December 12, 2025

Mid-Co Morning Comments:
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• Grain markets are mostly lower this morning with soybeans showing double digits losses earlier in the session. Soybean spreads have widened out while corn spreads are mostly steady.
• Barge freight was firmer yesterday, especially for December which drove nearby river terminal bids lower. CIF has firmed for January and is currently bid +92F.
• With yesterday’s purchases, China has bought an estimated 7-7.5 million MTs of soybeans for this year which is over 60% of the 12 million MT pledge to the white house according to private estimates. Expect another flash sale announcement this morning.
• China announced another reserve soybean auction for about 523k, which is the second auction announced in as many weeks. In other China news, the state Bureau announced that it believes China will be producing a record corn crop this upcoming year.
• The Rosario grain exchange raised estimates for the Argentina wheat crop to a record 27.7 million MT (over a billion bushels). The Argentine government dropped taxes this week that will encourage sales from farmers on soybeans/wheat.