May 14, 2026

Mid-Co Morning Comments:
 

• Grain markets are sharply lower this morning with soybeans leading the selloff. July soybeans are down more than 30 cents at the break, while soybean spreads have weakened considerably with SN/SX trading down to +14 — its lowest level since early February.
• President Trump and Xi Jinping met for more than two hours yesterday, with discussions reportedly covering Iran, bilateral trade, and Taiwan. China reiterated its strong opposition to U.S. military and financial support for Taiwan. Thus far, no commitments or announcements regarding U.S. grain purchases have surfaced from the summit, which has added pressure to grain markets this morning.
• The U.S. House passed a bill allowing voluntary year-round E-15 sales by a narrow 218–203 vote. Surprisingly, several Republicans opposed the measure, while the American Soybean Association also came out against the bill. The legislation now heads to the Senate where it is expected to face a tougher battle and will certainly be something the market keeps an eye on moving forward.
• Export Sales this morning came in at 53.6 million bushels of corn and 5.2 million bushels of soybeans for the week ending May 7th. USDA maintained the current marketing year corn export target at 3.3 billion bushels and introduced an initial forecast of 3.15 billion bushels for next year.
• CONAB slightly increased Brazilian production estimates this morning, pegging soybean production at 180.1 MMT (6.62 billion bushels) and corn production at 140.2 MMT (5.52 billion bushels).
• Rain chances are expected across much of the Corn Belt over the next week as planting wraps up in many areas. Warm temperatures combined with widespread moisture should create favorable germination conditions, especially with an incoming El Niño pattern beginning to develop.