Overnight grain trade consolidates recent sharp advance for the week. Strong weekly chart closes are in the works if the trade just consolidates this week's excitement.

Grains, trade, cattle market and feeder index

February 6, 2026

The grain trade consolidated yesterday’s sharp gains, with mixed trading overnight. The night session trading was lower, but by morning, soybeans reached new highs above Wednesday’s spike high. The grain trade consensus again remains overly pessimistic about Trump’s announcement of 8 MMTs of soybeans being purchased by China for old crop status. The general trade consensus again is the opposite of what was proven in December/January.

Last fall, when the 12 MMT Chinese trade deal was announced, the Bears’ response was that it would not be completed, and if it were, it could take well into next summer. It was also feared that China would not want to pay the $1.00 premium to Brazil beans. The complaint also, at the time, was that there was no signed trade agreement. What happened? China paid the premium over Brazilian beans, completed the transaction within 60 days, and executed the deal on the basis of nothing more than a verbal acknowledgment. Despite bearish commentary for many market advisors, the grain board continues to acknowledge that China is coming, and it may not just be for beans; it will be interesting to find out that China may have an interest in corn or wheat as well.