West Central Ag Grain Comments 07/24/26 10:12:53 AM
7/24/26
- Good morning and happy Friday. Grain markets are mostly lower this morning to begin Friday’s session. December '26 corn spiked to a high of $4.92 overnight, but has retreated to $4.83 this morning. $4.92 is the highest level on CZ26 since May 21st. November soybeans made fresh highs overnight of $12.55 but have also retreated and are now trading slightly lower.
- Basis has remained defensive on both corn and soybeans this week with the higher futures. River corn bids have taken a hit over the past couple days and some corn processors have backed up nearby bids including ADM Decatur. Soybean crush margins continue to be healthy with the run up in crude/soybean oil prices but are weaker this morning..
- Middle East tensions remain elevated after explosions and air-defense activity were reported across Iran, along with Iranian drone and missile attacks targeting U.S. bases in Kuwait and Jordan. Iran rejected a U.S.-backed 10-day ceasefire proposal and continues to threaten closing the Strait of Hormuz, though crude oil futures are lower this morning despite the ongoing conflict.
- Weather forecasts for the next week remain somewhat unfavorable for most of the corn belt with only real precipitation chances in Missouri over the next 7 days. Cooler temperatures the last couple days with subside and heat is expected to return this weekend with temperatures in the 90's. The western corn belt and western plains remain a problem area with reports of stressed crops from heat and lack of moisture. Extended forecasts for Mid-August call for normal temperatures and precipitation.
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