CBOT:
Corn ended the session mixed and near unchanged. Mar26 futures settled unchanged at $4.275. The May26 and Jul26 contracts each gained ½ cent to close at $4.4025 and $4.4875, respectively. Dec26 corn also finished unchanged at $4.645.
Soybeans saw two-sided trade today. Rumors that RVO mandates could be released this week provided underlying support, helping keep a floor under the market. The Mar26 contract fell 3.25 cents to close at $11.3425. May26 futures briefly traded above the 50-day moving average at $11.4225 but failed to hold that strength, settling 3.5 cents lower at $11.4975. Nov26 futures outperformed, gaining 2.25 cents to finish at $11.1725.
Market Headlines:
President Trump scheduled to give State of the Union address on February 24th:
President Trump will deliver his annual State of the Union address tomorrow night at 9:00 p.m. EST from the White House. The president is expected to outline the administration’s progress over the past year and discuss policy priorities for the next three years.
Farmer Bridge Assistance payments are expected to begin on February 28th:
The USDA opened enrollment today, February 23, 2026, for the Farmer Bridge Assistance (FBA) program. The program provides $11 billion in one-time payments to row crop producers, with an additional $1 billion allocated for other eligible commodities.
The enrollment period runs through April 17, 2026. Following the start of enrollment, the Farm Service Agency (FSA) will begin issuing payments to qualified producers on February 28, 2026.
Applications and additional information available HERE.
President Trump tariff update:
On Saturday, President Trump announced he will raise the global tariff rate to 15%, up from the 10% rate he introduced Friday. Tariffs will take immediate effect under Sec 122 of the Trade Act of 1974. The act authorizes the president to impose tariffs of up to 15% for 150 days without congressional approval.
Meanwhile, the White House confirmed that the new tariffs will not apply to goods shipped under the USMCA. In response to the uncertainty, China urged the US to remove unilateral tariffs, while the European Union’s trade chief proposed pausing ratification of the US-EU trade agreement until officials gain further clarity on US trade policy.
USDA Export Inspections:
(week ended 2.19.26)
US corn export inspections totaled 78.935 million bushels, exceeding market expectations of 47.2-74.8 million bushels. Inspections increased 33% from the prior week’s 59.243 million bushels and ran 72% above the same week last year at 45.918 million bushels. Over the past four weeks, inspections averaged 58.701 million bushels, well below this week’s pace. Cumulative inspections now stand at 1.486 billion bushels, compared to 1.020 billion bushels at the same point last year.
US soybean export inspections came in at 24.634 million bushels, falling short of market expectations of 33.1-44.1 million bushels. Inspections declined 24% from the previous week’s 32.333 million bushels and came in below the four-week average of 39.871 million bushels. Cumulative soybean inspections now total 920 million bushels, compared to 1.357 billion bushels at the same time last year and the five-year average of 1.488 billion bushels.
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