February 13, 2026

Mid-Co Morning Comments:
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• Grain markets are softer this morning. Looking at new crop futures: Nov ’26 soybeans pushed to a high of $11.19 last night while December corn got to $4.64.
• CH/CK widened yesterday and made a low of -10 ¾ overnight. Yesterday was the final day of the Goldman roll. Firmer this morning.
• Brazilian soybean basis continues to crash as harvest progresses. FOB offers for May are near +0K in Brazil while US Gulf offers are closer to +90K.
• This afternoon’s COT report should show some fund buying in soybeans from this past week. Private estimates show funds long over 100k contracts of soybeans.
• Holiday weekends are ahead. Reminder: Markets will be closed on Monday for President’s Day. Chinese New Year and South American “Carnival” will be next week.