Tuesday, April 28, 2026
Closing Markets: Corn: +6.25 old & new.
Beans: -2.75 old & +1.25 new. Wheat: +27.50 old & +28 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.

Good evening!

Market Recap-
Corn, wheat, and soybean oil - the ag markets that have seen the most war influence in pricing over the last month - all saw higher trade on Tuesday, likely driven by ongoing money flows that are based on there seemingly being no end in sight to the war in Iran. The beans and meal, meanwhile, were mixed throughout the day, with the deferred months faring better than the nearby in both.

Corn Summary-
The corn market closed higher on Tuesday for the second straight day this week, driven largely by strength in the wheat and crude oil markets. New crop futures came back within spitting distance of the old highs made in February/March, which we assume will uncover some sort of farmer selling the next couple days as planting progress continues to chug along and as recent rains have replenished soil moisture in a lot of areas. We would also assume old crop farmer sales at some point on the rally also amid them still being somewhat undersold here and not wanting to carry half their crop all the way through summer. Aside from that, its spec money flows that continue to drive things for the most part in the short term, as the closure of the Hormuz Strait and its impact on global energy markets continues to have an outsized impact on corn pricing.

Soybean Summary-
The soy complex was mixed Tuesday after seeing strength throughout on Monday, though bean oil shot right back to the contract highs made last week on a return to the $100/bbl mark by crude oil futures. For meal, the markets scored new highs for the week first before reversing and closing lower and for the beans, prices chopped near unchanged for the better part of the day session before closing on either side of it. There was little new in the way of news again, but the same ongoing themes that have been in place produced another strong day for crush margins, which should keep US operations churning in the short term. At least until the planned China meeting in another couple weeks, we the beans as remaining in the back seat to the products in terms of market driver.

Wheat Summary-
The wheat market was the star of the show on Tuesday, with Chicago futures prices soaring to new highs for the move on more dryness concerns in the southern plains and technical momentum buying. The supply loss potential in the US winter crop via both drought and frost risk has the caught the attention of traders, with hedge funds noting concern that a global supply bottleneck could emerge if the US doesn't have crop to export and wars limit supplies out of the Middle East and the Black Sea. There are a lot of moving parts, but it appears risk-on is now the theme in the space until we get a better handle on US crop size.

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

Weather Updates-
Following what has been a rather active several days across much of the Midwest, forecasts this afternoon are in good agreement on a drier pattern now emerging for much of the next week to 10 days, especially further to the north. The southeastern US will continue to see additional moisture into the back half of the week, but this moisture is generally seen staying south and east of the Ohio River Valley.
The settling-in of lower pressure across the eastern US also looks to usher in a period of cooler weather for most of the region, with daytime highs the rest of the week seen hovering in the 50's/60's, while lows at night dip into the 30's and 40's. There's not a huge amount of the Corn Belt that sees frost concern today, but there is the potential for some to the north and west to see a late-season cold nip the next couple days, which will be especially watched for as it pertains to wheat.
This afternoon's week two forecast from the GFS model is more like the EU model in showing a wetter bias in the period across the southeastern part of the US and up the East Coast. Both still see a pocket of average to slightly above average rainfall potential through the southwest from CA to CO, and both also still see drier conditions for much of the Midwest and Corn Belt outside of OH/IN/IL.
The two also have disagreements on the 10-15 day temperature outlook, as the EU's model sees cooler air lingering across the eastern 2/3s of the country while the west stays warm, and the GFS's model sees some cooler air lingering through the east but is noticeably closer to average through much of the area to both the north and the south. Both models have west of the Rockies staying warm and also both see this warmth stretching all the way up into Alaska.
There's little new on the forecast for South America this afternoon, as models continue to be in good agreement on a lack of moisture across much of Brazil due to high pressure ridging and also still see limited moisture throughout most of Argentina over the next week as well. Temperatures look to also be above average for Brazil, which will likely add to crop stress.


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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