April 29, 2026

Mid-Co Morning Comments:
 

• Grain markets are firmer this morning, with new-crop futures finding some strength and Dec ’26 corn making a new high of $4.98 ¾ . Wheat is leading again, with KC contracts back above $7. Spreads have weakened on the rally, with CK/CN out to -11 and SK/SN near -16 ½. Crude oil is another $3 higher, trading around $103/barrel.
• President Trump rejected Iran’s proposal to reopen the Strait of Hormuz, keeping tensions elevated and pushing commodities higher while equities come under pressure. Iran had offered to reopen the strait if the U.S. removed its naval blockade and delayed nuclear talks—terms the White House turned down. There’s also growing chatter that Iran may need to curb oil production as storage capacity tightens.
• Basis showed some improvement yesterday, with a few locations firming after rolling to May. Soybean processors are likely to stay aggressive as crush margins continue to surge, now above $3.67/bushel nearby and at record levels.
• The Federal Reserve is expected to hold rates steady today, with the statement at 1:00 p.m. CT followed by Jerome Powell’s press conference at 1:30. The decision is largely priced in, so attention turns to Powell’s tone—stickier inflation and higher oil would support the dollar and yields (pressure on commodities), while a softer growth tone would be more supportive for risk assets and ag.
• Weather forecasts are mostly dry over the next 7 days, giving areas like Iowa and northern Illinois a window to get back in the field. Some replant is likely in southern Illinois after this week’s heavy rains and ponding issues. One town just north of Springfield, IL got almost 4.5 inches of rain in about an hour.
• Reminder: First notice day for May futures is tomorrow—best to have positions squared away by the close today. Reach out with any questions on your account.