October 20, 2026

Mid-Co Morning Comments:

• Grain markets are mostly firmer this morning with corn and soybeans posting modest gains. Corn spreads are wider with CZ/CH trading light volume overnight at -15. Soybean spreads are slightly firmer with SX/SF near -15.
• Corn basis was mixed yesterday as nearby premiums faded in the west with harvest gaining momentum. Soybean basis moved higher with multiple processors raising nearby bids. CIF soybean and river terminal values have also improved through January, with some decent trades reported on the river. Look for opportunities to move harvest length at these levels through January if tributary to the river.
• President Trump and Ag Secretary Brooke Rollins announced an $8 billion Harvest Fuel Relief program yesterday aimed at offsetting rising fuel costs for farmers. Payments will be administered through the FSA on a per-acre and per-commodity basis. White House article (Click here).
• Tensions in the Strait of Hormuz remain elevated with at least 10 attacks on commercial vessels reported over the past week, restricting crude flows through the Gulf. Russia and Ukraine have also resumed strikes on oil facilities, giving diesel prices another boost. ULSD futures are pushing higher again this morning while December WTI crude remains near $100/barrel.