Closing Markets: Corn +2.25 old & +3.50 new.
Beans +1.25 old & new. Wheat -7.25.
All TFG locations will be closed Friday, July 4th for Independence Day
Marketing Recap-
Corn Summary-
Both old and new crop corn futures finished the week higher on Thursday, as short covering related to this evenings Trump announcements was the main market theme throughout the day. Otherwise, there wasn't a lot overly new, with the ongoing themes of favorable weather, trade deal possibilities, and a large Brazilian crop remaining in place into next week.
Soybean Summary-
The week ended in hurry up and wait mode in the soybean market, as the only thing anyone cares about is what President Trump might say in Iowa tonight regarding a potential trade deal with China. How the market opens Sunday evening will be almost entirely dependent on this, with price direction next week also likely largely driven by what is or isn't said. If an announcement isn't made regarding China specifically, any sort of trade deal regarding ag purchases will be seen as a positive amid an otherwise bearish back drop of large crop prospects and favorable weather.
Wheat Summary-
Wheat futures closed lower on Thursday after making new highs for the week earlier in the session, as news continues to be largely limited to harvest progress and crop quality chatter.
Outside News Headlines-
Crude oil futures down 20-30 cents/bbl
Weather Updates-
Mid-day weather runs trended drier across the central and western Corn Belt next week, with less than an inch of total rainfall now expected for most areas. How this develops over the weekend will be closely watched, with some areas in northern IL/IN and into eastern IA trending on the dry side.
For the holiday weekend, scattered thunderstorm activity is expected through the western and west-central Midwest, with precip amounts being scattered/variable and generally under an inch.
Temperatures will stay mostly above average for the Midwest through the weekend, while cooler air is seen working its way east through the Plains into the early part of next week.
Extended forecasts into mid-July are again little changed this afternoon, and continue to show above average precip potential through most all of the Corn Belt, while the only area of dryness concern resides in the western US in parts of NV and UT.
10–15-day temperature outlooks have trended warmer this week, most notably in southern Canada and the northeastern US, where well above air temps are now seen into mid-month. The western US also looks to stay, while stormy conditions keep temps closer to average in the south-central Plains and southern part of the country.
Be safe!
Bailey Runyen
Grain Originator | Topflight Grain Coop.
101 N. Main St. | Cisco, IL 61830
Phone :: 217-669-2141
Email :: brunyen@tfgrain.com
