May 29, 2026

Mid-Co Morning Comments:
 

• Good morning and happy Friday. Grain markets are mixed to start the day, with corn under pressure while soybeans continue to show strength. November ’26 soybeans pushed to an overnight high of $11.99, while December ’26 corn slipped below $4.80 once again earlier this morning.
• Equity markets have climbed to new all-time highs as traders grow optimistic that President Trump could soon finalize a peace agreement with Iran. Crude oil futures are softer this morning near $88/barrel and have fallen below the 50-day moving average for the first time in several weeks.
• The new-crop soybean-to-corn ratio has climbed to 2.50 as soybean futures continue to outperform corn. Record soybean crush margins and solid demand have helped support bean prices. The June Acreage Report will be an important one to watch, as the market gauges whether some intended corn acres ultimately shifted to soybeans this spring.
• Corn spreads weakened further yesterday, reaching new contract lows. The CN/CU traded limited volume at -9 cents, while CN/CZ widened to -27¼ overnight. Soybean spreads have also softened, with SN/SQ moving into a slight carry and the SN/SX inverse nearly disappearing. It's remarkable to think SN/SX traded as high as +80 back on March 9.
• Export Sales were modest this week, with corn sales totaling 40 million bushels and soybeans at 11 million bushels. Despite the relatively routine weekly totals, U.S. corn export sales continue to run at a record pace. New-crop corn sales were also the largest reported so far for the ‘26-‘27 marketing year, providing another sign that demand remains solid.