Wednesday, April 29, 2026
Morning Markets: Corn: +1.25 old & +1.50 new.
Beans: +5 old & +5.25 new. Wheat: +5.50 old & +6 new.
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.
MARKET SUMMARY:
Good morning. It's been more of the same so far across the CBOT to get Wednesday trade started, with a two-sided overnight session turning mostly higher as traders begin to roll in this morning on continued strength in world energy markets and as there continues to be little to talk about otherwise aside from weather. Yes, happenings in the Middle East are influencing grain values, but we would be remiss to gloss over the drought that has taken hold of the US wheat belt over the past 4-6 weeks; this has undoubtedly been part of the recent rally, but weather premium can go just as quickly as it comes, and we would caution against chasing to the upside here. Corn futures this morning are trading 2-3 cents higher, soybean futures are trading 5-6 cents higher, and the Chicago wheat market is trading 4-6 cents higher.
Crude Oil is up $3.37 at $103.30
US Dollar is up at $98.74
Dow futures are up 22 points at 49,319
WEATHER:
Midwest forecasts this morning are mostly like runs seen yesterday, and continue to show additional rains and thunderstorm activity through the southeastern part of the US the next few days and into the weekend, while just light/passing rain chances look to impact the rest of the Midwest and Corn Belt into next week. Model agreement into next week then quickly dissipates, with the GFS showing more rains returning to the central part of the region by the first part of next week while the EU keeps the rains into the back half of the week.
OTHER HEADLINES:
Weekly ethanol data from the EIA this morning for the week ending April 24th is expected to show average daily US production between 1.025-1.050 mil bbls, while stocks in the week are seen between 26.00-27.20 mil bbls. On average, both estimates would be down slightly from figures seen last week.
Sources familiar with the matter said on Tuesday that the United Arab Emirates (the UAE) would be leaving the OPEC oil producing cartel on May 1, after nearly six decades. In a statement, they said the current undersupplied market makes the timing right, giving it more flexibility to respond to demand needs without OPEC constraints. Analysts fear the move may prompt others to now consider exiting, with Kazakhstan, Nigeria, and Venezuela at the top of a short list of candidates.
The USDA's ag attaché to Canada this week said they see 2026 wheat production at 36.2 MMTs, which would be down nearly 4 MMTs from the 2025 total. The group cited lowered yields and also mentioned a steady forecast in planted area compared to last year that could see downward revisions now based on developments in the Middle East and their impact on fertilizer costs over the last couple months.
Similarly, the USDA's attaché to Australia said in a report issued Tuesday that wheat production there was expected to fall to 29 MMTs in the 2026/27 season, which if accurate, would be down some 19% from the year prior. The group cited a return to more normal yields and a reduction in planted area as reason for the lower estimates, and also mentioned that forecasts for a developing El Niño have produced moisture concerns for later in the season despite things being off to a good start otherwise.
Though not necessarily a market mover, sources familiar with the matter and a statement from the Chinese government said on Tuesday that the Chinese Communist Party had appointed a new senior official at the ag ministry for the second time in as many years, though no reason was given for the sudden shift. The move adds to what has been a plethora of position changes at the top of the CCP in recent months.
EXPORT NEWS:
N/A
Be careful!
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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