April 14, 2026

Mid-Co Morning Comments:

• Grain markets are slightly higher this morning despite lower crude oil futures. Corn and soybean spreads are mostly tighter, with CK/CN firming to -10 ¼ and the price ladder indicating roughly 22,000 contracts bid at -11.
• River basis continues to impress with another move higher yesterday. Havana, IL is now posted at +11K for May corn and +3K for May soybeans, with FOB values for corn just a penny or two off delivery at Illinois River locations like Havana and Peoria.
• Brazil’s CONAB April estimates were released this morning, showing increased production from last month. Soybeans are estimated at 179.15 MMT (6.58 billion bu) and corn at 139.5 MMT (5.5 billion bu).
• Crop progress released yesterday afternoon was mixed with corn at 5% planted, a touch below the 6% expectation but still ahead of last year and the 5-year average. Soybeans jumped to 6% versus 2% expected — the fastest start on record — which leans slightly bearish early, but it’s still very early with weather risk and slipping wheat conditions keeping some premium in the market.
• U.S.–Iran tensions remain elevated with the blockade in place, but talks are still moving forward. Reports suggest a second round of meetings could happen as soon as Thursday, with officials noting some progress, pointing to a mix of ongoing pressure and continued negotiations.