June 1, 2026

Mid-Co Morning Comments:
 

• Good morning, grain markets are mixed to begin the month. Spreads are mostly firmer this morning with CN/CU at -8 ¾ while soybean spreads are showing slight strength as well. Crude oil prices are higher, with July WTI trading near $90/barrel.
• Friday afternoon’s CFTC COT report showed aggressive fund selling activity. Managed money trimmed 87,850 contracts from their corn length, bringing the position down to +205,504 contracts, while soybean length was reduced by 18,706 contracts.
• Iran/US tensions continue to escalate after President Trump posted overnight on Truth Social that a deal has not been reached. The Strait of Hormuz remains closed as military exchanges between the US and Iran continue while peace negotiations remain ongoing.
• Corn basis has seen some improvement in the western Corn Belt with several processors inching bids higher. Soybean processor bids have also improved in some areas as board crush margins continue to surge, now approaching $4/bu with even stronger cash crush margins reported in some locations.
• US weather forecasts continue to call for favorable rainfall across much of the central US over the next 7 days, especially in the southern Plains. Extended outlooks for the second half of June are leaning wetter as well, with above-average moisture chances projected across most of the Corn Belt.