Morning Markets: Corn: +1.50 old & new.
Beans: +0.50 old & +0.25 new. Wheat: +3.25.
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. It's another quiet morning at the Board of Trade to get Wednesday trade started, with all three of the corn, beans and wheat higher at this writing but not by much and in light volume with narrow trading ranges. There continues to be little in the way of new news this morning - the back-and-forth between the US and Iran and is ongoing, the quarterly stocks/acreage update still looms next week, and weather forecasts both in Europe and across the Midwest are advertising heat into July. These, along with whether or not Chinese buying shows up, continue to be the main market makers in the ag space.
Corn futures this morning are trading 1-2 cents higher, soybean futures are trading 1-3 cents higher, and the Chicago wheat market is trading 2-3 cents higher.
Crude Oil is down $2.52 at $70.69
US Dollar is up at $101.77
Dow futures are down 20 points at 52,062
WEATHER:
- Not a lot new weather-wise this morning, with short term forecasts continuing to call for scattered convective thunderstorm activity across the Midwest the rest of the week and into the weekend, while extended forecasts continue to see ridging settling into the eastern part of the country beyond this weekend and lingering through the first 10 days of July that would bring about more warmer/drier weather. Short term, this morning's EU model run has a strip from eastern CO to southern PA looking at picking up an additional 1-4" of rain between now and Sunday, while totals look to be less both north and south of here.
OTHER HEADLINES:
- This morning's weekly ethanol update from the EIA, with data for the week ending June 19th, is expected to show average daily production during the week between 1.030 - 1.115 mil bbls, while stocks for the week are estimated between 24.00 - 25.00 mil bbls. On average, production would be down slightly from last week while stocks are expected to be nearly unchanged.
- Sources familiar with the situation said this week that the Senate Ag Committee has released a new draft of the Agricultural Act of 2026, or what its calling the "Farm Bill 2.0." The bill seemingly avoids most of the big issues that have lingered for months now, most notably E15, and appears to be focused on attracting bipartisan support within the Senate. Of note, the bill also includes provisions for the creation of a full-time crop input economist within the USDA's Office of the Chief Economist, which monitor the costs of things like fertilizer and fuel.
- Black Sea analyst SovEcon on Wednesday lowered its forecast for the Russian wheat crop in the 2026/27 season by a little less than 2% to 88.9 MMTs, citing reductions in planted area as reason for the cut. Total wheat area in the country is forecast at 25.8 million hectares, which would be the smallest figure since 2014.
- Fertilizer company Mosaic's country manager in Brazil says phosphate prices are unlikely to drop before farmers in the country begin planting their next soybean crop, which could lead to yield reductions in the coming season. The source says a resolution in the Middle East would not immediately produce a fall in prices, but that it could take a period of anywhere from 6 to 18 months for things to normalize.
- Staying in Brazil, headlines this morning show a Brazilian Energy Council meeting that was scheduled for today, that was expected to decide on a final greenlight on plans for a mandatory 32% fuel ethanol blend, has been postponed due to scheduling conflicts. The Ministry said a new meeting date would be announced soon.
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
