June 22, 2026

Mid-Co Morning Comments:
 

• Grain markets are mixed this morning with soybeans showing some early strength. Spreads are mixed as well with CN/CU back out to -8 ½ while soybean spreads are modestly firmer. Crude oil futures are slightly weaker with the July WTI contract expiring today.
• The market will be watching for additional Chinese purchases this week, especially soybeans. China was on holiday last Friday for the Dragon Boat Festival alongside the U.S. holiday, so little business was likely conducted. There are also reports that some U.S. sorghum has been purchased.
• The delayed COT report will be released later this afternoon following last Friday’s holiday. Additional fund liquidation is expected with current estimates showing funds nearly flat in corn while still holding a soybean length north of 100,000 contracts.
• Weather forecasts have shifted drier for much of the Midwest while calling for increased rainfall across the central and western Plains. The added moisture could slow wheat harvest progress but would be beneficial for developing fall crops conditions out west. Cooler temps are slated to stick around.
• First notice day for July futures is Tuesday, June 30th. Please reach out with any questions regarding July futures positions ahead of the delivery period.