“Markets jumped early following news that President Donald Trump and Chinese President Xi reached a 90-day tariff truce, rolling back U.S. soybean tariffs to 30% from 145%, with China cutting its tariffs on U.S. goods to 10% from 125%,” Stewart-Peterson said. “The USDA’s WASDE report added fuel to the rally, as it lowered 2024-25 soybean ending stocks to 350 million bushels from 375 million last month, and projected 2025-26 carryout at just 295 million bushels—well below trade expectations of 362 million. South American production estimates were unchanged, with Argentina at 50 MMT and Brazil at 169 MMT.”