July 10, 2026

Mid-Co Morning Comments:
 

• Good morning. Report day.  Grain prices are mixed once again as December corn has gravitated around the $4.50 level.  Wheat is trading into new 6-week highs as Black Sea tensions escalate again.  Key transportation routes in the area are being threatened again.  Also, the trade is looking for a friendly report on wheat again today.  Wheat production will be lowered again today, along with ending stocks.  Hot and dry weather will dominate the Midwest next week.  Temps cool down slightly the week after, but it will still be warm.  The question will be if/when rains return.  Rains over the next few days will favor the Delta.  The “cooler” extended forecast and the Spain trade spat continue to overhang corn going into the crop report.  Ending stocks for corn are expected to be adjusted lower today, with minimal production changes.  Bean production will be higher on the larger acres, thus a higher stocks number.  French corn ratings fell another 9% this week to 47% good to excellent.  That is roughly a 30% drop in those categories in 3 weeks.  Crude is quiet this morning with no real update on peace in the Middle East.  The attacks from each side continue.  The comment period for the U.S./China Board of Trade ends today.  The grain folks will be anxious to here if any tariffs are reduced on either side.  China was still looking around for Gulf/PNW offers yesterday, but not much of anything got done.  The commitment of traders’ report is out this afternoon.  The CFTC denied the CME’s request to fast track 24-hour trading for crude oil.   Assuming the report doesn’t offer any large surprises, the weather forecast and global conflict updates are expected to set the tone for Sunday night.  Have a safe weekend.