Speculators have expressed optimism about the U.S. corn and soybean markets, with an increase in long positions for soybeans after over a year of net short positions. This shift is in response to the USDA's report of smaller harvest projections for both crops, leading to a surge in short covering and new long positions. Despite these developments, global soybean production and ending stocks are predicted to hit record highs for 2024-25. In contrast, corn ending stocks are expected to reach a decade low. Additionally, the opening week of Brazil's soybean harvest is being monitored closely, and unpredictable weather in Argentina is causing concern for crop conditions. Furthermore, the beginning of U.S. President Donald Trump's presidency has sparked worries over potential tariffs that could impact agricultural exports.