Friday, June 12, 2026
Closing Markets: Corn: +1 old & +0.75 new.
Beans: -1.50 old & -2 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-
Happy Friday. It was a quiet close to the week on Friday, with ag markets at the CBOT closing mixed on modest volume and limited fresh news outside of what has become the near daily back-and-forth between the US and Iran. Yesterday's WASDE did the proverbial in one ear and out the other over the course of about 20 minutes, and trader focus today went right back to assessing war-risk premium and whether or not Midwest weather becomes a market mover as we get deeper into summer. There's a lot of growing season still ahead, but the bulls are going to need a reason to want to get back into the long positions that they so quickly exited over the course of the last month.
Corn Summary-
Outside of this afternoon's weekly CFTC update, there was little if anything new in the corn market on Friday with futures closing varying degrees of higher after scoring another round of new contract lows for the third time this week earlier in the session. The only headlines of note throughout the day were focused on the Middle East, where despite verbal progress towards an agreement the last 48 hours, there still seems to be a considerable amount of confusion in terms of whether or not a peace deal has actually been reached. War premium exists in the corn market due to it's effect on fertilizer prices, which by some metrics, have already started to come down from their peaks seen in the last couple months. However, it remains our opinion that activity in the Strait of Hormuz must return to normal or near-normal levels before Middle East influence entirely exits the corn market.
Soybean Summary-
This afternoon's soybean comments are largely rinse and repeat from the corn section, as values closed mixed/mostly lower Friday on what was another day of trading rhetoric out of the Middle East. From a big picture standpoint and outside of what goes on with Iran, we see trade largely staying sideways the next couple weeks unless China finally comes in due to question marks surrounding US planted acreage that are hopefully going to be answered at the end of the month. The media thinks cool/wet spring weather through parts of the Midwest will lead to a boost in planted acres for beans, but history has shown it's nearly impossible to outguess the June report. A bump in acres, plus record or near-record yields, plus no buying from China likely equals a not-so-friendly ending stocks number on the new crop balance sheet, and this likely caps the upside somewhat for the foreseeable future.
Wheat Summary-
Wheat futures were lower to end the week on Friday, as technical selling and negative seasonals continued to be the main theme throughout the market despite the USDA once again cutting production figures in this week's update. Export prices are still largely non-competitive, which as we've discussed for weeks now, is the primary offsetting factor to lower production figures. Should Russian wheat continue to work into Mexico on a regular basis, we assume a broad-based rally in US futures will be somewhat difficult to come by.
Outside News Headlines-
Crude Oil Futures: down $3.00+/bbl
Weather Updates-
Weather forecasts have one more round of potentially severe weather in store for the Midwest this weekend following several days of unstable activity this week, with the models in good agreement on one more storm system working through the mid-section of the country Saturday night into Sunday providing wind/rain/tornado potential. Models see rainfall totaling another half inch to 2 inches generally speaking by early Monday morning, though exact locations/amounts will be difficult to forecast.
Next week looks to then turn maybe a little calmer, while cooler air will be also more normal across much of the country's midsection as low pressure settles in to the middle of the US for a few days. Models have another shot of moisture returning by the end of next week, but we will need to see how the pattern develops the next few days before gaining more confidence in it.
Focus in the extended forecast is on model forecasted high pressure that is seen moving into the central part of the country by the end of the month and into July. The ridging will be a two-part situation, with the southern and south-central parts of the country directly under the ridge seeing hot/dry conditions, while areas to the north on the periphery of the ridge will see regular thunderstorm activity that keeps moisture present. Where exactly the ridge sets up and how intense it becomes are the big questions with the forecast today.
Noah Richardson
Topflight Grain Seymour
202 N Main Street, Seymour IL 61875
nrichardson@tfgrain.com
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