October 12, 2026

Mid-Co Morning Comments:
 

• Grain markets are mixed this morning with corn slightly firmer and soybeans down 3-4c. Corn spreads are firmer after initially widening following Friday’s report. Energy markets are lower after President Trump announced a Russia-Ukraine ceasefire deal covering energy infrastructure and plans to increase Russian diesel exports.
• Friday’s WASDE sent corn futures tumbling to early August levels, with CZ26 limit down 30c at one point. USDA raised corn yield to 181.2 bpa, well above the 177.7 bpa trade estimate. Heavy end-user buying and contract pricing helped pull corn off its lows. CME corn futures volume hit an all-time high of 1.203 million contracts, topping the previous record of roughly 1.1 million set in March 2019. Funds reportedly liquidated 63,000 corn contracts, trimming their estimated net long to 236,000. Soybeans escaped relatively unscathed with a slight bump in production offset by stronger demand.
• Harvest made decent progress over the weekend with many producers wrapping up soybeans and switching back to corn. Soybean yields have held up well despite moisture levels dropping considerably. Rain chances return midweek with cooler temperatures expected behind the system.
• Basis found some strength following Friday’s report. ALTO Pekin is posted at +10Z corn this week while ADM Decatur bumped bids to +0Z. Incobrasa Gilman firmed soybean bids to +10X after pulling back last week and running limited hours. Feels like basis will have to do some heavy lifting to pry bushels loose, especially on corn. With futures well off the September highs, I expect more corn to find its way into DP/Storage as producers dive back into corn. Please reach out with any questions and have a great week.