September 3, 2026

Mid-Co Morning Comments:
 

• Grain markets are sharply lower this morning with corn and soybeans both down double digits. Wheat is leading the move lower, with both KC and Chicago futures under heavy pressure on news out of the Black Sea. Vladimir Putin announced that Russia and Ukraine are engaged in peace talks and said a deal can be reached. The headlines have pulled some of the Black Sea war premium out of the market.
• Corn spreads have relaxed, with a wave of orders at -15 CZ/CH and -22 CZ/CK getting filled overnight and this morning. Seasonal trends suggest the first week of September is historically one of the better windows to roll CZ shorts forward into CH. As of 7:45 a.m., roughly 8,900 CZ/CH contracts have traded at -15.
• Cash inverses continue to disappear on soybeans, with multiple processors walking back bids vs. SX26. Look for that trend to persist as harvest approaches, although much of the local soybean crop remains fairly green and could still be a few weeks away from getting cut, especially in northern areas.
• Export sales this morning showed 78.2 million bushels of new crop corn and 71.59 million bushels of soybeans sold for the ’26-’27 marketing year. The new marketing year began this week, shifting some previously reported ’25-’26 sales into ’26-’27, but totals still came in within expectations.