June 26, 2026

Mid-Co Morning Comments:
 

• Good morning.  Grain prices are lower this morning despite a strong technical turnaround yesterday.  July corn posted a key reversal as it set a new contract low before closing above the previous day’s high.  A higher closer today would help with confirmation of the reversal so we’ll see if we can turn this morning’s tide again by the close.  Talk that China was looking for offers again for Sept/Oct beans perked bean futures up again yesterday, but there doesn’t seem to be much behind that yet.  July option expiration is today and there remains sizable open interest in July corn and bean futures.  That is keeping some pressure on nearby spreads.  Rains are moving across the Midwest this morning, but the rains will be sporadic.   The weekend will start to warm up and then the heat will pick up from there next week.  Short term heat will be fine, but if/when the ridge breaks down or moves further out west will be of interest in and around the 3-day holiday weekend.  The crop report is next Tuesday.  That day also marks the end of month and quarter and first notice day for July futures.  Plenty of interesting stuff next week.  The commitment of traders’ report is out this afternoon.    Argentina is 51% done with corn harvest, with wet conditions slowing progress as of late.  Crude turned higher yesterday after Iran attacked a ship, but prices are back down $2.00 this morning.  Yesterday proved that the market is still sensitive to prospects of China demand so that is worth watching.  Position clean-up of July options and futures will still be the main driver of trading over the next few days.  Please continue to review your positions.  Have a safe weekend.