Topflight Grain Cooperative

Topflight Grain Cooperative Topflight Grain Cooperative, Inc. is a farmer-owned grain cooperative in the heartland of the USA, in the middle of Illinois grain belt.

09/02/2026

Wednesday, September 2, 2026
Closing Markets: Corn: -2.50.
Beans: -7.50. Wheat: -8.50.
TFG is offering a drying incentive at MILMINE through Friday!
2 1/2 cents per pt of moisture up to 30%
Hours are normal 7-4pm!
EMERY will be offering the same drying incentive and hours on Friday this week!

Good evening!

Market Recap-
Ag markets were lower on Wednesday but well off their lows in most cases as profit taking and farmer hedge selling was offset by end user buying amid what most feel is still a market that has more upside risk than down. It's the same market inputs present today that have been around since the middle of August, but the charts are overbought and there's a crop report looming at the end of next week that should prompt some measure of selling over the next several sessions. We're not saying the rally is over or not to expect additional upside action, but simply that futures markets rarely go straight up or straight down and that more choppy days could be ahead as harvest gets going in another two or three weeks.

Corn Summary-
Corn futures closed quietly lower on Wednesday after making another round of new contract highs in the overnight session and then finishing mid-range as traders took a bit of a breather from the recent run up. Like we talked about above, nothing has changed and the fundamental backdrop remains bullish, it was simply a correction day at mid-week as the same news stories were making the rounds for the third or fourth time. Until something changes in the Black Sea or traders get a firm grasp on the US crop size, risk would seemingly remain to the upside with there simply being little in the way of bearish input present today.

Soybean Summary-
Soybean futures tried to put in a mid-morning rally on Wednesday but were anchored by the bean oil market and ended up finishing the day in the lower half of the range on little if any new input. Soybean oil futures filled the gap left from yesterday's open on a sharp move lower which acted as a weight on the space overall, but other than that, trade throughout the day was again largely based on money flow and fund activity, with there little new in terms of crop assessments or updates on trade with China.

Wheat Summary-
Wheat futures closed lower on Wednesday after making new contract highs again overnight as it seemed to be a corrective day across the whole of the space. Like we've discussed with the other two crops, nothing has changed fundamentally in the last 24 hours and risks still remain more bullish than not, the market was just due for a correction and this led to the selling seen throughout the day. We've said it multiple times over the last month, but until something changes with the status quo in the Black Sea region, downward price pressure in wheat should be short-lived and largely limited to corrective behavior. Roughly a quarter of the world's grain trade transits waterways in/around the region and this business can't simply be made up by shifting flows to North and South America.

Outside News Headlines-
Crude oil futures up $0.40+/bbl.

Weather Updates-
Forecasts have much of the central and south-central parts of the US staying on the hot/dry side through the rest of the week and into the weekend, as high pressure lingers in the area and shoves any precip off to the north. The GFS tried to push further south with moisture yesterday, but has reverted back today to keeping rains north of IL and IN and more along the US-Canada border.
Models have heat backing off marginally by the end of the weekend and first part of next week, but much of the Midwest will still see daytime highs that are above normal for early September as high pressure lingers.
Confidence in the extended forecast remains low as the models continue to see considerable run-to-run variability, with yesterday's wetter shift in the week two forecast going back over drier this afternoon across the Corn Belt. The models are wet in the southwest and generally across the western US, but are more variable in the east.
Temperature anomaly maps in the 10-15 day period are still warm across the eastern US, and shove cooler air in the northeast back further north today as compared to yesterday.


Enjoy it!


Bailey Runyen
Grain Originator | Topflight Grain Coop.
101 N. Main St. | Cisco, IL 61830
Phone :: 217-669-2141
Email :: [email protected]
Image

09/02/2026

Wednesday, September 2, 2026
Morning Markets: Corn: -8.25.
Beans: -14.50. Wheat: -6.75.

