December 18, 2025

Mid-Co Morning Comments:
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• Good morning.  Grain prices are mixed to start the day.  Wheat continues to struggle on higher global production and the news that China cancelled a white wheat purchase.  Soybeans have seemingly moved on past the recent China purchase and have basically priced in the totals so far. Decent South American weather also keeps a lid on beans.  Corn is hanging in there on good demand with another strong week of ethanol numbers yesterday and the export pace remains strong. Meanwhile, the producer remains uninterested.   Basis levels are relatively flat, but a few processors are perking up here and there due to the slow farmer pace.  President Trump talked last night, with no real new news for commodity markets.  In his 20-minute speech, he pretty much blamed everything on former President Biden, who he mentioned 7 times.  The Bank of England cut rates by ¼ point this morning.  The European Central Bank is expected to keep rates steady in its decision later this morning.  The CPI for November will be out this morning, with an inflation number expected at +3.0%.   This will be the first official number since before the shutdown.  An export sales report will be out this morning, with data through November 27^th.  Should be a warm day today but there is precip around.  Extremely high winds hit the west yesterday with some gusts as high as 100 mph.  Those winds will move east today but will temper a bit.  November corn imports into China totaled 560K tons.   Year to date corn imports for China are 1.85 MMT, down 86% from a year ago.  Now that the gap has filled in January beans, the chart shows support at the 200-day moving average, which crosses today at $10.54 ½.   A breach of that level opens further downside to $10.20.   Have a safe day.