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6/16/26 MIDCO MORNING COMMENTS
Good morning. Grain prices are mixed today as all eyes remain on crude oil. Energy prices are lower today with crude down another $3.00. July crude is currently near $77.50. Gas prices here in Bloomington have now slipped back below $4.00. Corn, beans, and wheat all posted reversals higher yesterday. Wheat is the only one showing any follow through as the upcoming wet conditions are not ideal for wheat harvest. Soybeans are following crude oil as there is still a sizable fund long position that can be liquidated there. It provided a little comfort for the bulls that corn was able to divorce itself from crude yesterday, but a confirmation of the reversal will be needed to suggest a short-term bottom is in. Corn and bean ratings were both up 1% in the good to excellent category yesterday. Winter wheat harvest was 25% done in the report yesterday, which is running ahead of average. It partly speaks to the low yields in some parts of the plains as KS is 20% ahead of its average harvest pace. Heavy rains will hammer the Midwest over the next few days. Tornado risks will increase again on Wednesday. Temps will be on the coolish side as well. Some areas will get too much rain. The U.S. and Iran are still expected to sign an agreement on Friday. This will open up a window for negotiators to work through the key issues. There is anticipation that the Strait opens up as well, but it likely won’t be a smooth line. The FED starts its two-day meeting today, with no change in rates expected tomorrow. It will, however, be Chairman Kevin Warsh’s first press conference, so that will bring extra attention. Corn and bean markets still sit in or near oversold territory. No markets on Thursday night or Friday. Have a safe day.
6/15/26 MIDCO AFTERNOON COMMENTS
🌽 Corn Market Update
Corn futures were higher to start the week on Monday, though not before scoring another new round of contract lows in the overnight hours on additional long liquidation via weekend headlines out of the Middle East. Whether or not the Strait of Hormuz is reopened at the end of the week this week is still pretty well up in the air at this point, but the Monday reversal amid what seems to be the best peace progress to date and also following the realization last week that funds have now flipped to a net-short position would lead us to believe that the worst of the liquidation selling is now behind us. From here, barring additional setbacks with the war, focus will be on the weather for the Midwest and what final acres end up being in the June quarterly update. If friendly, we would see a recovery to the $4.50-4.60 area on spot futures as a selling opportunity, and if not, there likely continues to be support at or just below the even $4 level unless/until the trade confirms ending stocks are going to be well above 2.0 bil bu.
🌱 Soybean Market Update
The soy space closed mostly higher on Monday, with bean oil being the most active the group and seeing a mid-morning bounce off the lows on friendly NOPA headlines before closing the day still mostly lower on the sell-off in global energy values. It was a quiet day overall though in the complex, with the only real development of note being commercial spread activity in the oil that in hindsight, was likely all based on the NOPA data. Chinese bean buying is going to continue being the biggest question mark for the complex short term, but the fact that bean oil futures need to continue encouraging imports of other feedstocks to fill the EPA's new RVO is a price driver that is not going to go away. Domestic demand is without a doubt strong, but how much this bleeds into price through the rest of summer is entirely dependent on whether or not demand outside the US picks up (China) and if the crop we're growing is big enough to cover it.
🌾 Wheat Market Update
Despite the seasonal low not being due for another week or two still, friendly chart momentum and spread activity drove wheat futures higher Monday on what ended up being a mid-morning reversal day for much of the ag space. A 1% adjustment either way in this afternoon's crop progress update isn't going to materially alter market fundamentals at this point, but how the re-open goes this evening will likely be, at least in part, based on what those readings are this afternoon. Otherwise it's steady as she goes for the most part to get the week started, with world export values and fertilizer availability, along with global weather, continuing to be the main fundamental factors influencing price.
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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
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