June 24, 2026

Mid-Co Morning Comments:
 

• Grain markets are firmer this morning while spreads are mixed. December corn continues to struggle under ongoing fund selling, with funds now estimated to be short roughly 66,000 contracts and little fresh bullish news in the market. Crude oil is lower as August WTI futures are down more than $2/barrel near $71. Corn spreads remain mostly rangebound, with CN/CU holding a steady pattern over the last few weeks. Soybean spreads continue to weaken, with SN/SX posting a new low of -28 yesterday.
• Weather forecasts call for another round of rainfall stretching from Kansas to Kentucky, with the heaviest totals expected across central Missouri and southern Illinois. Longer term, a “heat dome” is projected to build into the Midwest around the Fourth of July as the jet stream shifts north. Temperatures are expected to climb into the 90s with the potential for some severe weather mixed in. The warmer pattern should help dry out overly wet areas in northern Illinois, though prolonged heat could begin to stress crops in some regions.
• Soybean basis levels continue to strengthen against the SN. Incobrasa raised bids to +35N yesterday, matching ADM Decatur. With the carry in the soybean market, processors will likely stay aggressive on nearby bids, as +35N = +10X. Corn basis also firmed at the processor level yesterday, led by another push higher from ADM Decatur.
• There is renewed optimism that standalone E-15 legislation could be introduced and voted on in the coming weeks. While it was not included in the Farm Bill framework, Senate Majority Leader John Thune remains a strong supporter of E-15 expansion. Congress and President Trump are expected to continue pushing policies aimed at increasing domestic grain demand.