Tuesday, February 10, 2026, 6:55 am

Monday was another mostly negative day for our markets.  Spot corn closed down 1 1/2, spot soybeans closed down 4 1/2, spot winter wheat closed down 1 and spot spring wheat closed up 1/2.  In the overnight trade corn and soybeans are now positive with the wheat sector still negative.  Oil closed up $0.81 yesterday at $64.36 per barrel.  It is stronger in trading again this morning with it now valued at $64.65 per barrel.  Our dollar started out yesterday morning at $0.733 US and then went up to $0.738 US early in the afternoon.  It has eased back just a bit this morning with it currently valued at $0.737 US.   Remember our stronger dollar puts negative pressure on local basis levels.

The soybean market continues to be supported by soybean oil demand and a nice recent rally in its price.  With biodiesel production up about 10% in the US from November 2024 to November 2025 they continue to domestically increase demand for soybean oil.  With more soybeans being crushed to fill this demand more soybean meal is also being produced and this oversupply of soybean meal is pulling prices down.  Soybean oil prices are strong and soybean meal prices are weak.  The market needs to balance this out going forward to give a clearer vision on what will happen to bulk soybean prices.

Today the USDA will release their monthly WASDE report.  Although the February report is usually not much of a market mover the USDA as always could surprise the marketplace.  With the mostly favourable growing weather this year in South America the USDA could easily increase their production projections for this year.  The strong corn exports this year out of the US could also result in a change to the corn balance sheet.  Finally, with the soybean sales already made to China and President Trump asking for more Chinese purchases the soybean balance sheet could also be amended.  All in all we never know what the USDA will do with these reports and we never really should be surprised when they bring out unexpected numbers that drive prices one way or another.

I am seeing a bunch of reports this morning about crops in the Ukraine and their exports.  The corn harvest from last year is still ongoing with talk of about 2 million tonnes or product still in the field.  There are also reports that they have a significant amount of stored grains waiting to get to market.  Exports have been slower over the last 6 months with bombings by Russia putting pressure on export infrastructure including the port facilities and some grain handling vessels.  Whenever this war does end any grain in storage in Ukraine will quickly make its way to the export markets and this will put some pressure on global prices.