Trade signals energy policy and fund flows drive sharp commodity moves
On the weekly podcast by experts Farms.com Risk Management Chief Commodity Strategist Moe Agostino and Commodity Strategist Abhinesh Gopal called the Ag Commodity Corner+ Podcast, the team reviewed major market movements during the week of February 2 to 6, 2026.
Soybeans recorded a strong gain for the week, supported by new trade expectations. Reports suggested China could purchase additional U.S. soybeans beyond earlier commitments. If realized these purchases could significantly tighten U.S. ending stocks and improve demand prospects.
Soybean meal futures also strengthened, and analysts cautioned livestock producers to watch feed costs closely. Soybean oil prices rose after proposed updates to the 45Z clean fuel production credit improved long term biofuel demand outlooks. (Read: New Clean Fuel Tax Rules Bring Progress)
Canola futures followed higher help by the same policy signals.
Livestock markets continued to perform well. Hog prices reached new contract highs, reflecting strong demand and tighter supplies.
In contrast cotton prices fell to new lows, raising concerns for southern producers. Discussions also continued around potential government payments to support farmers facing low prices.
Financial markets showed mixed signals. The Dow Jones Industrial Average reached new record highs even as technology stocks faced short-term pressure from concerns about heavy spending on artificial intelligence. Investors remained focused on long-term growth prospects.
Bitcoin and other digital assets declined sharply during the week (Is bitcoin a Fools Gold?), while gold and silver also showed increased volatility, challenging their traditional haven role. (Read the article: Farmers Believe Silver Serves as a Leading Indicator of Broader Commodity Inflation)
Energy markets fluctuated as crude oil prices reacted to geopolitical developments while natural gas prices remained volatile due to cold weather. Analysts noted that global energy supplies remained ample despite short-term weather impacts.
Policy and global trade developments contributed to much of the market movement. As noted above, updates to the 45Z clean fuel credit supported oilseed, while discussions around U.S. trade relationships with India and other partners raised expectations for increased agricultural exports.
Canadian grain stock data showed mixed signals with lower canola stocks viewed as supportive for prices.
Looking ahead, the analysts noted that upcoming USDA reports were expected to bring limited changes. However, they emphasized that fund positioning was shifting with managed money’s increasing exposure to grains and oilseeds. This trend could provide further support for spring and summer planting seasons.
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