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0:00 Argy Rains Disappoint
2:11 Slow Brazil Harvest Start
4:15 Tariff Update
7:41 The Funds
10:06 Soy Exports to China Decline
11:36 Bitcoin and Trump Meme Coin

🌧️ Weather Woes Continue for Argentina and Brazil 🌾
While Argentina and southern Brazil received some rain over the weekend, soybean crops are still struggling with dryness in key areas. Argentina’s central soybean regions received up to 1" of rain, but much of the problem areas remained dry. Forecasts indicate that rainfall will stay scarce in the next 5 days, though better chances are expected later, based on the Euro model.

In Brazil, the soybean harvest is facing its slowest pace in four years, with just 1.7% of the crop harvested as of last week, far behind 6% last year. Excessive rain in Mato Grosso has hindered progress, making this the slowest start to the harvest since the 2010/2011 season. This has also delayed planting for Brazil's second corn crop, with planting at just 0.3%, far below last year's 4.9%.

💼 Trump Delays Immediate Tariff Action 🚨
President Donald Trump has delayed the immediate implementation of tariffs on imports from Canada and Mexico, opting instead for a review of trade policies with China, Canada, and Mexico. The main focus is on ensuring that trade deals such as the USMCA and the Phase One trade deal with China are being adhered to. This delay offers some relief to those concerned about immediate tariff impacts, though Trump is still considering 25% tariffs by February 1st on goods from these countries.

📈 Fund Positioning Shows Optimism in Corn & Soybean Markets 🌽
"The Funds" have significantly increased their net-long positions in corn and soybean markets. For the week ending January 14, large money managers were net buyers of 48k corn contracts, bringing their total long position to 292k contracts, the largest since May 2022. Soybean markets also saw substantial buying, with 73k contracts purchased, making this the largest net long position in soybeans since November 2023. The funds were also net sellers of 5k contracts of SRW wheat, signaling more focus on corn and soybeans.

🇨🇳 US & Brazil Soybean Exports Diverge 📉
US soybean exports to China declined by 5.7% in 2024, reaching 22.1mmt, while Brazilian exports surged by 6.7% to 74.7mmt. As Brazil’s market share in China increased to 71%, the US share dropped to 21%. This shift reflects growing competition between the two countries. Argentina’s soybean exports to China also jumped, more than doubling to 4.1mmt. 🌍

💰 Bitcoin Reaches New Heights Before Inauguration 🪙
Bitcoin surged to a new all-time high, surpassing $109,000 early Monday, as President Donald Trump's administration is expected to create a pro-crypto regulatory environment. This surge in Bitcoin prices was fueled by anticipation of Trump’s potential crypto advisory council and the creation of a national Bitcoin reserve.