July 30, 2026

Mid-Co Morning Comments:
 

• Good morning. Corn and soybean markets are mostly quiet to start the session while wheat futures are sharply higher on escalating Black Sea tensions. Corn spreads are mixed with old crop spreads a little wider while new crop spreads are slightly firmer. The SQ/SX remains weaker going into FND and traded some small volume at -16 this morning.
• A Ukrainian drone attack reportedly caused significant damage to a major Russian grain export terminal at Taman on the Kerch Strait, a key shipping route connecting the Black Sea and Sea of Azov. KC and Chicago wheat futures rallied around 2:00 a.m. following the reports. Despite the move in futures, wheat spreads have remained relatively steady with WU/WZ still trading near -17.
• A handful of soybean processors rolled bids to the SX yesterday, including ADM Decatur, now posted at +40X. That’s roughly 10 cents firmer than its previous SQ bid when adjusted for the -15 SQ/SX spread. I would expect the remaining ADM locations to follow. Soybean board crush margins have been volatile with swings in crude oil and soybean oil prices but remain healthy near $2.80/bu.
• Corn basis has been mostly steady this week. The western Plains has seen basis strengthen at feedyards as drought concerns persist across the region. I would expect that trend to continue until meaningful rainfall arrives.
• Weather forecasts have turned wetter over the past couple of days, with higher rainfall totals expected this weekend. Multiple storm systems could begin moving through as early as tomorrow morning. I’ll be interested to see how those storms hold together as they cross the Mississippi and Illinois Rivers, or if they weaken before reaching central Illinois.