November 10, 2026

Mid-Co Morning Comments:
 

• Grain markets are quiet this morning as traders await today’s November WASDE report at 11 a.m. Central. December ’26 corn slipped to a new low of $4.38 yesterday while corn spreads continue to march inward. Soybean spreads are weaker this morning with SF/SH back out to -7 ¼ .
• Today’s WASDE is expected to show a modest reduction in corn yields and a bump in soybean production. Average trade estimates have corn at 180.6 bpa and soybeans at 53.5 bpa. Personally, I think corn comes in below 180 bpa while soybeans land closer to 54 bpa. Good soybean yields have been the norm this fall, while the corn crop, particularly in Illinois, just doesn’t feel like it’s there this year. Please reach out with any questions ahead of the report.
• Yesterday’s crop progress report showed U.S. corn harvest advancing to 81% complete, with soybeans now 92% finished. The first winter wheat condition ratings also offered some encouraging news on the wheat crop so far, coming in 7 percentage points better than last year in the good/excellent category.
• Crude oil remains under pressure as diplomatic efforts in the Middle East show signs of progress. Meanwhile, the U.S./Russia/Ukraine summit in Abu Dhabi is underway this week, with discussions focused on the Black Sea conflict and reopening regional shipping corridors. Peace talks have plenty of ground to cover, however, as Russia reportedly launched more than 160 drones at Ukraine overnight.
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