April 30, 2026

Mid-Co Morning Comments:
 

• Good morning and happy First Notice Day for May futures. Grain markets are mostly lower to start, with wheat leading the weakness. December corn pushed up to $4.99 ¾ overnight but stalled just shy of the $5 mark, while November soybeans managed to notch a new high at $11.78 before backing off.
• Basis has firmed modestly at the processor level this week as bids transition to the July. CIF bids softened yesterday, particularly for soybeans. Corn should remain bid versus May at river terminals for now, with delivery-type values still in play.
• Nearby spreads involving May futures have been choppy into FND. Focus will now shift to the CN/CU and SN/SX, both trading weaker this morning. Merchandising bushels vs July futures still looks advantageous.
• Parts of central Illinois saw a light frost overnight, with another round possible tonight. Forecasts call for mostly dry conditions into mid-next week, which should help get some wheels turning in the country—likely seeing planters rolling again by tomorrow and through the weekend.
• Fuel markets have surged this week, with Chicago basis jumping 60 cents yesterday. Suppliers were scrambling to shift terminals on both diesel and gasoline to lock in pricing ahead of the shift in pricing. National averages are near $4.30/gallon for gasoline and $5.50/gallon for diesel.
• Export sales were solid this morning, with corn at 62.9 million bushels on the high end of expectations and soybeans at 9.48 million bushels. Both are now over 90% of USDA’s full-year export targets—corn running ahead of last year’s pace, while soybeans continue to trail.