February 25, 2026

Mid-Co Morning Comments:
 

• Grain markets are mixed this morning with soybeans notching fresh recent highs overnight- November futures rose to $11.27 ½ last night. Nearby spreads are weaker while deferred spreads are slightly firmer/even.
• The State of the Union made no direct mention of agriculture or farmers, with emphasis placed instead on tariffs, manufacturing, energy, AI investment, and wider economic initiatives. Consumer affordability was also a major talking point in the SOTU.
• China is likely to take a careful approach to US trade relations after the recent changes in trade policies. After some interest in PNW beans earlier this week, China is quiet this morning on the soybean buying front.
• Central US forecasts are hopeful for some precipitation in IL/IN/MO and the delta over the next two weeks. This would be very welcomed by the corn belt, with IL showing historic drought conditions as of now.
• Sources indicate the Trump administration is likely to return the Renewable Fuel Standard to a straightforward gallon-based blending mandate when it releases upcoming quotas, rather than emphasizing a RIN-credit structure.
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