TFG is offering a drying incentive at MILMINE Today-Friday!
2 1/2 cents per pt of moisture up to 30%
Hours are normal 7-4pm!


MARKET SUMMARY:
Good morning. After scoring fresh new highs again early in the overnight trading session, CBOT ag markets are finding themselves lower this morning to start Wednesday, as it would appear a correction day looks to be in store after the sharp run up on Tuesday. Nothing's changed fundamentally and there were new strikes on Odesa reported overnight, but traders are simply taking a breather from the long side amid what has been a rather sharp injection of risk premium the last two - three weeks. Healthy markets require corrections to rebalance themselves every now and then, and that is how we'd best describe this morning's price action across the space. Corn futures to start Wednesday morning are trading 6-8 cents lower, soybean futures are trading 10-14 cents lower, and the Chicago wheat market is trading 9-10 cents lower.


Crude Oil is down $0.53 at $89.69
US Dollar is up at $99.73
Dow futures are up 136 points at 52,964

WEATHER:
Still not a lot new on the weather front this morning, with Tropical Storm Edouard still taking most of the attention to the south, while the Corn Belt continues to see hot and dry conditions through the southern half and hot and stormy conditions through the northern half. Models have trended wetter into next week but have still kept precip generally north of I-80. Heat subsides into next week as well, but looks to linger into and through the weekend.

OTHER HEADLINES:
The CME Group's delivery slate for Wednesday included 203 contracts of corn, 256 contracts of soybean oil, 208 contracts of rough rice, 29 contracts of KC wheat, 2 contracts of oats, and 9 contracts of Chicago wheat.
This morning's weekly ethanol update from the EIA, with data for the week ending August 28th, is expected to show average US daily production in the week between 1.082 - 1.122 mil bbls, while stocks in the week are seen between 24.50-25.206 mil bbls; on average, both figures would be up from last week.
The USDA released monthly soybean crush and corn grind data for the month of July yesterday afternoon. The data showed US soybean crush in the month at 222 mil bu, which was up 2% from June and up 8% from July of last year. Soybean oil stocks as of the end of the month were seen at 1.963 bil lbs, down 6% from June but up 5% from July of last year. Corn used for ethanol in July totaled 475 mil bu, up 2% from June and up 4% from July of last year.
USDA Secretary Brooke Rollins said on Tuesday that the administration would be modernizing crop data collection by expanding mobile surveys, using prefilled information forms, and upgrading a whole host of technology items including satellite and geospatial monitoring and AI. The move is aimed at more accurate and timely crop reports and comes amid ongoing scrutiny of the agency's data releases and collection methods.
Ukraine farmer lobby UCAB said this week that the country's food exports during the month of August fell some 41.5% from the month prior to just 2.15 MMTs, while grain shipments specifically in the month were down from 2.67 million tons in July to just 988,000 tons. Furthermore, other sources say the country's deep-water ports aren't likely to return to normal operations before the end of the year, meaning the depressed monthly export figures are likely to continue.
New from the Russian side this morning are headlines that export duties on grain shipments are being suspended through the end of the year. The decision, according to an emailed statement from the Economy Ministry, was made "given the need to restructure logistics."

EXPORT NEWS:
Private exporters reported sales of 202,000 metric tons of soybeans received in the reporting period 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 :: [email protected]
Image

09/01/2026

Tuesday, September 1, 2026
Closing Markets: Corn: +8.25.
Beans: +29.75. Wheat: +8.50.

Good evening!

Market Recap-
It was another rally day across the CBOT on Tuesday, with grain and soy markets finishing the day sharply higher and scoring fresh new contract highs again on what continues to be a large inflow of money to the ag space based on perceived US crop loss and a pair of ongoing wars on the other side of the world. The old saying is bull markets need fed daily, and that appears to be exactly what is happening as traders see one bullish headline after another. Markets don't go one direction forever, but there is seemingly little present today that would justify anything more than a correction in the short term.

