Morning Markets: Corn: 0 old & -0.75 new.
Beans: -0.75 old & -1.50 new. Wheat: -2.50
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. Following renewed selling across a lot of the space on Thursday, US ag futures have mostly extended those losses again so far in the overnight hours to get Friday started, with the grains below yesterday's lows and the soy complex mixed but generally inside of the trading ranges seen yesterday for the beans and meal while the oil has scored new weekly lows. With yesterday's WASDE update offering little if anything of note to traders, today becomes a risk-assessment day in our opinion, as the spec community attempts to figure out what might happen in Iran the next 48-72 hours while markets are closed for the weekend amid another round of new peace talks. Traders will have an eye on the Midwest weather forecasts, but it's macro happenings that likely continue to be the biggest driver of ag markets short term.
Corn futures to get Friday started are trading 1-2 cents lower, soybean futures are trading unchanged to a penny lower, and the Chicago wheat market is trading 2-3 cents lower.
Crude Oil is down $2.24 at $85.47
US Dollar is down at $99.86
Dow futures are up 929 points at 50,848
WEATHER:
- Much of the Midwest saw another round of severe weather/storms on Thursday, with the Storm Prediction Center showing another 19 tornado reports mostly scattered across northern/north-central IL, with 663 wind reports and 43 hail reports. The wind reports were mixed across both the Midwest and also further east into the northeast and East Coast. For rainfall, satellite-based totals were estimated in a range of a half inch to 2 inches generally speaking, with the best coverage and totals seen from southwest IA to northern IL and southern WI.
- For the weekend, models have things calming down a bit, but this morning's EU run is still showing another smaller low pressure system working through the region Saturday night into Sunday morning, with rainfall totals seen again ranging from a quarter inch or so to upwards of another 2-3" in some places by early Monday morning. Temperature-wise, the heat seen most of the week this week subsides by Sunday, with daytimes into next week expected to be average to below average most all of the Midwest and central part of the country.
OTHER HEADLINES:
- Weekly crop data from the Buenos Aires Grain Exchange in Argentina this week showed a 3% advance in corn harvest to 43.6% complete, while soybean harvest has nearly wrapped up at 95.2% complete. There were no production updates made for either crop. The report also showed wheat planting advanced 12% on the week to 44.2% complete, which continues to be ahead of both last year and average.
- According to weekly data from the USDA, barge shipments down the Mississippi River in the week ending June 6th totaled 668k tons, which was up 10% from the week prior. Corn shipments in the week at 370k tons were down 3% from the week prior and soybean shipments in the week at 280k tons were up 40% from the week prior. STL barge freight rates were seen at $16.12/short ton, which was down 20 cents from the week prior.
- Weekly drought monitor data released on Thursday showed 61% of the US corn area experiencing some sort of drought, down 5% from the week prior, while soybean area experiencing drought was seen at 56%, down 4% from the week prior.
- Though it continues to be a near-certainty that US interest rates are left unchanged at next week's FOMC meeting, the European Central Bank on Thursday became one of the first western nations to take a step in tackling inflation caused by the war in Iran by bumping interest rates 0.25% higher for the first time in nearly three years. The CME's FedWatch tool shows just a 6% chance at a rate increase in July, but these odds jump to 24% by the September meeting and are seen at better than 40% by the December meeting, clearly indicating that traders see some sort of jump before the end of the year as likely.
EXPORT NEWS:
N/A
