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Topflight Grain Cooperative, 420 West Marion Street, Monticello, IL (2026)

06/12/2026

Friday, June 12, 2026
Closing Markets: Corn: +1 old & +0.75 new.
Beans: -1.50 old & -2 new. Wheat: -2.25.

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.

Good evening!

Market Recap-
Happy Friday. It was a quiet close to the week on Friday, with ag markets at the CBOT closing mixed on modest volume and limited fresh news outside of what has become the near daily back-and-forth between the US and Iran. Yesterday's WASDE did the proverbial in one ear and out the other over the course of about 20 minutes, and trader focus today went right back to assessing war-risk premium and whether or not Midwest weather becomes a market mover as we get deeper into summer. There's a lot of growing season still ahead, but the bulls are going to need a reason to want to get back into the long positions that they so quickly exited over the course of the last month.

Corn Summary-
Outside of this afternoon's weekly CFTC update, there was little if anything new in the corn market on Friday with futures closing varying degrees of higher after scoring another round of new contract lows for the third time this week earlier in the session. The only headlines of note throughout the day were focused on the Middle East, where despite verbal progress towards an agreement the last 48 hours, there still seems to be a considerable amount of confusion in terms of whether or not a peace deal has actually been reached. War premium exists in the corn market due to it's effect on fertilizer prices, which by some metrics, have already started to come down from their peaks seen in the last couple months. However, it remains our opinion that activity in the Strait of Hormuz must return to normal or near-normal levels before Middle East influence entirely exits the corn market.

Soybean Summary-
This afternoon's soybean comments are largely rinse and repeat from the corn section, as values closed mixed/mostly lower Friday on what was another day of trading rhetoric out of the Middle East. From a big picture standpoint and outside of what goes on with Iran, we see trade largely staying sideways the next couple weeks unless China finally comes in due to question marks surrounding US planted acreage that are hopefully going to be answered at the end of the month. The media thinks cool/wet spring weather through parts of the Midwest will lead to a boost in planted acres for beans, but history has shown it's nearly impossible to outguess the June report. A bump in acres, plus record or near-record yields, plus no buying from China likely equals a not-so-friendly ending stocks number on the new crop balance sheet, and this likely caps the upside somewhat for the foreseeable future.

Wheat Summary-
Wheat futures were lower to end the week on Friday, as technical selling and negative seasonals continued to be the main theme throughout the market despite the USDA once again cutting production figures in this week's update. Export prices are still largely non-competitive, which as we've discussed for weeks now, is the primary offsetting factor to lower production figures. Should Russian wheat continue to work into Mexico on a regular basis, we assume a broad-based rally in US futures will be somewhat difficult to come by.

Outside News Headlines-
Crude Oil Futures: down $3.00+/bbl

Weather Updates-
Weather forecasts have one more round of potentially severe weather in store for the Midwest this weekend following several days of unstable activity this week, with the models in good agreement on one more storm system working through the mid-section of the country Saturday night into Sunday providing wind/rain/tornado potential. Models see rainfall totaling another half inch to 2 inches generally speaking by early Monday morning, though exact locations/amounts will be difficult to forecast.

Next week looks to then turn maybe a little calmer, while cooler air will be also more normal across much of the country's midsection as low pressure settles in to the middle of the US for a few days. Models have another shot of moisture returning by the end of next week, but we will need to see how the pattern develops the next few days before gaining more confidence in it.

Focus in the extended forecast is on model forecasted high pressure that is seen moving into the central part of the country by the end of the month and into July. The ridging will be a two-part situation, with the southern and south-central parts of the country directly under the ridge seeing hot/dry conditions, while areas to the north on the periphery of the ridge will see regular thunderstorm activity that keeps moisture present. Where exactly the ridge sets up and how intense it becomes are the big questions with the forecast today.

Noah Richardson
Topflight Grain Seymour
202 N Main Street, Seymour IL 61875
[email protected]

Topflight Grain Cooperative, Inc. is a farmer-owned grain cooperative in the heartland of the USA in the middle of Illinois grain belt. The rich soils and modern farm practices produce record yields of quality grains.

