March 11, 2026

Mid-Co Morning Comments:
 

• Grain markets are sharply higher this morning amid escalating military tensions in the Strait of Hormuz. Soybean spreads are firmer while corn spreads are mixed. CH/CK is ½¢ firmer at -11½, while SK/SN is bid around -13.
• Crude oil futures are trading higher following reports that cargo ships were struck by Iranian mines in the Strait of Hormuz. Missile strikes have also intensified across the region, with the UAE reportedly a primary Iranian target.
• The EIA has proposed releasing a record 300–400 million barrels of crude oil from strategic reserves in an effort to combat rising energy prices. G-7 members are scheduled to meet later today to discuss a coordinated stockpile release.
• Nearby corn and soybean basis levels continue to soften alongside the rally in futures. With front-end bids slipping, some wider cash carries have emerged. For example, Havana, IL soybeans show a 24¢ cash carry from March to May (-20K to +4K).
• U.S. Treasury Secretary Scott Bessent is scheduled to meet with Chinese trade officials this weekend in Paris. The U.S. is expected to push for a defined volume of soybean purchases from China for this marketing year, which could provide greater clarity to the demand side of the market.
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