April 27, 2026

Mid-Co Morning Comments:
 

• Grain markets are modestly higher this morning, with corn, soybeans, and Chicago wheat posting slight gains. December corn traded up to $4.88 ½ overnight, while March ’27 futures are holding above $5.00. Spreads are mostly quiet, with CK/CN near -9 and SK/SN around -15.
• Iran tensions remain highly elevated, with the Strait of Hormuz effectively shut down and shipping traffic sharply reduced as U.S.–Iran negotiations stall; Iran has floated a proposal to reopen the waterway and de-escalate conflict, but no deal is in place yet, keeping global energy markets on edge. Nearby crude oil futures are above $95/barrel.
• The radar is active this morning, with a large line of storms moving across Iowa and northern Missouri. Sever weather is expected to impact central Illinois around 10 or 11am this morning. Fieldwork was busy over the weekend, with many producers wrapping up soybean planting and shifting to corn. I was helping the family, and my grandpa described conditions as “almost perfect” for planting—which doesn’t get said very often.
• Basis was mostly quiet Friday, though some processors have started the transition to May bids. Soybean crush margins improved, with nearby board crush margins closing at $3.40 ¾.
• Reminder: Thursday, April 30th is first notice day for May futures. Any remaining longs will be reported by Wednesday’s close—reach out with any questions on May positions.