February 11, 2026

Mid-Co Morning Comments:
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• Grain markets are quiet this morning with thin volumes traded overnight. Bean spreads are wider with SH/SK making contract lows of -15 ½. Corn spread continue to be rangebound with CH/CK at -8 ½ .
• The February WASDE brought minimal changes and limited market reaction. U.S. corn exports were increased by 100 million bushels, while Brazilian soybean production was raised to 180 MMT (6.61 billion bushels).
• U.S. Treasury Secretary Scott Bessent said the U.S. and China will remain competitors but aim to maintain a fair relationship. Treasury staff were in China last week ahead of a planned meeting between Bessent and Chinese Vice Premier He Lifeng.
• Chinese buyers have not yet confirmed additional U.S. soybean purchases but are actively exploring offers. Chinese Lunar New Year begins next week, and state grain buyers are expected to be out of the market during the holiday. 2026 marks the Year of the Fire Horse.
• Argentina weather forecasts remain favorable for corn and soybean development. FOB Argentine export corn is currently estimated to be roughly $0.20/bu cheaper than U.S. Gulf corn through May into certain destinations.