October 21, 2026

Mid-Co Morning Comments:

• Grain markets remain on the defensive this morning as harvest pressure continues to weigh on corn and soybeans. December ’26 corn has slipped to its lowest level since late June. Wheat futures are down double digits this morning. Corn spreads are slightly wider while soybean spreads are firmer.
• Soybean basis continues to gain ground on the river with another round of stronger bids noted yesterday. Recent Chinese flash sales have helped support FOB values at river terminals. Processor bids have been quieter this week, although some plants are showing renewed interest in areas where soybean harvest is nearly wrapped up.
• Weather remains favorable for harvest progress across much of the Midwest. Rain chances across the southwestern Plains and central Nebraska should provide some much-needed moisture for winter wheat. Northern Brazil is expected to remain drier than normal, offering opportunities for soybean planting in the region.
• Crude oil is back above $100/barrel in December WTI following reports of additional tanker strikes in the Strait of Hormuz overnight. US efforts to broker peace talks in the Middle East have made little headway this week, keeping energy markets on edge.