August 20, 2026

Mid-Co Morning Comments:
 

• Grain markets are firmer once again this morning as the rally continues. New crop CZ26 and SX26 are both approaching 6-month highs. Soybean spreads are wider this morning while corn spreads are mixed. CU/CZ made a fresh low of -25 ¾ overnight, while deferred corn spreads have ripped inward. CZ/CK gapped higher last night and is now trading near a 3-month high.
• The Pro Farmer Tour found disappointing yield prospects again yesterday, with Illinois corn estimated at 184.2 bpa, down 8% from last year and below the 5-year average of 199.15 bpa. The USDA currently has Illinois at 212 bpa, which feels lofty, especially given the recent flooding. Iowa corn came in at 190.7 bpa, roughly in line with its 5-year average. The tour wraps up today in Minnesota.
• Producer cash movement was solid yesterday, with a good chunk of both old and new crop getting priced. Basis was mostly defensive as the futures rally allowed some plants to back bids off. ADM Decatur was bidding for “$5.00” old crop corn yesterday, with some reports of +40U trading.
• Export sales released this morning showed 9.17 million bu for old crop corn and 32.1 million for new crop corn. Soybeans were at 3.12 million bu and wheat was at 14.46 million bu’s. Another 150,000 MT of soybeans was announced to “Unknown” for the ’26-’27 marketing year.