Global Commodities: Agri trade returns to President Trumps Agenda

Agri markets have returned to the US trade agenda, following President Trump’s commitment to discuss China’s absence of US soybean export orders at an upcoming meeting with President Xi. However, it’s likely too late for US soybean farmers and exporters to regain market share through the current season, unless the Chinese reserve moves into stockpiling mode. During this episode, Tracey also discusses the agri market outlook including recent fundamental developments and weather risks as the ENSO cycle is transitioning to La Nina. Our September 2025 assessment of global agri commodity fundamentals has found that availability remains at or near multi-year lows in 2025/26 and with markets priced for production perfection, we see upside price risks ahead across much of the complex.    Speakers:   Tracey Allen, Senior Commodities Strategist, Head of Agricultural Commodities Research   This podcast was recorded on October 3, 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5090092-0, https://www.jpmm.com/research/content/GPS-5088200-0 and https://www.jpmm.com/research/content/GPS-5094837-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party. It is permissible to use J.P. Morgan Data for internal business purposes only in an AI system or model that protects the confidentiality of J.P. Morgan Data so as to prevent any and all access to or use of such J.P. Morgan Data by any third-party.

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