September 23, 2026

Mid-Co Morning Comments:
 

• Grain markets are lower this morning with corn, soybeans and wheat all in the red. Corn spreads have relaxed, with CZ/CH back out to -14 ¾ and CZ/CN a penny weaker at -24. Soybean spreads are mixed, with SX/SF steady while deferred spreads have widened slightly.
• Soybean basis has been wild across the Midwest this week as processors scramble for coverage, particularly in areas where harvest has been delayed. Cargill Cedar Rapids jumped its spot bid from -30X to +75X, while Cargill Kansas City is now posted at +80X. Sounds like there is also a sizeable gap between posted and payable values for beans through the end of the month. Some unusual rail movements are taking place as well: Bunge St. Louis reportedly loaded a bean train for its Council Bluffs plant, Bartlett Jacksonville — normally a corn market — is bidding -25X for beans headed to Cherryvale, KS, and some Illinois bean trains have reportedly moved north into Michigan. If the forecast holds, this could stay interesting for a while. There has also been some talk of crushers slowing down to bridge the gap until harvest, although that does not appear widespread.
• Corn export sales continue to trail last year’s record pace by roughly 27%, with Mexico’s U.S. purchases down nearly 54 million bushels year over year. Soybeans are a much different story, with export sales more than double last year’s pace at 758 million bushels versus 375 million at this point a year ago. China has roughly 362 million bushels on the books after having zero at this point last year, along with another 220 million bushels sold to “Unknown.” That demand should help keep barge freight supported and could provide a solid backdrop for export soybean basis through the traditional November/December/January shipping window.
• Geopolitical headlines remain front and center. President Trump said U.S.-Iran talks are progressing after his envoys held roughly three hours of discussions with Iranian representatives yesterday, adding that he believes a settlement can be reached. Trump also met with Ukrainian President Zelenskyy on the sidelines of the UN General Assembly. Attention now shifts to the Trump/Xi summit in Washington, with the official White House state visit beginning Thursday. Trade and agricultural purchases are among the issues surrounding the talks, making any comments on soybeans or other U.S. ag products worth watching closely. I’ll be keeping an eye on Truth Social for anything that could move the grain markets.