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🤝 US-China Talks: Xi Jinping and President Trump met in Washington, but the meeting produced no major breakthroughs on tariffs, AI, or ag trade. Hopes for China dropping its 10% retaliatory soybean tariff or new details on its $17 billion ag purchase commitment went unmet, and grains are trading lower. 📉
🚢 Black Sea Shipping: Zelenskiy says India, Turkey, Egypt, and other Middle Eastern nations are joining talks to reopen Black Sea shipping, which has been near a standstill since July. Wheat futures slipped on the news as top buyers like Egypt and Indonesia shift purchases to France, Argentina, and Australia. 🌾
🌧️ Drought Monitor: Heavy rains improved drought conditions across much of the northern Corn Belt, though southern Missouri got drier. The High Plains saw some relief too, but winter wheat areas remain 58% in drought. 🏜️
📦 Export Sales: Soybean sales disappointed at just 21 million bushels, down 66% from the prior week, with China as the top buyer. Corn came in at 33 million bushels and wheat at 10 million, both below expectations. 📊
🇨🇳 Flash Sale: USDA confirmed a flash sale of 120,000mt of soybeans to China for 2026/27 delivery. It's a small but welcome sign of continued Chinese buying. 🫘
⛽ Diesel Exports: The Trump administration is exploring limits on diesel exports to bring down prices, with Energy Secretary Chris Wright sounding out refiners. The industry is pushing back hard, warning restrictions could force refiners to cut production of all fuels. 🏭
🛢️ US-Iran & Hormuz: The US and Iran are weighing a phased deal that could reopen the Strait of Hormuz within seven days if Iran's conditions are met. News of the potential agreement pushed WTI crude down about 1.7% to around $93 per barrel. 💰