August 25, 2026

Mid-Co Morning Comments:

• Grain markets are lower this morning, with corn hovering on either side of unchanged and soybeans down another nickel. Both Chicago and Kansas City wheat are down double digits. Corn spreads continue to firm, with CZ26/CZ27 now inverted for the first time since mid-March.
• U.S. corn crop ratings fell another 3% in the good/excellent category, with just 57% of the crop now rated good/excellent. A Pioneer yield tour estimated Iowa corn at 226.5 bpa based on roughly 4,500 samples. Tough to put too much stock in a seed dealer yield tour, but 226.5 is still a pretty stout number for Iowa.
• Basis continues to fluctuate across the country, with the recent board rally taking care of nearby needs at some terminals and plants. ADM Decatur weakened nearby corn bids by a nickel but firmed FH September a nickel to +0Z. They will typically offer a drying deal to larger producers to entice early corn bushels into the plant. I expect to see some early drying programs again this year, but probably nothing too aggressive with no inverse and CU/CZ still around -25.
• Russia has continued attacks on Ukrainian bulk vessels in the Black Sea and indicated it will scrap the export tax on outbound wheat. The export-tax news has pressured wheat markets, with Paris wheat futures also trading lower. The Kansas City/Chicago wheat spread is currently around 64 cents.
• Reminder: First Notice Day for September futures is Monday, August 31, with longs reported by the end of the day Friday. September corn open interest is down to roughly 140,000 contracts. Please reach out with any questions.