Morning Markets: Corn: -5.50 old & new.
Beans: -3.50 old & -4.75 new. Wheat: -21.75.
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 and happy Friday. Grain markets are lower across the board this morning with corn down about a nickel and soybeans slightly lower. Chicago and Kansas City wheat are both posting double digit losses as traders liquidate some wheat positions. Crude oil futures are about $2.50/barrel lower and the Sep WTI is trading below $90/barrel.
Crude Oil is down $2.01 at $90.18
US Dollar is up at $101.47
Dow futures are up 130 points at 52,024
WEATHER:
- Weather forecasts for the next week remain somewhat unfavorable for most of the corn belt with only real precipitation chances in Missouri over the next 7 days. Cooler temperatures the last couple days with subside and heat is expected to return this weekend with temperatures in the 90's. The western corn belt and western plains remain a problem area with reports of stressed crops from heat and lack of moisture. Extended forecasts for Mid-August call for normal temperatures and precipitation.
OTHER HEADLINES:
- December '26 corn spiked to a high of $4.92 overnight, but has retreated to $4.83 this morning. $4.92 is the highest level on CZ26 since May 21st. November soybeans made fresh highs overnight of $12.55 but have also retreated and are now trading slightly lower.
- The CU/CZ made a new low overnight of -24 with just 659 contracts trading at that level so far in today's session. Another 17.5k contracts are bid at -24 so we will see if that stack of orders gets cleared during today's session. Deferred corn spreads are a touch weaker this morning with CZ/CH at -15 3/4. Soybean spreads are firmer this morning. SX/SF firmed to an overnight high of -12 3/4 and is now trading near -13 1/2.
- Basis has remained defensive on both corn and soybeans this week with the higher futures. River corn bids have taken a hit over the past couple days and some corn processors have backed up nearby bids including ADM Decatur. Soybean crush margins continue to be healthy with the run up in crude/soybean oil prices but are weaker this morning.
- Middle East tensions remain elevated after explosions and air-defense activity were reported across Iran, along with Iranian drone and missile attacks targeting U.S. bases in Kuwait and Jordan. Iran rejected a U.S.-backed 10-day ceasefire proposal and continues to threaten closing the Strait of Hormuz, though crude oil futures are lower this morning despite the ongoing conflict.
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
