May 7, 2026

Mid-Co Morning Comments:
 

• Grain markets are lower again this morning, with Dec ’26 corn falling to $4.84 — now nearly 21 cents off the highs posted earlier this week. Soybeans have also backed off alongside the sharp break in soybean oil, while crude oil futures have slipped back near $90/barrel.
• Optimism continues to build around a potential peace deal with Iran that would fully reopen the Strait of Hormuz and delay nuclear negotiations. The framework proposed by the U.S. has not yet been approved by Iran, but reports suggest Iranian leadership is willing to make concessions in order to reopen the Strait.
• Corn CIF values weakened yesterday, with nearby river bids backing off and FOB values continuing to slide further below July delivery values. Export sales this morning were respectable, with corn sales totaling 53 million bushels, right near the middle of trade expectations.
• The market will get a fresh round of information next week with the May WASDE report on Tuesday, May 12, along with the Trump/Xi meeting set to take place in Beijing. Attention will be squarely focused on any potential soybean-related announcements following the U.S./China summit on May 14–15.