April 20, 2026

Mid-Co Morning Comments:
 

• Corn and soybean markets are lower to begin the week while wheat futures are higher. Spreads are mostly quiet this morning with CK/CN at -8 ¾ and SK/SN at -15 ¾ .
• The Strait of Hormuz was closed again over the weekend by Iran following the U.S. capture of an Iranian tanker. The U.S. has since blockaded the strait as peace talks are set to take place today in Islamabad, Pakistan. Crude oil futures are higher this morning but remain off last night's highs.
• Basis was mostly steady on Friday with CIF corn creeping higher, now bid at +97K. FOB values have inverted 2–3¢ on corn from April to May at both St. Louis and Havana. On Friday afternoon, STL April corn FOB value was at +47.85K using 440% barge freight.
• Severe weather moved through Central Illinois over the weekend, bringing up to an inch of rain in some areas. The updated 7-day forecast shows limited chances of precipitation for Illinois and Iowa, with higher projected totals in Central/Southern Missouri. The western plains remain largely dry, continuing to support wheat futures.
• USDA Crop Progress will be released today at 3:00 p.m. CT. Key items to watch include soybean planting progress and winter wheat condition ratings.