August 11, 2026

Mid-Co Morning Comments:
 

• Good morning and happy August WASDE Day. Grains are trading higher ahead of today’s report with wheat leading the move. Spreads are mostly quiet, with CU/CZ trading in a tight ¼-cent range overnight.
• Ukrainian attacks on Russian Black Sea shipping ports overnight have disrupted operations, most notably at Novorossiysk, which exported roughly 18 MMT of grain last year (600+ million bushels). Wheat is trading higher on the headlines. Iran and the U.S. are both making claims over control of operations in the Strait of Hormuz as negotiations remain deadlocked. Crude oil futures remain elevated near $84/barrel.
• Storms ripped through Iowa, northern Illinois, and Indiana yesterday, leaving several corn fields flattened amid reports of 80+ mph winds and derecho-like conditions. Additional storms are forecast this week with northern Illinois once again in the path. Rain totals will be variable, with much of the precipitation tied to severe weather.
• Today’s WASDE will be released at 11 a.m., with corn and soybean yields and acreage the main focus. Last year, USDA added more than 2 million corn acres while also coming in above trade expectations on yield. I don’t look for a repeat this year given the drier conditions across the Plains. Today’s data will incorporate FSA certified acreage and intended harvest acres. The world corn balance sheet will also be worth watching. If USDA trims European production alongside a cut to the U.S. crop, we could see the market get fired up.
• Please reach out with any questions before the report. Have a great Wednesday.