May 11, 2026

Mid-Co Morning Comments:
 

• Good morning — grain markets are stronger to begin the week, with corn up three to four cents and nearby soybeans up double digits. November '26 soybeans notched a new contract high of $12.01¼ this morning. Soybean spreads are firmer, while corn spreads are slightly wider.
• President Donald Trump posted on Truth Social yesterday that Iran's response was "TOTALLY UNACCEPTABLE," signaling that a resolution to the conflict remains distant. Crude oil prices are higher, hovering near $97.50/barrel.
• The Trump/Xi summit remains on schedule for Thursday and Friday in Beijing. Any mention of soybeans during the meeting could send shockwaves through the market. Notably, China has yet to purchase any new-crop soybeans despite a deal in place to import 25 MMT of U.S. beans.
• Warmer temperatures moved through the Midwest over the weekend, with some fieldwork reported across the region. A progressive weather pattern is expected for the second half of May, with the potential for severe weather and recurring rain chances every few days.
• REMINDER: Tomorrow at 11 a.m., the May WASDE will be released with an initial look at 2026–27 numbers. Key items to watch include the extent of any wheat production revision and whether USDA raises corn export estimates and/or lowers ethanol use.