July 2, 2026

Mid-Co Morning Comments:
 

• GRAIN MARKETS are firmer again this morning with December corn pushing up to $4.45 around 7am. Spreads are stronger for both corn and soybeans with CN/CU tightening to -19 while SQ/SX has firmed to -14 ½ . July corn open interest has dropped to 5,478 contracts while soybean open interest sits at just 1,453 contracts. Crude oil continues to slide with August WTI down to $67.35/barrel and trading below the 200-day moving average.
• BASIS continues to heat up in both corn and soybeans following the roll. Soybean processors have continued to firm bids versus the SQ, most notably Cargill in Kansas City posted at +75Q with better-than-posted values reportedly trading there. Several Iowa processors also improved bids yesterday after the USDA’s grain stocks report showed Iowa soybean stocks down 3% year over year.
• CIF CORN basis strengthened across the board yesterday as river demand for corn remains strong. Havana FOB values versus the CU for July are near +18U with nearby posted bids at +15N and a 5-cent inverse to August. That type of structure is not typical for that stretch of the river and reflects the strong nearby demand. St. Louis corn values also remain firm with reports of +40U or better trading for July corn.
• WEATHER: Heat is expected to stick around through the weekend before temperatures moderate back closer to normal levels next week. The European model continues to call for widespread rainfall across much of the Midwest over the next 10-14 days, with northern Iowa, Wisconsin, and southern Minnesota projected to receive the heaviest totals. Extended forecasts still point toward near-normal temperatures and rainfall for the second half of July.
• REMINDER: Markets will be closed tomorrow in observance of Independence Day. Hope everyone has a great July 4th weekend celebrating 250 years of American Independence.