Morning Markets: Corn: +0.75 old & +1.00 new.
Beans: +4.25 old & 3.50 new. Wheat: -0.25 old & new.
All TFG locations will be closed on Monday, May 25th, 2026 in observance of the Memorial Day holiday!
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. Markets are seeing a small bounce this morning to begin wrapping up the week after the selling seen the last couple days, with the space mostly in the green on generally the same news and trade themes that have been discussed the last several days. With a three-day weekend ahead and no trade on Monday, we anticipate today to be a lot about position squaring, assuming that there are few in the spec world who have any sort of desire to sit on positions for the next three days amid the risk of developments with either Iran or China. The heart of the US growing season lies dead ahead, but it's geopolitics that have dominated and likely continue to dominate the ag space in the short term. Corn futures this morning are trading 1-2 cents higher, soybean futures are 4-5 cents higher, and the Chicago wheat market is 1-2 cents lower.
Crude Oil is down $-0.25 at $96.10
US Dollar is up at $99.32
Dow futures are up 276.31 points at 50,285
WEATHER:
- Weekend weather across the Midwest looks to feature ongoing potentially heavy precipitation across the southern US and southeast, with this morning's EU model run forecasting rainfall totals in a range of 1-3+" between now and first thing Monday morning, with potentially heavier amounts possible. The models also have rains likely for some of the drier areas of the northwestern part of the Midwest in the Dakotas and MN, but totals look to be less and generally under an inch.
- Both areas then see additional precipitation potential through the week next week, but notable in the forecast is a pocket in the central and north-central part of the Midwest where high pressure keeps rain almost entirely absent into at least the end of next week.
OTHER HEADLINES:
- The USDA is scheduled to release it's May Cattle on Feed report this afternoon at 2pm central time. According to a Reuters survey of analysts, traders see on feed as of May 1 at 11.558 million head, while marketings in April are seen at 90.7 million head and placements in the month are seen at 103.4 million head.
- The Buenos Aires Grain Exchange in their weekly crop update this week raised production estimates for both corn and soybeans. The group now sees corn production at 64 MMTs vs 61 previously, while soybean production is seen at 50.1 MMTs vs 48.6 previously. Harvest progress advanced 17% on the week to 74.7% complete for soybeans and advanced less than 1% on corn to just 32.9% complete.
- The USDA's monthly livestock slaughter report, released yesterday afternoon, showed total red meat production in the month of April at 4.46 bil lbs, which was down 1% from the March figure and down 3% from the same month last year. Beef production at 2.097 bil lbs was unchanged on the month and down 7% from last year, while pork production at 2.347 bil lbs was down 2% on the month but unchanged from last year.
- Argentine President Javier Milei announced on Thursday that the country was planning to cut it's wheat export tax to 5.5% from 7.5% starting in June. Milei added that the tax on soybean exports could also be dropped by 0.25-0.5% starting in January next year as long as the country's tax revenue allows for it.
- The International Grains Council (IGC), in a monthly update, said 2025/26 grain production was seen at 2.48 bil tons, up 6% from the year prior, which would be the biggest year/year growth in some nine years. Production for the 2026/27 season was left unchanged from the previous estimate at 2.414 billion tons. Global stocks are seen at 615 million tons for the new crop, which is in-line with the recent five-year average.
- According to monthly data from the EPA released this week, the US generated 1.22 billion ethanol (D6) credits in the month of April, down slightly from the 1.24 billion in the month prior. Biodiesel (D4) blending credits were seen at 690 million, up from 653 million in March.
- Weekly data from the USDA showed barge shipments down the Mississippi River in the week ending May 16th totaled 723k tons, which was up 14% from the week prior. Corn shipments in the week were seen at 465k tons, up 7% from last week, and soybean shipments were seen at 242k tons, which was up 35% from the week prior. STL barge freight rates were quoted at $18.07/short ton this week, unchanged from the week prior.
EXPORT NEWS:
- N/A
Noah Richardson
Topflight Grain Seymour
202 N Main Street, Seymour IL 61875
nrichardson@tfgrain.com
www.topflightgrain.com
