May 20, 2026

Mid-Co Morning Comments:
 

• Grain markets are softer this morning with corn down around a nickel and soybeans off 6–7 cents. Spreads have eased back following Monday’s knee-jerk reaction, with CN/CU trading at -6 ¼ and SN/SX slipping back to +7.
• The market continues to wait for official confirmation from China regarding the details outlined in the White House fact sheet. China’s Commerce Ministry stopped short of confirming the additional $17 billion in purchases but did note that productive progress was made during the summit and that tariff reductions on U.S. imports could be on the table.
• Crude oil futures are lower this morning on reports that NATO could potentially become involved in efforts to reopen the Strait of Hormuz. Even with the pullback, July crude futures remain above $100/barrel. According to AAA, today’s national average gasoline price sits at $4.55/gallon, with Illinois averaging $5.03/gallon — roughly $1.38 higher than this time last year.
• Weather forecasts continue to favor heavier rainfall totals across the southern Corn Belt, while Iowa, Minnesota, and the northern half of Illinois all have opportunities for rain over the next 7 days. Memorial Day weekend temperatures currently look comfortable, with highs projected in the mid-70s.