Tuesday, June 30, 2026
Closing Markets: Corn: +6.50 old & +6 new.
Beans: +5 old & +4.75 new. Wheat: +9.50.
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-
Row crop futures markets finished report day higher on Tuesday despite there not being a lot explicitly bullish in the data, though they were generally off their highs made shortly after the data was released in most all cases. Traders had been fearful that the USDA data would lean bearish for weeks, and it’s our assumption that at least some portion of the post-report buying was out of relief that this ended up not being the case. Seasonally, this is not the time for annual lows to be scored, but chart action and the removal of a portion of the unknowns in the market could justify that such action is occurring. From here, weather gains in importance in the coming weeks, with the yield portion of the crop production equation now coming into more focus.
Corn Summary-
Corn futures closed higher on Tuesday, but scored another round of new contract lows first this morning in the old crop before reversing course on the USDA data and finishing the day higher. As far as the numbers go, planted area was largely unchanged from March and offered little to chew on but it was stocks that somewhat surprised, coming in below all trade guesses though they were still higher than June 1 last year. Generally speaking, it seemed that the data not being bearish was as good a reason as any for traders to hit the buy button, as we can't make an overly bullish argument otherwise. Yes, the stocks data was friendly compared to expectations, but they were still bigger than last year; that record production led to record use in the months following harvest and through the first part of 2026 also would seemingly not be a new development in our opinion. Lastly, we would note that last year, the June acreage report showed a similar situation to this year, only for an additional three million acres to show up by the time harvest started in September.
Soybean Summary-
While most of the attention in the bean complex Tuesday was focused on the report data, spot soybean oil quietly traded to its lowest level since mid-April as it appeared funds continued to liquidate stale longs despite a mostly friendly day throughout the rest of the space. Both stocks and acreage figures came in close to trade expectations this morning but also came in above those seen last year, which would give the report a neutral bearish to lean despite the market finishing the day higher. Overall, the figures do little to change the overall fundamental landscape in the complex, with longer term price direction still being a product of crop size and Chinese demand.
Wheat Summary-
Wheat futures closed higher on Tuesday, spurred to the upside by somewhat bullish stocks data and as planted area continues to decline to record or near record low levels. The new crop wheat story is one of falling stocks and production compared to last year, but harvest pressure in the short term has kept seasonal bottoms from being formed in the meantime. Once harvest clears the halfway mark, presumably this week, we would expect higher trending markets to emerge at some point amid the fall in supplies around the world.
Outside News Headlines-
Crude oil futures down $0.50+/bbl.
Weather Updates-
Though ridging has settled into the eastern US and cranked up the heat this week, forecasts have continued to trend wetter through the central Corn Belt into next week this afternoon as the ridge progresses back west quicker than originally thought. The precip is still going to be the result of thunderstorm activity around the edge which means it will be difficult to forecast, but the 10-day forecast this afternoon has almost all areas of the Corn Belt picking up some kind of measurable rainfall.
High pressure ridging across the western US continues to be the main forecast feature in the extended period, as ridge-riding thunderstorms will continue to be the main source of Corn Belt rainfall but their location will be dependent on exactly where the ridge sets up at. Precip anomaly maps for week two are wetter across the southeast and south-central US again, but our confidence beyond the next four or five days is not high.
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
0 CommentsComment on Facebook