February 20, 2026

Mid-Co Morning Comments:Good morning! 
 

• Friday trade is mostly higher to round out the week. Soybeans are in the green again today, while soy oil is seeing some profit taking off this week's runup. Corn remains trading in a narrow range. 
• Wheat continues to move to the upside as an Indonesian trade deal was signed that would focus on U.S. wheat exports, along with dryness in the Southern Plains and funds paring back short positions. 
• Corn CIF saw minor changes with March up a penny, now bid +101H. CIF beans also saw some strength nearby with March up 1c, but April/May backed off a penny. 
• Barge freight worked higher on the Illinois, St. Louis, and Mid-Miss. Warmer temperatures have helped river conditions, and drafts have increased on the Lower Miss. A backup at the LaGrange Lock could potentially slow down barge movement with over 25 barges waiting in the queue, taking 4 to 5 days to lock through.
• Reuters reported on Thursday that according to Brazilian government data, the country shipped its first sorghum load to China in more than 10 years back in January. However, the volume was just under 26 metric tons. 
• The Supreme Court could release their decision today on the legality of President Trump's tariffs that he claims fall under the International Emergency Economic Powers Act. This is not the first time the trade has thought the Court would rule on the decision for these tariffs. 
• The EIA Weekly Ethanol Production report showed ethanol production for the week ending February 13th up 0.7% from last week. Ethanol stocks increased 341,000 barrels from the week prior, which was a new four-week high but still down more than 2% from the same week last year. Both production and stocks fell within trade expectations. 
• China continues to remain absent from the market while on holiday. Pakistan is looking for beans for April. On the corn front, Japan is in the market for March and April.
• The U.S. and Indonesia signed a trade agreement Thursday that will provide expanded market access for U.S. products, with agriculture included. The focus with ag products will be to reduce tariffs and quota access. 
• Barge shipments on the Mississippi River for the week ending February 14th, according to the USDA, are up 78% from the week prior. Soybean shipments were up 55%, and corn shipments were up 122%. 
• South American weather forecasts show rains for both Brazil and most of the Argentina grain areas over the next week. 
• Outside markets are trading mixed: crude oil futures are down 10-15 cents/bbl, the Dow Jones index is down 100-110 points, and the U.S. dollar index is up 2-10 points.
• Today's reports include Weekly Export Sales and the CFTC Commitment of Traders.  
• Today is the Last Trading Day for March grain options.