May 12, 2026

Mid-Co Morning Comments:
 

• Grain markets are firmer ahead of today’s WASDE Report, with CZ26 pushing back above the $5 mark and up 4 cents this morning. Wheat futures are leading the charge, up double digits, while crude oil has climbed back above $100/barrel. Between WASDE day, the ongoing Iran conflict, E-15 legislation, and the upcoming Trump/Xi summit, there will be no shortage of headline risk driving grain prices this week. Giddy up.
• Basis was extremely quiet yesterday with very few changes noted across the country. Today’s report should help shape the tone for the summer trade and will also give the market its first look at 2026/27 balance sheets for corn and soybeans. Trade estimates currently show little expectation for acreage changes, with average new crop yield guesses near 183 bpa for corn and 53 bpa for soybeans.
• Crop progress reports showed corn and soybean planting continuing to run ahead of the 5-year average, with corn at 57% planted nationally and soybeans at 49%. Illinois corn planting came in around 54%, which is right in line with the state’s 5-year average pace.
• President Trump’s proposed move to lower beef import barriers has reportedly been delayed after pushback from Republican lawmakers and cattle producers, who warned that cheaper foreign beef imports could pressure U.S. cattle prices just as ranchers are finally seeing improved profitability.
• Weather forecasts continue to point toward better rain chances later this week across much of the central Corn Belt. Meanwhile, the western Plains are expected to stay relatively dry, with wheat crop ratings showing elevated poor-to-very-poor conditions across Nebraska, Kansas, and Texas. In South America, forecasts call for rainfall to return to parts of Brazil over the next 10 days.