June 18, 2026

Mid-Co Morning Comments:
 

• Grain markets are lower this morning with corn, soybeans, and wheat all trading in the red overnight. Crude oil futures have slipped to around $75/barrel, the lowest level since early March. Corn spreads are a touch firmer this morning while soybean spreads are slightly weaker.
• President Trump officially signed the U.S./Iran Memorandum of Understanding today in France at the G7 Summit. A 60-day negotiation period will now begin with talks centered around Iran’s nuclear program. The Strait of Hormuz is expected to officially reopen tomorrow.
• Basis was mostly steady yesterday. The decline in crude oil prices has pressured nearby ethanol and soy crush/grind margins, although margins still remain historically healthy overall. July soybean board crush margins are now around $3.13/bu, well below the $4.10/bu highs from earlier this month.
• Yesterday’s storms brought heavy winds, hail, tornadoes, and excessive rainfall to parts of the Midwest. A few areas near Decatur were hit especially hard with hail and wind damage (picture below). Sounds like there is quite a bit of ponding in fields, and now we wait to see how everything dries out.
• Reminder: markets will be closed tomorrow for the Juneteenth holiday. Trading will resume Sunday night at 7:00 p.m. CT. The monthly Cattle on Feed report will be released this afternoon at 2:00 p.m. CT.