January 30, 2026

Mid-Co Morning Comments:
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• Corn and soybeans are lower to start the day. Spreads are mixed, with CH/CK slightly firmer at -8, while soybean spreads continue to widen.
• Barge freight on the Illinois River is now subject to availability for the balance of January and the first half of February. Ice issues persist, and early February forecasts remain cold through mid-month. January river contracts are expected to roll into February as barge loadings are delayed.
• Rain chances are increasing across Argentina and southern Brazil, with forecasts calling for precipitation beginning around February 4 and lasting into mid-month. Temperatures, however, are expected to remain elevated in southern Brazil and parts of Argentina.
• Kevin Warsh is expected to be nominated as the next Federal Reserve Chair, according to a Truth Social post from President Trump. The nominee would require Senate confirmation in May and would replace Jerome Powell shortly thereafter. Warsh’s views on rate cuts appear mixed, with Trump continuing to push for additional cuts in 2026.
• Outside markets are lower this morning following the Fed Chair announcement. Precious metals are sharply weaker, with gold down roughly $250.