West Central Ag Grain Comments 11/02/2026 9:41:58 AM
MidCo comments: 11/02/26
- Grain markets are mixed to start the week with corn slightly higher and soybeans a few cents lower. Spreads are mostly quiet with soybean spread volume shifting to the SF/SH. Energy markets are taking a hit this morning with December WTI crude down nearly $7/barrel to $97.50.
- Funds have made quite the exit from corn over the past two months. Estimated fund length has dwindled near an estimated 50,000 contracts after reaching a record 431,062 contracts in early September. That’s over 380,000 contracts liquidated in two months, equivalent to nearly 2 BILLION bushels of corn.
- Post-harvest basis strength is gaining traction with several plants bumping bids again on Friday. Most soybean processors have rolled to the SF27 and improved bids a few cents in the process. River soybean values remain attractive with some solid trades reported for Nov/Dec/Jan. Keep rewarding these opportunities and logistics allow.
- Tensions in the Black Sea are heating up again as Ukraine resumed strikes on Russian energy refineries over the weekend following a two-week pause requested by President Trump. Russia responded with attacks on Ukraine’s electrical grid and a vessel in the Black Sea. With peace talks stalled and the U.S. approving another Patriot missile defense sale to Ukraine, geopolitical risk in the Black Sea could resurface.
- Weekend rainfall was a mixed bag across central Illinois. Bloomington/Normal missed out entirely, while the farm which is roughly 40 miles west picked up around ½ inch, mostly Friday night. More rain chances are in the forecast over the next seven days as harvest enters the home stretch. Fall tillage is off to a good start locally, although warm weather has kept soil temperatures elevated and slowed the window for fall NH3 applications.
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