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🌱 Soybean futures plunged Monday, with Nov26 beans falling nearly 31 cents to close around $12.88/bu after US soybeans were left out of the US-China tariff reduction deal. 📉 Corn slipped ~5 cents to $5.23/bu on spillover weakness and a firmer dollar, while wheat also finished lower despite both grains getting tariff relief.
🇨🇳 The American Soybean Association voiced disappointment that soybeans remain under an extra 10% tariff, which limits access for private Chinese buyers and leaves purchases dominated by state-owned firms. 🤝 ASA still expects China to meet its 25mmt annual purchase commitment through 2028 and hopes two more Trump-Xi meetings bring further relief.
🌧️ Another significant storm system is set to soak the Corn Belt through Wednesday, with the heaviest rain expected in southern Minnesota, western Wisconsin, eastern Nebraska, and much of Iowa. ⚠️ Localized flooding is possible on already saturated fields, further delaying harvest.
🚜 US corn harvest reached 18% and soybeans 17% complete, both in line with the five-year average but short of the 20% analysts expected. 🐢 Iowa is lagging badly at just 5% corn and 3% soybeans harvested, while winter wheat planting sits at 27% vs. the 34% average.
🇧🇷 Brazil's soybean planting hit 3.4% complete, slightly ahead of last year's pace, while first-crop corn reached 34% planted. 🌦️ Wet weather in the forecast could slow fieldwork, with USDA projecting Brazil's crops at 186mmt soybeans and 139mmt corn.
🚢 Soybean export inspections topped expectations at 1.2mmt, up 50% week-over-week and a whopping 89% year-over-year, with China taking 70% of the volume. 📦 Corn inspections came in strong at 1.6mmt, while wheat shipments reached 310,635mt but were down 64% from last year.