January 28, 2026

Mid-Co Morning Comments:
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• Grain markets are firmer this morning, with corn, soybeans, and wheat all posting solid gains. Spreads have strengthened, with CH/CK trading in to -7 ½.
• President Trump said he would sign an E-15 bill if it reaches his desk. Trump noted that House Speaker Mike Johnson is working on a standalone bill that would allow voluntary, year-round E-15 sales, without a mandate. The proposal is expected to face opposition from large oil refiners.
• Logistics on the River continue to strain January logistics. Most river loaders in the St. Louis area were closed yesterday after nearly a foot of snow, while ice on the Illinois River has disrupted barge switching. Cold temperatures are forecast to persist for at least the next ten days.
• Nearby CIF continues to rip higher as barge freight strengthens with river issues. Jan beans are now bid +122H while Jan corn is bid +110H. Processor basis has been a touch weaker on the front end with some trucks pointed to the processor rather than the river.
• China has shifted to Brazil for soybeans after fulfilling the US 12 MMT commitment. Allegedly, China booked over 25 cargoes out of Brazil this week. At our winter outlook yesterday, Pedro Dejneka noted Brazil’s soybean harvest is roughly 12% complete, while producers are only one-third sold, leaving approximately 4.4 billion bushels yet to be priced.