July 16, 2026

Mid-Co Morning Comments:
 

• Good morning.  Grain prices were mostly higher overnight but has since faded somewhat with wheat now well off its highs.  Cash trade in the Black Sea region is slowing as traders are unsure of transportation routes with the Russian/Ukraine war escalating again.   Ukraine launched a slew of drone attacks again overnight.   Wheat prices in Chicago were up another 20 cents at one point last night but have settled back closer to unchanged.  December corn futures were able to trade above the 50- and 200-day moving averages yesterday and December corn hit the 100-day ($4.73 ¼) overnight before fading.  China was back in the U.S. bean market yesterday.  Barge freight values continue to move higher.  Iran and the U.S. remain in a fighting mode with the ceasefire dead for now.   The weather forecast remains warm and dry for the rest of the week.  A few rain chances will persist over the weekend, but totals won’t be heavy.  Next week brings a touch cooler weather with more talk of normal precip.  Not a bad forecast for the 2^nd half of July.  The U.S. is imposing 25% tariffs on Brazil starting July 22^nd, but it will exclude beef.  Exports were on the slower side for corn this morning at 12.4 mbu. for old crop and 12.3 mbu. for new.  Old bean sales were 6.9 mbu. and new crop was 65 mbu.  Wheat sales were 8.6 mbu.  With the forecasting moderating for the 2^nd half of July, corn will need some continued good support from wheat.  Still no word from China on buying grains, just beans so far.  Have a safe day.