06/12/2026

Friday, June 12, 2026
Morning Markets: Corn: 0 old & -0.75 new.
Beans: -0.75 old & -1.50 new. Wheat: -2.50

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. Happy Friday. Following renewed selling across a lot of the space on Thursday, US ag futures have mostly extended those losses again so far in the overnight hours to get Friday started, with the grains below yesterday's lows and the soy complex mixed but generally inside of the trading ranges seen yesterday for the beans and meal while the oil has scored new weekly lows. With yesterday's WASDE update offering little if anything of note to traders, today becomes a risk-assessment day in our opinion, as the spec community attempts to figure out what might happen in Iran the next 48-72 hours while markets are closed for the weekend amid another round of new peace talks. Traders will have an eye on the Midwest weather forecasts, but it's macro happenings that likely continue to be the biggest driver of ag markets short term.

Corn futures to get Friday started are trading 1-2 cents lower, soybean futures are trading unchanged to a penny lower, and the Chicago wheat market is trading 2-3 cents lower.

Crude Oil is down $2.24 at $85.47
US Dollar is down at $99.86
Dow futures are up 929 points at 50,848

WEATHER:
· Much of the Midwest saw another round of severe weather/storms on Thursday, with the Storm Prediction Center showing another 19 tornado reports mostly scattered across northern/north-central IL, with 663 wind reports and 43 hail reports. The wind reports were mixed across both the Midwest and also further east into the northeast and East Coast. For rainfall, satellite-based totals were estimated in a range of a half inch to 2 inches generally speaking, with the best coverage and totals seen from southwest IA to northern IL and southern WI.

· For the weekend, models have things calming down a bit, but this morning's EU run is still showing another smaller low pressure system working through the region Saturday night into Sunday morning, with rainfall totals seen again ranging from a quarter inch or so to upwards of another 2-3" in some places by early Monday morning. Temperature-wise, the heat seen most of the week this week subsides by Sunday, with daytimes into next week expected to be average to below average most all of the Midwest and central part of the country.

OTHER HEADLINES:
· Weekly crop data from the Buenos Aires Grain Exchange in Argentina this week showed a 3% advance in corn harvest to 43.6% complete, while soybean harvest has nearly wrapped up at 95.2% complete. There were no production updates made for either crop. The report also showed wheat planting advanced 12% on the week to 44.2% complete, which continues to be ahead of both last year and average.

· According to weekly data from the USDA, barge shipments down the Mississippi River in the week ending June 6th totaled 668k tons, which was up 10% from the week prior. Corn shipments in the week at 370k tons were down 3% from the week prior and soybean shipments in the week at 280k tons were up 40% from the week prior. STL barge freight rates were seen at $16.12/short ton, which was down 20 cents from the week prior.

· Weekly drought monitor data released on Thursday showed 61% of the US corn area experiencing some sort of drought, down 5% from the week prior, while soybean area experiencing drought was seen at 56%, down 4% from the week prior.

· Though it continues to be a near-certainty that US interest rates are left unchanged at next week's FOMC meeting, the European Central Bank on Thursday became one of the first western nations to take a step in tackling inflation caused by the war in Iran by bumping interest rates 0.25% higher for the first time in nearly three years. The CME's FedWatch tool shows just a 6% chance at a rate increase in July, but these odds jump to 24% by the September meeting and are seen at better than 40% by the December meeting, clearly indicating that traders see some sort of jump before the end of the year as likely.

EXPORT NEWS:
N/A

Noah Richardson
Topflight Grain Seymour
202 N Main Street, Seymour IL 61875
[email protected]

Topflight Grain Cooperative, Inc. is a farmer-owned grain cooperative in the heartland of the USA in the middle of Illinois grain belt. The rich soils and modern farm practices produce record yields of quality grains.

06/12/2026

Thursday, June 11, 2026
Closing Markets: Corn: -7.25 old & new.
Beans: -8 old & -4.50 new. Wheat: -0.75.

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.

Good evening!

Market Recap-
Ag markets closed in the red Thursday following what was a mostly expectedly dull June WASDE update that did little to change the overall fundamental landscape in any of the markets. The data could be construed as mildly friendly the wheat market, but otherwise, there was little notable info on either the corn or soybean front and trader attention now likely quickly turns back to weather and whether or not the conflict in the Middle East can reach a resolution in the short term. Ag fundamentals were important for all of about 10 minutes today, but its broader macro happenings that remain in the driver's seat again at the close this afternoon.

Corn Summary-
Corn futures finished report day lower on Thursday and scored a new round of fresh contract lows in the process as downward momentum seems to still be in place after taking a quick breather the middle of the week this week. The report wasn't necessarily overly bearish, but it wasn't bullish either and this is what led to another rounding of selling through the noon hour and into the close. From here, it's the end-of-month quarterly stocks and acreage update that offers the next crop-specific spark to traders, with happenings in Iran and lingering Chinese purchases potential the more active drivers of price on a day-to-day basis.

