Wednesday, June 3, 2026
Closing Markets: Corn: -9 old & -6.75 new.
Beans: -11.25 old & -10.50 new. Wheat: -15.75.
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-
Mid-week ag trade at the CBOT was more of the same as previous days this week, as selling took a little longer to emerge this morning than previously but still emerged nonetheless, driving grain and soy futures to another round of new lows and new low closes. At the end of the day it's the exodus of fund longs that is what's produced the sell-off, but the drivers remain unchanged: tension in the Middle East and Midwest weather that is, for the most part, favorable.
Corn Summary-
Corn futures spent the overnight session trading unchanged to marginally higher but quickly rolled over again on the morning reopen as fund longs are continuing to want out and as there continues to be little on the bullish side of the ledger to offset the selling. July futures came within two cents of the contract lows on Wednesday while spreads also widened back out, but otherwise it was a lot of the same type of trade seen the last several days. From a chart standpoint, things are getting into oversold territory but we're not sure what changes otherwise short term; a dead-cat-bounce seems likely after the last several days, but if China doesn't come in and the weather stays favorable, we don't know that we'll get much more than that. The market isn't going to go down forever, but at the same time, bulls need fed.
Soybean Summary-
It was a quiet day in the bean market Wednesday, with the beans themselves trading lower while the products were mixed on limited new news and the same general market themes that have been in place for several weeks now. Record crush margins and oil share have been well-publicized at this point but aren't necessarily a driver of futures markets, and from a fund standpoint, we're going to assume there isn't going to be a big position build again in the next couple weeks ahead of the June acreage report. There's a group of traders that thinks acres are likely to see a notable jump at the end of the month, which could spur the next futures price move.
Wheat Summary-
Like corn, wheat futures also continued their selloff on Wednesday, dropping to within spitting distance of the April low on additional long liquidation as margin calls begin to pile up on traders. On one hand, there's the idea that the US crop rally went too far, too fast, and that's why things have pulled back. On the other hand, one could also make the argument that futures are trying to get back to being price competitive on the world market. Both could be true, but in either case, spot futures have made newer lows in ten of the last ten sessions and even as the charts are oversold, momentum seems to be clearly still down.
Outside News Headlines-
Crude oil futures up $2.50/bbl.
Weather Updates-
The EU model is wetter again than the GFS today, but both are still showing rather regular rainfall for the country's midsection through the rest of the week and into next week as the Gulf moisture flow remains active. The rains look to favor the Plains and western Corn Belt primarily, but the question remains how far east the moisture is able to make it.
Daytime highs through the next week will remain mostly above average through the Midwest, with the northern part of the country expected to be the warmest through the weekend and into next week. Highs in MT/the Dakotas/MN look to routinely stay in the upper 80's/low 90's over the next 5-10 days.
Extended forecasts are little changed again this afternoon and show the same general outlooks as previous days this week. Like the nearby forecasts, the EU is the wetter of the two through the central US into mid-month, but overall, the two are in decent agreement on the overall pattern.
Enjoy it!
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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