Grain Market Commentary 2/17/26
CBOT:
Corn closed 3.5 to 6.5 cents lower, continuing to trade rangebound. The Mar26 contract fell 5.5 cents to $4.2625. May26 futures lost 6.25 cents to settle at $4.2575, and Jul26 futures declined 5.75 cents to close at $4.4425.
Soybeans ended the day higher, with deferred contracts outperforming nearby months. Mar26 futures gained 1 cent to close at $11.34, while May26 futures added 0.25 cents to settle at $11.4875. The Nov26 contract led the complex higher, rising 4 cents to finish at $11.175.
Market Headlines:
NOPA Crush data was released on Tuesday:
National Oilseed Processors Association (NOPA) members crushed 221.6 million bushels of soybeans in January. The total exceeded market expectations of 211.2-226.0 million bushels and marked the highest January crush on record. However, the figure declined from December’s 225.0 million bushels.
NOPA reported soybean oil production at 2.576 billion pounds in January, down from 2.625 billion pounds in December but above the 2.401 billion pounds produced in January 2025. The average soybean oil yield was 11.62 pounds per bushel, below January 2025’s yield of 11.98 pounds per bushel.
USDA provides detail on specialty crop assistance:
Last week, U.S. Secretary of Agriculture Brooke Rollins announced that USDA will provide $1 billion through the Assistance for Specialty Crop Farmers (ASCF) program. The funding will support commodities not covered under the Farmer Bridge Assistance (FBA) program. The USDA will distribute the aid as a one-time bridge payment to help offset market disruptions, elevated input costs, inflation, and foreign trade pressures.
Producers have until March 13, 2026, to report 2025 acres to FSA. Click HERE to learn more.
USDA Export Inspections:
(week ended 2.12.26)
US corn export inspections totaled 58.752 million bushels, above market expectations of 33.9–51.2 million bushels. However, inspections declined 7% from the prior week’s 63.386 million bushels and fell below the same week last year at 63.386 million bushels. Over the past four weeks, inspections averaged 56.945 million bushels per week, exceeding last year’s same-period average of 53.831 million bushels.
Cumulative inspections reached 1.407 billion bushels, up 44.36% from last year’s 974.338 million bushels. The year-over-year increase has narrowed in recent weeks as last year’s export pace strengthened during this period. Mexico, Japan, and Colombia were the top destinations.
US soybean export inspections totaled 44.225 million bushels, at the top end of market expectations of 30.2–46.0 million bushels and above the prior week’s 42.104 million bushels. Inspections also exceeded the same week last year at 26.754 million bushels. Recent strength reflects China’s purchases of US soybeans outside the typical seasonal window. Over the last four weeks, inspections averaged 45.9 million bushels per week, compared to 34.0 million bushels during the same period last year.
Cumulative soybean inspections now total 895.400 million bushels, down 32.4% from last year’s 1.325 billion bushels at this time. China, Egypt, Mexico, and Indonesia were the leading destinations.
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