May 6, 2026

Mid-Co Morning Comments:
 

• Grain markets are sharply lower this morning with crude oil futures getting hammered, down around $8/barrel, but have climbed off the lows. Corn spreads are mostly weaker as CN/CU traded out to -6 overnight, while soybean spreads are hanging in there a little better. Wheat futures are under pressure too with improved weather forecasts across Europe and a little bit of some much-needed moisture showing up in the western plains.
• A report out of Pakistan suggested a peace deal may have been reached between the U.S. and Iran, although neither side has officially confirmed it and there are already conflicting reports floating around. Trump posted on Truth Social that the Strait of Hormuz would remain open to all countries, including Iran, if a deal gets finalized. Stocks are ripping higher this morning while crude oil backs off hard. As has been the case lately, war headlines will continue steering these markets day to day.
• Basis was mostly quiet yesterday with June/July corn CIF slipping a few cents. FOB values on the Illinois River are still sitting 10–11 cents below delivery values, so there is still plenty of work to do there. Feels like basis may need to wake back up a bit with futures pulling lower, especially with farmers who shift focus back to getting the crop in the ground.
• Forecasts continue to lean warmer and drier in the 8–14 day window, which should provide some decent planting conditions, especially across the western Corn Belt. Wheat harvest could also get rolling earlier than normal in parts of the southern plains as wheat tours officially kick off down there.