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8/13/26 MIDCO MORNING COMMENTS

Good morning. Grain prices are mixed as corn takes a breather. Concerns about shipping capacity in the Black Sea remain supportive for wheat futures. Beans didn’t have a whole lot of change in the report to trade off of yesterday, so it is a follower. As a reminder the corn yield fell further than expected yesterday to 180.7 bpa, but total corn production was higher due to more acres. The total planted acres for corn and beans came in at 183.5 mln, which is a new record. Wheat took the loss on acres. Ending stocks on corn for 26/27 were cut by 137 mbu with a stocks to use ratio now down near 10%. Strong demand is the influencer of the tighter stocks, which is a better way to go than supply cuts. However, corn production in the Dakotas, NE, and KS is estimated as down 668 mbu. from a year ago. Yesterday’s numbers should provide a new level of support for corn futures, basis, and spreads. Rain is moving through Iowa this morning and will venture into northern Illinois later today. Temps will be warm next week, with the heat highlighted in the Delta. It will also be dry in the south as well, which will push along harvest there. In an opposite manner, the local Argentina corn crop estimates continue to grow. Rosario estimated the ARG crop at 70.5 MMT, up another 2 MMT from their last estimate. The USDA is at 63 MMT. Corn harvest is 75% done there. The last trading day for August futures is tomorrow. Conab numbers for Brazil production were out this morning. Bean production down slightly to 180.5 (-0.1). The corn total was up 1.3 MMT to 143 MMT. There is growing talk by some weather watchers of a dry northern Brazil this winter so stay tuned. Export sales are out this morning. 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