Tuesday, May 12, 2026
Closing Markets: Corn: +4.75 old & +4.25 new.
Beans: +13.75 old & +10.25 new. Wheat: +45 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.

Good evening!

Please Click Here to urge Congress to secure year-round E15.

Market Recap-
May WASDE day produced higher to sharply higher closes across the CBOT ag markets on Tuesday, led by limit-up trade in the wheat markets on much bigger than anticipated production cuts to the US crop. The data was less of a story for the corn and soybean markets, but the rising tide that was the wheat market lifted all boats throughout the day, along with another day of strength in world energy values. The report will have a tail for wheat futures, though its hard to say today for how long, but for the corn and soybeans, attention now turns to the China meeting at the end of the week, and whether some sort of deal can be reached.


Corn Summary-
Corn futures closed WASDE day higher on Tuesday despite the USDA adding 10 million tons of production in South America and printing a new crop ending stocks figure that was down from last year but slightly bigger than the trade was looking for. In our opinion, were it not for wheat being limit up most of the afternoon there wouldn't be a lot of reason for the corn market to have traded higher based on report numbers. Old crop exports and ethanol use still likely need to come down at some point, along with feed and residual, which presumably adds anywhere from 200-300 mil bu back into the new crop balance sheet, bringing ending stocks right back to the same 2.1-2.3 bil bu seen last year.

Soybean Summary-
Soybean futures, and the soy complex in general, finished higher on Tuesday, driven in large part again by the bean oil market, who continues to be the leader in the space. Bean ending stocks were some 50 mil bu lower than the trade was looking for in today's reports which helped in the bullish reaction, but we see the above mentioned adjustments in the balance sheet for bean oil as the more likely cause, along with record crush forecasts for the new crop year. The WASDE numbers all fine and good, but its China that means the most to the bean market this week and that will likely drive longer term price direction into the heart of the growing season.

Wheat Summary-
The wheat market saw fireworks on Tuesday, taking the lead in the space and seeing limit up trade in both the Chicago and KC markets as rumored production woes spurred on by drought over the last couple months in the Plains finally made their way onto paper. It's been talked about for weeks, but the sheer size of the drop in production caused in large part by an unexpected fall in harvested area caught the trade somewhat surprise, and also led to bigger than expected falls in exports and ending stocks, which we see as logical. From here, it will be interesting to see how much further the rally can run; yes today's numbers are undoubtedly bullish, but much of the rally in futures the last three months was based on drought conditions and the expectation that was supply being lost. Harvest also isn't far away now, which would lead us to surmise a top could be formed sooner than later once production figures from the private side presumably stabilize at some point in the next month or so.

Outside News Headlines-
Crude oil futures up $4.00+/bbl.

Weather Updates-
Weather forecasts are a shade wetter through the Midwest beginning next week but are otherwise little changed in the short term. This week will continue to feature warming temps into the weekend, while precip continues to look mostly limited to scattered areas throughout the northern part of the Midwest with totals no more than a couple tenths to a half inch or so. Rains show back up for the central Midwest by the end of the week/weekend also, but totals look to be lighter here too before picking back up into next week.
Models also had little change in the extended forecast this afternoon, as the westward shift of the Bermuda High looks to be the feature most impactful to the Corn Belt into the end of the month. While it keeps the southeast hot/dry, the ridge will allow Gulf Moisture to easily enter the southern US where southwest flow will then likely pump storm systems regularly through the heart of the country and into the Corn Belt.


Enjoy it!


Bailey Runyen
Grain Originator | Topflight Grain Coop.
101 N. Main St. | Cisco, IL 61830
Phone :: 217-669-2141
Email :: brunyen@tfgrain.com
Image ... See MoreSee Less