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Farmers, please complete our quick/anonymous yield survey! https://forms.gle/rpmAeTstQtgJREFt9 Joe's Premium Subscription: www.standardgrain.com Grain Markets and Other Stuff Links — Apple Podcasts Spotify TikTok YouTube Futures and options trading involves risk of loss and is not suitable for everyone. 📈 Inflation heated up in September, with CPI rising 0.6% month over month and annual inflation hitting 3.7%, topping expectations of 3.6% as gasoline surged 9.1% and fuel oil soared 74% y/y. Ground beef was a rare bright spot, falling 1.3% to $7.06/lb, though markets still see only a 29% chance of a Fed hike on October 28th. 🇨🇳 China’s soybean crushing capacity has grown nearly 20% over the past decade, but operating rates stuck between 55% and 70% are squeezing profits as daily capacity heads past 520,000mt. With an aging population, shifting protein habits, and low-protein feed gaining ground, China’s soymeal demand may be peaking, raising questions about future US soybean purchases. 🚢 USDA confirmed a flash sale Wednesday of 470,000mt (17 million bushels) of soybeans to China for 2026/2027 delivery. It’s the first US soybean flash sale to China since the September 24 Trump-Xi meeting in Washington. 🌧️ Rain is returning to the Corn Belt after a mostly dry week, with radar active this morning across parts of the western Corn Belt and Plains. Totals look light, though, with few areas topping 1.5" over the next 5 days, while TX, OK, and southern MO see the heaviest amounts. 🫘 Soybeans fell for a third straight session Wednesday, with Nov26 down nearly 7 cents to around $12.77 on mostly favorable weather forecasts. Dec26 corn slipped 2 cents to about $4.81, while wheat posted modest gains on Black Sea shipping concerns. ⚡ Russia accused Ukraine of drone strikes on two western Russian refineries with roughly 540,000 barrels per day of capacity, which Ukraine denied, citing Trump’s proposed energy truce. Meanwhile, Russian strikes reportedly knocked out power and water in Kyiv, and US diesel sits near record highs at $6.30/gal, up 72% y/y.

Joe's Premium Subscription: www.standardgrain.com Grain Markets and Other Stuff Links — Apple Podcasts Spotify TikTok YouTube Futures and options trading involves risk of loss and is not suitable for everyone. 🇨🇳 China Corn Imports: Despite recent tariff relief, US corn is still priced out of China, with imports projected to fall to 3.5mmt and the US supplying just 900,000mt vs. 1.2mmt each from Brazil and Argentina. 📉 Negative import margins and a 5–8mmt jump in China’s domestic production limit upside, though Reuters reports China bought 8–10 cargoes of US soybeans, the first since the Sept 24th Trump/Xi meeting. 🫘 🚜 Harvest Progress: Corn harvest reached 33% and soybeans 46%, both behind the five-year average and marking the slowest weekly pace since 2019. 🌧️ Iowa and Nebraska are furthest behind, while winter wheat planting hit 51% in its slowest week on record. 🌾 🇧🇷 Sorghum Competition: Brazil has more than doubled sorghum output to ~6mmt and shipped its first-ever cargo to China in August, with up to 2.4mmt expected to ship by the end of October. ⚠️ Meanwhile, US sorghum production is forecast to drop 33%, and exports to China have plunged from over $2 billion a decade ago to just $86 million in 2025. 📦 📊 Futures Recap: Dec26 corn held steady near $4.83/bu while Nov26 soybeans slipped 4¢ to ~$12.84/bu, both pressured by advancing harvest. 🌾 Wheat closed lower on technical selling and spillover weakness, with traders shrugging off new Black Sea vessel attacks. ⚓ 🚢 Export Inspections: Soybean inspections fell short of expectations at 1.1mmt, though still 27% ahead of last year, with China taking about 59% of the week’s total. 🌽 Corn came in strong at 1.3mmt (+5.3% YTD), while wheat lagged at 304,660mt, down 35% from last year. 📉

