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🫘 Soybean meal ripped to a new contract high of $372.90 before settling at $368.70 as rain threatens to delay Corn Belt harvest just as crush plants scramble for beans. 📈 Corn and wheat both settled lower, with wheat pressured by hopes for a Russia-Ukraine deal that could ease Black Sea shipping.
⚔️ Trump is weighing whether to resume large-scale attacks on Iran or pursue a diplomatic path, with a Tuesday meeting set with six Gulf nations to map out next steps. ⛽ Meanwhile diesel hit a record $6.45/gal and gasoline jumped to $4.47/gal, ramping up inflationary and political pressure.
📉 US corn export sales fell 47% week-over-week to 1mmt, with Mexico the top buyer. 🇨🇳 Soybean sales dropped 35% to 1.7mmt with China leading purchases, while wheat sales rose 68% to 325,900mt on demand from the Philippines.
🌧️ USDA's drought monitor showed improvement in parts of the Corn Belt and High Plains after heavy rain, with total drought coverage now at 25% vs. 37% a year ago. 🐄 Winter wheat (57%) and cattle (58%) remain the most drought-stressed categories.
🇲🇽 The Santa Teresa port will reopen to Mexican feeder cattle imports on September 24, becoming the second border crossing to resume after nearly two years of screwworm-related closures. 🐮 Imports will start slow at ~750 head/day, adding to the roughly 6,000 head already processed since Douglas, AZ reopened in August.