TFM Midday Update 02-18-2026

CORN

Corn futures are trading modestly lower at midday. March futures are down 1/2 cent at $4.25-3/4, May futures are off 1/4 cent at $4.35-1/2, and new-crop December futures are 1/2 cent lower at $4.59-1/2.
USDA’s FGIS reported corn export inspections at 1.492 MMT (58.75 mbu) for the week ending February 12. That was down 7.31% from the previous week and 8.06% below the same week last year. Mexico was the leading destination at 517,215 MT, followed by Japan at 332,968 MT and Colombia at 133,771 MT.
Total marketing year 2025/26 shipments since September 1 now stand at 35.727 MMT (1.407 billion bushels), running 44.36% ahead of the same pace last year.
Analysts are anticipating notable adjustments in the upcoming end-of-month Planting Intentions report. A Bloomberg survey indicates expectations for corn acreage to decline by 3.8 million acres from last year, with those acres likely shifting to soybeans. Current trade estimates place corn planted area at 95.0 million acres.

Soybean futures are trading higher at midday, though prices have pulled back from earlier session highs. March soybeans are up 1 cent at $11.35, May futures have gained 1-3/4 cents to $11.50, and new-crop November soybeans are unchanged at $11.17-1/2.
U.S. soybean crush during January climbed to a record high for the month, according to Tuesday’s National Oilseed Processors Association (NOPA) report. At the same time, soyoil stocks surged to their largest level since April 2023.
The U.S. Environmental Protection Agency is expected to send its proposed 2026 biofuel blending mandates to the White House this week for final review, according to Reuters. The news keeps the market focused on the potential for higher blending requirements, which would support biofuel production and serve as a key demand driver for soyoil.

Wheat futures are trading modestly higher at midday. Chicago March wheat is up 6-1/4 cents at $5.44, Kansas City March futures have gained 7-3/4 cents to $5.46-1/4, and Minneapolis spring wheat is 5-1/4 cents higher at $5.73-1/2.
A return to colder temperatures across much of Ukraine following a recent thaw has resulted in an ice crust forming over fields, according to the farmers union UAC on Wednesday. The development has raised concerns about potential damage to winter wheat and rapeseed crops.
Peace negotiations between Ukraine and Russia held in Geneva on Wednesday concluded after just two hours, with Ukrainian President Volodymyr Zelenskiy characterizing the discussions as “difficult.”

Matthew Lucas