Soybean Summary-
Bean oil futures led the soy complex lower on Thursday, though it didn't take a lot of effort to drag the others along as selling was fairly active throughout the space following the WASDE update release. Another round of headlines that the US was calling off military strikes in Iran due to progress in peace negotiations obviously didn't help bean oil futures, but we assume a steady biofuel figure on the new crop side of the balance sheet was enough for some stale spec longs in the space to bank profits and take more of a wait-and-see approach into the middle of the summer. Otherwise, there wasn't much in the report data-wise that changed anything fundamentally in the space and it was another day with little sign of buying interest on the part of the Chinese.

Wheat Summary-
The wheat market saw the friendliest data of the three row crops in this morning's WASDE update but was still unable to break from the selling throughout the rest of the space with futures still finishing lower on the day. The production cuts will obviously get the bulk of the headlines, but we don't know that this is particularly new news amid the media frenzy the market has received since the last crop report in May. It's pretty well known at this point that US wheat production is going to be down, but the problem remains that a market rally based on this fact does nothing but further diminish what has already been a rather uncompetitive export program.

Outside News Headlines-
Crude oil futures down $2.90+/bbl.

Weather Updates-
Severe weather will continue to be the focus across much of the Corn Belt through the evening and into the early morning hours, with wind/hail/tornado threats present for an area stretching from MO to MI. Once this system moves through, things look to calm down a bit for a day or two into the weekend but the pattern stays active into next week and the models have at least two additional rain/storm systems possible for the Midwest by the end of the week next week.

Temperatures beyond tomorrow will moderate, with the models in good agreement on several days of cooler than normal daytime highs through the week next week and into the following weekend.

There's been little change in the extended forecast all week, with precipitation anomaly maps still showing better than normal rain potential across a wide swath of the central and east-central parts of the US into the back half of the month. Temperature forecasts also continue to see little change, and have average to below average temps also remaining in place for much of the Corn Belt into the back half of June.

Noah Richardson
Topflight Grain Seymour
202 N Main Street, Seymour IL 61875
[email protected]

Topflight Grain Cooperative, Inc. is a farmer-owned grain cooperative in the heartland of the USA in the middle of Illinois grain belt. The rich soils and modern farm practices produce record yields of quality grains.

06/11/2026

Thursday, June 11, 2026
Morning Markets: Corn: -2.25 old & new.
Beans: -1.25 old & +1.50 new. Wheat: -1.

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. Happy WASDE day. Markets are mixed this morning ahead of what most expect to be a fairly dull June WASDE report, with the grains lower and the soy complex mixed amid what continues to be a more macro-driven ag space than normal for the middle of June. Traders are aware of ebbs and flows in the forecast and that there are pockets of the Midwest already dealing with weather issues, but like we've talked about for weeks now, it continues to be happenings in the Middle East and broader trade discussions both with China and Canada/Mexico that have, without a doubt, been the bigger drivers of price. Supply and demand data at 11am central time will briefly interrupt this sentiment, but likely does little to change the bigger overall picture.

Corn futures to start Thursday are trading 2-3 cents lower, soybean futures are trading either side of unchanged, and the Chicago wheat market is trading 2-3 cents lower also.

Brazil's CONAB, ahead of USDA updates later this morning, showed the country's soybean production in a monthly update at 180.253 MMTs, which is up just marginally from 180.1 MMTs seen last month. Total corn production was seen at 140.463 MMTs, also up just slightly from last month's 140.2 MMT estimate.
Crude Oil is up $0.20 at $90.23
US Dollar is up at $100.07
Dow futures are down 953 points at 49,918

WEATHER:
· Severe weather/thunderstorms impacted a good chunk of the central and northern parts of the Midwest on Wednesday, with another round of storms possible for the same region this afternoon/this evening. The SPC's storm report page for yesterday shows 16 tornado reports and 90 hail reports, with 13 of the hail reports being noted as large; the bulk of the tornado reports were near the MO/IA line. For rainfall, satellite data estimated totals in a range of a half inch to upwards of 7+" through parts of northern MO, with the bulk of central IL and WI picking up 2-3".

