February 12, 2026

Mid-Co Morning Comments:
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• Grain markets are firmer this morning, with soybeans leading the charge — up double digits and pushing to new two-month highs. Corn spreads are even this morning, but CH/CK pushed out to – 9 ½ overnight and traded small volume. SH/SK got out to -15 ¾ overnight.
• China confirmed a meeting between President Xi and President Trump via state-owned media overnight. The report indicated the two leaders are expected to meet in April, with a potential extension of the current trade truce into late October.
• Brazil’s CONAB released production estimates largely in line with expectations: soybean production at 178 MMT (6.54 bil bu) and total corn production at 131 MMT (5.16 bil bu). The soybean figure is roughly 2 MMT below USDA, while the corn crop sits about 9 MMT above the latest WASDE.
• Corn basis was slightly weaker overall yesterday. Some western processors have weakened bids as improved weather has allowed producers to move grain out of bags and are looking to spot corn.
• This morning’s Export Sales report was supportive for corn, coming in at 81.5 million bu. Soybean sales totaled 10.4 million bu, sorghum 10.3 million bu, and wheat 17.9 million bu.