November 6, 2026

Mid-Co Morning Comments:
 

• Grain markets are slightly higher this morning with both futures and spreads showing some modest strength. The CZ/CH continues to flirt with -15 but has yet to reach that level as of recent, with roughly 25,000 contracts currently bid at -15. Energy markets are finding some support as progress toward a U.S.-Iran de-escalation appears to have stalled.
• Corn basis was mostly steady yesterday, although a few plants in Indiana and Missouri firmed bids. Soybean processor basis was quiet, with much of the soybean action shifting to the River over the past couple of weeks. River terminal FOB values remain strong and continue to sell into those LH Nov/Dec/Jan timeframes as logistic and merchandising needs allow. SF/SH remains firm and is
• November WASDE estimates are starting to roll in ahead of next Tuesday’s report at 11 a.m. CT. Current averages call for a corn yield of 180.6 bpa (15.980 billion bushels of production) and a soybean yield of 53.5 bpa. I think corn yields come in slightly below 180 bpa, while soybeans land closer to 54 bpa. We’ll see what USDA has up its sleeve next week but plenty of fund money will be ready to jump in depending which way the report goes.
• Wall Street took a beating yesterday, with an estimated $2.9 trillion in market cap wiped off the S&P 500 in what was reportedly its largest single-day dollar loss on record. Tech and AI stocks took the brunt of the selling amid concerns that Democratic control of Congress could bring tighter AI regulations and restrictions on data center expansion. Some analysts believe a portion of that money could find its way into commodities.