Morning Markets: Corn: -0.75 old & +0.25 new.
Beans: -1.75 old & +0.50 new. Wheat: +7 old & +6.25 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. Our grain markets are mixed this morning with HRWW wheat seeing futures rally another 12-14 cents this morning and up roughly 80 cents from last Friday's low! Meanwhile, corn and soybean futures are mixed to a few cents lower ahead of today's export sales report, which is expected to show a continuation of strong weekly corn sales and deteriorating soybean sales. Corn futures are a penny lower, soybean futures are 1-2 cents lower, and the Chicago wheat market is trading 6 cents higher. Soybean products are mixed with bean oil up nearly 60 points and meal is $3.00 lower.
Crude Oil is up $0.36 at $88.49
US Dollar is up at $98.21
Dow futures are up 91 points at 48,760
WEATHER:
- The 10-day outlook for the Midwest is drier this morning. Warmer than usual temps continue through the work week while cooler weather moves into the Midwest by the weekend. There are a few risks of frost for the Upper Midwest and N Plains this Saturday and Sunday. The slightly drier pattern next week should allow planters to begin rolling in regions that have been too wet so far this early spring.
- The 11-15-day outlook does show a needed wetter pattern for the Delta and Southeast where conditions have been abnormally dry. As mentioned previously, the W Plains will see spotty showers at best.
OTHER HEADLINES:
- Fresh fundamental news is lacking outside of weather. Overnight weather models flopped to a drier trend for the Western Plains after flipping to a wetter trend earlier this week for the 11-15 day outlook.
- US equity markets are at record highs despite the war uncertainty and the continued closure of the Strait of Hormuz. the Nasdaq has rallied for 11 consecutive sessions and is expected to open 40-60 points higher today. Part of the optimism for the renewed buying interest are the hopes the war could be nearing an end. High priced energies had worried equity traders the economy could not handle $120 crude. Optimists feel an end to the war will allow crude to relax quickly to sub-$80 levels.
- Pakistan officials have announced intentions to host a 2nd round of peace negotiations between Iran and the US, but have not been able to provide a date for the expected meeting. Just a few minutes ago, Secretary of Defense Hegseth announced that the US military was "maximally postured to restart combat operations" if Iran did not agree to a deal.
- The outside markets are relatively calm this morning with crude oil trading just fractionally higher, while the equity markets are showing minor gains. Meanwhile, the dollar index is up 10 points and gold futures are $20 higher. Weekly Jobless Claims report today is expected to show 215,000 new claims, down slightly from 219,000 a week ago.
- The weekly export sales report is expected to show corn sales in the 32 - 70 MB range with bean sales ranging from 7 - 20 MB, and wheat sales 3 - 9 MB. To reach current USDA objectives, corn sales need to average just 23 MB, beans to average 8.7 MB and wheat sales to average 3.3 MB.
- This week, market prediction exchange Kalshi announced a new commodities hub offering agricultural contracts such as corn, beans, wheat and also metals and energies. The new platform will trade 24/7 which will make it interesting to see how the CBOT responds to protect their market share.
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
