October 2, 2026

Mid-Co Morning Comments:
 

• Grain markets are lower this morning with corn and soybeans giving back yesterday’s late gains. Spreads are quiet with nearby corn and beans hovering around unchanged. Crude oil is sharply lower this morning and is now back below $90/barrel.
• Rain moved through much of the Midwest over the last 24 hours, putting harvest on pause in several areas. We picked up about an inch locally, but the forecast turns dry for the next week. Sounds like producers will nose back into corn before making a quick switch to beans early next week. If the forecast holds, we should see a pretty good soybean push around here. The western Plains have been soaked, with flooding reported in spots and creeks running in western Kansas—which I can tell you didn’t happen much when I lived out there.
• StoneX lowered its corn yield estimate from 182.9 to 182.1 bpa while raising soybeans from 53.0 to 54.1 bpa. I can buy the bigger bean number, especially with some big early yields out East, but 182.1 bpa still feels lofty on corn. Early corn reports have generally been below last year, and I haven’t heard many “better than expected” stories yet.
• ULSD has fallen nearly $1 from this week’s expiration-day high and is now near a one-month low. Energy markets have come under pressure as Middle East flows recover and confidence improves around Persian Gulf shipping.
• Basis remains fairly quiet on the front end with a few pushes popping up. Incobrasa Gilman firmed nearby beans from -20X to option while most processors were unchanged. Cargill Kansas City and Iowa Falls are still posting strong nearby values, but those bids are scheduled to roll off after the weekend.