Tidbits, Market Rebound, Wheat Trades, Crop Progress, ENSO & Weather, Export Inspections 5/19/26
- Wright team
- 2 hours ago
- 5 min read
Tidbits
Market Comment: The CBOT markets were very disappointed last Thursday and Friday with the news from the Trump-Xi meeting. Essentially, there was no new news for corn, wheat, and soybean exports to China, which had already agreed in October to buy 25 million mts of U.S. soybeans in each of the next three marketing years beginning 1 September 2026. Given the price relationship of South American soybeans compared to U.S. soybeans, and China’s huge stockpile and production of corn and wheat, there was no reason to expect China to buy U.S. corn or wheat.
Then Sunday afternoon, The White House issued a fact sheet that "China will purchase at least $17 billion per year of U.S. agricultural products in 2026 (prorated), 2027, and 2028, in addition to the soybean purchase commitments that it made in October 2025."
When the CBOT opened Sunday evening, CBOT prices were sharply higher and traded higher throughout the Monday. We gladly accept all the bullish export news we can get, but why does the market believe a Sunday bullish announcement that Trump and Xi made such an agreement when it was not announced on Friday? Why would Trump delay such positive news? Secondly, when did the market start believing anything good the Chinese said they would do for U.S. farmers?
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