Joe's Premium Subscription: www.standardgrain.com Grain Markets and Other Stuff Links — Apple Podcasts Spotify TikTok YouTube Futures and options trading involves risk of loss and is not suitable for everyone. 🌊 Super El Niño Watch: US forecasters put the odds at 83% that the developing El Niño ranks among the strongest on record, raising concerns about heat, drought, and excess rain in major growing regions. In Brazil, dryness in the Center-West and north could delay soybean planting and hurt the second-crop corn that follows. 🇷🇺 Russian Grain Cuts: IKAR lowered Russia’s total grain crop to 137mmt and wheat to 88mmt, while trimming wheat exports to 42mmt from 43.5mmt. Most shipments are being rerouted to Baltic terminals, since Black Sea and Azov ports remain closed due to the war. 📈 Markets Recap: Dec26 corn gained about 3 cents to $4.83 on short-covering, while Nov26 soybeans slipped about 4 cents to $12.88 on expectations of a record US crop. Chicago wheat edged higher and KC wheat ticked lower as traders watched Black Sea shipping disruptions. 🇨🇳 China Soybean Outlook: China’s Ag Ministry cut its soybean production estimate 2.8% to 20.36mmt and slashed stocks 25% to 1.75mmt. China is projected to import 115mmt this year, yet USDA hasn’t reported a flash sale to China since September 24th. ⚡ Energy Ceasefire Doubts: President Trump announced a Russia-Ukraine energy ceasefire, but Zelenskyy said he learned of it through the media, and Russia struck an energy facility Monday. WTI crude is trading near $92/bbl, and national diesel averages $6.28, down from the record $6.53 set September 21st.

Joe's Premium Subscription: https://standardgrain.com/ Apple Podcasts https://podcasts.apple.com/us/podcast... Spotify https://open.spotify.com/show/4NJ9AZc... 🌽 USDA shocked the trade Friday, raising the 2026 US corn yield to 181.2bpa, up from 178.5bpa last month and well above the 177.7bpa trade guess. 📊 Combined with higher beginning stocks, total corn supply jumped a whopping 407mil bushels, only partially offset by a 125mil bushel bump in demand. 📉 Corn futures fell sharply Friday after the “super bearish” USDA report, with Dec26 dropping more than 20 cents to its lowest close since mid-August. 🫘 Nov26 soybeans bucked the trend to gain more than 4 cents, while Dec26 SRW wheat lost more than 12 cents. 💰 The funds were net sellers of 51k corn and 7k SRW wheat contracts during the week ending October 5th, while buying 12k contracts of soybeans. 🔻 Private estimates show they sold another 63k corn, 17k soybean, and 8k SRW wheat contracts on Friday following the USDA report. ☀️ The Corn Belt stayed mostly dry over the weekend, likely allowing harvest to continue or accelerate across the region. 🌀 Rains from Hurricane Isaias soaked the Gulf Coast and mid-south, with Corn Belt rains returning midweek ahead of today’s 3pm CST Crop Progress report. 🇧🇷 Brazilian soybean planting is moving at a record pace, reaching 19.77% complete vs. 12.86% last year and 11.55% on average, per Patria AgroNegocios. 🌧️ Early, satisfactory rains are aiding progress as USDA projects a record 186mmt crop on a record 123.5mil acres.

