Morning Markets: Corn: -1.75 old & -1.25 new.
Beans: -10 old & -7.75 new. Wheat: +4.25.
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. Markets are mixed this morning to start Tuesday following what was mostly a corrective overnight session that saw trading ranges across the space almost entirely to the downside until about 6am, when wheat futures caught a big to help bring the space off the lows. They're round numbers, but we see chart support near $4 in old crop corn and $11 in old crop beans and would assume these levels provide some kind of floor to the markets should things turn off bearish again this week. However, we also wouldn't be terribly surprised to see sideways trade emerge for the next couple weeks in the vicinity of these levels amid a desire by traders to see what the quarterly acreage figures are going to show before placing new market bets. Corn futures to start Tuesday are trading either side of unchanged, soybean futures are trading 5-8 cents lower, and the Chicago wheat market is trading 4-6 cents higher.
Crude Oil is down $2.79 at $76.65
US Dollar is down at $99.62
Dow futures are up 132 points at 52,261
WEATHER:
- Models are narrowing the band of expected rainfall for the upper Midwest this morning, but are otherwise little changed from previous runs and continue to see a pair of cut-off lows working around the broader northeastern trough that will provide moisture to the north-central and northeastern parts of the US the next couple days. Heavier rains are still advertised for areas along the Gulf, but the dry pocket through the mid-south is slightly bigger today than it was yesterday, especially to the west.
OTHER HEADLINES:
- At the state level in this week's crop progress update, the biggest improvements for both corn and soybeans were seen in Indiana and South Dakota (+5% on corn, +7% on soybeans), while OH saw a 19% improvement in its corn condition rating and KS and ND each saw 4% improvements on the beans. IA corn was down 5% on the week and beans were down 3%, while IL corn was down 1% and beans were down 3%.
- Winter wheat harvest advanced 14% on the week to 25% complete, which is up from 16% last year. At the state level, TX saw a 40% jump on the week to 75% complete, while OK advanced 29% to 73% complete and both AR and NC advanced 25% to 60% and 52% complete respectively.
- S&P Global on Monday said they now see corn planted area in the US this season at 96.0 million acres, which would be up from the group's last forecast in March and also above the USDA's current projection, while soybean acres are seen at 85.3 million, which would also be up from both the March estimate and current USDA projections. The group added that spring wheat and cotton acres were also both expected to come in higher than previously estimated.
- Ag Secretary Brooke Rollins said on Monday that the USDA and the DHS were close to signing a memorandum of understanding (MOU) this week that would better coordinate the federal response to New World screwworm and allow the two groups to collaborate more directly on detection, movement controls, border enforcement and outbreak response.
- Monthly data from the French Ag Ministry released on Monday showed corn planted area in the country at just 1.31 million hectares, which if accurate, would be down some 19% from last year and also some 13% below the recent five-year average. The group said the declines were nationwide but more prevalent in the west, and added that switching to other crops like sunflower or rapeseed was one of the main reasons for the decline. French corn last week was rated 86% G/EX, up 1% from last year.
- An industry body on Monday said Indian soybean imports reached a record 200,000 MTs during the month of May, which was up 65% from the month prior largely on increased shipments from Africa. Domestic prices in India have reached four-year highs recently, prompting the increased imports. As a result, the group also raised their full-year import forecast some 300,000 tons to 900,000 tons.
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
