🌱 Grain Markets Overview
Early this morning, President Trump tweeted, sending soybeans sharply higher
Soybeans surged nearly 50 cents, pulling corn and wheat higher as well
Markets settled once details became clearer
🇨🇳 China & Soybean News
Trump announced that President Xi plans to buy ~8 million metric tons of U.S. soybeans (old crop)
This is on top of 25 million metric tons of new-crop purchases
Old-crop commitments would total ~20 million metric tons
Still below historic averages (~25 MMT)
Brazil has steadily taken U.S. export share
8 MMT equals roughly 295 million bushels
These bushels are not fully reflected on current balance sheets
USDA January carryout estimate: 350 million bushels
Could drop into the low 200 million range
This explains why soybeans breached $11 across all contracts today
📈 Soybean Prices
March soybeans
Off ~25¢ from morning highs
Still up 25¼¢ on the day
