January 27, 2026

Mid-Co Morning Comments:
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• Grain futures are mostly firmer this morning. Spreads widened yesterday and are mixed today, with CH/CK bid at -8 at the break. Soybean spreads weakened as SH/SN pushed out to -26 yesterday, with limited volume trading at that level.
• CIF values and barge freight continue to work higher. January CIF soybeans reportedly traded at +120H yesterday, while ILR barge freight is bid at 700%. Cold temperatures are expected to persist, likely causing ongoing delays in barge movements.
• The White House has listed the proposed 45Z rule as “complete,” signaling that action may be forthcoming. President Trump is in Iowa today and is reportedly slated to potentially visit an ethanol plant.
• Soybean crush margins have risen to $1.78/but this week, matching highs from early August. Processor basis has been quiet but supportive margins should help basis levels in the future.
• South American weather has turned favorable in some areas. Argentina’s 8–14 day forecasts have shifted wetter, with good precipitation projected for the Cordoba region. Brazil forecasts are also friendly, calling for below-normal temperatures across much of the country.