August 6, 2026

Mid-Co Morning Comments:
 

• Grain markets are quiet this morning with corn and soybeans slightly lower. December ’26 corn held support at its 50-day moving average of $4.58 ¼ overnight and is unchanged at the break. Corn spreads are slightly firmer while soybean spreads are mixed. Wheat continues to chop back and forth with the constant headlines out of the Black Sea, with WU/WZ widening to -19.
• China continues to buy U.S. soybeans, with reports of another 12-15 cargoes purchased late last night and early this morning. I would expect another round of flash sales this morning as total purchases continue to work toward the White House’s 25 MMT target. With additional rains across much of the Corn Belt, soybean yield potential continues to improve, pushing the SX/SF spread out to -15 ½. Full storage carry at -16 (8¢/month) looks like the next area to consider layering in bull spreads.
• Weather forecasts continue to call for widespread rainfall across much of the Corn Belt over the next seven days, with the heaviest totals expected in western Ohio. The radar is active this morning, with storms moving across southern Illinois and bringing needed moisture to areas that missed out on last weekend’s rains. Those august rains they talk about should continue to benefit the soybean crop.
• Next week’s August USDA WASDE report will be released on Wednesday, August 12, at 11:00 a.m. CT. Yield estimates are beginning to roll in, and expectations remain strong, particularly for corn. StoneX released updated state-by-state projections, estimating the U.S. corn yield at 184.8 bpa and soybean yield at 53.0 bpa.