September 28, 2026

Mid-Co Morning Comments:
 

• Grain markets are lower to start the day with corn down 4-5c and soybeans off around 7c. Corn spreads are firmer this morning with CZ/CH trading near its 200-day moving average, while crude oil is up roughly $2.50/barrel after President Trump rejected Iran’s latest peace proposal, which included reopening the Strait of Hormuz. The SX/SF was volatile in overnight trade with a high of -12 ½ posted last night.
• The Trump/Xi summit was characterized as positive and constructive, but it lacked a major new agricultural announcement to move grain markets. The White House did announce more favorable tariff treatment for a list of goods that includes some agricultural products, along with a new working group focused on ag market-access barriers, but soybeans were not specifically mentioned. Funds have been sellers following the meeting, and the trade will be watching for any additional headlines on agricultural purchases that surface in the coming days.
• Harvest made a decent push locally over the weekend, with most activity focused on corn while some producers started testing soybeans. Corn has been running a little wet, but producers appeared willing to keep combines moving. Soybean premiums are starting to pull back as fresh bushels hit the pipeline and the extended forecast looks more favorable for harvest; Incobrasa moved its nearby bid to +20X this morning after showing a +50X weekend premium, suggesting the plant secured some coverage.
• Weather forecasts call for a good-sized rain system to move across much of the Midwest around midweek, with temperatures warming over the next couple of days before cooling behind the system.
• Things to watch this week include Wednesday’s September Grain Stocks report, soybean processor premiums and corn spread action. Please reach out with any questions.