Joe's Premium Subscription: https://standardgrain.com/ Apple Podcasts https://podcasts.apple.com/us/podcast... Spotify https://open.spotify.com/show/4NJ9AZc... 💰 USDA pegs inflation-adjusted US farm debt at a record $605+ billion, roughly double the 2000 level. 🔍 But officials warn the true number may be even higher, with one economist estimating vendor and nontraditional financing could be 2–3x larger than USDA’s $45 billion figure. 🌽 Grain futures were choppy Thursday, with Dec corn settling near $5.00 and Nov soybeans dropping 10 cents to around $12.87. 📊 Traders are squaring up ahead of today’s Crop Production and WASDE report while keeping an eye on harvest yields. 📋 USDA releases its October WASDE at 11am CST, and the trade expects corn yield and production to be trimmed. 🤔 There’s a 9-bushel gap between the highest and lowest corn yield guesses, while soybean yield is expected to hold steady. 🛢️ Trump said the US will not attack Iran before the November 3 midterms, a day after strike talk sent Brent crude up more than 4% to above $104. ⛽ Gas is averaging $4.36 a gallon, up about 40% from a year ago, as public support for the war slips to just 31%. 🌧️ Heavy rain of 3 to 6+ inches brought major drought relief to the central and southern Plains, while the core Corn Belt remains drought-free. ☀️ Dry, warm weather through October 12 should fuel a strong harvest push before wetter conditions return. 🚢 Corn export sales jumped to 769,500mt, up 44% week over week, with Mexico and Colombia leading the way. 🌾 Wheat sales were also strong at 451,600mt, while soybean sales slowed 47% despite China buying 382,900mt.

Joe's Premium Subscription: www.standardgrain.com Grain Markets and Other Stuff Links — Apple Podcasts Spotify TikTok YouTube Futures and options trading involves risk of loss and is not suitable for everyone. 🌧️ More Rain for the Corn Belt: Tropical Storm Isaias could bring 1–4 inches of rain to parts of the southeastern Corn Belt, potentially delaying harvest and increasing flooding concerns in saturated areas. 🌽🌧️ The rest of the Corn Belt should remain mostly dry, offering a better harvest window.  📊 USDA Report Friday: Traders expect USDA to lower corn yield and production estimates, while soybean yield and production are expected to remain unchanged. 🌽 Corn ending stocks are expected to rise, while soybean stocks decline slightly and wheat stocks edge higher.  ⛽ Ethanol Production Rebounds: U.S. ethanol output jumped 4.6% last week to 1.05M barrels/day, while stocks fell 1% to 23.74M barrels. 📈 Margins remain strong across the Corn Belt, ranging from breakeven to +40¢/gal.  🏠 Mortgage Rates Hit 3-Year High: The 30-year mortgage rate climbed to 7.49%, marking seven straight weeks of increases. 📉 Mortgage applications fell 4.2%, with overall volume now nearly 50% below January levels.  🏦 Fed Keeps Rate Hike on the Table: Fed officials still see another rate hike as likely before year-end, although the timing is uncertain. 📈 Inflation remains above the 2% target, while rising energy costs and supply constraints could complicate the Fed’s efforts to bring inflation lower.

Joe's Premium Subscription: www.standardgrain.com Grain Markets and Other Stuff Links — Apple Podcasts Spotify TikTok YouTube Futures and options trading involves risk of loss and is not suitable for everyone. 🌱 Soybeans: Harvest delays fueled a grain market rally, with Nov26 soybeans jumping 22¢ to $13.03. Corn gained 11¢ to $5.08, while wheat also finished higher. 🌧️  📉 Farmer Sentiment: Purdue’s Ag Economy Barometer fell to 123 as concerns over input costs and U.S. soybean competitiveness weighed on sentiment. A record 52% cited input costs as their top concern. 🇧🇷  ⛽ Fuel Costs: The Trump administration is considering suspending the 18.4¢/gal federal gas tax, but the move would require congressional approval and could cost billions in lost revenue. 🚗  🇨🇳 China Demand: Trump said China will double its purchases of U.S. agricultural products, but it remains unclear whether the purchases would be in addition to existing commitments. China has fulfilled about 42% of its 2026 U.S. soybean commitment so far.  🐄 Cattle: Additional U.S. beef imports have fallen well short of expectations, with an estimated 8%–22% of the September allocation entering the country. Strong consumer demand and a rally in equities helped send live cattle up nearly $4 to $5.30 and feeders up $6.65 to $9.58.

