September 4, 2026

Mid-Co Morning Comments:
 

• Grain markets are mostly lower this morning with corn, soybeans, and wheat all under some pressure. Spreads are relatively quiet, although CZ/CH widened to -15 ½ overnight. CZ26 has traded an 8-cent range so far, while SX26 reached an overnight high of $13.20 ¾. Outside markets are also softer with October WTI crude trading near $90.40/barrel.
• Russia/Ukraine peace talks are back in focus heading into the weekend. Ukrainian President Volodymyr Zelensky said this week that he expects to meet with U.S. officials in the coming days, while the Trump administration is reportedly sending delegates to both Kyiv and Moscow over the weekend. Any progress toward a ceasefire could pressure wheat and remove some of the recent Black Sea risk premium.
• Soybean processor premiums continue to fade as harvest approaches, with multiple plants backing up bids yesterday. I heard ADM Decatur paid as much as +45X for soybeans earlier this week, highlighting the remaining nearby demand before new crop bushels become available. Extended forecasts remain hot and dry across much of the Midwest, which should push crop maturity and harvest along quickly. Early harvest reports from southwest Missouri and eastern Kansas have also indicated better-than-expected yields.
• USDA will release the September WASDE one week from today, Friday, September 11 at 11:00 a.m. CT. Trade estimates should begin filtering out early next week, with the market widely expecting a reduction to the U.S. corn yield following disappointing late-summer crop conditions. Soybean yield feels like the bigger question mark, particularly with the recent heat and limited rainfall during the final stages of pod fill.