· Today's storms, according to radar simulation this morning, look to crank up in southwestern IA through the morning hours and then work north and east through the day today with a tail stretching from WI to OK by this afternoon/evening. Models have 24 hour rainfall totals ranging from a couple tenths to another 2-3" through northern IL/southern WI.

OTHER HEADLINES:
· Traders see this morning's weekly export sales report for the week ending June 4th showing old crop corn sales in the week between 700k-1.6 mil MTs, old crop soybean sales between 150k-400k MTs, and old crop wheat sales between (100k)-100k MTs. For new crop, corn sales are seen between 200k-500k MTs, soybean sales are seen between 100k-350k MTs, and wheat sales are seen between 200k-600k MTs.

· This morning's June WASDE update is expected to show little in terms of changes from last month according to a Bloomberg survey of analysts, with new crop corn ending stocks seen at 1.947 bil bu, new crop soybean ending stocks seen at 311 mil bu, and new crop wheat ending stocks seen at 764 mil bu. At the world level, corn stocks are seen at 278.5 MMTs, soybean stocks are seen at 125.3 MMTs, and wheat stocks are seen at 274.8 MMTs. From a production standpoint, corn and soybean production in the US, Brazil and Argentina are all seen similar to last month, and all wheat production is seen down slightly from last month at 1.555 bil bu.

· European trade group Coceral said this week that combined EU-UK corn production in 2026 was expected to reach 57.2 MMTs, which is down some 3 million tons from a previous estimate due in large part to a nearly 8% drop in planted area. The group said wheat production was expected to reach 143.7 MMTs, which would be down around 5% from last year but is little changed from a previous estimate.

· In Argentina, the Rosario Grain Exchange said in a monthly report that both soybean and wheat production were expected to be higher than previously thought, with soybean production now seen at 51.5 MMTs and wheat production seen at 20 MMTs mostly on better-than-expected yields. The group added that corn harvest had reached 55% and that production was still expected to reach a record 68 MMTs.

· Brazilian seed producer Boa Safra, who supplies roughly 10% of the country's soybean acreage annually, said this week that demand for longer season soy varieties is noticeably higher this year as farmers are preparing to see increased weather volatility via the arrival of El Niño later this year. The group's CEO said farmers had also been opting for more basic seed packages as a way to cut costs amid soaring input costs caused by the ongoing closure of the Strait of Hormuz.

· Equity markets are bouncing this morning but tanked on Wednesday following inflation data that showed the annual level back above 4%, which was the largest monthly increase since the spring of 2023. While not necessarily unexpected, the figure gives added credence to ideas that rate increases are likely at some point between now and the end of the year, though no change is still expected to occur at next week's FOMC meeting.

EXPORT NEWS:
Weekly export sales for corn and beans were within expectations. Corn saw a large new crop sale of 36.5 mbu. Wheat was above expectations.

Noah Richardson
Topflight Grain Seymour
202 N Main Street, Seymour IL 61875
[email protected]

Topflight Grain Cooperative, Inc. is a farmer-owned grain cooperative in the heartland of the USA in the middle of Illinois grain belt. The rich soils and modern farm practices produce record yields of quality grains.

06/11/2026

Wednesday, June 10, 2026
Closing Markets: Corn: -0.50 old & +1.50 new.
Beans: +9.25 old & +6.50 new. Wheat: +2.25

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.

Good evening!

Market Recap-
Outside of the July corn contract, which closed just fractionally lower on the day, CBOT ag markets finished Wednesday in the green, though most were off their highs made earlier in the morning by the end of the day as the buying continues to be largely corrective in nature. The last couple weeks has seen the removal of a rather sizeable amount of risk premium, but we would remind readers that there is still a lot of growing season ahead, and there are producers scattered about the Corn Belt that are now beginning to see root concerns and yellowing crops due to excessive moisture. In our opinion, this is not a place to be laying into new sales.

Corn Summary-
It was another quiet/choppy day in the corn market, with most contracts closing within spitting distance of unchanged as news remains slow and as similar trading ranges were had to yesterday. While tomorrow's report isn't expected to have a ton of market impact, traders will be watching both the export and ethanol categories on the demand side for potential adjustments. If a surprise is to occur, we would imagine it could come from one of those categories seeing an unexpected adjustment that offsets the other more or less than is anticipated. However, in any case, trader focus likely again quickly returns to other market happenings, namely weather and Iran.

