October 29, 2026

Mid-Co Morning Comments:

• Good morning.  Another lower today for the ag community.  Bean oil under pressure again today with the December contract trying the June lows.  Beans are trading the lowest level since mid-August.  It was announced yesterday that Russia would begin moving some grain through the Sea of Azov for the first time in 3 months.  That pushed wheat futures into new recent lows again.  China is set to auction off another round of beans on November 3^rd.   This comes after the Oct. 27^th auction where they only sold 33% of the total.   The USDA did announce a sale to beans to unknown destinations yesterday, but  the trade is watching for something to China.  Another case of screwworm was found in a dog in Arizona this week, which sent cattle futures sharply lower yesterday.   It was good week for exports all around this week.  Corn sales totaled 51.3 mbu., and beans sales totaled 94.7 mbu.   Wheat sales were very good at 31.2 mbu.   Cheaper prices do help a little.   Corn sales need to be a lot better, though, as the current total of 925 mbu. trails last year by 34%.  The USDA is currently forecasting just a 4% decline.  First notice day for November beans is tomorrow.  We will report longs after the close today so please continue to review your positions.  The FED did not change rates yesterday but 2 of the officials voted for an increase.   The watch tool for the December meeting now shows an 85% of an increase.  Rain showers start up this weekend, and the extended forecast is wet.  It will be warm though, which should aid the drying between the rain chances.  The time changes this weekend as it will fall back one hour.  Everything is still due for a bounce in the ag sector from a technical standpoint as most all charts are oversold.  Beyond that though, the mood remains sour.  Have a safe day.