Wednesday, June 10, 2026
Closing Markets: Corn: -0.50 old & +1.50 new.
Beans: +9.25 old & +6.50 new. Wheat: +2.25
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-
Outside of the July corn contract, which closed just fractionally lower on the day, CBOT ag markets finished Wednesday in the green, though most were off their highs made earlier in the morning by the end of the day as the buying continues to be largely corrective in nature. The last couple weeks has seen the removal of a rather sizeable amount of risk premium, but we would remind readers that there is still a lot of growing season ahead, and there are producers scattered about the Corn Belt that are now beginning to see root concerns and yellowing crops due to excessive moisture. In our opinion, this is not a place to be laying into new sales.
Corn Summary-
It was another quiet/choppy day in the corn market, with most contracts closing within spitting distance of unchanged as news remains slow and as similar trading ranges were had to yesterday. While tomorrow's report isn't expected to have a ton of market impact, traders will be watching both the export and ethanol categories on the demand side for potential adjustments. If a surprise is to occur, we would imagine it could come from one of those categories seeing an unexpected adjustment that offsets the other more or less than is anticipated. However, in any case, trader focus likely again quickly returns to other market happenings, namely weather and Iran.
Soybean Summary-
Both the beans and the products closed higher on Wednesday, though were off the highs from the day in all three markets as buy-side momentum faded into the afternoon hours. Similar to corn, there aren't expected to be a ton of updates in tomorrow's WASDE report amid not a lot of reason to adjust exports, crush, or production. There's also not expected to be a ton of updates to the product balance sheets following rather notable boosts in bean oil use for biofuel the last couple months.
Wheat Summary-
Wheat futures rounded out the buying in the ag space but saw the worst closes relative to the highs made earlier in the day as chart selling came about pretty quickly when July futures hit moving average resistance late in the overnight session this morning. Winter harvest is getting rolling throughout the US this week and over the next several days, which along with oversold chart conditions could produce some sort of dead-cat bounce once negative June seasonals run their course.
Outside News Headlines-
Crude oil futures up $3/bbl
Weather Updates-
Severe weather potential will remain in place across a lot of the Midwest the next couple days, as several lines of storms are expected to impact western and northern parts of the region through the evening tonight and then again tomorrow afternoon/evening. This afternoon's GFS run, which has been the drier of the two models, has rainfall through the end of the weekend ranging from a half inch to three inches generally, with the best coverage expected through IL/IA/WI and then also through KS/MO/AR/OK further to the south.
As has been advertised all week, the heat seen the last several days look to mostly abate by the weekend and into next week, with overnight lows Monday/Tuesday seen in the 40's/50's for much of the country's mid-section following near average temperatures through the weekend .
Week two precipitation maps are keeping the eastern US wet into the back half of the month and have not seen a lot of variability the last few days. Like we talked about on Tuesday, ridging in the models the week of June 22nd for the Midwest, which could provide heat and dryness to the area, will be the main feature to watch for in the extended forecast over the next several days.
Noah Richardson
Topflight Grain Seymour
202 N Main Street, Seymour IL 61875
nrichardson@tfgrain.com
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