December 19, 2025

Mid-Co Morning Comments:
.

• Grain markets are slightly lower to start today session with corn, soybeans, and wheat showing small losses. Spreads are mixed with CH/CK at -7 ½ and SF/SH out to -10 ½ at the break.  
• China's latest soybean auction disappoints, further illustrating the supply glut that has analysts skeptical that purchase amounts will be reached ahead of harvest beginning in another few weeks in South America. Initially, Sinograin had been in the market for US beans to replace reserve sales.
• The US treasury department delivered a proposed rule to set 45Z clean fuel production credit guidance to the White House yesterday. The proposal includes guidance regarding 45Z implementation, including the calculation of emissions factors for transportation fuel, the determination of clean fuel production credits, and producer registration.
• South American weather forecasts are trending wetter in Argentina. Brazil’s Parana and Matto Grosso regions continue to show beneficial soybean forecasts in the two largest growing regions.
• The Trump administration has canceled a key U.S.–South Korea trade meeting, signaling a hard enforcement turn after Seoul continued advancing digital regulations Washington views as discriminatory toward U.S. tech firms.