July 23, 2026

Mid-Co Morning Comments:
 

• Good morning, grain markets are once again higher this morning as the July rally continues. Dec ’26 Corn futures peaked at $4.89 ½ this morning while November soybeans rose to a high of $12.47 ¾ . Estimated managed money corn positions are now over 100k contracts long.
• River corn basis broke yesterday with nearby St Louis nearby bids about a dime weaker. Higher freight and weaker CIF on the front end along with the futures rally has weakened some River bids. Corn processor basis has had a defensive tone this week as well.
• The conflicts in the middle east and black sea are driving markets higher as world energy prices spike. The US and Iran have reportedly delayed peace talks for the time being. Crude oil futures are over $4/barrel higher and above $90/barrel for the first time in a couple of months.
• Soybean crush margins have strengthened with the rise in crude oil/soybean oil prices. Margins are almost 30c/higher this morning with nearby QQQ boar crush margins near $3.30/bu. Incobrasa in Gilman, IL weakened nearby bids yesterday and rolled to the SX and are now posted at +35X.
• Wheat futures have spiked on the Ukraine and Russia conflict with WU26 futures making new lifetime highs and above $7/bu. Wheat spreads have been defensive on the futures rally as WU/WZ is trading around -17 and near the moving averages.