May 4, 2026

Mid-Co Morning Comments:
 

• Good morning—grain markets are mixed to start the week. December corn pushed to $5.02 ¾ overnight before slipping back below the $5 mark. November ’26 soybeans notched a fresh high at $11.90 ½. Spreads are mixed as well, with CN/CU trading at – 4 ¾ and SN/SN a bit firmer at +23 ¼ .
• Crude oil continues to surge, with June WTI crude oil reaching a high of $107.46 overnight. Rumors of an Iranian missile striking a U.S. naval vessel were denied by the White House, but tensions remain elevated. The Strait of Hormuz continues to be a key flashpoint, with no peace deal currently in place.
• Basis softened slightly on Friday as a solid amount of grain was priced in the country. CIF bids have rolled to July, with delivery interest on both corn and soybeans remaining fairly light. May-related contract volume is minimal this morning.
• Weather forecasts show some precipitation chances Friday and Sunday this week. There were a few sprayers running and some tillage going on yesterday but overall a quiet weekend planting with the cooler temperatures and lack of sunshine. The western corn belt looks to have some beneficial planting conditions going forward. Rainfall projected for Western Kansas and Eastern Colorado has the wheat market lower this morning. However, I have heard of some wheat farmers plowing several thousand acres of wheat after insurance zeroed out some fields.