October 26, 2026

Mid-Co Morning Comments:

• Grain markets are lower this morning with soybeans leading the slide following Brazil’s election results. November ’26 soybeans touched $12.33 overnight, their lowest level since August 26th. Soybean spreads continue to firm with SX/SF posting a new overnight high of -10¾ before trading back near -11.
• Brazilian President Lula pulled off a surprise comeback victory, sending soybean futures lower. The Brazilian real is down nearly 7%, with Brazilian equities expected to open sharply lower. Farmers had favored Bolsonaro, viewing him as more ag-friendly with hopes of lower borrowing and fuel costs. The question now is whether this is a knee-jerk reaction or the start of a more sustained move lower.
• Another productive harvest weekend with plenty of producers wrapping up corn and soybean harvest locally. The 7-day forecast looks favorable for fall fieldwork with above-normal temperatures and limited rain chances. Fall tillage is underway in spots, with reports of Dowson Farms already applying NH3 hot and heavy around Springfield, IL.
• USDA revised September yield figures for Nebraska and Kansas on Friday but left the current October estimates unchanged, resulting in no meaningful impact on production. Not a major balance sheet mover, but another data discrepancy that does little to rebuild confidence in USDA reporting.
• Reminder: Friday is First Notice Day for November ’26 soybean futures. Please review any open positions and reach out with any questions. Have a great week!