January 22, 2026

Mid-Co Morning Comments:
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• Grain markets are slightly firmer this morning on modest volume overnight. Corn spreads are slightly firmer while soybean spreads are slightly wider.
• US secretary Scott Bessent met with Chinese trade officials in Davos. Bessent confirmed that China has purchased the 12 MMT of US soybeans and indicated that China would pledge to buy at least 25 MMT for next year. Allegedly, China is no longer looking for US soybean offers.
• Corn processor basis was stronger yesterday with multiple plants firming up, especially in the West. Ohio plants are bidding premium with Poet Fostoria, OH now posted +25H for nearby corn. This has kept eastern rail values firm.   
• River Levels and barge movements are a growing concern as winter conditions are causing logistical issues at River terminals. Nearby barge freight firmed significantly yesterday: IL River now bid 690% and STL bid 575%. 
• Lawmakers are scrambling to find ways to include E-15 in the spending bill. House Speaker Mike Johnson indicated lawmakers will work on E-15 policy, with Congress potentially stepping in to address higher ethanol blends.
• The southern winter storm took a slight northwest shift with the latest models. Heavy snowfall is still projected in northern Arkansas and the Boot hill region over the next few days.