May 8, 2026

Mid-Co Morning Comments:
 

• Happy Friday. Grain markets are mixed this morning with corn slightly lower while soybeans are 5-6 cents higher. Crude oil futures have stabilized near $95/barrel after another volatile overnight session. Corn spreads are a touch firmer with CN/CU at -6 ¼, while soybean spreads are mostly weaker.
• The U.S. is awaiting Iran’s response to a proposal that would reopen the Strait of Hormuz. President Trump is expected to hold a press conference this morning with additional details on the situation. In a Truth Social post yesterday evening, Trump stated that three American destroyers came under fire while transiting the Strait, though no damage or injuries were reported.
• Basis was mostly quiet yesterday, though river bids firmed slightly alongside improved CIF values. July corn CIF remains roughly 7 cents below delivery values, raising questions about whether the market can work its way back to delivery-type levels into summer. The Brazilian Safrinha crop was planted later than normal, which could help extend the U.S. export window later this year.
• Financial markets are firmer this morning despite President Trump threatening higher tariffs on the European Union if a trade agreement is not reached by July 4th. Traders appear more focused on hopes for continued trade negotiations and easing Middle East tensions, though crude oil remains supported by ongoing uncertainty surrounding the Strait of Hormuz.
• Trade estimates for Tuesday’s May WASDE were released yesterday, offering the market its first look at the 2026/27 balance sheets. Corn production is estimated at 15.934 billion bushels with a national yield of 183.0 bpa and ending stocks near 1.933 billion bushels. U.S. soybean production is estimated at 4.445 billion bushels with a 53.0 bpa yield and a 364-million-bushel carryout.
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