September 24, 2026

Mid-Co Morning Comments:
 

• Grain markets are mixed this morning with corn slightly lower and soybeans up 3–4c. Spreads are mostly firmer, with SX/SF in to -15 ½. Crude oil is higher as November WTI is up roughly $1.70 and trading near $94/barrel.
• President Trump and Chinese President Xi Jinping will kick off their meeting this morning, with bilateral trade, AI regulation, Iran, Taiwan, and agricultural purchases among the topics expected to be discussed. Treasury Secretary Bessent said late Wednesday that the U.S. and China had agreed to extend the Busan deal reached in May through January 10. China is estimated to have purchased more than half of the pledged 25 MMT of U.S. soybeans, and the market will be watching closely for any details surrounding the additional $17 billion in agricultural purchases.
• Soybean basis continues to rip higher, with premiums strengthening across the complex, including nearby CIF values. Multiple processors firmed bids again yesterday as plants struggle to find beans. Weather forecasts have also turned wetter for a good portion of the Corn Belt, with higher totals now projected for Illinois and Indiana. I was through Ohio last week, and that crop looked at least another week or two away. The harvest delay appears to be here, and these bean premiums could stick around for a while.
• Corn basis continues to drift lower on the front end, with CIF falling to a new low bid around +55Z. After accounting for freight, that puts FOB Havana, IL values roughly -55Z to -60Z for September. Nearby rail basis remains weak as well as early harvest bushels work into the pipeline.
• A good amount of corn has been shelled this week south of Bloomington IL, with yield reports all over the board. One of my family’s fields near San Jose, IL was bouncing from 170 to 270 bpa on the yield monitor yesterday, which pretty well sums up the variability so far. This weather appears to be keeping moisture in the corn, but producers sound ready to keep moving. Very few soybeans have been cut in central Illinois, although we could see some combines rolling this weekend before the rain next week.