Wednesday, May 6, 2026
Morning Markets: Corn: -6.75 old & -7 new.
Beans: -5.50 old & -6.75 new. Wheat: -14.50 old & new.
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. With the exception of the meal market which is presumably higher on spread unwinding, it’s a dark red morning on the screens of most CBOT ag traders to get mid-week trade started, as there has been a sharp removal of war premium in the overnight hours amid reports that a peace agreement could be imminent in the Middle East. We've said for weeks that we felt a sharp correction would unfold across a lot of commodity markets, not just ags, should a resolution to the war be reached, and this morning's price action is a perfect illustration of what we have been cautioning against. Corn futures this morning are trading 9-10 cents lower, soybean futures are trading 8-10 cents lower, and the Chicago wheat market is trading 18-19 cents lower. Soybean oil is down around 2.00 cents/lb.
Crude Oil is down $7.46 at $94.81
US Dollar is down at $97.92
Dow futures are up 441 points at 49,856
WEATHER:
Satellite data for the last 24 hours shows a good swath of rains fell across the central and eastern Midwest on Tuesday, with totals ranging from a half inch to an inch or so with some locally heavier amounts from MO/AR up the Ohio River and then into the northeast. The northern and northwestern parts of the Corn Belt stayed on the drier side though, which is expected to continue through the end of the week and should allow for good planting progress to continue despite temperatures remaining mostly on the cooler side.
As it pertains more to the temperature side of things, frost concerns generally linger across the upper Midwest for another 24 hours or so but then subside generally following tomorrow morning, but a real, lasting, warm-up still doesn't look to occur until the back half of next week for most of the central and eastern parts of the Midwest.
OTHER HEADLINES:
The CME Group for Wednesday assigned another 304 contracts of corn for delivery, along with 24 contracts of soybeans, 41 contracts of Chicago wheat, 45 contracts of rough rice, and 4 contracts of oats.
This morning's weekly EIA ethanol update for the week ending May 1st is expected to show average daily production in the week between 1.00-1.10 mil bbls, while stocks in the week are seen between 25.0-26.0 mil bbls. On average, the production figure would be up from last week and stocks would be lower.
The Oklahoma Wheat Commission said following a crop tour of the state this week that production this year was likely to reach nearly 48 million bu, which if accurate, would be down significantly from both the 106.4 million bu said to have been harvested in 2025 and the state's ten-year average of 94.5 million bu despite planted acreage being up some 6% from last year. Said Commission executive director Mike Schulte, "Due to severe drought, crop predictions are planned for an extremely poor crop."
Ukraine's Foreign Minister said in a social media post that Egypt had allowed a vessel loaded with "stolen" Ukrainian grain to unload at its port despite a formal legal assistance request that had been made days prior. The news comes despite a previous statement by Ukrainian President Zelensky that Egypt had told him it would stop taking grain that Russia had seized from occupied Ukrainian territory earlier this month. Sources say this is the fourth such instance now of Russian "grain laundering" through Egyptian ports since the start of April.
The USDA told the Wall Street Journal this week that it was attempting to address the issue of low farmer response rates to its surveys, saying it was exploring measures such as "technology modernization" and "engaging stakeholders through structured feedback." Further details were lacking, and it’s unclear what the expected timeline is for these proposed changes.
Brazil, the world's number one exporter of beef, is close to reaching its annual export quota to China in the coming weeks despite the year not being even half over as exporters rushed to push supply out amid a 55% tariff increase that is set to kick in sometime in the next roughly 4-6 weeks. Customs data shows Brazil beef exports to China during the first three months of 2026 totaled more than 510,000 tons, which equals 46% of the import quota for the whole year; by the end of April, that figure is expected to have reached upwards of 65%.
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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