Morning Markets: Corn: -3.25 old & new.
Beans: -6.25 old & new. Wheat: +4.25.
We will hold our Annual Crop Tour Meetings TODAY!!
Lincoln ~ Knights of Columbus ~ 8 am for Breakfast!
Monticello ~ Monticello Community Building ~ 12 pm for Lunch!
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. Grain prices are mixed this morning with all eyes on wheat again. Wheat finished up the 45 cent limit yesterday in Chicago, which triggers expanded 70-cent limits today. Talk that Russia would escalate attacks on Ukraine prompted the surge higher, and Russia did increase attacks again overnight. Shipping of ag and energy products out of the Black Sea region continue to be slow. Corn and beans were a follower yesterday and the slower wheat market this morning is helping those markets take a breather. Corn futures this morning are trading 2-3 cents lower, soybean futures are trading 4-5 cents lower, and the Chicago wheat market is trading 4-6 cents higher.
Crude Oil is up $0.21 at $82.44
US Dollar is up at $99.17
Dow futures are down 135 points at 53,386
WEATHER:
- The Midwest forecast continues to look dry into next week. Temps will gradually warm up again with highs in the low 90s early next week. The extended forecast is warm, but it does offer a few rain chances. The sunny, warm forecast will continue to push crop maturities forward. There are a spots in Illinois that have started corn harvest.
OTHER HEADLINES:
- The wheat rally yesterday was tied to sources saying that Russia was preparing to escalate attacks on Ukraine. That proved true overnight as Russia hit 9 Ukraine cities with missiles, including Kyiv. Russia also threatened to strike the UK over its help with supplying weapons to Ukraine. The WSJ is reporting that the war has entered a "new, deadlier phase." Ag and energy shipments continue to be threatened, which is supporting wheat futures. After finishing up the 45-cent limit yesterday in December Chicago wheat, that contract was up another 26 cents overnight before settling back down. The trading limit for Chicago wheat is expanded to 70 cents today.
- With access mostly blocked to Ukraine's Black Sea ports, shippers have been using the Danube River's Sulina Canal to get to Ukraine. The newswires are estimating that up to 70 vessels are waiting near this area to get access to load. Only five to seven vessels a day are moving out of the Canal and to Ukraine ports. Ukraine's grain shipments so far in August are down 60% from July.
- The Ukraine Ag Ministry is reporting this morning that planted acres in Ukraine could drop by 5 to 7 million hectares due to lack of funds and resources. Ukraine planted around 20 million hectares of grains and oilseeds in 2026.
- For the export sales report this morning, old crop corn sales are estimated in a range of (200K) to +400K. New crop corn is estimated at 600K to 1600K tons. Old crop beans are estimated at (200K) to +200K and new beans are estimated in a wide range from 1500K to 3000K tons. Wheat sales are estimated to be 250K to 550K. This morning's data will be through August 20th and the marketing year for corn and beans ends on August 31st. This is why old crop corn and bean sales could show a net cancellation as sales get moved forward.
- The corn funds were strong buyers of corn yesterday, estimated at nearly 60K contracts. This puts their estimated net position as long nearly 400K contracts, which is just 30K shy of the record long. Bean funds are nearing a net long of 200K, which is about 55K shy of the its record long position. Wheat funds are now estimated to be a slightly net long. These heavy net long positions in corn and beans are not typical for August.
- On the charts, December corn is showing an inside day so far after yesterday's large range. It is similar for beans this morning. The RSI for December corn finished at 78 yesterday, which is a strong signal of an overbought status. Support today for December corn is seen near $5.24. The monthly chart for Chicago wheat shows nearby values at the highest level since 2023, after the 2024 high of $7.20 was eclipsed yesterday. The RSI for December wheat sits at 74.
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
