Thursday, June 25, 2026
Closing Markets: Corn: +7.75 old & +8.25 new.
Beans: +18.75 old & +22 new. Wheat: +5.25

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-
Quiet trade throughout the rest of the week was replaced by a run to the upside on Thursday, as markets saw a burst of buying based on China purchase rumors that led to the strongest closes of the week so far. Reversals on the charts look positive and we've mentioned previously this week that it felt like markets were trying to form a base, but we are hesitant to call a low ahead of next week's reports regardless of whether or not today's reversal is built upon going into the weekend and early next week. That said, should Chinese buying start showing up more regularly, we assume the algorithms keep buying those headlines in the short term, as this continues to be the biggest market wild card.

Corn Summary-
Corn futures scored new contract lows this morning in both the old and the new crop before reversing course shortly after the morning reopen and scoring an outside day higher by the close. The chart developments were notable and there was good volume in the options markets throughout the day, but we unfortunately have little to point to otherwise in terms of a reason for the day's pop. Oversold conditions remain present and this, along with the ongoing weather story and probable fund short covering into the weekend are the best explanations for the buying outside of general optimism surrounding China.

Soybean Summary-
Thursday closes were higher to sharply higher across the soy complex, with all three of the beans, meal, and oil up a similar amount on a percentage basis amid China cash rumors and an up day in the world energy markets. It's short and sweet, but there isn't a lot of explanation for the day's price action outside of that with it being obvious that algorithms and computer traders are going to continue to be uber sensitive to any sort of headlines regarding Chinese cash purchases. We've talked about the bullish fundamentals in the bean oil market dozens of times in recent weeks/months, but the beans having their own fundamentally bullish story via new Chinese demand would be a new development that we see as not priced in at this point. Lastly and largely in the background but still friendly nonetheless is news that Argy port workers could strike again next week, though negotiations are ongoing.

Wheat Summary-
Wheat futures closed higher on Thursday but were comparably the weakest of the group, as futures were somewhat stuck between ongoing hedge selling and strength related to the rest of the space. Heat across Europe, and France specifically, has been well-advertised, but to this point has not led to an injection of premium in prices. We will see if this changes once seasonals turn more friendly in another couple weeks, but for now, it appears funds stay content to stay short and seemingly have little concern regarding additional global crop losses.

Outside News Headlines-
Crude oil futures up $1.50+/bbl.

Weather Updates-
Little change on the weather front this afternoon for the rest of the week and into next week, as the models continue to be in decent agreement on a cut-off low providing another round of rainfall to the central/south-central Midwest over the next 24-48 hours. What model disagreement there is comes on location, with the GFS further south with the rain than the EU model is.
Beyond the weekend and into next week, the forecast turns notably drier as ridging settles into the eastern US. The hotter/drier weather likely then hangs around at least through the Fourth of July holiday, which will keep rainfall during the period limited. Temperatures next week will jump into the 80's/90's across the Midwest and eastern US, while the Plains see highs in the 90's/100's.
Models are little changed this afternoon in the extended period as well, with both seeing the high pressure ridge mentioned above retrograding west beyond the holiday, possibly bringing ridge-riding storm systems back into the central Midwest. Ridging is still present all the way to the end of the two week forecast, which will be the number one feature to watch for the next ten days.

Enjoy it!


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