July 28, 2026

Mid-Co Morning Comments:
 

• Grain markets are mixed this morning with corn slightly higher while soybeans are under pressure. Futures opened stronger following yesterday afternoon’s Crop Progress report but have backed off the overnight highs. Corn spreads continue to firm with seasonal tendencies as the CU/CZ narrows. The SX/SF is back out to -14 this morning.
• CIF and barge freight values both firmed yesterday, although river basis was generally unchanged. A few soybean processors have rolled bids from the SQ to the SX, but many are still bidding against the SQ. Look for additional processors to make that transition this week. Board crush margins have pulled back from recent highs but remain healthy near $2.80/bu, supported by stronger soybean oil prices.
• U.S. corn conditions fell 4% week over week to 63% good/excellent, now 10 percentage points below this time last year. The largest declines came in North Dakota, Kansas, and Colorado as persistent heat and limited rainfall continue to stress the crop. Despite the sizable drop in ratings, corn futures are little changed this morning.
• NOAA’s 7-day precipitation outlook continues to show meaningful rainfall across much of the Corn Belt, with the heaviest totals expected in Iowa, northern Missouri, and western Illinois. The western Plains are forecast to miss much of that moisture while enduring triple-digit temperatures. Overall, it’s difficult to call the forecast overly bullish with several key growing areas expected to receive timely rainfall during the critical late July and early August period.
• The USDA announced a phased reopening of southern U.S. ports to Mexican cattle imports beginning August 24, 2026, after a year-long closure tied to the New World screwworm outbreak. Every animal entering the U.S. will undergo a full USDA inspection for signs of NWS. Live cattle futures weakened on the news, while meatpacker stocks such as Tyson and JBS rallied sharply yesterday.