Tuesday, March 10, 2026
Closing Markets: Corn: -1.50 old & -2 new.
Beans: +5.50 old & +5.25 new. Wheat: -12.25 old & -9.75 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.


Good evening!

Market Recap-
Today's WASDE update did little to quell the extreme amounts of volatility seen across the commodity space in recent days, as a nothing-burger report quickly ceded importance back to the Iran war and surrounding geopolitical situation, leaving crude oil futures again in the driver's seat throughout much of the day. We've talked about it for several days now, but the USDA's punt on pretty much all fronts earlier today just lends further credence to the idea that market fundamentals simply don't matter a lot right now, with the NASS quarterly stocks and seeding report now at the end of the month likely the next non-China related fundamental input of importance from here.

Corn Summary-
Corn futures finished Tuesday lower though were well off their lows scored earlier in the session as a bounce in crude oil allowed prices to rebound a bit through the noon hour. As expected, the WASDE update offered little if anything to traders this morning, with USDA punting on most everything related to the balance sheet. There were no adjustments made to either ethanol use or exports, and there was also no adjustment made to the feed and residual category that most feel is still too high. At the world level, Argentina saw a somewhat surprising minor cut in production to 52 MMTs, which is now even further below the BAGE, who is at 57.0 MMTs, while Brazil and Ukraine both saw minor upward adjustments to offset some of this. Bottom line remains that price discovery in the short term is almost entirely a product of developments in the Middle East, and we don't see this changing much until the quarterly stocks and acreage figures come out at the end of the month.

Soybean Summary-
The soy complex traded mixed on Tuesday, with the beans and the meal able to break from the rest of the pack and trade higher despite lower trade in the oil and a lack of any sort of fundamental news to point to that would've spurred the buying. So long as the prospect of China buying an additional 8 MMTs of US beans between now and fall continues to exist, it will simply be difficult for the USDA to make many adjustments to the current export forecast, which in our opinion, likely keeps ending stocks maybe a touch tighter than they would be otherwise. According to AgResource Co., there's likely some 60-80 cents of 'China premium' in the market at present, which likely gets quickly removed if the prospects of buying lessen. Planted acres will be a question and topic of discussion this spring, but likely will pale in comparison to the prospects of Chinese buying in terms of market risk and influence.

Wheat Summary-
Wheat futures took the brunt of the selling on Tuesday, with the Chicago market leading the space to the downside throughout most of the morning. Major exporter wheat stocks were lowered nearly a million tons today to 76 MMTs, which is still the largest figure in some 16 years, and this is basically all you need to know about the wheat market. World supplies are large and have made US exports generally uncompetitive, meaning without a weather issue somewhere or a pile of funds that need to buy back short positions, further upward price action into $6 territory likely becomes difficult.

Outside News Headlines-
Crude oil futures down $9.00+/bbl.

Weather Updates-
Active weather looks to remain common across the Midwest this week, with forecasts generally unchanged this afternoon from previous runs in continuing to see good moisture flow coming up from the Gulf at least into the weekend and the first part of next week.
Following today, temperatures will moderate throughout most of the region, and will steadily fall into next week before then bouncing back up to above normal by the end of the week and following weekend.
Extended forecasts are then little changed this afternoon, with precip outlooks now into the end of the month continuing to trend drier through most all but the far northern US and into Canada, while temperature outlooks in the 10-15 day period have the warmest air staying in the west but still have the whole of the US seeing above average daytime highs.
Aside from arguably too much moisture continuing to fall through northern and north-central Brazil, there remains little if anything notable in the forecast for either here or Argentina over the next 10 days. Argy growing areas see ongoing rains in the south and west that expand north and east into the weekend, while southern Brazil remains the only real area of dryness.



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