October 19, 2026

Mid-Co Morning Comments:

• Grain markets are lower to start the week with corn and soybeans both off a couple cents. We will see if CZ26 tests the $4.70¼ low set following the October WASDE report. Funds continue to trim corn length, with estimated net length now around 212,000 contracts, slipping below soybean length of 220,000 contracts for the first time in a while.
• Weather forecasts look favorable for a big week of harvest and fieldwork across the US with limited rain chances over the next seven days. Brazil is a different story, with dry conditions across Mato Grosso, Goiás, and NE Brazil raising some concerns for the 2026/27 crop. No major threat just yet, as better rain chances are forecast in the 10–15 day window. Soybean planting has been moving along at a good clip in parts of Brazil.
• Russia and Ukraine continue to trade blows as the ceasefire announced earlier this month appears to have gone out the window. A rumored APEC meeting between Trump, Xi, Putin, and Zelenskyy now looks unlikely, according to reports.
• China was back shopping for US soybeans over the weekend, reportedly seeking additional offers. Private estimates suggest China has now secured around 16 MMT of its 25 MMT pledge. The renewed interest has helped firm SX/SF, although First Notice Day is approaching at the end of next week. Seasonally, that spread tends to weaken heading into FND, so it will be interesting to see whether Chinese demand can buck that trend.
• Options Reminder: Friday, October 23, is the last trading day for November grain options, including corn, soybeans, and Chicago wheat. Be sure to review any remaining positions ahead of expiration.