September 10, 2026

Mid-Co Morning Comments:
 

• Grain markets are firmer this morning with corn, soybeans, and wheat all posting early gains. Spreads are mostly steady, with both corn and soybean spreads near unchanged. -16 appears to be the magic number for both SX/SF and CZ/CH, with sizeable bids at that level providing some resistance. Crude oil continues its march higher, with October WTI now nearing $100/barrel.
• Basis continues to feel defensive for the most part this week. River values have weakened as solid yields and good harvest conditions across the Delta and Southern Missouri have pushed corn into the river system. Soybean basis feels a touch weaker as well, with Eastern Corn Belt processors backing bids while decent premiums remain in the west. A few Northern Iowa and Southern Minnesota processors firmed soybean bids yesterday as harvest remains a little further out in those areas.
• Wheat exports out of the Black Sea continue to struggle amid the ongoing Russia/Ukraine conflict. President Trump said he had a positive call with Vladimir Putin and suggested a bilateral meeting could be in the works. Fighting has continued this week, however, with multiple drone strikes exchanged on key shipping ports.
• Reminder: The September WASDE will be released tomorrow at 11 a.m. CT. The trade is expecting a cut to U.S. corn yield and production, while funds remain heavily long corn with current position estimates around 400,000 contracts. With that much length in the market, a bearish surprise could trigger a quick round of fund liquidation and put significant pressure on futures. Please reach out with any questions ahead of the report.