Friday, March 6, 2026
Morning Markets: Corn: +6.50 old & +4 new.
Beans: +16.75 old & +10.50 new. Wheat: +23.75.
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. Happy Friday. Follow through buying has been the theme so far in the overnight hours across the ag space, as corn and soybean futures have popped to new highs for the move again, while the wheat market is making a run at the highs made on Monday. Call it momentum, or call it fund positioning, or call it whatever you'd like, the news this morning is mostly the same as its been all week, with the ag rally in large part being a product of quickly rising world energy values and broader inflationary fears surrounding the war in Iran. Corn futures to begin wrapping up the week this morning are trading 3-5 cents higher, soybean futures are trading 7-11 cents higher, and the Chicago wheat market is trading 14-18 cents higher.
Crude Oil is up $6.73 at $87.74
US Dollar is up at $99.36
Dow futures are down 636 points at 47,347
WEATHER:
Midwest thunderstorm activity looks to subside a bit into the back half of the weekend, but will likely continue to be active otherwise for another couple days. Rainfall totals through the end of the day on Sunday according to this morning's EU model run are seen ranging from a half inch to 2.5" through parts of the southeast and mid-south, while the northern part of the Midwest looks to see a lesser 0.5"-1.5". Of note, there looks to be a pocket through northern MO and then into north-central IL/IN that has generally missed most of the rains this week and also looks to miss a bulk of the weekend rains.
South America sees a somewhat similar set up going into the weekend, as storms look to provide rainfall to the bulk of Brazil and Argentina's growing regions, but there will also be notable dry pockets here through the eastern part of Argentina and the southwestern part of Brazil that borders Paraguay. The Argy areas look to stay dry into next week, but models this morning have rains filling back in for the Brazilian crop areas in the southwest through the week next week.
OTHER HEADLINES:
Friday deliveries according to the CME Group include 9 contracts of soybeans, 5 contracts of corn, 71 contracts of soybean oil, 50 contracts of soybean meal, and 8 contracts of rough rice.
The US Trade Representative's office said on Thursday that the US and Mexico would be holding bilateral discussion on the USMCA trade agreement during the week of March 16th, though its unclear where these meetings are to be held or what parties will be involved. Sources say negotiators are expected to meet regularly as part of the broader joint review.
Weekly crop data for Argentina from the Buenos Aires Grain Exchange again showed no changes in production estimates for corn or soybeans; corn harvest was seen advancing 3.6% on the week to 7.2% complete, which continues to be ahead of last year and near the upper end of the range of the last 10 years. Soybean conditions, meanwhile, were little changed on the week, with still 26% of the crop seen rated in the poor category.
Brazilian government export data for the month of February showed the country's soybean exports to all destination at 7.114 MMTs, which was up from the 1.877 MMTs exported in January and also up more than 10% from last year. Corn exports in the month totaled 1.552 MMTs, up 9.3% from last year, and meal exports totaled 1.79 MMTs, up 3.9% from last year.
The United Nation's Food and Agriculture Organization (FAO) in a monthly update said they see global wheat production declining nearly 3% this year to just 810 million tons, citing lower market prices that will likely lead to a reduction in planted area. Total grain production was raised slightly in the forecast to 3.03 billion tons, while ending stocks were also up from previous to 940.5 MMTs.
According to weekly data from the USDA, barge shipments down the Mississippi River in the week ending February 28th totaled 579k tons, which was up 16% on the week prior as logistics continue to improve. Corn shipments in the week were seen at 285k tons, up 10%, while soybean shipments were seen at 274k tons, up 23.4%. STL barge freight rates were quoted at $23.06/short ton on the week, down $1.68 from the week prior.
Soybean oil's share in US crush margins for 2026 contracts continues to trend higher and reached roughly 50.7%-51.7% on Thursday, a new all-time record. Crush margins in general have also remained historically strong, indicating US crush should continue running near capacity, keeping domestic demand for soybeans elevated; the heavy crush runs also mean US meal supplies likely stay elevated, potentially depressing prices here. Soybean oil futures are higher again this morning and have scored another round of new contract highs.
The US House Ag Committee on Thursday advanced a Republican-led Farm Bill by a vote of 34-17 after seven Democrats joined the Republicans to move it forward. The bill now heads to the full House of Representatives, where it will be debated with the Senate before potentially becoming final. Of note, E15 legislation was not part of the bill.
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
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