September 21, 2026

Mid-Co Morning Comments:
 

• • Grain markets are higher this morning with soybeans leading the way with double-digit gains. Crude oil is lower to start the week, although the impact of elevated energy prices continues to hit home with posted diesel prices now above $7/gallon locally. First field of corn got harvested over the weekend on Siegrist Farms in San Jose, IL (corn on corn) with a yield of 223 bpa compared to 240 bpa last year.
  • Optimism remains around the Trump/Xi summit scheduled for Thursday, September 24. Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng held preparatory talks over the weekend, helping set the stage for Thursday’s meeting. Agriculture remains a key item to watch, with any mention of additional U.S. soybean purchases likely to generate a market reaction. The last Trump/Xi meeting produced little immediate follow-through for U.S. agriculture, leaving the soybean market looking for something more concrete this time around.
  • Harvest progress has been mixed as weekend rainfall slowed combines in portions of the Western Corn Belt, while Missouri, Illinois and Indiana look mostly dry in the near-term forecast. Western soybean processor basis remains firm amid concerns over how quickly new-crop beans will reach the pipeline. Farther south, rapid Delta harvest continues to feed the river system, where conditions have reportedly improved.
  • Black Sea tensions remain elevated as attacks between Russia and Ukraine continue. Wheat futures are slightly firmer this morning, while WZ/WH is trading near -15 ½.
  • Things to watch this week: Thursday’s Trump/Xi summit and any soybean headlines, harvest pace and weather, soybean processor basis, and corn spread action. Please reach out with any questions.