August 24, 2026

Mid-Co Morning Comments:

• Grain markets are mixed this morning, with corn and wheat ripping higher while soybeans trade lower. Dec ’26 corn made a new lifetime high of $5.24 ¼ this morning. Corn spreads are mixed, with deferred spreads once again tightening. The corn fund position is now estimated at more than 300k contracts long.
• The Pro Farmer Tour concluded with a U.S. corn yield estimate of 173.2 bpa and soybeans at 53.3 bpa. The corn estimate is well below the USDA’s 180.7 bpa, while the soybean estimate is above the USDA’s 52.7 bpa. That divergence could be contributing to the split market direction this morning.
• U.S. Treasury Secretary Scott Bessent is expected to announce details of new sanctions on Iran, which he has described as the “toughest in history.” President Trump has also threatened sanctions on countries that continue doing business with Iran. Despite the headlines, crude oil is down roughly $1.50/barrel this morning
• Private estimates suggest Black Sea grain exports could be cut in half due to the ongoing Russia/Ukraine war. Both countries have introduced programs aimed at helping farmers hold grain longer, including purchases of grain bags and assistance with additional storage capacity.
• Starting to hear reports of some corn being harvested in southern Illinois, with early yield results fairly variable. I did some driving around central Illinois this weekend and a small amount of corn is starting to turn. A lot of fields around McLean County don’t look great following the recent flooding and wind, with damage pretty noticeable in some areas.