Morning Markets: Corn: -2.25 old & -2.50 new.
Beans: -7.75 old & new. Wheat: +1.
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. Monday ag trade is mixed/mostly lower to get the month of August rolling, as it's largely the same mix of trade themes discussed throughout much of July that have continued to drive a lot of the price action in the space. Lower trade in the world energy markets based on weekend developments in the Middle East is the obvious market influence this morning, but otherwise, we assume direction this week is going to continue to be the result of Midwest weather/crop assessments, ongoing developments between Russia and Ukraine in the Black Sea region, happenings in/around the Strait of Hormuz, and demand (or the lack thereof) out of China. We've made the same comments for what seems like weeks now, but simply cannot understate how much influence these four items have on price discovery into the harvest season. Corn futures this morning are trading 2-3 cents lower to start, soybean futures are trading 4-6 cents lower, and the Chicago wheat market is trading either side of unchanged.
Crude Oil is down $5.70 at $78.97
US Dollar is down at $99.81
Dow futures are up 624 points at 53,259
WEATHER:
- US weather will be a bit divided this week, with areas west of the Rockies expected to see scorching heat for most of the next five days and then into the weekend, while the eastern and central parts of the country largely stay on the cooler side of normal. Precip-wise, the models this morning see a relatively slow moving frontal boundary providing generally light precip to the central Corn Belt Tues/Weds/Thurs this week, though totals don't look to reach more than an inch for the most part and coverage looks to likely be spotty.
OTHER HEADLINES:
- Friday afternoon's weekly Commitment of Traders update from the CFTC showed managed money traders in the week ending July 28th were buyers of 75,491 contracts of corn (+168,399), buyers of 30,101 contracts of soybeans (+155,001) and were buyers of 12,470 contracts of Chicago wheat (-6,880); in the soy products, funds bought 13,502 contracts of meal (+88,655) and sold 15,493 contracts of oil (+109,855).
- Traders will be watching for additional flash sales announcements to show up on the daily wire this morning, with cash sources rumoring on Friday that Chinese government buyers had booked at least another eight soybean cargoes for shipment out of the US Gulf and another six for shipment off the PNW. Total volume was rumored in the ballpark of 840,000 tons.
- Sources familiar with the situation said China's state grain buyer Sinograin sold around 249k tons of reserve beans at auction last week, or roughly half of the total offered. Another 501k ton are said to be up for auction on Wednesday this week to make additional room for incoming US cargoes.
- Russia's Union of Grain Exporters and Producers said in a statement Friday that ongoing attacks in the Black Sea region were likely to lead to a complete blockage of export corridors in the region in the near future, which could lead to a 30-35 MMT shortfall in exportable supplies during the season. This equates to around 15% of annual global wheat trade.
- E15 was back in the headlines last week, as US lawmakers proposed new legislation that would expand the sales of the higher ethanol-blend gasoline and would also give exemptions from annual mandates to smaller refineries that have received them in the past. The proposal, which is part of the Senate Ag Committee's Farm Bill, seems to mark a notable shift from previous versions that would have cut those said exemptions significantly. Senate Ag Chair John Boozman said that lawmakers would begin debating the new text sometime this week.
EXPORT NEWS:
- 488,000 metric tons of soybeans for delivery to China during the 2026/2027 marketing year
- 136,150 metric tons of soybeans for delivery to unknown destinations during the 2026/2027 marketing year
Be careful!
Bailey Runyen
Grain Originator | Topflight Grain Coop.
101 N. Main St. | Cisco, IL 61830
Phone :: 217-669-2141
Email :: brunyen@tfgrain.com
