January 20, 2026

Mid-Co Morning Comments:
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• Grain markets are lower this morning, with corn spreads wider. CH/CK pushed out to -8 overnight, though only 9 contracts traded at that level, while roughly 6,700 contracts are currently bid at -8. Soybean spreads are steady, with SH/SK at -11.
• The European Union is strongly opposed to Trump’s interest in Greenland and has indicated it is prepared to impose tariffs on U.S. goods, including agricultural products. Denmark has reportedly deployed troops to Greenland in anticipation of potential developments.
• China has met its target of purchasing 12 MMT of U.S. soybeans, according to Bloomberg, signaling that Chinese importers have continued sourcing significant volumes from the U.S. despite ongoing trade tensions. Another state reserve auction is scheduled next week in China to make room for incoming U.S. soybeans.
• Chinese importers reportedly purchased approximately 60,000 metric tons of Canadian canola. With Canada and China recently reaching a trade agreement, the purchase is being viewed as a good-faith transaction.
• Bitter cold is forecast across much of the U.S. over the next week, which could create logistical challenges for grain movement. In South America, forecasts call for limited rainfall across southern Brazil and Argentina over the next 10 days.