February 26, 2026

Mid-Co Morning Comments:
 

• Grain markets are higher this morning as soybeans hit 12-month highs for SH26, SK26, and SX26. Spreads are mostly quiet as March positions continue to get cleaned up before First Notice Day.
• The Trump administration plans to reallocate at least 50% of exempted biofuel blending obligations to large refiners (with potential for more), a move seen as bullish for ethanol and RIN prices and supportive for corn demand by tightening RFS compliance and reinforcing biofuel blending incentives.
• This morning’s weekly export sales showed just 27 million bushels of corn and 15 million bushels of soybeans for the week ending Feb 19^th. Corn was below the bottom end trade estimate.
• Some western processors have rolled bids to the CK with a few cents in improvement. Look for terminals and processors in the east to begin rolling bids today and tomorrow.
• Crush margins continue to improve on an impressive bean oil rally. Nearby HHH crush margins are around $2.15/bushel, which is the highest since late July.
• REMINDER: First notice day is tomorrow, and long positions will be notified by the close today. Please reach out with any questions.