February 24, 2026

Mid-Co Morning Comments:
 

• Grain markets are mixed this morning with soybeans off a few cents. Funds are now estimated to be around 164k contracts long of soybeans.
• Spreads have been volatile going into First Notice Day. CH/CK got out to -14 yesterday but has sucked in to -11 ½ this morning. Seasonal patterns would suggest some firmness going into first notice day.
• U.S. Customs and Border Protection confirmed a new 10% tariff took effect Tuesday on all non-exempt goods, aligning with President Donald Trump’s initial Friday announcement rather than the 15% rate later suggested.
• CoBank released acreage estimates yesterday: 94 million corn acres and 86 million soybean acres. The increase in soybean acres compared to USDA was cited due to increased profitability potential on soybeans compared to corn.  
• Reminder that First Notice Day is this Friday. CBOT open interest on March corn at 156k contracts and around 75k contracts of March soybeans.