January 12, 2026

Mid-Co Morning Comments:
.

• Grain markets are higher before the USDA WASDE report this morning. March corn made a high of $4.48 ½ overnight while March soybeans got up to $10.68 ½ .Corn and soybean spreads are mostly even so far today.
• Basis changes were minimal on Friday. Terminals/processor will wait for the release of today’s reports to shape the market going forward. The farmer will look to price some grain on a bullish report.
• Federal prosecutors opened an investigation into Jerome Powell’s dealings with a new federal reserve building. The Federal Reserve chair fired back in a video message, accusing the administration of eroding the Fed’s independence and putting policies that impact the global economy at risk.
• The energy markets will closely monitor the ongoing situation in Iran. Protests have erupted against the Islamic rulers due to a currency crisis and an economic collapse. Trump has threatened to intervene if necessary. Iran produces 3 million barrels of oil per day with 90% of that sent to China.
•  
  WASDE REPORT DAY:
• Average private estimates have US corn yield trimmed to 184bpa with production just over 16.5 billion bushels. On the demand side, feed and residual is expected to be trimmed while ethanol demand should remain steady.
• Analysts estimate that soybean yield will be trimmed to 52.7 bpa with a production estimate at 4.23 billion bushels. There is a potential for an export demand trim, but crush is likely to remain unchanged.
• Quarterly grain stocks data will also be released today. Watch for corn numbers to be elevated compared to last year and soybeans to be close to even.
• Today’s report will inject a lot of data into the market at 11am. Be prepared for some volatility and have orders working if necessary.