February 6, 2026

Mid-Co Morning Comments:
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• Grain markets are mixed this morning . SH26 making recent highs at $11.20 this morning. Spreads have widened out due to farmer selling on this recent rally. SH/SK made a new low -14 ¾ while CH/CK is out to -8 ¼ .
• Soybean basis continued to weaken yesterday with a bunch of terminals and processors backing up bids 5-10c. Producer selling has been very active on old crop soybeans which has put some additional length at the commercial level.
• CIF soybeans were stronger yesterday which indicates solid demand on the river. February soybeans are bid +103H and there is no carry in the CIF market through the spring. Corn CIF took a hit yesterday and is now bid +100H.
• The US and Iran are holding talks in Oman today with to the idea to deescalate tensions in the area. Iran is a major supplier of oil to China.
• CFTC data will be released this afternoon and will not include data from this week’s soybean rally (COT data is up to Feb 3). Private estimates believe traders are net long around 77k contracts as of today. Have a great weekend.