June 3, 2026

Mid-Co Morning Comments:
 

• Good morning, grain markets are firmer to begin the day with corn up around a penny and soybeans up around 5-6c. Corn spreads are weaker this morning while soybean spreads are firmer nearby. Soybean board crush margins continue to improve and are now sitting near $4.22/bu for July, which is about 7c higher this morning.
• Corn basis continues to show a firmer tone with bids against the CN strengthening, especially across the western Corn Belt. Garden City, Kansas feedyard values for new crop moved higher this week with +65 JFMAM trading, up roughly 20 cents from previous levels. Hereford, TX corn values are also stronger with June/July bids around +107N.
• CIF corn bids were firmer yesterday with reports of +89N trading for July corn. Using +89N and 560% barge freight, FOB Illinois River values are now just a couple cents below delivery equivalence, which helped support the CN/CU spread yesterday.
• The USDA has hinted that China has started purchasing new crop soybeans for the 2026/27 marketing year, which may be helping support soybean futures this morning. Deputy Secretary Stephen Vaden, speaking at the Wall Street Journal’s Global Food Forum, expressed confidence that China will follow through on its 25 MMT purchase commitments and suggested that additional business could begin surfacing soon.
• Central U.S. weather forecasts remain mostly non-threatening with rains still projected across much of the Corn Belt over the next 7–10 days. The GFS and Euro models remain split on the extended outlook, with the GFS trending drier in the Eastern corn belt.