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
nrichardson@tfgrain.com
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