Morning Markets: Corn: -3.25 old & -2.75 new.
Beans: -4.75 old & -4 new. Wheat: -6.50 old & new.
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 a classic turn-around-Tuesday this morning across most of the ag space, with an overnight correction in the crude oil market producing headwinds that have led to lower trade across most of the grain and soy markets early this morning at the CBOT. Bean oil is the lone exception, with the market scoring new contract highs again just in the last couple hours and still trading near these levels as of about 6am central time this morning. Corn futures to start Tuesday are trading 1-2 cents lower, soybean futures are trading 3-4 cents lower, and the Chicago wheat market is trading 5-6 cents lower.
Crude Oil is down $3.44 at $102.98
US Dollar is up at $98.46
Dow futures are up 195 points at 49,274
WEATHER:
- Radar imagery this morning shows fairly widespread precip working across the central part of the Midwest, though chances at severe storms have been kept mostly further south into more the the Delta area and broader southeast. Satellite data for the last 24 hours currently doesn't show anywhere in the Midwest with more than a half inch or so this morning, while models are calling for totals throughout the day today to generally stay below an inch.
- Forecasts are little changed though otherwise from yesterday's runs, with the models remaining in good agreement this morning on additional precip through the end of the week generally favoring the southeast, while the northern and northwestern parts of the Midwest hold in a cooler/drier trend generally through the weekend and into the first part of next week.
- The dry spell should open up good planting windows in that part of the region, but cooler temps still have producers a bit concerned over germination and replant prospects. As it pertains to frost, emergence rates seen in yesterday's crop progress update for states in the north and northwest are zero or near zero in a lot of cases, which would seem to lessen the risk profile there amid chilly nighttime lows the next couple days still.
OTHER HEADLINES:
- This morning's delivery slate from the CME Group includes 110 contracts of soybeans, 35 contracts of corn, 39 contracts of KC wheat, 10 contracts of oats, and 95 contracts of rough rice.
- At the state level on corn planting pace, states in the north/northwest are the furthest behind relative to last year, with MI down 16% at just 5% planted, ND down 12% at just 4% planted, and SD down 10% at 27% planted; IA is the only I-state behind last year, down 5% at 42% planted. For soybeans, MI is also the furthest behind last year here at just 3% planted, while IA is 9% behind at 27%, SD is 8% behind at 14% and ND is 7% behind at just 2%.
- Private US ag consultancy StoneX on Monday adjusted production estimates for Brazilian corn and soybean crops. The group pegged soybean production in the country at 181.6 MMTs, up around 1% from their April figure, while corn production was seen at 137.0 MMTs, also up around 1% from last month. For beans, upward adjustments in planted acreage in RGDS were cited as reason for the increase, while corn saw an upwards adjustment in first crop production that accounted for most of the increase in total production.
- Staying in Brazil, sources familiar with the matter said on Monday that the country's corn ethanol had passed a significant regulatory hurdle from the International Maritime Organization, which clears the way for it to be the first approved biofuel for use in ocean vessel transportation via a defined carbon footprint that has been approved by the group. Global shipping accounts for some 2-3% of annual greenhouse gas emissions according to studies.
- Monthly data from Argentina's CIARA-CEC grains chamber this week showed ag exports in the month of April totaled $2.495 billion, which is down around 1% from the same month last year but up some 23% from the March figure as the group said shipments of corn and sunflower seeds to ports picked up during the month. The first soybean trucks of the season were also said to have arrived during the month according to the group.
- Sources familiar with the situation say the US biodiesel industry will likely have an increasingly difficult time meeting new EPA biofuel blending mandates for the coming years, with many saying it will likely be difficult for companies to increase production by the roughly 60% needed to meet the mandates. From a RIN standpoint, one noted analyst estimates blenders must generate roughly 915 million credits/month, which compares to 481 million generated in February and 651 million generated in March. "We are not even remotely close to what we need," said the analyst.
- White House Advisor Peter Navarro said on Monday that the US Justice Department was planning to settle its case against data company Agri Stats with an agreement that is hoped to help bring down food costs as the case goes to trial this month. The DOJ argues Agri Stats' weekly reports on meat pricing and sales promoted anti-competitive practices in the chicken, pork and turkey industries, while spokespeople from the company have called the claims baseless.
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
