June 4, 2026

Mid-Co Morning Comments:
 

• Grain markets are extending losses again this morning with July corn posting another contract low and December ’26 corn now nearly 50 cents off its highs. Soybeans are down over a nickel while wheat is slightly firmer. Spreads are mostly quiet with corn spreads marginally firmer and soybean spreads mixed.
• New World screwworm has officially been detected in the U.S. for the first time in decades, adding another concern to an already historically tight U.S. cattle herd. Agriculture Secretary Brooke Rollins said the case was found in a 3-week-old calf near La Pryor, Texas, roughly 50 miles from the Mexico border. June live cattle futures are lower this morning but still trading at elevated levels near $246.625.
• Corn basis continues to firm alongside the break in futures. New crop CIF bids have improved, with some traders believing the market may be trying to front-run potential Chinese demand. Rumors circulated yesterday that China was in the market for U.S. milo, with business likely moving through the Texas Gulf.
• This morning’s Export Sales report showed corn sales below expectations while soybean sales came in near the middle of trade estimates. Both corn and soybean export sales remain above 95% of USDA’s old crop marketing year projections, with total corn sales now reaching 3.219 billion bushels.