January 29, 2026

Mid-Co Morning Comments:
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• Grain futures are higher this morning and just off the highs set yesterday. Spreads are mostly even, with CH/CK at -8. Wheat futures continue to run higher on winter kill potential, notching two-month highs on futures.
• River logistics continue to cause issues for grain movements. St Louis terminals are running limited and specific commodity hours at terminals that are open today. Long lines have been reported on the Illinois River.
• Crude oil futures have surged and matched highs set back in late July. President Trump threatened Iran to cooperate with nuclear weapons or the country will face additional military strikes.
• As expected, the Fed kept interest rates unchanged yesterday. The next meeting will be March 17^th/18^th. A new fed chair is expected to be announced by Trump in the next few weeks, but Powell’s term will not expire until May 2026.
• Export sales data released this morning showed 64.9 million bushels of corn, 30.1 million bushels of soybeans, and 9.1 million bushels of Sorghum. Total corn commitments are up to 2.27 billion for the marketing year.