Corn Summary-
Corn futures closed higher for the ninth time in the last ten sessions on Tuesday, as momentum clearly remains to the upside amid what continues to be little new of note in terms of hard evidence towards a US production figure or updates on either of the wars. We continue repeating it, but until more is known on either of those fronts or something new comes along (Chinese demand, South American weather, etc.), traders are simply going to have little interest in ditching an inflation hedge that has been well-worth-having since late spring. Some type of correction is due sooner than later at this point, but our lean stays bullish short term.

Soybean Summary-
The soy complex closed sharply higher on Tuesday, with spot bean futures reaching their best level since late 2023 on a combination of fund buying and bullish tailwinds from yesterday afternoon's EPA headlines. The latter, along with another flash bean sale to China, dominated chatter throughout most of the early morning, but it felt like there was more to today's surge higher than just that as speculative money poured into the space. Whether 2027 and 2028 RVOs are going to get increased as a result of yesterday's SRE decisions from the EPA remains to be seen, but the way the market acted today makes it at least seem as though traders view the proposal as somewhat possible.

Wheat Summary-
It was more of the same in the wheat market on Tuesday, with Chicago futures again scoring new highwater marks on another day of headlines related to missile and drone attacks between Russia and Ukraine. Putin has made it clear that he has zero intention of signing up for any sort of grain corridor in the Black Sea, which means the war is likely to drag on and continue impacting supply flows. Both sides are finding alternate routes to export, but capacity is severely restricted and the cost to the farmer is much higher. Harvest in the region is underway now, but the focus is slowly going to shift to what happens next year if the current situation persists. Between sharply higher fertilizer costs and now also sharply higher export costs, it would not be surprising to see farmers in both countries reduce planted area in the year ahead. Happenings in the Black Sea are not just short-term market impact.

Outside News Headlines-
Crude oil futures up $4.00+/bbl.

Weather Updates-
The mid-day GFS run on Tuesday tried to shift ridge-riding thunderstorms slightly further south than previous this week, though confirmation of such a shift is awaited from the new EU model run later this afternoon.
Otherwise, the overall pattern for the rest of the week is little changed, with a large high pressure ridge across the southern US keeping much of the country's mid-section warm and dry.
Week two precip forecasts trended noticeably wetter over the last 24 hours, as a big low pressure trough currently in the northwest pushes into the mid-section of the country and shifts flow back to the southwest. However, at 270 hours out in the forecast, confidence is not overly high in the outlook.
Temperature forecasts into mid-month will also be predicated in large part on how the upper atmosphere progresses, but today's GFS ensemble run is cooler than the EU's for much of the Midwest as heat is pushed back south and west.


Enjoy it!


Bailey Runyen
Grain Originator | Topflight Grain Coop.
101 N. Main St. | Cisco, IL 61830
Phone :: 217-669-2141
Email :: [email protected]
Image

08/31/2026

Monday, August 31, 2026
Closing Markets: Corn: +3 old & +1.25 new.
Beans: +0 old & new. Wheat: -10

Good evening!

Market Recap-
Ag markets were mixed to wrap up the month of August on Monday, with wheat futures lower and the corn and beans generally higher though all three finished the day more in the middle of their trading ranges than at either end as much of the input remains little changed from previous days. The calendar will flip to September tomorrow, but unfortunately, traders have arguably just as much unknown to deal with now as they did 31 days ago when August started, with crops still largely a question mark and there seemingly being little if any progress in either the Middle East or the Black Sea. For that reason, CBOT pricing, while bullish on the margin, continues to be a precarious mix risk management and speculation that we see lingering for the time being.

Corn Summary-
Corn futures finished quietly higher on Monday, scoring a new round of contract highs on what continues to be premium injection based on ideas that the crop is only getting smaller from here and not larger. That prices held up as well as they did to start the week despite relatively heavy selling in the wheat should be encouraging to the bulls and would seem to illustrate that while global grain fundamentals are certainly friendly, corn futures in the US have their own bullish fundamental backdrop until a bottom is found on the 2026/27 production figure. Harvest is getting close, and we imagine the funds stay long until they know for sure what production looks like.

