The grain trade softened overnight but did not implode on Pres. Trump's 15% section 302 tariffs.

February 23, 2026

Grain futures opened a steady soft on the Sunday evening session and maintained moderate losses in the night session. Global confusion over Pres. Trump’s use of tariffs, which he reapplied under Section 301, up to 15%, has the grain trade in caution mode, as it is unclear whether the remaining trade deals will struggle to be implemented.

The fact that the soybean market did not implode in price Sunday night, which was not reminiscent of the volatility on Friday, suggests that China can still secure 8 MMTs to satisfy Pres. Trump’s expectations are likely still in play. This counters the narrative that other trade chatter is pushing. Brazilian soybean harvest is moving along but is still behind last year’s pace. Add to that truck lines as long as 24 miles, proving that the ports that cannot handle this big, beautiful crop, and the US stays in export mode to meet on-demand needs.