July 1, 2026

Mid-Co Morning Comments:
 

• Good morning and Happy July. Grain markets are seeing some follow-through strength after yesterday’s USDA Stocks and Acreage reports, with funds stepping back in as buyers. December corn has bounced off yesterday’s lows while November soybeans have reclaimed the 100-day moving average. Spreads are mixed with most of the trade now centered around CU/CZ and SQ/SX. Deliveries against July futures were light for both corn and soybeans.
• Basis bids remain a mixed bag as processors and terminals continue rolling bids off the July. CIF corn bids have shifted to the CU while soybean bids are still posted against the SN. Most processor bids are now against the CU or SQ and generally held firm post-roll. Bartlett in Jacksonville rolled at even money yesterday and is currently posted at +18U for nearby corn.
• Yesterday’s Stocks and Acreage reports leaned slightly bullish as both corn and soybeans managed to rally after the release. Corn stocks came in below trade expectations while planted acres were unchanged from the March intentions report at 95.3 million acres. Soybean acreage landed near the average trade estimate at 85.4 million acres, while quarterly soybean stocks were essentially in line with expectations. Illinois soybean stocks were up 16.2% from last year. Wheat acreage saw a sharp decline as producers in Kansas abandoned wheat and shifted acres into corn and soybeans. Sorghum acreage was also down 360k acres, with most of that reduction occurring in Kansas. Please see the attached link for additional MID-CO analysis on the Stocks and Acreage reports.
• Soybean crush margins have weakened over the last 24 hours with QQQ margins down nearly 30 cents yesterday and another 16 cents lower this morning. Higher soybean futures paired with weaker soybean oil values have pressured margins, with August board crush margins now hovering near $2.71/bushel.
• Heat is expected to persist across much of the Corn Belt into the holiday weekend before gradually shifting westward. The latest 10-day forecast added some rain chances across portions of the Midwest, with heavier totals projected for Iowa and Minnesota. The Fourth of July forecast still looks favorable locally with highs in the upper 80s and only limited precipitation chances.