Soybean Summary-
The soy complex put in a quietly mixed day on Monday, seemingly trading in anticipation of the EPA news that was dropped this afternoon after the markets closed amid there being little else fundamentally fresh throughout the day today otherwise. From a big-picture standpoint, the bean market is somewhat stuck between the pull of a US crop that seemingly has room to get bigger still following decent August weather and the push of strong demand both domestically and globally, and we're simply not sure when this changes or which side ends up winning out in the end. In our opinion, the next leg of the rally - should it occur - isn't necessarily going to be based on supply and demand in the US, but will instead be predicated largely on planting progress in South America and just how much of an early impact El Niño will have on production prospects there. If beans are going to get back in the teens and stay there, Brazil not producing a record crop again this year would be a large help.

Wheat Summary-
Wheat futures closed lower on Monday but were well off their lows scored earlier in the session largely on profit taking and a proverbial battening down of the hatches amid rumors that Turkey may be getting close to brokering some sort of grain trade agreement between Russia and Ukraine. We'll get right to it and admit we're skeptical that such an agreement proceeds with Putin's rhetoric over the last several weeks being what its been and with the lack of backing from the UN, but the risk associated with such a development really left traders with little choice but to trim position sizes out of the weekend. Otherwise, talk of alternative export routes for both countries are continuing to get traction in the newswires, but are a drop in the bucket in terms of lost capacity compared to normal.

Outside News Headlines-
Crude oil futures down $2.00+/bbl.

Weather Updates-
Corn Belt weather looks to have a more summer-like feel to it this week than it did the last several days, as high pressure ridging that had been present across the southwestern US works its way north and east into the mid-section of the country. The pattern will see daytime highs throughout the region in the upper 80s and 90s into next weekend, with triple digits possible in some areas further south.
Rains are likely to be limited this week to just areas around the periphery of the ridge, with storm systems expected to provide up to maybe 2" of moisture at most throughout parts of MN and WI, while the rest of the area sees a more general half inch to an inch. How far south the rains are able to make it will be watched for the next several days.
Beyond this week, the models have a bit of recency bias in them and generally show the same high pressure ridge lingering into mid-month, which is keeping the temperature outlook warmer and is also keeping rains pushed mostly to the north and east.
Generally speaking, the Midwest pattern into the middle of September will be largely driven by what goes on in the west and whether or not flow (which is determined mostly by either troughs or ridges) is coming out of the southwest or northwest. Today, both anomaly maps in the week two period and the CPC's outlook for the period each have drier biases throughout a lot of the Midwest, though confidence is not high.


Enjoy it!


Bailey Runyen
Grain Originator | Topflight Grain Coop.
101 N. Main St. | Cisco, IL 61830
Phone :: 217-669-2141
Email :: [email protected]
Image

08/31/2026

Monday, August 31, 2026
Morning Markets: Corn: -3 old & -4.25 new.
Beans: -9 old & new. Wheat: -13.75.

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. Chicago ag markets are mostly lower to begin wrapping up the month of August this morning, with wheat futures leading the charge to the downside on what is likely some sort of month-end profit taking and as charts across the space have become overbought in recent weeks. It's a new week, but trade inputs in general into the month of September look to remain largely the same as they've been for days now: US crop production prospects and the arrival of harvest remain talking point A, while talking point B has been a revolving door of geopolitical happenings in the Black Sea and in the Middle East, as well as the looming China meeting in another few short weeks in D.C. Market fundamentals still lean bullish in our opinion, but some sort of correction is likely to happen sooner or later amid the sharp run-up seen since mid-August, whether today ends up being the start of it or not. Corn futures to get Monday morning rolling are trading 1-2 cents lower, soybean futures are trading 4-7 cents lower, and the Chicago wheat market is trading 10-13 cents lower.


