February 3, 2026

Mid-Co Morning Comments:
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• Grain markets are firmer to start the day with soybeans posting solid gains with SH26 near the 200-day moving average. Corn spreads are even while soybean spreads are mostly firmer. SH/SN is at -25 ¼ at the break.  
• Basis was mostly quiet yesterday as most terminals/processors moved to posted February bids. There was some nearby/new crop barge freight demand on the Lower Miss.  The locking rivers are thawing out and conditions are projected to slowly improve over the next couple of weeks.
• The US and India completed a trade deal on Monday per the White House. The deal slashed tariffs from on Indian goods from 50% down to 18% and announced that India would buy $500 billion in US energy and agricultural goods. An E-20 mandate is being proposed in India as well.  
• USDA has changed its New World screwworm strategy by moving sterile fly dispersal operations north to reinforce protection along the U.S.–Mexico border. To date, no screwworm has been detected in U.S. livestock, wildlife, or traps, but USDA is urging continued vigilance from animal owners.
• Outside markets are mostly higher this morning: Gold and Silver have bounced off recent lows. Natural gas was sharply lower yesterday with the improvement in forecasted temperatures.