Morning Markets: Corn: +2.50 old & +3.25 new.
Beans: +6.75 old & +5.25 new. Wheat: +8.75.
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. Markets are seeing their best recovery action of the week this morning to get Wednesday trade started, with the whole of the space trading in the green despite broader selling in the equity markets. Outside of the now fairly regular claims by President Trump that a deal is close to end the war in Iran, there is once again limited fresh news in the space this morning, with it being our opinion that much of the price activity the last couple days has been technical in nature, and likely continues to be until something new unfolds with either China or the Middle East.
Corn futures this morning are trading 4-5 cents higher, soybean futures are trading 5-7 cents higher, and the Chicago wheat market is trading 11-12 cents higher.
Crude Oil is up $1.54 at $89.74
US Dollar is up at $99.91
Dow futures are UP 86.10 points at 50,872
WEATHER:
- Short-term weather is little changed again this morning, as an active weather pattern across the Midwest likely continues for another couple days and into the weekend. The good mix of rain, heat and sunshine is nearly ideal for crops in a lot of places, but there will continue to be local pockets, especially in the northern parts of IL/IN/OH, that have dryness concerns due to lower soil moisture levels at present and possibly catching the lower end of expected rainfall totals through the weekend.
- Temperatures are still seen moderating rather significantly beyond the end of the week this week, which should help to limit some of the stress caused by a lack of rain in some areas.
OTHER HEADLINES:
- This morning's weekly ethanol update from the EIA is expected to show average daily production in the US in the week ending June 5th between 1.100-1.125 mil bbls, while stocks in the week are seen between 24.40-24.806 mil bbls. On average, production would be up slightly from last week while stocks would be similar.
- According to a survey of Bloomberg analysts, traders see Brazil's CONAB leaving both corn and soybean production relatively unchanged in tomorrow's monthly update, which is due out ahead of the June WASDE. Traders see the group pegging corn production at 139.6 MMTs vs 140.2 previous, while soybean production is seen going from 180.1 MMTs last month to now 180.6 MMTs. The report is due out at 7am central time.
- Bilateral talks between the US and Mexico regarding trade between the two seem to be making headway, with a Mexican trade team expected in the US next week for another round of discussions. USTR Greer made comments on Tuesday that the talks were going well, though there is still a broader review of the USMCA agreement scheduled with Canada for later this summer.
- This morning's monthly inflation update is largely expected to show another uptick over the last month, with the reading expected to top 4% for the first time in nearly three years. Rising energy prices due to the ongoing war continue to be the main driver, while food and transportation costs are also expected to remain firm. From a market standpoint, the risk of a higher inflation number is that it would also likely increase the odds that interest rates go back up. The data is due out at 7:30am central time this morning.
EXPORT NEWS:
N/A
Noah Richardson
Topflight Grain Seymour
202 N Main Street, Seymour IL 61875
nrichardson@tfgrain.com
www.topflightgrain.com
