September 29, 2026

Mid-Co Morning Comments:
 

• Grain markets are slightly firmer this morning following yesterday’s selloff. Corn spreads have strengthened modestly, with CZ/CH at -13 ¼ at the break. Soybean spreads have eased after firming into the end of last week, with SX/SF now trading near -15. Crude oil is about $2/barrel lower this morning, with November WTI near $90.50.
• Soybean basis premiums were mostly weaker yesterday as harvest made some progress over the past few days. Incobrasa in Gilman and ADM Decatur backed bids off sharply to -20X and are now showing a carry into LH October. Illinois soybean harvest was estimated at 21% complete in yesterday’s crop progress report. Iowa bean values were mixed, with some processors holding premiums while others pulled bids lower. Early soybean yield reports have been strong from what I am hearing in the country, so far.
• Weather forecasts show a broad area of heavy rain across the Central Plains and much of the Midwest over the next week. Locally, rain chances pick up tomorrow before more meaningful precipitation arrives Thursday into Friday. The system looks slow-moving and could tap into tropical moisture from Hurricane Polo, potentially enhancing rainfall totals. Beyond that, the 8–14 day outlook turns drier and could provide a nice harvest window once this system moves through.
• Tomorrow’s Grain Stocks report will be released at 11 a.m. CT and will feature final 2025/26 ending stocks. Several private estimates lean bullish, with some suggesting last year’s corn crop may have been overstated. My lean is toward a tighter soybean number that would be supportive to the market, while corn stocks come in closer to expectations and have a more neutral impact.