Corn Futures Pop! Best Rally in 2 Months on China Rumors
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๐ฝ๐ Corn & Soybean Futures Rally
Corn and soybean futures ended Friday on a strong note! The Dec25 corn contract jumped about 10 cents to $4.20/buโits best daily move since early Julyโwhile Nov25 soybeans gained 7 cents to $10.55/bu. Traders cited strong global demand, disease worries in the Corn Belt (tar spot & southern rust), and fresh chatter about Chinese buying. ๐๐จ๐ณ
๐ก๏ธโ๏ธ Weather Watch
Frost risk later this week in Minnesota & Wisconsin ๐ฌ๏ธ๐ฅถ
Overnight GFS points to lows in the mid-30s Thursday & Saturday
August went down as one of the driest in 133 years for parts of OH, KY, IN, IL, MO & TN. ๐พโ๏ธ
๐โ๏ธ Tariffs & Trade
A federal appeals court struck down a large chunk of Trumpโs tariffs, ruling he overstepped authority under IEEPA. The decision could force repayment of billions in duties and calls into question past trade deals. Appeals are already in motion, with a Supreme Court fight likely. ๐บ๐ธโ๏ธ
Meanwhile, Chinaโs envoy Li Chenggang met with US officials in DC. No details released, but China is boosting soybean imports from Argentina & Uruguayโstill no official new-crop US purchases. ๐ข๐
๐๐ฐ Farm Progress Show Recap
Farmers are under pressure: weak markets, rising input costs, sluggish soybean exports. Corn export sales remain solid, but soybeans lag badly without Chinese demand. Fertilizer & equipment costs continue to squeeze margins. Josh Linville joins todayโs premium video to break down fertilizer prices. ๐ฑ๐ธ
๐๐ Fund Flows (CFTC Data)
Funds bought 4k corn, 21k soybeans & 17k SRW wheat contracts
Net long in soybeans now largest since late June ๐
๐ง๐ท๐ฝ Brazil Crop Update
AgRural reports 7% of first-crop corn was planted as of last Thursday, up 4% from the prior week. USDA projects 131 mmt this season. Hot & dry weather is still a factor, but rains are forecast next week to aid planting. ๐ฆ๏ธ
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