September 17, 2026

Mid-Co Morning Comments:
 

• Good morning.  Grain prices are mostly lower as we head to the break, but prices did try the upside again overnight.   Corn and beans were able to recover late yesterday as support levels continue to hold.  Attacks in the Black Sea continue, but Turkey has sent a proposal to both countries to try and end the attacks in the Black Sea.  That has wheat under some pressure this morning, along with a stronger dollar.   President Trump once again stated yesterday that the Iran war is near an end.   Crude is lower this morning.   The FED raised interest rates by ¼ point yesterday as expected and signaled another one before year end.   The odds show a 50% chance of a another ¼ point in the late October meeting.   The dollar rallied sharply after the FED announcement and is providing some small headwinds to commodities this morning.  Harvest continues to be active in southern Illinois, with both corn and beans being cut.  The pace slows considerably as you go north in the state.   Not much happening yet in Iowa or in OH/IN.  Rains are moving through the northern part of the Midwest again this morning.  Not sure if it hurts or helps at this point, but there will be limited progress in those areas for a few days.  Temps get noticeably cooler next week.  The extended forecast is still calling for warmer temps but has shifted to a drier profile in the corn belt.   Corn sales this morning totaled 40.4 mbu.  Total corn sales for this year now stand at 685 mbu. versus 938 last year.  Beans sales were 62.5 mbu. this morning.   Total bean sales stand at 758 mbu. versus 375 last year.  The contrast between the starts for both commodities versus last year are notable.  Wheat sales were 12 mbu.   Wheat sales total 334 mbu. versus 481 last year.   Wheat ending stocks are tight due to less production, but the Black Sea war still has not resulted many additional wheat sales out of the U.S.  Corn futures have turned boring in recent days with a 15 cent range catching most of the action over the last 3 weeks.  Beans continue to be supported on breaks as China is buying.  Bean volatility is expected to increase around next week’s China summit.  Rumors circulated yesterday online that President Xi was sick and may not make it next week.  There has been no other confirmation of that talk.  Kalshi still shows a 92% chance of a visit yet this month.   Until support or resistance levels are breached, expect more sideways trade.  Have a safe day.