September 8, 2026

Mid-Co Morning Comments:
 

• Good morning, grain markets are mixed to begin the trading week. Corn and soybeans traded higher overnight before giving back some of those gains this morning. Wheat jumped nearly 30c on reports of stalled peace talks in the Black Sea but has since pulled back to single-digit gains. October WTI crude oil has spiked to around $94/barrel as headlines out of Iran remain mostly negative. Soybean spreads are slightly weaker while corn spreads are mostly unchanged.
• U.S. peace representatives Jared Kushner and Steve Witkoff were reportedly unable to broker a ceasefire agreement between Russia and Ukraine over the weekend. Ukraine’s wheat harvest is estimated to be 98% complete, with the key export window typically running from now through November. Continued uncertainty around Black Sea shipping should keep some risk premium in the wheat market.
• Canada has imposed a new round of tariffs on U.S. goods, including some agricultural products such as dairy and farm machinery. Corn, soybean meal, and ethanol remain exempt for now, which is important given Canada’s role as a significant buyer of those products. I’m headed to Canada next week to visit a MID-CO customer—hopefully they’re still welcoming after all of this!
• Warmer temperatures are expected to stick around for another couple of days before cooler weather and better rain chances arrive over the next week. The heaviest totals are currently projected across eastern Iowa, where some areas could receive 4–5”. Recent heat and dry weather have pushed harvest forward in some areas. A good number of soybean fields are starting to turn in McLean County, while much of the corn looks ready to go. I expect a decent amount of new-crop corn to come off this week, and early yield reports will be worth watching.
• The September WASDE will be released Friday at 11 a.m. CT, with estimates beginning to roll in and a fairly wide range of yield and production guesses so far. Export inspections and Crop Progress will be released today following yesterday’s holiday. Have a great day.
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