01/26/2026 ICE, Trade Relations & FX Dominate Headlines

01/26/2026 Click Above to Watch the Morning Market Talk Video ICE, Trade Relations & FX Dominate Headlines On the Grains Soybeans and wheat extended last week’s gains overnight, while the corn market failed to sustain early buying and slipped to mild losses. The U.S. dollar index is under heavy pressure, while gold and silver scored new highs overnight. Much of the general market focus remains on key peripheral events, including the ICE situation in Minneapolis, U.S. trade relations and foreign exchange, especially the Japanese yen. Note: U.S. government offices in the Washington DC region are closed today due to weather, which could affect some data releases or events. Trade Anxiety Spikes as Trump Threatens 100% Canada Tariffs President Trump on Saturday threatened to impose 100% tariffs on all Canadian goods if Canada moves forward with a trade deal with China, reversing his comments earlier when he said such an agreement would be “a good thing” for Ottawa. It’s unclear what would classify as a “deal” to trigger the tariffs against Canada. Treasury Secretary Scott Bessent accused Canadian Prime Minister Mark Carney of reversing course on China trade policy, arguing that Ottawa’s recent deal with Beijing undercuts earlier joint efforts with the U.S….