January 26, 2026

Mid-Co Morning Comments:
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• Grain markets are mixed today with some weakness going into the break. Spreads are wider with CH/CK trading out to -8 and SH/SK at -12 ¼ .
• Wheat futures have rose last week on fears of winter kill during the winter storm and cold weather on the plains. In areas with decent snowfall the concern is less due to the blanket of snow on the crop. Wheat spreads have been firmer with WH/WK now at -10 .
• Rail movements have come to a complete standstill in the south over the weekend due to the cold, per reports. Some ethanol plants and soybean processors in Iowa were paying some 20c pushes last Friday to get grain in before the weekend.
• The extended forecast shows improved rain chances for the majority of Argentina, especially around the key growing region near Cordoba. Southern Brazil is also projected to receive some rainfall over the next 10 days.
• President Trump will be in Iowa this week (not for the MID-CO winter outlook). Trump is tentatively scheduled to visit an ethanol plant, which could be interesting after the White House did not push for E-15 legislation. Polymarket odds of another government shutdown spiked on Saturday.
• A Bloomberg report said BlackRock’s global fixed income chief investment officer Rick Rieder is emerging as a top candidate for Federal Reserve chair (to replace Jerome Powell), with his Wall Street background echoing with the White House.
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