Joe's Premium Subscription: www.standardgrain.com Grain Markets and Other Stuff Links — Apple Podcasts Spotify TikTok YouTube Futures and options trading involves risk of loss and is not suitable for everyone. 🌽 U.S. Harvest Falling Behind: Corn harvest is 23% complete and soybeans 25%, both well below their five-year averages. Iowa and Nebraska are seeing the biggest delays, while winter wheat planting at 36% is also far behind average. 🌾  🇧🇷 Brazil Election Boosts Markets: Flavio Bolsonaro narrowly edged Lula in the first round, setting up a runoff later this month. Brazilian stocks jumped more than 8%, while the real posted its strongest one-day gain in four years. 📈  🌱 Brazil Soy Planting Lags: Soybean planting is 7.3% complete, slightly behind last year’s pace, while AgRural raised its production estimate to a record 182.7 MMT. 🇧🇷  🛢️ Middle East Oil Exports Rebound: Gulf oil exports returned to pre-war levels in September despite ongoing tanker attacks, though security risks could make the recovery difficult to sustain.  🚜 Red-Dyed Diesel Expanded: President Trump temporarily expanded access to tax-exempt off-road diesel for highway use through the end of 2026. Diesel prices remain elevated at $6.32/gallon, up 71% from a year ago. ⛽  🚢 Soybean Exports Stay Strong: U.S. soybean inspections totaled 1.1 MMT, up 45% from last year, with China accounting for about 66% of the week's shipments. Corn shipments fell 49% y/y. 🌎  📦 Flash Sales: USDA reported sales of 129,540 MT of corn to Mexico and 104,000 MT of soybeans to unknown destinations for 2026/27 delivery.  🐄 Cargill Earnings Hit by Cattle Costs: Cargill’s Q1 net income fell to $927 million, pressured by record-high cattle costs and rising cocoa prices. Its oilseed business was a bright spot, posting record soybean and canola profits. 📉

Joe's Premium Subscription: www.standardgrain.com Grain Markets and Other Stuff Links — Apple Podcasts Spotify TikTok YouTube Futures and options trading involves risk of loss and is not suitable for everyone. 🌦️ Corn Belt Weather: Drier weather this week should help accelerate corn and soybean harvest after weeks of rain. However, concerns remain about yield and quality losses in parts of the western Corn Belt, including reports of soybeans and corn kernels sprouting. Below-normal precipitation could continue into mid-October.  📉 Grain Markets: Soybeans fell about 6¢ Friday to $12.78, their lowest close since late August, while corn dropped roughly 5¢ to $4.98. Favorable weather, bearish USDA data and China’s exclusion of U.S. soybeans from tariff relief continue to weigh on prices. Wheat was mostly unchanged near six-week lows.  ⛽ Fuel Prices: The G7 agreed to release 100 million barrels of crude oil and diesel from emergency reserves over four months, with much of the diesel expected to reach markets within 20 days. U.S. officials are also considering measures to bring down record-high diesel prices. Gasoline averaged $4.37/gal Sunday, while diesel averaged $6.34/gal.  📊 Fund Positioning: Money managers were net sellers of 23K corn, 19K soybean and 10K SRW wheat contracts last week. Despite the selling, funds remain heavily net long corn and soybeans, with positions near record levels.  🌽 Export Demand: USDA reported a flash sale of 218,600 MT of U.S. corn to Mexico, providing a boost to export demand.  👷 Jobs & Fed: U.S. employers added just 29,000 jobs in September, far below expectations, while wage growth slowed to its weakest pace since 2021. The softer labor market reduces pressure on the Fed to raise rates, with traders pricing in a 78% chance of no change and 22% chance of a quarter-point hike in October.

