August 11, 2026

Mid-Co Morning Comments:
 

• Grain markets are slightly lower this morning after spending most of the overnight session in the green. Spreads are mostly wider, with CU/CZ pushing out to -23 ¾. There are around 17k contracts currently bid at -24, which feels like an advantageous level to move some shorts. SX/SF is also wider this morning at -15 ½.
• The Iran conflict remains a focal point, with President Trump making new demands and claiming the U.S. controls the Strait of Hormuz and that all mines have been swept by the U.S. Navy. Current traffic through the strait is mostly at a standstill. Black Sea shipments also remain disrupted by ongoing attacks on shipping lanes. Export numbers out of the region could be reduced, although that likely won’t be reflected in this week’s report. These international conflicts will continue to drive some market direction, but it does feel like the trade has become somewhat numb to the headlines.
• U.S. crop conditions showed corn steady at 61% good/excellent, while soybeans slipped to 62% good/excellent. North Dakota corn conditions took another major hit, with 40% of the crop now rated poor/very poor. U.S. corn in the dough stage reached 61%, well ahead of the five-year average and signaling a rapidly maturing crop in some of the drier areas. Soybean harvest has also started in the Southern Delta, with early reports of solid yields and farmers selling bushels directly off the combine.
• A “ring of fire” rain pattern is expected across much of the Midwest over the next seven days as a strong south-central high-pressure ridge sets up. This pattern can bring rounds of storms and potentially damaging winds, although rainfall totals will be variable. Eastern Iowa and northern Illinois are already seeing storms and strong winds this morning, and the market will be watching for any crop damage as the system moves through.
• Tomorrow’s USDA WASDE report will be released at 11:00 a.m. Central. It should be a highly anticipated report, so please reach out with any questions. I’m looking for a small yield cut to both corn and soybeans, but I would also expect some demand reductions to offset part of the production decline. There is still a good crop out there in several of the states that carry more weight nationally.