Special thanks to Barchart for the opportunity to speak at their 2025 Grain Merchandising & Technology Roadshow last week in Champaign, IL. Here are a few of the highlights!

5 | Twinning

Brazil's soybean exports have climbed in lockstep with China's import growth over the 25 years:

4 | Shifting Dynamics

Biofuel policy and Brazil’s rise have flipped U.S. soybean demand over the past decade — from export-led to crush-driven:

3 | Big, beautiful biofuel demand

Biofuel policy is more important to markets now than ever before:

2 | Driving the bus

Today, soybean oil is a driving force in the soy complex — more influential on demand and price than at any other time in history:

1 | A growing problem at hand

While strong soybean oil prices and growing biofuel demand are supportive for the soybean market, increased crush can't fully offset the loss of Chinese demand — which accounts for one in every four bushels of U.S. soybean use on average.

For the full version of this update, visit NoBullAg.Substack.com.

Thanks!