November 3, 2026

Mid-Co Morning Comments:

• Grain markets are mostly lower this morning with Dec ’26 corn slipping to a new three-month low of $4.44½ as fund liquidation continues to pressure futures. Spreads are mixed with corn spreads a bit wider while soybean spreads have firmed overnight.
• Yesterday’s crop progress report showed U.S. corn harvest at 74% complete and soybeans at 88%. Iowa and Minnesota made sizable strides on corn harvest last week, with reports of massive yields still rolling in across northern Iowa and southern Minnesota.
• Basis was mostly steady to start November with a few improvements noted across the country. River terminal soybean bids rolled to the SF27 at mostly even money. The SF/SH spread traded out to -10 yesterday before narrowing to around -8½ this morning. Continue looking for opportunities to merchandise bushels against the SF27 if logistics allow, while keeping an eye on the SF/SH for opportunities to move short hedges should carries widen back to -10 to -12.
• Energy markets are seeing plenty of volatility this morning amid reports of U.S. strikes on Iran’s Qeshm Island and potential peace talks between Washington and Tehran. Dec WTI crude has traded in a range of more than $5/barrel overnight. Al Araby Al Jadeed, citing unnamed sources, reports that both sides have made concessions involving Iran’s nuclear program and frozen funds. Plenty of headlines for energy markets to digest as negotiations remain uncertain.