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Futures and options trading involves risk of loss and is not suitable for everyone.
🌽 Corn futures rallied Monday, with Dec26 gaining ~16¢ to close at $5.43/bu. The move was driven by hopes for stronger Chinese demand and rain slowing Corn Belt harvest.
🌱 Soybeans jumped ahead of Thursday's Trump-Xi meeting, with Nov26 up ~25¢ to $13.28/bu. Traders are betting the talks could lead China to drop its 10% tariff and let private buyers start purchasing again.
🌾 Wheat also closed higher as Russia and Ukraine traded drone strikes, cooling hopes for a de-escalation. US-China trade talks wrapped their second day Monday ahead of the big Trump-Xi sit-down.
🚜 Crop conditions held steady while harvest progress sped up nationwide. Corn crop rated 57% good/excellent (harvest 13% done) and soybeans held at 58% good/excellent (harvest 12% done), with winter wheat planting at 17%.
⛽ Diesel prices hit a record $6.51/gal, sparking calls from farm-state Republicans for an export ban. The White House says it's not considering restrictions yet, even as Ag Secretary Rollins hints at a fuel-cost relief plan soon.
🚗 California finally cleared the path for E15 sales after Gov. Newsom signed new legislation. The move could save drivers billions and add ~650 million gallons of annual ethanol demand in the state.
🚢 Russia is shifting grain exports to Baltic and Arctic ports as Black Sea shipping stays restricted. Exports were down 31% July-August y/y, even as USDA expects only a modest hit to Russia's overall grain trade.
📦 US corn and soybean export inspections came in strong last week, beating expectations and last year's pace. China made up 59% of corn inspections, while wheat shipments lagged, down 64% vs. the same week last year.