November 5, 2026

Mid-Co Morning Comments:
 

• Grain markets are mostly firmer this morning with corn spreads a bit wider and soybean spreads stronger. Crude oil is also catching a bid after a large sell off this week, with some light short covering helping prices rebound.
• Chinese foreign ministers have pledged expanded U.S. trade cooperation under the proposed “30 X 30” program, which calls for $30 billion in U.S. goods purchases, including $17 billion in agricultural products, in exchange for tariff reductions on $60 billion in two-way trade. USTR has yet to confirm a timeline for approval or implementation. Meanwhile, Chinese soybean buying has cooled over the past couple of weeks, with no sizeable flash sales to report this week.
• This morning’s export sales report showed 53.3 million bushels of soybeans and 51 million bushels of corn sold for the week ending October 29th. Corn sales remain well behind last year’s pace, while soybeans are running comfortably ahead. Total soybean commitments now exceed corn commitments by nearly 135 million bushels.
• Soybean board crush margins have taken a beating this week, slipping below $2/bu for the first time in over six months. The sharp pullback in crude oil and soybean oil has been the main culprit as markets reassess the near-term outlook for the war in Iran. Processor basis hasn’t followed suit, however, with bids mostly holding steady yesterday.
• Cooler, drier weather across the Midwest over the next few days should help put a bow on the 2026 harvest. Fall fertilizer applications will be next on the agenda once fields dry out from this week’s rains. Looking ahead to 2027, the SX27/CZ27 ratio has climbed over the past couple of months, giving soybeans a little more attention in the battle for acres next spring.