July 31, 2026

Mid-Co Morning Comments:
 

• Happy Friday. Grain markets are mostly lower to start the day. Today is First Notice Day for August ’26 soybeans. Spreads are mixed with CN/CU holding at -22 ¾ and CZ/CH at -15 ¾. Headlines out of the Black Sea and Middle East have been relatively quiet so far this morning.
• U.S. Treasury Secretary Scott Bessent spoke with Chinese Vice Premier He Lifeng and said he expects China to follow through on its commitments for U.S. agricultural purchases and rare earth metals. Beijing, meanwhile, continues to push back on the latest U.S. trade restrictions. So far, China has purchased roughly 2.7 MMT of U.S. soybeans for the 2026/27 marketing year, or about 10.6% of its reported 25 MMT commitment.
• Basis has been steady this week as buyers adjust coverage following last week’s rally. August needs appear to be mostly covered at processors, but first-half September should be interesting. Most processor bids have rolled to the SX, and CIF bids made the same move yesterday. Harvest is just getting underway in Texas and across the Deep South.
• The radar is active this morning with a large storm system tracking along the Mississippi River. Our Des Moines office reported storms moved through early this morning but produced less rainfall than expected. The latest CPC outlook continues to call for a hot, dry August across much of the Corn Belt. We’ll see how this system progresses east and what kind of rainfall totals it ultimately delivers.