Weekly Market Update 2/5/2026

Here is your weekly market update from the Garden City Co-op Grain Origination Team.

Trivia

1.  What is the main ingredient in the dish of sushi?

2. What or who is the Ford Mustang named after?

Answers at the bottom.

Market News
 

PRESIDENT TRUMP & CHINA: March soybeans were up 7-cents overnight after skyrocketing 26 ½-cents Wednesday – this comes after President Trump announced mid-morning on Wednesday that he had an extensive call with Chinese President Xi Jinping. It’s important to note that this phone call took place just hours after President Xi had a video call with President Vladimir Putin, aimed at easing geopolitical tensions. Trump stated that his conversation with Xi involved many subjects, including trade, military, his upcoming Beijing visit, Taiwan, the war in Russia/Ukraine, Iran, and the potential purchases of more US energy and soybeans. President Trump’s Truth Social post indicated that Chinese US soybean purchases could be increased to 20 MMT for the current season, an 8 MMT increase from previously agreed upon volumes. With South America in the early stages of a predicted record soybean harvest, many traders have expressed their skepticism about whether such additional purchases will come to fruition. “The US balance sheet doesn’t have another 8 MMT of soybeans to export to China this year if the US biofuel program is going to stay on track,” stated StoneX analyst Arlan Suderman. “As such, I don’t expect this to happen, but neither can I rule it out.” Chinese state media did not confirm any trade commitments. Official account of those conversations by state media indicated that Taiwan was the most important topic of discussion between President Trump and President Xi.

EXPORTS:Corn inspections met estimates, but this week saw the lowest shipment figures of the marketing year, with only 44.7 million bushels shipped. However, it is important to note that this week typically experiences a decline in shipments. We are still 356.9 million bushels ahead of the pace needed to meet the current USDA estimates, so I wouldn't consider this a cause for concern. However, the wheat complex posted one of the worst weeks of the last three months and landed near the bottom of the range for the marketing year. HRW to Mexico led all classes; Malaysia took HRS; WW from the PNW and Taiwan took multiple classes. Soybeans & Milo are slow-moving, both below the USDA's current pace. For soybeans, 48.2 million bushels have been shipped, the majority to China; 2.1 million bushels of milo have also been shipped, all to China. Sales for Corn were lower this week. There were 41.0 million bushels sold, 0.6 million in new crop sales. Soybeans saw 16.1 million bushels, versus 30.1 million the week prior, with China, Egypt, & Mexico as the sales destinations. Milo is locked in this week: 13.6 million bushels better vs. LW; wheat complex sold 13.7 million bushels, down from LW; however, booking 1.5 million for New Crop.



US & INDIA TRADE: President Trump and India's Prime Minister Modi reached a trade deal this week that will reduce reciprocal tariffs on Indian products from 25% to 18%. In return, India will also lower tariffs on U.S. products, with these changes expected to take effect as soon as March. Additionally, India has agreed to purchase over $500 billion worth of U.S. goods, including energy, technology, agriculture, and coal. As a key member of the BRICS coalition, India is balancing its business relationships with both China and the United States, especially as China seeks to leverage this coalition against the U.S. While few details have been released, we look forward to additional trade agreements in the future.

WEATHER: Skies today are sunny and warm with a high near 68°F and wind gusts as high as 29 mph. We will be getting a taste of spring as temperatures reach near 70°F through Monday next week. Overnight lows are forecasted around 35°F. Sunshine and a slight breeze accompanies the warm weather before cooling off into the upper 40s beginning Tuesday.
 

Trivia Answers

1. Rice

2. A fighter plane from WWII