July 29, 2026

Mid-Co Morning Comments:
 

• Good morning. Corn and soybean futures are lower while wheat is slightly firmer to start the day. The market continues to trade around shifting weather forecasts and geopolitical headlines. Soybean spreads are a bit wider while corn spreads are mostly unchanged. Crude oil is up roughly $5/barrel this morning after Iran reportedly launched missiles overnight following a few days of relative calm in the region.
• Weather forecasts continue to call for widespread rainfall across much of the Corn Belt over the next seven days, with NOAA showing a system bringing moisture from North Dakota through Ohio. The western Plains are still expected to miss out on much of the rain, but the majority of corn and soybean acres should receive meaningful precipitation over the next week. We will see what happens over the weekend.
• Basis was mostly steady yesterday. Harvest is beginning to ramp up across the Deep South, and we’ll be watching to see if more soybean processors roll bids from the SQ to the SX today. CIF corn bids improved yesterday, while barge freight continues to firm. Illinois River freight is currently bid around 775% nearby and 950% for new crop, both values very firm.
• The FOMC concludes its meeting today, with the Fed’s interest rate decision expected this afternoon under new Chair Kevin Warsh. The market is not expecting a rate change today, though some prediction markets are currently pricing in the potential for a 25-basis-point rate hike at the September meeting.