Morning Markets: Corn: +2 old & +2.75 new.
Beans: +11 old & new. Wheat: +0.
We will hold our Annual Crop Tour Meetings Thursday, August 27th
Lincoln ~ Knights of Columbus ~ 8 am for Breakfast!
Monticello ~ Monticello Community Building ~ 12 pm for Lunch!
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. Follow-through buying has been the theme so far throughout the overnight hours in the ag markets, with the soy complex once again leading the charge higher this morning on what appears to largely be a continuation of the trading themes seen on Monday. The tight supply conversation had over the last several weeks has been mostly focused on corn, but the soybean balance sheet doesn't have a whole lot of wiggle room for supply loss either and this has caused prices to have become a bit sensitive to the standing water seen across many Midwest fields coming out of the weekend. Focus has been elsewhere seemingly all summer, but with the US harvest season now dead ahead, crop size is beginning to have a more outsized impact on price discovery. Corn futures to start Tuesday are trading 2-3 cents higher, soybean futures are trading 6-8 cents higher, and the Chicago wheat market is trading either side of unchanged.
Crude Oil is up $0.74 at $84.48
US Dollar is down at $99.61
Dow futures are down 47 points at 53,497
WEATHER:
- Thunderstorms are firing across the western Corn Belt this morning and will work east throughout the day today, but there's not a lot new to discuss overall as the pattern is generally seen the same this morning as it was on Monday. Storm activity looks to continue into the weekend, though exact rainfall amounts/locations across the Midwest will be rather variable. Meanwhile, the clouds and moisture likely keep temperatures through the Midwest on the cooler side of normal, while heat stays confined to the southern and western parts of the country generally speaking.
OTHER HEADLINES:
- At the state level, the biggest decline in corn conditions on the week was seen in CO (-8%), while IN, KS, and MN all fell 5% and TX fell 4%; ND was up 6% on the week, while KY was up 5% and OH was up 4%. For soybeans, SD was the biggest loser on the week, falling 6%, while KS, LA, MI and MN were all down 5% and IN and MS were down 4%; ND and KY both saw 3% improvements on the week, while OH was up 2%.
- On the progress side, the corn crop continues to develop ahead of average; 76% of the crop has reached the dough stage (70% last year and 70% average), 29% of the crop is dented (25% last year and 24% average), and 4% of the crop is mature (3% last year and 3% average). For soybeans, 85% of the crop is setting pods compared to 80% last year and average. Winter wheat harvest reached 96% complete and spring wheat harvest reached 41% complete.
- Day one of the Pro Farmer crop tour produced yield estimates that were down from both last year and the previous three-year average in Ohio and South Dakota, with scouts noting hot/dry weather in the west and excessive moisture in the east. The tour estimated Ohio corn yields at 180.2 bu/acre vs 185.7 last year and 184.3 on average, and estimated South Dakota corn yields at 149.1 bu/acre vs 174.2 last year and 162.7 average. The tour will release estimates for IN and NE later this evening.
- Disruptions in the Black Sea aren't just impacting world grain flows - India's soybean oil imports during the month of August are expected to jump to a new record of more than 600k tons, while sunflower oil imports are seen falling to their lowest level since February and some 30% below last year as ongoing disruptions in the region have produced a price disparity. Sources indicate Russian attacks on port infrastructure in Odesa and Izmail have been ongoing since Sunday.
- In the meat world, Cargill said in a statement on Monday that it was planning to resume operations at a beef production plant in Fort Morgan, CO in September following union workers voting to end a labor dispute that had halted slaughter at the facility since April. Workers had rejected an initial pay package over disputes regarding wages in the fourth and fifth years of a five-year deal, but according to a company statement, overwhelmingly voted to now accept the deal amid fears of a longer work stoppage.
- President Trump said on Monday that Iran was not going to agree to the kind of deal needed to end the war in the region, telling reporters that the US was involved for the sole purpose of Iran not acquiring a nuclear weapon. Trump added that he had no interest in extending a 60-day interim deal that was reached earlier this summer that would've expired on Monday, and that Iran should "put up the white flag of surrender."
EXPORT NEWS:
- Private exporters reported sales of 136,000 metric tons of soybeans for delivery to China 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