Soybean Summary-
Both the beans and the products closed higher on Wednesday, though were off the highs from the day in all three markets as buy-side momentum faded into the afternoon hours. Similar to corn, there aren't expected to be a ton of updates in tomorrow's WASDE report amid not a lot of reason to adjust exports, crush, or production. There's also not expected to be a ton of updates to the product balance sheets following rather notable boosts in bean oil use for biofuel the last couple months.

Wheat Summary-
Wheat futures rounded out the buying in the ag space but saw the worst closes relative to the highs made earlier in the day as chart selling came about pretty quickly when July futures hit moving average resistance late in the overnight session this morning. Winter harvest is getting rolling throughout the US this week and over the next several days, which along with oversold chart conditions could produce some sort of dead-cat bounce once negative June seasonals run their course.

Outside News Headlines-
Crude oil futures up $3/bbl

Weather Updates-
Severe weather potential will remain in place across a lot of the Midwest the next couple days, as several lines of storms are expected to impact western and northern parts of the region through the evening tonight and then again tomorrow afternoon/evening. This afternoon's GFS run, which has been the drier of the two models, has rainfall through the end of the weekend ranging from a half inch to three inches generally, with the best coverage expected through IL/IA/WI and then also through KS/MO/AR/OK further to the south.

As has been advertised all week, the heat seen the last several days look to mostly abate by the weekend and into next week, with overnight lows Monday/Tuesday seen in the 40's/50's for much of the country's mid-section following near average temperatures through the weekend .

Week two precipitation maps are keeping the eastern US wet into the back half of the month and have not seen a lot of variability the last few days. Like we talked about on Tuesday, ridging in the models the week of June 22nd for the Midwest, which could provide heat and dryness to the area, will be the main feature to watch for in the extended forecast over the next several days.

Noah Richardson
Topflight Grain Seymour
202 N Main Street, Seymour IL 61875
[email protected]

Topflight Grain Cooperative, Inc. is a farmer-owned grain cooperative in the heartland of the USA in the middle of Illinois grain belt. The rich soils and modern farm practices produce record yields of quality grains.

06/10/2026

Wednesday, June 10, 2026
Morning Markets: Corn: +2.50 old & +3.25 new.
Beans: +6.75 old & +5.25 new. Wheat: +8.75.

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 seeing their best recovery action of the week this morning to get Wednesday trade started, with the whole of the space trading in the green despite broader selling in the equity markets. Outside of the now fairly regular claims by President Trump that a deal is close to end the war in Iran, there is once again limited fresh news in the space this morning, with it being our opinion that much of the price activity the last couple days has been technical in nature, and likely continues to be until something new unfolds with either China or the Middle East.

Corn futures this morning are trading 4-5 cents higher, soybean futures are trading 5-7 cents higher, and the Chicago wheat market is trading 11-12 cents higher.

Crude Oil is up $1.54 at $89.74
US Dollar is up at $99.91
Dow futures are UP 86.10 points at 50,872

WEATHER:
· Short-term weather is little changed again this morning, as an active weather pattern across the Midwest likely continues for another couple days and into the weekend. The good mix of rain, heat and sunshine is nearly ideal for crops in a lot of places, but there will continue to be local pockets, especially in the northern parts of IL/IN/OH, that have dryness concerns due to lower soil moisture levels at present and possibly catching the lower end of expected rainfall totals through the weekend.

· Temperatures are still seen moderating rather significantly beyond the end of the week this week, which should help to limit some of the stress caused by a lack of rain in some areas.

OTHER HEADLINES:
· This morning's weekly ethanol update from the EIA is expected to show average daily production in the US in the week ending June 5th between 1.100-1.125 mil bbls, while stocks in the week are seen between 24.40-24.806 mil bbls. On average, production would be up slightly from last week while stocks would be similar.

· According to a survey of Bloomberg analysts, traders see Brazil's CONAB leaving both corn and soybean production relatively unchanged in tomorrow's monthly update, which is due out ahead of the June WASDE. Traders see the group pe***ng corn production at 139.6 MMTs vs 140.2 previous, while soybean production is seen going from 180.1 MMTs last month to now 180.6 MMTs. The report is due out at 7am central time.

· Bilateral talks between the US and Mexico regarding trade between the two seem to be making headway, with a Mexican trade team expected in the US next week for another round of discussions. USTR Greer made comments on Tuesday that the talks were going well, though there is still a broader review of the USMCA agreement scheduled with Canada for later this summer.

