Morning Markets: Corn: +5.25 old & +5.50 new.
Beans: +9.50 old & +10 new. Wheat: +9.25.
All TFG locations will be closed Friday, July 3rd in observance of Independence Day!
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. Following a brief bit of excitement through the back half of the day on Tuesday, ag markets spent much of the overnight session trading on either side of unchanged before buying showed back up again around 6:30am central time this morning to drive futures to new highs for the week. From here, we see focus returning in large part to the same themes we've talked about for a lot of the past several weeks, with China trade and weather likely to be the two most dominant market movers in the short term. The demand side of the markets looks to stay at the forefront, but as the calendar flips to July, it will soon be pollination season across the Midwest, and this looks to be the next big headline maker. Corn futures to get Wednesday started are trading 6-7 cents higher, soybean futures are trading 10-12 cents higher, and the Chicago wheat market is trading 2-3 cents higher.
Crude Oil is down $0.44 at $69.06
US Dollar is up at $101.50
Dow futures are down 139 points at 52,531
WEATHER:
- Thunderstorms are rolling across the western and northwestern parts of the Corn Belt this morning, with models calling for a half inch to an inch of rainfall generally speaking across parts of NE/IA/MN/WI between now and tomorrow morning. The models then have additional rains for these areas through the end of the week and into the weekend, but are still seeing high pressure keeping most of the southeastern quarter of the country drier into next week.
- Forecasts into next week then continue to trend wetter across the Midwest, with the 10-day precip outlook this morning showing some sort of measurable rainfall across nearly all areas of the Corn Belt, with the only general exception being the far western part of the Dakotas and NE.
OTHER HEADLINES:
- CME Group deliveries for Wednesday included another 661 contracts of soybean oil, 642 contracts of rough rice, 325 contracts of corn, 346 contracts of KC wheat, 48 contracts of oats, 31 contracts of soybeans, and 25 contracts of Chicago wheat.
- This morning's weekly ethanol update from the EIA, with data for the week ending June 26th, is expected to show average daily production during the week between 1.080-1.110 mil bbls, while stocks in the week are estimated between 24.385-24.685 mil bbls.
- The USDA is set to release monthly corn and soybean crush data this afternoon for the month of May. There are no trade estimates for corn grind, but a Reuters survey of analysts shows May soybean crush is expected at 214.9 million bu, which if accurate, would be a third straight monthly decline and the lowest reading since September, though the figure would still be up some 6% from May of last year. Soybean oil stocks as of the end May are seen at 2.214 bil lbs, which would be down 9% from April but up 18% from last year.
- Officials from Iran on Tuesday said they would not be meeting with the US trade delegation that flew to the region over the weekend following another outbreak in hostilities, adding that the two sides had additional details to work out regarding the ceasefire that was signed two weeks ago before more difficult topics, like curbs to its nuclear program, could be discussed. The US envoy met with Qatar's Prime Minister on Wednesday to lay groundwork, but sources confirmed they would not be attending the actual discussions.
- Sources familiar with the matter late on Tuesday reported that the Trump administration was expected to this week announce a formal declaration that it does not intend on extending the USMCA trade agreement. Mexican President Claudia Sheinbaum has already signed a letter calling for extension, but appears to be the only leader of the three countries willing to do so, as Canadian PM Mark Carney echoed sentiments similar to those of President Trump. Should no agreement be reached, a sunset clause implemented by Trump's first administration would mean the pact likely would sit in indefinite limbo for a period of ten years.
- StatsCanada on Tuesday, in a quarterly update, showed Canadian farmers planted record canola area this season, seeding 23.442 million acres; the figure is up some 7% from a March estimate and is up more than 8% from last year's planted area. All wheat planted area was pegged at 25.330 million acres, down 6% from last year, while corn and soybean area are both seen up slightly from last year 3.9 million acres and 6.0 million acres respectively.
- Details this morning are lacking, but headlines are showing that the Argentine oilseed industry has reached an agreement with worker's unions over wage disputes, likely avoiding a major labor strike during the country's peak shipping season.
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
