02/05/26 Trump Triggers Euphoria in Soybean Market

02/05/2026 Click Above to Watch the Morning Market Talk Video Trump Triggers Euphoria in Soybean Market On the Grains Soybeans sharply extended Wednesday’s surge during overnight trade but remained well below yesterday’s highs. Corn and wheat are trading around a penny higher early this morning, pulled begrudgingly higher by the strength in soybeans. Volatility remained elevated in commodities overnight, with pressure on the Bloomberg Commodity Index driven by sharp losses in silver. Crude oil also declined as Iran confirmed it would hold negotiations with the U.S. in Oman on Friday. The U.S. dollar index continued its rebound from the late-January plunge to the lowest level since February 2022. President Trump’s Truth Social post on Wednesday following a phone call with Chinese leader Xi Jinping triggered a bullish response in the soybean market. Trump said he encouraged Xi to have China purchase more U.S. ag goods, including increasing 2025-26 soybean buys to 20 MMT. He also reiterated that China has committed to buy 25 MMT of U.S. soybeans for 2026-27. Whether China buys the soybeans at levels Trump referenced remains to be seen, as there was no confirmation from Xi (or any other Chinese official), but the soybean market has aggressively…