June 2, 2026

Mid-Co Morning Comments:
 

• Grain markets are mostly lower this morning with CZ26 trading down to $4.68 overnight, which is near the 200-day moving average. Corn spreads are firmer while soybean spreads are softer, with CN/CU improving to -8 and nearby soybean spreads beginning to build a small carry.
• Yesterday’s Crop Progress report released the first corn and soybean condition ratings of the season. Corn came in at 67% good/excellent while soybeans were rated 66% good/excellent, both slightly below trade expectations. Futures initially popped after the open last night but have since faded lower this morning.
• Basis levels were firmer in a few areas yesterday. Hearing +40N traded for some quick-ship corn into POET Fostoria, OH, keeping the eastern ethanol market firm. July corn CIF values also improved alongside weaker barge freight, putting St. Louis FOB values for July near +40N and Havana around +14N. A handful of western soybean processors also improved bids yesterday, while July soybean crush margins have climbed above $4/bushel with soybean oil continuing to lead the strength in the crush formula.
• Weather forecasts continue to call for beneficial rainfall across a large portion of the Corn Belt and Plains, which remains a headwind for futures markets. Drought-stricken areas of the Dakotas, Nebraska, and Kansas are projected to receive multiple inches of rain over the next 10 days along with above-average temperatures.