February 23, 2026

Mid-Co Morning Comments:
 

• Good morning — grain markets are lower to begin the week. Corn and soybean spreads continue to grind lower, with CH/CK making a new low overnight at -12 ½.
• The Trump administration has introduced a 15% global tariff baseline under alternative trade authority after the U.S. Supreme Court ruled that tariffs imposed under the IEEPA were not lawful. U.S. officials stressed that countries with bilateral trade agreements are still expected to honor existing commitments.
• Indian trade officials have postponed their planned trip to the United States that was aimed at finalizing an interim trade agreement, citing the legal uncertainty created by the recent U.S. tariff ruling.
• Brazil’s soybean harvest is estimated near 30% complete, trailing the normal pace (around 39% average), while safrinha corn planting is progressing near 50% vs 64% a year ago.
• Private exporters announced a sale of 125k MT (4.9 million bu’s) of corn to Columbia this morning.
• First notice day for March futures is this Friday Feb 27. Please reach out with any questions.