September 30, 2026

Mid-Co Morning Comments:
 

• Grain markets are modestly firmer this morning as we close out September and Q3. November soybeans have quietly gained ground the last couple of sessions and are back above $13.00 futures. Spreads are relatively quiet, with corn slightly firmer and soybeans mostly unchanged.
• Today’s Quarterly Grain Stocks report hits at 11:00 a.m., with corn and soybean inventories the main focus. Trade estimates are near 1.918 billion bushels for corn stocks and 324 million bushels for soybeans. USDA will also release ’26/’27 wheat production estimates along with final 2025 corn and soybean production revisions. Corn stocks feel likely to land somewhere near expectations, while soybeans may have more potential to surprise to the low side and give futures some support.
• Soybean processor basis remains a tale of two regions. The East appears to be getting its fill and backing away from bids, while the Wild West remains red hot with triple-digit overs vs. SX still showing up in spots. Bartlett in Jacksonville, IL sent out a message that its soybean program is full and it is no longer accepting beans after posting -10X yesterday. Keep rewarding these premiums if logistics allow—the inverse won’t last forever, especially if the extended forecast opens a better harvest window.
• China begins its Golden Week holiday tomorrow, so don’t expect much soybean engagement over the next several days. Current estimates suggest China has already secured more than half of its 25 MMT soybean pledge for the ’26/’27 marketing year.