June 15, 2026

Mid-Co Morning Comments:
 

• Grain markets are lower this morning following news that a peace deal with Iran has reportedly been reached. Crude oil and soybean oil futures are under pressure, with soybean board crush margins down roughly 9 cents this morning. Both Kansas City and Chicago wheat futures are down double digits as harvest gets going in areas that weather conditions allow.
• President Trump posted on Truth Social yesterday that a deal had been reached with Iran and that the Strait of Hormuz would reopen toll free. Crude oil futures gapped lower overnight and are now nearly $5/barrel weaker, trading just above $80/barrel. The agreement is expected to be formally signed in Switzerland this Friday.
• Friday’s COT report showed additional fund liquidation, with managed money in corn now estimated to be net short for the first time since February. Funds are still estimated to hold roughly 94,000 contracts net long in soybeans.
• Seven-day precipitation maps continue to point toward widespread rainfall across much of the Midwest, with another round of severe weather expected midweek. Locally, we’ve received 6.35” of rain so far in June, with another 2-3 inches possible over the next several days. I drove from Bloomington, IL to Des Moines, IA last Friday and saw plenty of fields dealing with leaning corn and ponding, although a lot of eastern Iowa and western Illinois crops still looked very good overall. Wednesday’s storm system will be one to watch closely, especially for wind and hail potential.
• Reminder: NOPA crush will be released today at 11am. Markets will be closed on Friday for Juneteenth.