October 28, 2026

Mid-Co Morning Comments:

• Grain markets are firmer this morning with corn and soybeans both trading higher by a few cents. Spreads are stronger as well, with CZ/CH trading near -13 ½ and SX/SF at -12 ¾. Energy prices remain elevated with December WTI crude holding above $100/barrel.
• SX/SF saw some wild trade yesterday, reaching a high of -9 ½ before closing at -13 ¾. Roughly 29,000 contracts traded at -11, making it the busiest price level of the session. Keep orders working if still holding SX26 positions, as volatility will likely remain high. Look to have those positions cleaned up by the end of tomorrow’s session.
• CIF soybean values remain aggressive with LH Nov bid +117X and offered +120X. Havana, IL FOB values at +23.75X are currently about 1.5c above delivery for LH Nov. There still remains a lack of sales from some based on a lack of SBOC guidance.
• Corn harvest is running full throttle across northern Iowa and Minnesota, with some massive yields being reported. One Minnesota co-op reported record corn and soybean yields, while elevators are piling grain on the ground. Basis has taken a hit across much of the Western Corn Belt, with posted bids reportedly as wide as -100Z in the Dakotas.
• Illinois processors are still paying premiums as lighter yields tighten nearby supplies. ALTO in Pekin, IL bumped its corn bid to +15Z, while several Missouri locations also raised bids as soybean harvest takes center stage in that region.