June 5, 2026

Mid-Co Morning Comments:
 

• Grain markets are mixed this morning with corn under pressure again this week amid ongoing fund liquidation and favorable weather forecasts. December ’26 corn made a fresh low overnight at $4.47 ¼, while November ’26 soybeans appear to be finding support near the 100-day moving average around $11.41. Spreads are mostly weaker this morning, with SN/SX trading down to -15 ½ overnight.
• Basis continues to show a firmer tone alongside the lower futures market, with soybeans finally joining the move yesterday. Cargill Kansas City posted +60N for LH June soybeans, the strongest nearby processor bid I’ve seen recently. That strength could start to ripple further east, especially with soybean board crush margins still holding above $4/bu.
• The radar is active this morning with rainfall pushing across western Illinois. We’ll see how this system holds together as it moves east of the Mississippi and Illinois Rivers, but much of central Illinois is expected to receive around ¾” of rain, with heavier totals possible further west.
• Today’s CFTC COT report will be released this afternoon and is expected to show additional fund liquidation. Current estimates have funds still long roughly 100k contracts of corn and 138k contracts of soybeans. Private estimates suggest funds liquidated nearly 35k corn contracts yesterday alone as futures continued to slide lower.