April 8, 2026

Mid-Co Morning Comments:

• Grain markets are lower this morning following ceasefire headlines out of Iran. President Trump announced a two-week ceasefire and a full reopening of the Strait of Hormuz. Crude oil futures have dropped nearly $20/barrel.
• Corn and soybean spreads are firmer with weaker futures. CK/CN firmed to -10 overnight with roughly 465 contracts trading at that level. SN/SK briefly pushed to -14 overnight before settling back to around -16.
• CIF corn basis has strengthened this week, with reports of +91K trading for April/May. May FOB values are around +41K out of St. Louis and near +14K for Havana.
• Soybean processor basis continues to improve, with several plants raising bids yesterday. ADM Decatur is now posted at +20K (+4N equivalent) for nearby beans and +25K (+9N equivalent) for May. Nearby crush margins are approaching $3/bushel.
• Tomorrow’s USDA WASDE and Crop Production reports will be released at 11am CT. US Grain stocks will be a key focus, with average trade estimates at 2.131 billion bushels for corn and 349 million for soybeans.