Joe's Premium Subscription: www.standardgrain.com Grain Markets and Other Stuff Links — Apple Podcasts Spotify TikTok YouTube Futures and options trading involves risk of loss and is not suitable for everyone. 🌧️ Weather: Heavy rain drenched Iowa and eastern Nebraska, with Omaha receiving nearly 5 inches and Lincoln more than 3 inches. ☀️ Dry weather is expected through the weekend and into next week, but flooding and saturated soils will continue delaying harvest. 🌵 Drought Monitor: Rain improved drought conditions across parts of the Upper Midwest and High Plains, while dryness worsened in Kentucky, southern Missouri, and southern Illinois. Oklahoma remains the hardest-hit state in the Southern Plains. 📊 Drought Impact: U.S. drought coverage stands at 🌽 Corn: 21%🫘 Soybeans: 27%🌾 Winter wheat: 57%🌾 Spring wheat: 48%🐄 Cattle: 57%📉 Grain Markets: November soybeans fell 9¢ to $12.84/bu., their lowest close since late August, pressured by fund liquidation, export concerns, and expectations for a record-large crop. December corn edged 2¢ higher to around $5.02/bu., while wheat futures finished higher. 🚢 Export Sales: Soybean sales jumped 77% week over week to 1 MMT (38 million bushels), exceeding expectations, with China leading purchases. Corn sales fell 36% to 536,000 MT, while wheat sales rose 8% to 289,300 MT; both were near the lower end of expectations. 🇷🇺 Russian Grain Exports: Black Sea shipping disruptions continue limiting Russian grain exports. Alternative ports shipped just 1.3 MMT of grain and oilseeds from July through September, compared with roughly 12 MMT through major Black Sea ports. Higher transportation costs and infrastructure constraints are complicating efforts to reroute shipments, potentially adding pressure to global food prices. 🏦 Federal Reserve: Fed officials signaled that additional interest rate hikes may be needed to bring inflation back to 2%, although expectations for an October increase have eased. Persistent price pressures remain a concern despite softer-than-expected underlying inflation data for August.

Joe's Premium Subscription: www.standardgrain.com Grain Markets and Other Stuff Links — Apple Podcasts Spotify TikTok YouTube Futures and options trading involves risk of loss and is not suitable for everyone. 🌽 Corn futures tumbled Wednesday after USDA pegged September 1 stocks at 2.095 billion bushels, up 35% from a year ago and well above every trade guess. 📉 Dec26 corn plunged about 21 cents to $5.01, while soybean and wheat stocks both came in below expectations but still couldn't stop beans and wheat from slipping lower. 📊 USDA will now have to "solve" for that 2.095 billion bushel old crop corn carryout in the October 9th WASDE, after demand was overstated by roughly 232 million bushels. 🐄 Most of the cut will likely come from Feed and Residual Use, which could drop from 6.350 to as low as 6.118 billion bushels. 💵 Republicans are pushing to include roughly $11 billion in new direct farm aid in a proposed defense spending package. ⏳ Even if it passes, checks likely won't reach farmers until spring 2027, pushing total US farm payments this year to about $55 billion. 🌧️ More heavy rain is hitting eastern Iowa this morning, with another 1 to 3 inches possible and dozens of counties under flood warnings or flash flood watches. ☀️ Drier, sunnier weather is expected to return Friday and stick around into next week. ⛽ US ethanol production fell to a 34-week low at 1.007 million barrels per day, while stocks hit a 12-week low but remain a record for the week. 💰 Margins are still strong across the Corn Belt, ranging from breakeven to 40 cents per gallon positive. 🚢 Sovecon cut its Russian grain export forecast by nearly 10% to 44.7mmt, with wheat exports lowered 11% to 36.7mmt as Black Sea and Azov ports are expected to stay closed through year-end. 🇹🇷 Turkey is leading efforts to restore Black Sea grain trade, and Russia could quickly restart up to 80% of its terminal capacity if a ceasefire is reached. 🫘 USDA confirmed a flash sale of 105,000mt of soybeans to unknown destinations for 2026/2027 delivery. 📈 Accumulated soybean sales are now up 94% compared to the same point last year.

