September 22, 2026

Mid-Co Morning Comments:
 

• Grain markets are lower this morning after an impressive rally yesterday, with strength attributed to positive U.S./China trade developments and concerns over potential harvest delays. Despite the move higher, producer engagement was only moderate in the country. Spreads are quiet this morning with CZ/CH back out to -14 and SX/SF holding at -16.
• Soybean basis was mixed yesterday as premiums faded in some areas while strengthening elsewhere. Cargill Kansas City moved from +80X to +60X, while ADM Fostoria, OH firmed from +30X to +50X. It is an interesting East vs. West dynamic as processors wait for soybean harvest to get underway and nearby supplies remain uneven.
• Weather forecasts call for solid rainfall across the western Plains over the next week, with heavier totals expected in Nebraska and western Iowa. The eastern Corn Belt looks considerably drier, which could allow harvest to pick up late this week and into next week. Feels like producers will nose into corn initially before shifting hard to soybeans as soon as they are ready.
• President Trump is in New York today for the UN General Assembly, where he is scheduled to address the assembly and meet with Ukrainian President Zelenskyy. Iranian President Masoud Pezeshkian is also in New York for the gathering, putting Iran and the Strait of Hormuz situation squarely in focus. Attention will then shift to Thursday’s Trump/Xi summit at the White House, giving the markets no shortage of geopolitical headlines to digest this week.