Crude Oil is up $2.23 at $85.63
US Dollar is down at $99.55
Dow futures are down 156 points at 53,428

WEATHER:
Weekend weather featured some light/generally scattered rainfall across the northern part of the Midwest ag belt, but things were generally quiet elsewhere as high pressure slowly worked north and east. This allowed temperatures to slowly climb back to above normal levels, where they're now expected to stay for the week and into the weekend, and also limited moisture to areas generally north of I-80.
Forecast-wise, the pattern for this week looks to be similar to the one described above, as the presence of ridging across the central US gives a mid-summer-like feel to a lot of the Corn Belt again. Rainfall will be mostly a product of ridge-riding storms, with the models in fair agreement this morning (the EU is still marginally wetter) on totals of 1-2" falling from the Dakotas to MI and then also further east over the next five days.

OTHER HEADLINES:
Friday afternoon's Commitment of Traders report from the CFTC, with data for the week ending Tuesday, August 25th, showed managed money traders in the week were large buyers of 126,008 contracts of corn (+376,513), buyers of 46,592 contracts of soybeans (+198,254), and buyers of 12,314 contracts of Chicago wheat (-14,171); in the soy products, funds were buyers of 14,013 contracts of meal (+97,036) and sellers of 9,795 contracts of oil (+88,442).
Of note on the CFTC report, this was the largest week of fund buying in corn since early March and this is also the largest net-long position the funds have held in corn since April of 2022; the all-time record fund long position in corn is 429,189 contracts, made in September of 2010.
Preliminary estimates of Russia's September wheat export figure from several private groups in the region have shipments at just 1.8-2.3 MMTs, which if accurate, would be down some 50-60% from the same month last year. August exports prior to today have totaled right around 2 million tons, which is down some 56% from last year.
South American consultancy firm Safras & Mercado last week said that they now see Brazil corn production in the coming 2026/27 season at 145.6 MMTs, up around 0.4% from a previous estimate and also up from production in 2025/26 at 139.3 MMTs. Second crop harvest in the northern part of the country is said to be just under 90% complete as of last week.
French farm ministry officials told reporters last week that the French government this week would be rolling out a support package worth several hundred million euros in an effort to compensate farmers whose crops have been hit by record heat and drought this summer. Details are expected to be announced by the French Ag Minister later this week.
President Trump on Friday, via a post to Truth Social, said he was preparing a legal order that would allow farmers and ranchers in the US the right to process their own food in response to ongoing allegations that meatpackers, of which there are essentially only four in the US, have monopolized the market and are controlling prices. Trump said the matter should move quickly, but no other timeline was given in the post.
Separately, Trump also posted Sunday evening that the US has been losing more than 60 billion dollars a year with Canada and that "long ago stolen" businesses were now lining up to come back to America to avoid paying tariffs in what appears to be another sign that trade negotiations between the two sides could be going better.

EXPORT NEWS:
Private exporters reported sales of 159,000 metric tons of soybeans for delivery to unknown destinations 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 :: [email protected]
Image

08/28/2026

Friday, August 28, 2026
Closing Markets: Corn: +1.75 old & +3 new.
Beans: +20 old & new. Wheat: +24.25.

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-
Markets are higher to end the week. Soybeans and wheat had another strong day both up around 20c. Corn was also better on the day up 3-4. Bean oil has also gained back all the recent losses in the past two days. Today bean oil was nearly 250 points higher. Meal had an impressive week as well, gaining 7% on the week. All-in-all the ag complex had a good week. The markets will keep an eye on any developments over the weekend and Sunday night's opening will be interesting.

Corn Summary-
Corn futures seem to be out of gas for the moment after the recent strong run-up. Futures rose 5% on the week. The CFTC data just released put managed money long 317k lots. The record long position is 429k lots implying some room to run for funds still looking to get long. Ukraine will be harvesting corn soon and if the export situation remains at a standstill the world will look to the US to help fill the void.