· This morning's monthly inflation update is largely expected to show another uptick over the last month, with the reading expected to top 4% for the first time in nearly three years. Rising energy prices due to the ongoing war continue to be the main driver, while food and transportation costs are also expected to remain firm. From a market standpoint, the risk of a higher inflation number is that it would also likely increase the odds that interest rates go back up. The data is due out at 7:30am central time this morning.

EXPORT NEWS:
N/A

Noah Richardson
Topflight Grain Seymour
202 N Main Street, Seymour IL 61875
[email protected]

Topflight Grain Cooperative, Inc. is a farmer-owned grain cooperative in the heartland of the USA in the middle of Illinois grain belt. The rich soils and modern farm practices produce record yields of quality grains.

06/10/2026

Tuesday, June 9th, 2026
Closing Markets: Corn: +0.75 old & -0.75 new.
Beans: -2 old & -3.50 new. Wheat: +2

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.

Good evening!

Market Recap-
It was another mixed, two-sided day of trade at the CBOT Tuesday, with markets seemingly unable to find much momentum in either direction amid what appears to be a wind-down in the fund repositioning seen the last couple weeks and as most of the ongoing news stories saw little throughout the day in terms of notable updates. War in Iran remains ongoing, the Chinese still aren't buying, and weather remains mostly favorable for a lot of the Midwest; we will get a monthly supply and demand update from WASDE on Thursday, but it's these items that we see continuing to drive ag futures in the short term.

Corn Summary-
Spot corn futures managed just their third higher close in the last fifteen sessions on Tuesday, though the deferred contracts still closed lower on the day amid old crop-new crop spread activity. It was a quiet day news-wise in the space, but that the market was able to avoid scoring a new low below the previous days' for the first time in the last ten sessions should be taken as a positive. We don't know that this is necessarily the start of a larger correction, but this, combined with oversold charts and a fund trader who is presumably close to being out of length to shed, should warrant at least some sort of minor recovery despite seasonals into the end of the month being downright negative. Then, weather likely gains in importance into July, along with the final planted acreage number released at the end of June.

Soybean Summary-
Despite trading firmer well into the day session, soybean futures extended their losing streak to eight on Tuesday, though the day could be better described as not bullish as opposed to just downright bearish. There is a portion of the spec/fund community that is holding onto hope that Chinese buying emerges at some point sooner than later, but as it's June already and there's been no sign of such business, it just becomes impossible to predict what this may or may not look like the rest of the year. What's known, however, is that planted acres are more likely to go up at the end of June than not and if yield also sees a subsequent increase due to decent weather, this could push ending stocks notably higher amid what most feel is near maxed-out demand. There is a bullish fundamental story to be had in the bean market on top of the ongoing biofuel situation, traders just want to see some sort of sign that it's going to happen before getting bulled up again.

Wheat Summary-
Wheat futures closed mixed Tuesday on little new news and as traders continue to assess damage potential via too wet weather through the US wheat belt recently. There's been pretty common talk of head scab, but the problem with poor quality wheat is that it must then be priced at a discount to move on the global market and we don't know that this then becomes a price rallying phenomenon. Russian exports into Mexico are still much cheaper than those out of the US, and this spread would seemingly be one of the better indicators short term on which way US prices need to go. And on top of all that, like corn, seasonals into the end of the month are downright poor for the wheat market.

Outside News Headlines-
Crude oil futures are down $2-3/bbl

Weather Updates-
Weather models this afternoon are continuing to forecast near-daily rainfall chances across the central and eastern parts of the US for the rest of the week this week, while severe weather threats also stay possible for these regions.

Models have heat lingering for another couple days this week, providing the source for the potentially severe weather, but looks to generally subside then by the weekend and into next week as low pressure brings about several days of seasonally cooler weather for much of the country's mid-section.

Longer term forecasts into the back half were little changed again this afternoon, and continue to show better-than-normal moisture sticking around in the east and southeast into the back half of the month, while average precipitation looks to fall across a lot of the western US. Pacific high pressure riding will keep the West Coast and northwest drier, with the big question in the forecast being how long does this ridging linger and exactly where does it allow low pressure to live through the central part of North America.

Noah Richardson
Topflight Grain Seymour
202 N Main Street, Seymour IL 61875
[email protected]

Topflight Grain Cooperative, Inc. is a farmer-owned grain cooperative in the heartland of the USA in the middle of Illinois grain belt. The rich soils and modern farm practices produce record yields of quality grains.

Topflight Grain Cooperative

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