The grain trade has mixed price action overnight after yesterday's WASDE crop report.

February 11, 2026

We have a mixed trade this morning as the market has already put the February WASDE behind it, with little difficulty. The report delivered nothing unexpected and generated minimal follow through. On the domestic balance sheet, USDA adjusted corn exports higher by 100 million bushels and trimmed wheat milling demand by 5 million. Soybean tables were left untouched, even as export interest continues to improve.

USDA also suggested that any additional Chinese soybean purchases would simply displace sales to other destinations, leaving the overall U.S. balance sheet unchanged. While that outcome is possible, the assumption that all other buyers can seamlessly replace U.S. supplies elsewhere is far from certain, and the trade has largely dismissed the comment.