February 19, 2026

Mid-Co Morning Comments:
Commodities are mixed this morning.  Wheat and soyoil futures have pushed to new highs for their moves this morning.  USDA’s Outlook Conference is underway.  Data this morning shows 2026 U.S. corn planted acres down slightly from LY at 94.0 mln. This was below average trade expectations.  Bean acres came in at 85.0 mln.  Corn yield was forecast at 183 bpa, w/ending stocks at 1.837 bln. bu. / soybean yield at 53bpa, w/ending stocks at 355 mln. Minutes from the Fed's January FOMC meeting showed generally broad agreement in holding rates steady in the 3.5 to 3.75% range, with only a couple members favoring a ¼ point cut.  There’s talk a major U.S. arms sales package for Taiwan is on hold sparked by pressure from China’s Pres Xi and concerns w/in the Trump admin that approving the deal could disrupt Trump’s planned Beijing visit.  The EPA is expected to send the 2026 biofuel blending quotas to the White House this week. The U.S. Supreme Court has scheduled Feb. 20^th for opinions, raising the possibility of a ruling on tariffs.  Additional opinion days are set for Feb. 24^th & 25^th.  Much of Brazil returned from its Carnival holiday yesterday while China continues to celebrate their Lunar New Year, keeping bean demand news slow this week.   Brazilian FOB soybean offerings are running roughly 75¢ to $1.10/bu. below the U.S.  Argentina has been in the news as a maritime workers' labor reform strike has halted grain shipments for 48-hrs.  Sep/Oct pkg CIF beans changed hands at +88X on Wednesday and Mar CIF corn at +100H. Export traders indicate new U.S. corn demand has been moderate, as buyers price check against Argy, though there were reports Egypt was shopping for March corn and Japan for April corn on Wednesday.  Barge freight traders report some spot needs on the IL, OH, and Lower Miss.  River conditions are said to be improving, but logistics remain slow.  The LaGrange lock remains a bottleneck w/approx. 29 boats waiting to lock through.  More water is resulting in increased drafts STL to Cairo and Cairo to the Gulf.  River corn and bean basis was steady nearby and mixed in the deferreds yesterday.  Processor corn basis was mostly unchanged, other than Columbus, NE weakening 2¢ nearby and Decatur, IL backing off 2¢ for FH Mar.  UP NE Group 3 rail corn firmed 2¢ for Mar and a penny for April.  Feb/Mar crusher bean basis was steady mid-week on both sides of the Miss.   Today’s weekly EIA report is expected to show an uptick in ethanol production from the previous week as well as ethanol stockpiles.  Weekly export sales are delayed until tomorrow morning, due to Monday’s holiday.  March options expire tomorrow, so please check your positions. 
Other headlines this morning:
* DOW: trading lower
* Nearby crude oil: trading firmer
* U.S. dollar trading slightly higher
* Overseas investors bought a net $1.55 trln. of long-term US financial assets in 2025
* Walmart and Deere report earnings today
* Trump signs executive order shoring up the U.S.’s supply of glyphosate herbicides and phosphate
* Trump said in a social media post the U.S. trade deficit has been reduced by 78% due to tariffs
* Former prince Andrew Mountbatten-Windsor arrested on suspicion of misconduct in public office
* USDA proposes new swine & poultry line speed rules, industry & labor split
* Pentagon & USDA deepen coordination on farm security & foreign land ownership
* Canadian companies from several provinces have signed 15 new commercial partnerships in Mexico
* Anec: calling Feb Brazilian soy exports 11.5 MMT, 250,000 from their estimate LW
* Kazakhstan plans to increase the transshipment of ag products through the Baltic states
* U.S. winter wheat outlook steady despite weather variability
* Ukraine’s wheat outlook remains stable despite recent cold weather
* Indonesia/ U.S. firms sign over $7 bln. in trade, investment deals
* U.S. to Invest $40mln. in Mexico-Based maize center for food security
* Argy’s maritime workers' labor reform strike halts grain shipments