May 22, 2026

Mid-Co Morning Comments:
 

• Good morning and happy Friday. Grain markets are slightly firmer after yesterday’s lower session. December ’26 corn futures are trading well off the recent highs and hovering right around the 50-day moving average. Spreads are relatively quiet this morning with CN/CU around -6 ¼ and SN/SQ holding a slight inverse.
• Reports out of Pakistan yesterday suggested that an agreement had been reached between the U.S. and Iran. However, additional reports of Iranian drone strikes in the UAE point toward further escalation in the conflict. U.S./Iran peace negotiations remain ongoing, and the market will continue reacting headline by headline.
• Argentina corn has become the primary competition for U.S. exports in the near term. In addition, Argentina is expected to lower export taxes on agricultural products, which should encourage increased grain shipments out of South America.
• Heavy rains are expected to impact the southern Delta and Southeast regions over the weekend. The moisture should provide at least temporary drought relief to areas that have gone quite some time without meaningful rainfall.
• Reminder: Grain markets will be closed Monday in observance of Memorial Day. Have a great and safe memorial weekend!