July 21, 2026

Mid-Co Morning Comments:
 

• Grain markets are slightly lower this morning with both corn and soybean futures under modest pressure. Dec. ’26 corn is trading between its 100-day and 200-day moving averages. Soybean spreads are weaker with SQ/SX widening 6 cents overnight to a 6½-cent carry. Crude oil is higher as tensions in the Middle East continue to escalate.
• Monday afternoon’s Crop Progress report crop conditions came in better than expected. Corn conditions slipped just 1% in the good/excellent category while soybean ratings actually improved slightly. The trade was looking for a 2-3% decline in corn ratings following last week’s heat. The biggest week-over-week declines were seen in the Northern Plains and Upper Midwest, with North Dakota down 10%, South Dakota down 8%, and Minnesota down 4% in the good/excellent category.
• President Trump announced the U.S. will impose an additional 50% tariff on certain Canadian imports beginning August 19, including some goods covered under the USMCA, although fertilizer is exempt. The move cites Canadian trade barriers on alcohol, dairy, and motor vehicles. Canada has signaled a willingness to negotiate, while Ontario has floated the possibility of retaliatory tariffs on U.S. goods.
• Forecasts continue to trend cooler across the Midwest with highs in the 70s and overnight lows in the 50s over the next several days. That should provide some welcome relief for a corn crop that has endured a stretch of heat. Rain chances remain limited across much of Illinois and Iowa over the next week. Fungicide season is in full swing locally. I had a drone spray one of my grandpa’s fields the other day, and he thought it was the coolest thing he’d ever seen.