Mark's Market Talk for September 28, 2026

Last Friday was a day of reversals in the grain markets. The overnight and morning trade was sharply lower for corn and beans. The anticipated announcement of a large Chinese grain order did not materialize after Thursday’s meeting, so the bear traders were claiming victory. Then, about noon, an announcement was made that the terms of the agreements would be released on Monday. Corn and beans made a U-turn and headed into positive territory. Corn traded a 14-cent range Friday and ended the day almost a penny higher, finishing the week up a penny. Beans traded a 23-cent range Friday and finished the day almost 2 cents higher. They were up 15 cents for the week.

This leaves us all in limbo until the announcement is made. In the recent past, when the news was really positive for the U.S., the administration has released the news quickly. This delay makes it look like perhaps no major agreement was made and they are allowing the Chinese delegation to get out of town. Hopefully, that is not the case and some major trade deals were made.

Meanwhile, the weather in our neck of the woods has been very anti-harvest. There was very little activity last week. Our hopes of a dry, fast harvest have been replaced by the fear of a long, wet harvest. We have been spoiled with great harvest weather for the last few years.

Nearby basis levels have improved, especially in the bean market, as the terminals are having trouble finding supplies. Friday, there was as much as a $1.20 spread between old- and new-crop beans. If you have some old-crop beans in the bin, give us a call and we will help you get all you can out of them.