May 13, 2026

Mid-Co Morning Comments:
 

• Grain markets are mixed this morning following yesterday’s friendly WASDE report. Chicago wheat is slightly lower while KC wheat has seen some follow-through buying and is trading expanded 70-cent limits today. Corn and soybean spreads are mostly steady.
• USDA’s 1.048 billion bushel winter wheat estimate came in 151 million bushels below trade expectations and marked the largest bullish May surprise on record. Soybeans rallied on stronger crush and biofuel demand projections, with USDA raising crush demand to 2.75 billion bushels — 75 million above the February outlook. Corn was the quietest market of the day, with USDA projecting a nearly 16-billion-bushel crop for next year with a 183 yield number.
• President Trump and several top executives have landed in China, with meetings expected to begin around 8:15 p.m. central time tonight. Cargill CEO Brian Sikes is part of the delegation, keeping agricultural trade and soybean demand squarely in focus during the summit.
• E15 is officially on the House schedule for Wednesday with H.R. 1346 — the Nationwide Consumer and Fuel Retailer Choice Act of 2025 — set for consideration later this week. From a market standpoint, this keeps year-round E15 and the ethanol/corn demand story firmly in focus, with attention now turning to whether the bill can carry enough momentum through the Senate.
• Central U.S. weather continues to look favorable for producers who were able to get crops planted. Warmer temperatures and scattered rains across much of the Corn Belt should provide a solid start for this year’s crop if forecasts hold together.