May 5, 2026

Mid-Co Morning Comments:
 

• Grain markets are lower this morning. December corn traded briefly above $5.05 overnight before backing off. Wheat is also weaker following recent rains in the western Plains, which should help stabilize yield prospects. Corn and soybean spreads are mostly steady.
• President Donald Trump said overnight the conflict with Iran could be resolved within 2–3 weeks. He added that any attack on U.S. forces during “Project Freedom”—aimed at reopening the Strait of Hormuz—would bring significant consequences.
• Basis has been mostly quiet this week. Some farmer selling has picked up, but focus remains on planting. A line of storms moved across Illinois and Missouri last night with variable totals—locally around a half inch to an inch.
• Yesterday’s crop progress report showed corn 38% planted and soybeans 33%, both ahead of five-year averages. Emergence sits at 13% for both crops, also running ahead of last year and normal pace.
• Soybean oil continues to lead the complex higher, with managed money flowing into the oil side. Nearby oil share is around 55% of product value, with meal near 37%, highlighting how biofuel and renewable diesel demand is pulling value into oil and supporting crush margins.
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