Soybean Summary-
Soybean futures finished around 20c higher on the day, another strong move and settling near the highs. The export activity helped support the market today. Soybean futures were also undervalued relative to corn and wheat as we moved into the end of the week. Managed money looking to get long some part of the ag space likely saw relative value in buying soybeans. Markets remain unclear about the increase in refinery exemptions. That headline risk remains in the market. This afternoon the COT report listed funds long 200k lots of soybean futures, nearing the record long of 254k.

Wheat Summary-
Wheat continues to rally on the uncertainty in the Black Sea region. Logistics in the Danube River are backed up and that export route is not proving to be a solution to the greater problem of grain not exiting the Black Sea. The market needs to price in the current level of exports lasting into the next month or two or three. Wheat futures are up 12% on the week as a result of the global uncertainty.


Outside News Headlines-
Crude oil futures down $0.30+/bbl.

Weather Updates-
The near-term forecast calls for little precipitation in the coming days in most of the corn belt. Temperatures are also higher than normal in the coming days.
The GFS model is drier in the extended view than the EU model, especially throughout the Dakotas and other parts of the northwestern Corn Belt - the areas that have been hit hardest by drought this summer. Lingering high pressure across the southern US is keeping the temperature outlook in the extended period warmer.

Enjoy it!

Bailey Runyen
Grain Originator | Topflight Grain Coop.
101 N. Main St. | Cisco, IL 61830
Phone :: 217-669-2141
Email :: [email protected]
Image

Congratulations to Amber Burton for 10 years of employment at Topflight Grain! Amber works out of our Milmine office and...
08/28/2026

Congratulations to Amber Burton for 10 years of employment at Topflight Grain! Amber works out of our Milmine office and has done a great job! Pictured is Topflight Grain General Manager Derrick Bruhn presenting Amber with a 10 year plaque at Topflight Grain’s annual meeting. Again, congrats to Amber for 10 years!

08/28/2026

Friday, August 28, 2026
Morning Markets: Corn: +5.50 old & +5.75 new.
Beans: +11.50 old & new. Wheat: +10.25.

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.

MARKET SUMMARY:
Good morning. Happy Friday. Ag markets are higher to get this Friday morning started making some recovery after trading slightly lower yesterday. Dec26 corn futures made a new high at $5.41 1/4 and Nov26 bean futures also made a new lifetime high in the session at $12.79 1/2. Grain markets remained focused on finishing weather for the U.S. crop and the potential for lower corn yields, which would tighten the balance sheet even further. Corn futures to start wrapping up the week are trading 5-6 cents higher, soybean futures are trading 10-11 cents higher, and the Chicago wheat market is trading 8-10 cents higher.

Crude Oil is down $1.22 at $82.31
US Dollar is up at $99.19
Dow futures are up 119 points at 53,740

WEATHER:
Weather across the Corn Belt is expected to bring moderate rainfall to the northern and northwestern parts of the region. Heat will also begin building, with hot days expected heading into September, though temperatures should stay in line with seasonal averages.

OTHER HEADLINES:
President Trump and other top U.S. officials released a statement Thursday backing a plan to offset any new small refinery exemptions (SREs) by increasing the 2027 biofuel quotas by approximately 500 million gallons. Both biofuel and farm groups had urged the Trump administration to limit the number of SREs citing concerns that these exemptions would weaken biofuel demand. The EPA made no comment on this proposed plan.
Weekly crop data out of Argentina from the Buenos Aires Grain Exchange this week showed harvest progress on corn advancing 7% to 88% complete. Production remains unchanged from last week at 64 MMT.
U.S. corn considered to be in drought area for the week ending August 25th fell 1% to 27%, while soybeans in drought area increased 2% up to 28%.
According to weekly USDA data, barge shipments down the Mississippi River in the week ending August 22nd totaled 475k tons, which was down 26% from the week prior. Corn shipments in the week at 308k tons were down 25% and soybean shipments at 161k tons were down 17%. STL barge freight rates were quoted at $23.14/short ton, down $0.32 from the week prior.

