This morning's grain trade is lightly mixed as it consolidates last week's gains.

February 9, 2026

The overnight grain trade was softer, as the market consolidated last week’s strong gains. Yet by morning trade was mixed at the end of the night session. The US dollar is weaker by $0.60 and back below 97.00 while gold and silver continue their risk-on recovery. Crude oil traded both sides of unchanged overnight, as Iranian tensions remain elevated, but Saudi Arabia continues to cut prices on its oil into Asia.

Tomorrow’s monthly WASDE release is unlikely to deliver much excitement. Trade expectations call for only minor adjustments to ending stocks, both domestically and on the global balance sheet. As usual in a report like this, attention will gravitate toward South American production estimates, where even small tweaks tend to matter more than U.S. changes.