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Welcome back! Lawmakers are zeroed in on trade issues and a potential new farm-aid package as the year winds down. Agriculture Secretary Brooke Rollins is expected to release details this week—but many in D.C. and across farm country say it won’t be nearly enough. The American Farm Bureau notes that the rumored $12B is a fraction of the $50B+ in losses farmers have endured over the last three years. Deputy USDA Secretary Stephen Vaden added that recently negotiated trade deals could impact how much aid is ultimately distributed.

🚢 Export Inspections: Soybeans Still Dragging
Soybeans: 920,194mt (34M bu) — +14% vs last week, but -56% vs last year 😬
Corn: 1.4mmt (56M bu)—-16% vs last week, +50% vs last year 🚀
Wheat: 384,881mt (14M bu) — -20% vs last week, +29% vs last year
A small amount of sorghum headed to China. Expect more China-bound soybeans in the coming weeks.

🇧🇷 Brazil Planting Update
Private group AgRural pegs soybean planting at 89%, slightly behind last year’s 91%. Moisture issues exist in pockets, but it’s still too early to raise yield concerns.
Patria Agronegocios: 171.9mmt (+0.2%)
Conab: 177.6mmt
USDA: 175.0mmt

📈 Catch-Up Export Sales (Week Ending Oct 23)
Soybeans: 1.4mmt (53M bu), +31%, Mexico top buyer
Corn: 1.8mmt (71M bu), -36%, Mexico top buyer
Wheat: 499,800mt (18M bu), +46%, unknown destinations top buyer

🇦🇺 Massive Australian Wheat Crop Incoming
Australia’s Department of Agriculture raised its forecast to 35.6 mmt—up 5.3% and potentially the third-largest crop on record.
Timely spring rains + mild temps = big yields.
This adds to global supply pressure, with Chicago wheat recently hitting 5-year lows.
USDA expects Australia to account for 4.3% of global output this year.

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