Thursday, June 11, 2026
Closing Markets: Corn: -7.25 old & new.
Beans: -8 old & -4.50 new. Wheat: -0.75.
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-
Ag markets closed in the red Thursday following what was a mostly expectedly dull June WASDE update that did little to change the overall fundamental landscape in any of the markets. The data could be construed as mildly friendly the wheat market, but otherwise, there was little notable info on either the corn or soybean front and trader attention now likely quickly turns back to weather and whether or not the conflict in the Middle East can reach a resolution in the short term. Ag fundamentals were important for all of about 10 minutes today, but its broader macro happenings that remain in the driver's seat again at the close this afternoon.
Corn Summary-
Corn futures finished report day lower on Thursday and scored a new round of fresh contract lows in the process as downward momentum seems to still be in place after taking a quick breather the middle of the week this week. The report wasn't necessarily overly bearish, but it wasn't bullish either and this is what led to another rounding of selling through the noon hour and into the close. From here, it's the end-of-month quarterly stocks and acreage update that offers the next crop-specific spark to traders, with happenings in Iran and lingering Chinese purchases potential the more active drivers of price on a day-to-day basis.
Soybean Summary-
Bean oil futures led the soy complex lower on Thursday, though it didn't take a lot of effort to drag the others along as selling was fairly active throughout the space following the WASDE update release. Another round of headlines that the US was calling off military strikes in Iran due to progress in peace negotiations obviously didn't help bean oil futures, but we assume a steady biofuel figure on the new crop side of the balance sheet was enough for some stale spec longs in the space to bank profits and take more of a wait-and-see approach into the middle of the summer. Otherwise, there wasn't much in the report data-wise that changed anything fundamentally in the space and it was another day with little sign of buying interest on the part of the Chinese.
Wheat Summary-
The wheat market saw the friendliest data of the three row crops in this morning's WASDE update but was still unable to break from the selling throughout the rest of the space with futures still finishing lower on the day. The production cuts will obviously get the bulk of the headlines, but we don't know that this is particularly new news amid the media frenzy the market has received since the last crop report in May. It's pretty well known at this point that US wheat production is going to be down, but the problem remains that a market rally based on this fact does nothing but further diminish what has already been a rather uncompetitive export program.
Outside News Headlines-
Crude oil futures down $2.90+/bbl.
Weather Updates-
Severe weather will continue to be the focus across much of the Corn Belt through the evening and into the early morning hours, with wind/hail/tornado threats present for an area stretching from MO to MI. Once this system moves through, things look to calm down a bit for a day or two into the weekend but the pattern stays active into next week and the models have at least two additional rain/storm systems possible for the Midwest by the end of the week next week.
Temperatures beyond tomorrow will moderate, with the models in good agreement on several days of cooler than normal daytime highs through the week next week and into the following weekend.
There's been little change in the extended forecast all week, with precipitation anomaly maps still showing better than normal rain potential across a wide swath of the central and east-central parts of the US into the back half of the month. Temperature forecasts also continue to see little change, and have average to below average temps also remaining in place for much of the Corn Belt into the back half of June.
Noah Richardson
Topflight Grain Seymour
202 N Main Street, Seymour IL 61875
nrichardson@tfgrain.com
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