Midwest by the middle of the week next week, but there appears to be little sign of a temperature shift in the next 7-10 days, leaving the west warm while the east stays cool.
OTHER HEADLINES:
- Delivery day two was again active. The CME Group last night assigned another 712 contracts of bean oil for delivery, along with 315 contracts of corn, 245 contracts of KC wheat, 367 contracts of soybeans, 312 contracts of Chicago wheat, 240 contracts of rough rice and 60 contracts of oats.
- Weekly crop data from the Buenos Aires Grain Exchange in Argentina showed corn harvest this week advancing just 1.5% to 28% complete, while soybean harvest was seen advancing 8.1% to 18.3% complete. The group made no production estimate update, with corn production still at 61.0 MMTs and soybean production still at 48.6 MMTs.
- The European Commission has continued to trim grain production forecasts for the coming season, saying in a monthly update that they now see wheat production in the 2026/27 season at 127.3 MMTs vs 125.9 MMTs in March, but this is offset by a roughly 2 million ton drop in barely production and a 0.1 million ton drop in corn production, which resulted in a total grain forecast of 277.6 MMTs vs 278.1 previously.
- Officials with prediction market maker Kalshi Inc. said on Thursday, following discussions with industry officials, that it would be limiting trading hours on new financial markets tied to commodities to their normal exchange hours following significant industry pushback. Trading in other Kalshi markets usually occurs 24 hours a day, seven days a week.
- Though limited in detail, the Chinese government announced this week that it would be guiding local authorities in using fiscal funds to purchase frozen pork supplies for commercial reserves "in an effort to promote stable market operations."
- According to weekly data from the USDA, barge shipments down the Mississippi River in the week ending April 25th totaled 638k tons, which was down 11.4% from the week prior. Corn shipments in the week at 428k tons were up 3% and soybean shipments at 198k tons were down 29%. STL barge freight rates were quoted at $18.15/short ton, up 4 cents on the week prior.
- The US House of Representatives on Thursday passed its version of the long awaited Farm Bill by a vote of 224-200, signaling progress on what has been long-stalled legislation since the previous bill expired in 2023. The bill must now go through the Senate before being signed into law by President Trump, but analysts feel there could still be significant hurdles to clear, most notably regarding SNAP funding. Notably, the bill did not include provisions for year-round E15 sales, though the House is expected to vote on standalone legislation regarding this matter on May 13th.
EXPORT NEWS:
- Private exporters reported sales of 148,240 metric tons of corn for delivery to unknown destinations. Of the total, 78,240 metric tons is for delivery during the 2025/2026 marketing year, and 70,000 metric tons is for delivery 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
