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9/8/26 MIDCO MORNING COMMENTS

Good morning. Grain prices have turned mixed after a higher start last night. Premiums returned to wheat overnight as the Black Sea war resumed once the weekend talks with the U.S. were over. Russia complied with a 3-day ceasefire so that separate talks with Russia and Ukraine could occur. Once those were over, the attacks continued. Chicago wheat is recovering from two sharp down days to end last week. Corn and beans have slipped off the highs as wheat faltered a bit. It is somewhat of a broken record now, but the corn and bean charts remain overbought and harvest is coming. The USDA report looms on Friday. November beans have now seen resistance in the $13.20 to $13.25 zone for 5 straight sessions. December corn is showing an inside day so far, which means Friday’s high of $5.44 ¾ serves as resistance. Crude is $2.00 higher as Saudi Arabia was attacked overnight. Crude watchers are awaiting the details of an Iran/Oman deal in regard to the allowance of traffic in the Strait. The weekly demand reports will all be delayed a day due to yesterday’s holiday. Export inspections and crop progress are out today. Temps have cooled a bit across the Midwest. There are a few rain chances tomorrow and then over the weekend. Iowa and Missouri will see the heaviest chances of rain this week with a bit spilling over to the east. Should hear/see a few more harvest reports this week, but general harvest is a 1 to 2 weeks away still. Not seeing many beans turning yet in this part of the state. The commitment of traders’ report on Friday showed a new record long on corn. See table below. Canada went ahead with new tariffs on the U.S. starting today. From a seasonal chart standpoint, corn and beans typically grind lower during September. The funds are loaded up, the charts are toppy, and harvest is starting. We will see if that means anything as this year has been anything but typical. Positioning into the Friday report is expected over the next few days. Have a safe day.
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Ludlow Co-op Elevator Company

Ludlow Cooperative Elevator Company is a farmer-owned grain cooperative in east-central Illinois serving Ford, Iroquois, and Champaign counties.

Founded in 1904 in Ludlow, Illinois, the company now has eleven locations: Alonzo, Bryce, Buckley, Danforth, Fountain Creek, Goodwine, La Hogue, Ludlow, Paxton, and Piper City, with convenient access to rail and Interstate highways.

Ludlow Cooperative Elevator Company handles grain sales and marketing of corn, soybeans, and wheat including grain storage and conditioning. The company is located in an area that enjoys some of the richest farmland in the world. Learn more about Ludlow Co-op Elevator