July 9, 2026

Mid-Co Morning Comments:
 

• Grain markets are lower this morning, with Dec. ’26 corn trading down to around $4.50 overnight. Spreads are mixed as corn spreads are mostly firmer while soybean spreads are slightly weaker. CU/CZ made a new contract low of -21 ½ yesterday but has bounced modestly this morning. Estimated fund positioning in corn is now close to flat.
• Fighting between Iran and the U.S. continued overnight, with both sides reportedly exchanging additional strikes. Crude oil is mostly steady this morning after yesterday’s sharp rally. Soybean oil posted solid gains yesterday, providing a boost to soybean crush margins.
• A few soybean processors have rolled bids to the SX at even money, including a couple of ADM plants. I would look for this trend to continue if the SQ/SX firms, although that spread is a bit weaker this morning and showing a small carry. Incobrasa in Gilman and Cargill Kansas City firmed bids a dime yesterday, both still vs the SQ.
• China continues to price U.S. soybeans with another 5 cargoes reportedly purchased, and I wouldn’t be surprised to see another flash sale announced this morning. August soybean CIF values strengthened yesterday, although part of that move was driven by the recent firmness in the SQ/SX spread. Barge freight also continues to firm as export demand has picked up.
• Weather forecasts have turned a little less threatening for portions of the Corn Belt, with forecast highs being trimmed and the peak heat pushed back slightly. An active weather pattern is moving across central Missouri this morning, with severe storms expected to track into southern Illinois later today.