EXPORT NEWS:
182,000 metric tons of soybeans for delivery to China during the 2026/2027 marketing year
226,000 metric tons of soybeans received in the reporting period for delivery to unknown destinations during the 2026/2027 marketing year
100,000 metric tons of soybean cake and meal for delivery to Germany during the 2026/2027 marketing year
100,000 metric tons of soybean cake and meal for delivery to the Netherlands 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 :: [email protected]
Image

08/27/2026

Thursday, August 27, 2026
Closing Markets: Corn: -3.75 old & -3 new.
Beans: +2 old & new. Wheat: +12.25.

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-
Wheat followed through this afternoon and finished around 12c higher on the day. Beans tried to rally but stalled at the close and finished just 2 cents higher. Corn also tried to rally but fell short and finished lower on the day 3 cents, although a solid nickel off the lows. The markets remain supported and we could see some profit taking tomorrow ahead of the weekend. Overall though today gave us little news to stop the bullish sentiment in the market.

Corn Summary-
Corn futures never could quite get all the way positive after a few attempts throughout the day and finished 2-3 lower. The market was due for a breather - CZ26 had tacked on more than a quarter on the week coming into today. On August 11th we were trading in the 4.60 range and have added 70+ cents since then. The fund length is growing and as of this morning we showed an estimated net long of 399,000 contracts which is just 30,000 shy of the all time record long.

Soybean Summary-
Soybean futures closed higher on the day today after trading nearly 15c lower on the open. Managed money added an estimated 29k lots to their long position yesterday and now sit long around 200k lots by our estimation. The rally is impressive because the estimates of the size of this fall's US soybean crop have grown in recent days. Soybean oil and soybean meal have not been able to keep up with the runup in beans so crush margins have slumped to around $2, well off the recent highs. Meal has been doing some heavy lifting up 6% month-to-date in August.

Wheat Summary-
North America is not the only place seeing a move higher in wheat prices. December 2026 Wheat futures on the EU's Euronext traded a one-month high, following the sharp move higher in board prices. The futures showed good follow through from yesterday and the situation in Eastern Europe is bleak - a lot of risk remains in the wheat market unless and until the two sides can come back to the negotiating table. Remember, when this war started more than four years ago, wheat futures quickly shot north of $14/bu, meaning there seemingly still exists plenty of room to run on the upside.

Outside News Headlines-
Crude oil futures up $1.30+/bbl.

Weather Updates-
The European model continues to depict greater precipitation coverage across portions of the northern and northwestern Corn Belt than the GFS, although confidence in exact rainfall amounts and placement remains moderate. The best chances for meaningful rainfall remain focused on Minnesota, the Dakotas, northern Iowa, and portions of Wisconsin.
Temperatures are forecast to trend warmer through the weekend as high pressure gradually expands eastward across the Midwest. However, current guidance does not indicate a prolonged or widespread extreme heat event. Most areas should remain near to slightly above seasonal averages, with only brief periods of above-normal warmth expected.
Model agreement in the extended period has fallen apart overnight, with the EU model now notably wetter throughout the central and eastern parts of the US in the period than the GFS is. As we get into September, its worth noting at some point that moisture is going to be more of a hurt than a help, as it will switch from boosting production to delaying harvest.
Temperature forecasts in the extended period are little changed from Tuesday, with the eastward movement of high pressure ridging generally keeping this part of the country on the warmer side of average into the second week of September.

Enjoy it! Thank you all who attended our meetings today!


Bailey Runyen
Grain Originator | Topflight Grain Coop.
101 N. Main St. | Cisco, IL 61830
Phone :: 217-669-2141
Email :: [email protected]
Image

Address

420 West Marion Street
Monticello, IL
61856

Opening Hours

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Tuesday 7am - 4pm
Wednesday 7am - 4pm
Thursday 7am - 4pm
Friday 7am - 4pm

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(217) 762-2163

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