December 23, 2025

Mid-Co Morning Comments:
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• Grain markets are modestly higher this morning, with March ’26 corn holding above its 100-day moving average. January ’26 soybeans are also trading near that technical level.
• SF/SH saw roughly 2,000 contracts trade overnight at -12, with an additional 3,100 contracts currently bid at that price. Corn spreads are essentially unchanged on the session.
• Corn CIF strengthened yesterday, with December CIF now bid at +81H. River terminal bids improved across Dec/Jan/Feb, while barge freight eased slightly—nearby freight is quoted at 475% in STL and 570% on the Illinois River.
• Soybean processor basis was mixed yesterday: ADM Decatur firmed their nearby bid to +12F to match Jan bids. Cargill weakened processor bids in Iowa: Iowa Falls, Cedar Rapids, and Sioux City all weakened by 15c.  
• Russia carried out additional attacks on Ukraine overnight, resulting in power outages and three reported casualties. Strikes were concentrated in western urban areas near the Polish border. Wheat futures are posting small gains this morning in response.
• Weekly export sales for the period ending December 11 totaled 68.7 million bushels of corn and 88.0 million bushels of soybeans. The next export sales report is scheduled for Wednesday, December 31.
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