Wednesday, June 24, 2026
Closing Markets: Corn: -2.75 old & -2.50 new.
Beans: -8.25 old & -6.75 new. Wheat: -1.
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-
Mostly higher trade throughout the evening session and into this morning eventually gave way to more selling again on Wednesday, as CBOT ag markets closed lower again amid what continues to be a lack of fresh news and minimal trading interest ahead of next week's quarterly stocks and acreage updates. There also continues to be growing concern regarding the Midwest weather forecast into mid-July, but this likely doesn't become a price moving factor until after the long three day Fourth of July holiday weekend next week. Choppy trade likely continues the rest of the week, but don't get caught sleeping beyond the weekend as headline risk presumably picks back up significantly starting Tuesday next week.
Corn Summary-
Corn futures scored another round of new contract lows on Wednesday, as a fall in crude oil futures back below the $70 level spurred selling in the corn market despite hot weather still being forecast into the start of the pollination period. Though US futures markets certainly don't reflect it, corn futures in Europe are up some 23 euros/ton over the last six trading sessions, or the equivalent of around 75 cents of bushel, reflecting crop loss concerns associated with the heat that is expected to transition into the central US next week. We're not saying to expect a 75 cent rally in US corn futures in the coming weeks, but there is crop concern present at least somewhere in the world today, and this at the very least should be paid attention to. Otherwise, another round of rumors regrading a standalone E15 bill circulated again on Wednesday amid its exclusion from the Senate's Farm Bill, but we unfortunately don't have much more optimism surrounding the situation than we did two months ago.
Soybean Summary-
The soy complex closed mostly lower on Wednesday, led to the downside by bean oil futures, which scored another new low for the move on additional long liquidation and technical selling. The morning started without any new China purchases again for the third day this week after seeing a flash sale last week, which while maybe not a huge price driver, can always be pointed to on down days with how much chatter there's been surrounding the situation since the Trump-Xi summit in May. News remains slow otherwise, and we would generally assume spot futures hold the $11 level into next week's updates. From there, all bets are off depending on what the USDA pegs planted area at, with a million acre addition or subtraction to make a sizeable impact on the balance sheet.
Wheat Summary-
Chicago wheat futures traded higher into the noon hour on Wednesday before coming under selling pressure the last hour of the session and finishing the day near the lows. However, despite the wide swinging price action, news remains generally the same, with world export flows and heat across Europe continuing to attract most of the market attention. With the US export program likely to be a tight one this year on a lower crop, price reaction to any sort of world exporter news probably gets exaggerated, and today that news involves weather across the pond.
Outside News Headlines-
Crude oil futures down $3.00+/bbl.
Weather Updates-
Both the EU and the GFS models this afternoon continue to be in good agreement on cooler/wetter weather remaining in place across the Midwest the rest of this week and into the weekend, with rains of 1-4" being forecast for a corridor from KS/NE east into the WV area Thursday/Friday/Saturday.
Daytime highs will remain in the 70's/80's for most of the area until the weekend, but then will warm into next week, with much of the Corn Belt expected to see highs in the 80's/90's beginning on Sunday.
The extended range forecast discussion then continues to be focused almost entirely on the coming high pressure ridge that is expected to settle into the eastern US by the first of the week next week, significantly raising heat risks for much of the area and limiting rainfall. A large trough of low pressure in the west will produce ridge-riding thunderstorms, but much of this moisture likely stays north of the main crop regions in the Midwest until the ridge retrogrades back west.
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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