Friday, June 5, 2026
Closing Markets: Corn: -7 old & -5.75 new.
Beans: -8 old & -4 new. Wheat: -1.75.

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. Ag markets made it a perfect five for five to the downside this week, as the sell-off again extended to new lows on limited new news headlines and much the same trading themes that have been present the last couple weeks. With the charts oversold and the fund long positions now presumably a fraction of what they were just a few weeks ago, the question becomes will the new week next week bring about an intermediate bottom, or does selling continue if nothing friendly emerges over the next few days? Improving Midwest rainfall, a lack of movement on the trade deal with China, and peace prospects in Iran are the easy answers for why the selling has occurred, but at this point it's downward chart momentum and money flows that are driving things more anything, and traders are curious as to when this ends.



Corn Summary-
What a week. Spot corn futures dropped nearly 30 cents in the last five sessions, as the mass fund exodus seemingly has not reached a stopping point as of the end of the day on Friday. While most of the selling has undoubtedly been longs covering their positions, open interest data showed new money coming into the space also this week, indicating that the decline might be more structural than just a position refresh amid what continues to be good Midwest weather and a seemingly daily decrease in the odds that China buys US corn as part of a rumored $17 billion purchase agreement. If one of these things were to change we imagine premium would quickly be re-injected, but until then, traders are seemingly content with taking the wait-and-see approach before building any sort of sizeable new positions.

Soybean Summary-
Bean oil led the soy complex lower on Friday, as the one market in the space that the funds haven't completely bailed on likely saw a round of profit taking ahead of the weekend and as crude oil prices also saw fairly steady declines. We've talked about it all week, but it's the lack of new business still by the Chinese and the idea that acres could see an uptick in the June report in another few weeks that have largely offset the bullishness of new EPA RVO mandates and the record run in bean oil. The decline the last ten days has made cash offers out of the US more competitive with other global suppliers into fall, but short-term, both Argentina and Brazil still have supply offered cheaper than that out of the US.

Wheat Summary-
The wheat market had the best of the bad closes across the CBOT to end the week, but still closed lower nonetheless on Friday as the selling seen throughout the rest of the space was also present here. Like the rest of the space, the wheat charts are oversold, which means a bounce of some kind would be warranted from here, but we just aren't sure today what sparks this bounce to happen. Since the three-day WASDE crop loss rally at the start of May, spot Chicago futures have fallen more than a dollar/bu and have managed just three higher daily closes in the timeframe sense. Momentum is clearly down, and the funds seem to be building a new net-short position.

Outside News Headlines-
Crude oil futures down $2.50+/bbl.

Weather Updates-
Weather forecasts were little changed this afternoon and continue to show improving rainfall across the central and eastern parts of the Corn Belt beginning this weekend and lasting into the first part of next week. Heavier totals will continue to favor the western part of the region and the southern Plains for the most part, but the models this afternoon have a good strip of much needed moisture through Sunday for southeast IA, northern IL and northern IN.
While the rainfall pattern looks to shift into next week, models are in good agreement on there being little change temperature-wise, as daytime highs are expected to remain above average to well above average across most of the central and northern US through the week next week.
This afternoon's week two precip anomaly maps are wetter throughout the northeast than has been seen previously this week, as there is beginning to be better agreement on western US ridging returning by mid-month which likely keeps low pressure in place across the Midwest.
This low pressure should limit extreme heat for the most part, and should also allow for good moisture through the central US as storms work over the top of the ridging in the west and down into the mid-section of the country. Models this afternoon are also attempting to stir up some sort of tropical storm activity in the Gulf into the back half of the month, which will need monitoring over the next couple weeks.


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