October 22, 2026

Mid-Co Morning Comments:

• Good morning.  Grains are seeing a small recovery as oversold conditions offer support.  Corn was able to recover yesterday despite another tough day for wheat.  Ukraine made some comments yesterday that freezing the front lines as is today would be a solution to end the war.  That would mean that Ukraine gives up 25% of its territory but Ukraine would want some security guarantees.   It is still unclear it that is a viable option from both countries, but it did push wheat lower.  A trilateral meeting is still being discussed, but Russia did renew attacks on Ukraine overnight.  The RSI for corn had slipped to the low 20s, which helped aid the recovery.   Some technical follow through is being seen this morning but the news cycle has not changed.  Corn is still struggling from the bearish October crop report, and the harvest window remains wide open.  The eastern belt shows no rain now through most of next week.   The western belt will see some rain chances later next week, but solid progress has been made.  Western Kansas will see some rain, which is always welcome.    Export sales for corn were solid this morning at 60.1 mbu.   Total sales stand at 873 mbu. or down 34% from a year ago.   Bean sales were strong at 104.4 mbu. and total commitments stand at 963 mbu.   Wheat sales were slow again at 8.8 mbu.    A big portion of the corn and bean sales this week were announced in daily flashes.   November options expire tomorrow.  Please review your positions.  First notice day for November futures is late next week.   Slowing producer selling and firmer CIF has helped firm the nearby bean spread.  With corn and bean futures now well off the highs, its going to take some work to reengage the producer with more bushels heading into non-priced alternatives.  Grains should continue to be range bound as technical conditions are remedied.   Have a safe day.