Hopes for renewed trade talks with China—and speculation of a possible trade deal announcement by the end of the week—have investors and fund traders pushing commodity and stock prices higher as May begins. Grains are on the defensive amid a record-fast planting pace and favorable weather forecasts. Wheat futures hit new lows due to increased rainfall across U.S. HRW and SRW regions, while soybean and canola found support from rising soyoil prices. Cattle futures extended their record-breaking rally, while crude oil prices fell ahead of Monday’s OPEC+ meeting, where an acceleration in production increases is expected. Meanwhile, strong earnings from Microsoft and Meta have reignited enthusiasm around the AI trade.