November 4, 2026

Mid-Co Morning Comments:
 

• Grain markets are mixed this morning with soybeans down a nickel while corn has clawed back to unchanged after trading 5c lower overnight. Spreads are mostly quiet following some sizable moves during yesterday’s session. Crude oil is also under pressure, down roughly $2/barrel.
• Democrats secured majorities in both the House and Senate in yesterday’s midterm elections. Stocks initially tumbled on the news but have since reversed course, with the Dow now up over 1000 points. The $8 billion farmer fuel relief package is expected to move forward as planned, with funding through the Commodity Credit Corporation (CCC) not requiring congressional approval. The Iran war, tariffs, and broader foreign policy will be major items to watch as the balance of power shifts in Washington.
• StoneX bumped its U.S. crop estimates higher once again, putting corn yields at 183.1 bpa and soybeans at a record 55.0 bpa. Another round of bigger production estimates, particularly on soybeans, could add further pressure to futures as the market tries to figure out what supply will look like for the upcoming crop year.
• China has reportedly confirmed plans for a trilateral meeting between Trump, Xi, and Putin on the sidelines of the mid-November APEC meetings. Energy markets and efforts to end the war in Ukraine are expected to headline discussions, making this a meeting worth keeping on the radar.
• Corn basis gained some ground yesterday as river terminals raised nearby bids following a string of solid flash sales this week. Southeastern rail corn values have also climbed off of harvest type levels. On soybeans, Incobrasa in Gilman, IL kicked off the morning with a nickel increase, bringing nearby posted bids back to +10F.