June 12, 2026

Mid-Co Morning Comments:
 

• Yesterday's WASDE report offered little fuel for the bulls, with figures coming in largely in line with expectations. Markets are once again in the red today, with no fresh fundamental news to provide support heading into the weekend. 
• Notable changes from yesterday's WASDE included world corn ending stocks increasing 6.4 MMT for 25/26 and 4 MMT for 26/27, weighing on corn futures. On the wheat side, winter wheat production decreased by 18 mil. bu. 
• The CN/CU continues to firm, trading into -7 ¼. Supporting nearby corn spreads is a lack of farmer selling, along with Upper IL FOB values for July sitting a few cents below delivery. 
• Weekly drought monitor data released Thursday showed 24% of the U.S. corn area in some form of drought, down 3% from the prior week. 25% of the soybean area is experiencing drought conditions, also down 3% from the prior week.
• Barge shipments on the Mississippi River for the week ending June 6, according to the USDA, were up 10% from the prior week. Soybean shipments were up 40%, and corn shipments were down 3%. 
• Weekly data from the Buenos Aires Grain Exchange showed Argentina production estimates unchanged from last week, with corn at 64 MMT and soybean production estimated at 50.1 MMT. Harvest progress is mostly wrapped up, with soybeans at 95% complete, while corn advanced 3% to 44% complete.
• Severe weather hit the Midwest again last night, with the Storm Prediction Center reporting 19 tornadoes across northern and central IL. Another round of rain is expected over the weekend, with some areas seeing upwards of 2-3 inches. Temperatures should cool into next week. 
• Outside markets are trading mixed: nearby crude oil futures are down $2.50+/bbl, the Dow Jones index is up 280-290 points, and the U.S. dollar index is down 1-5 points. 
• Today's reports include the CFTC Commitment of Traders.