November 11, 2026

Mid-Co Morning Comments:
 

• Grain markets are slightly lower this morning following yesterday’s post-WASDE rally. Corn and soybean spreads are wider overnight with CZ/CH back out to -13 and SF/SH to -7 . Crude oil futures and equities are both trading higher to start the day.
• Yesterday’s WASDE gave the grain markets a shot in the arm, with corn rallying double digits and soybeans gaining 40 cents. Corn yield came in below 180 bpa at 179.6, with notable reductions in Illinois, Nebraska, and Indiana. Soybean yield and production fell short of trade estimates, while higher export projections added fuel to the rally. Overall, a bullish report that brought some fund money back into the market. With U.S. harvest essentially wrapped up, another leg higher will likely require some fresh bullish news, whether that’s stronger export demand or a South American weather scare.
• Corn and soybean basis are finding additional strength as the post-harvest market takes shape. Eastern rail corn basis has firmed considerably over the past couple of weeks, with reports of limited willing sellers across NS/CSX origins. Locally, Bartlett in Jacksonville, IL bumped nearby corn bids a nickel to a posted +15Z.
• Weather forecasts look favorable for a solid run of fall fertilizer applications over the next week or two. I spoke with someone in GROWMARK’s agronomy department yesterday who expects this week to be the peak for fall NH3 applications in Illinois. Iowa remains a bit behind schedule following its later harvest, but favorable weather should help keep applicators rolling.