July 8, 2026

Mid-Co Morning Comments:
 

• Grain markets are mixed to start the session, with soybeans leading the way higher. November '26 soybeans have traded back above $12 for the first time since May 20th. Soybean spreads are firmer again this morning, while corn spreads continue to soften. The CN/CU spread traded to a new low of -21 overnight.
• Crude oil is up nearly $3/barrel as tensions in the Middle East continue to escalate. President Trump has declared the Iran-U.S. ceasefire "over" following multiple exchanges over the past several days. The U.S. reports that Iran has attacked several commercial vessels, with the U.S. responding through strikes on multiple Iranian military sites.
• Soybean futures and spreads continue to strengthen on fresh China demand. Reuters reported that Chinese buyers secured another five cargoes of U.S. beans yesterday, bringing total purchases for the 2026/27 marketing year to roughly 800,000 MT. Watch for a USDA flash sale announcement today or tomorrow. CIF bean values have rallied sharply this week, although barge freight has also strengthened with the increase in demand, particularly for new crop timeframes. Nearby demand has also improved with August CIF values rallying and the SQ/SX spread moving from over a 20¢ carry last week to a slight inverse this morning.
• Weather forecasts are largely unchanged from yesterday. The hottest and driest pattern remains focused farther west, with portions of the western Plains expected to see above-normal temperatures and limited precipitation over the next week.
• The USDA accepted 2.2 million acres into the 10-year Conservation Reserve Program (CRP) out of approximately 2.5 million acres that were offered. Total CRP enrollment remains capped at 27 million acres nationwide, with Nebraska, Colorado, and South Dakota leading all states in 2026 enrolled acreage.