Joe's Premium Subscription: www.standardgrain.com Grain Markets and Other Stuff Links — Apple Podcasts Spotify TikTok YouTube Futures and options trading involves risk of loss and is not suitable for everyone. 📈 The 30-year Treasury yield just blew past 5.61%—its highest level since 2002! War-driven inflation fears, heavy government borrowing, and a hawkish Fed are all piling on, with markets pricing in roughly a 50% chance of another rate hike in October. 💬 Jim Iuorio breaks down the three forces pushing long-term rates higher—the AI boom pulling money out of bonds, fears that inflation is sticking around, and the massive cost of financing the war. He believes the Fed is hiking to bring long-end yields down, but so far it hasn't worked. 🌧️ Iowa is getting soaked with 2–4 inches of rain through Thursday, and 64 counties are under a flash flood watch! The heaviest totals are expected along and south of I-80, further delaying harvest and raising concerns about yield and quality losses. 📊 USDA's Quarterly Grain Stocks report drops today, with corn stocks expected at 1.92 billion bushels—up 24% from last year. Soybean stocks are seen nearly flat at 324 million bushels, while wheat stocks are projected to fall 12%. 🌱 Soybeans bounced back Tuesday as Nov26 futures gained nearly 10 cents to close near $12.98 on bargain buying after Monday's sell-off. Dec26 corn slipped a penny to $5.22 ahead of the USDA report, while wheat futures were mixed. 🇨🇳 China is cutting tariffs on US wheat, corn, and sorghum—but don't expect a buying spree just yet. High US prices and a sluggish Chinese economy are holding back demand, and soybean growers are frustrated that beans were left off the list entirely.

Joe's Premium Subscription: www.standardgrain.com Grain Markets and Other Stuff Links — Apple Podcasts Spotify TikTok YouTube Futures and options trading involves risk of loss and is not suitable for everyone. 🌱 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.

Joe's Premium Subscription: www.standardgrain.com Grain Markets and Other Stuff Links — Apple Podcasts Spotify TikTok YouTube Futures and options trading involves risk of loss and is not suitable for everyone. 🤝 The US and China agreed to cut tariffs on $30 billion worth of nonsensitive goods, including US ag exports, and extended their trade truce until mid-January. 🌐 The two sides also launched an AI dialogue and agreed no country should impose tolls on international waterways, an apparent jab at Iran's grip on the Strait of Hormuz. 🇨🇳 China released a list of 1,619 US products exempt from additional country-specific tariffs, including wheat, corn, rice, sorghum, and meats. 🫘 Soybeans were left off the list and slipped overnight, even though China has been buying US beans aggressively. 🌽 Dec corn gained about a penny Friday to close near $5.28 after last week's selloff over the lack of detail on Chinese purchases. 📈 Nov soybeans rose 2 cents to $13.19, while wheat slipped on hopes for easing Black Sea shipping disruptions. 🌧️ Des Moines has received nearly 13 inches of rain this month, about 10 inches above normal, and needs just under 2 more to tie the 1914 September record. ☔ Another round of rain arrives Tuesday, but the 8-14 day outlook turns drier across Iowa. 💰 Western Corn Belt soybean processors are paying premiums of 60 to 85 cents for immediate delivery as rain delays harvest, with Cargill's Sioux City plant offering up to $1 over November futures. 🏭 It's a big opportunity for farmers with old-crop or early-harvested beans, as USDA projects a record 2.78 billion bushels crushed this year. 📊 Funds sold 10k corn contracts last week but still hold their third-largest net long on record at 404k. 🚀 They bought 24k soybean contracts, pushing their net long to a record 265k. 🛢️ Trump rejected a phased seven-day deal to reopen the Strait of Hormuz in exchange for lifting the US blockade of Iranian ports, and Iran says it won't soften its terms. ⚠️ Tensions are spreading as Iran-backed Houthis launch drones and a missile toward Saudi Arabia, with reports Trump could resume bombing after the midterms. 🐄 ICE operations in Kansas, Oklahoma, and Texas have caused labor shortages at feedyards and packing plants, delaying shipments of thousands of cattle. 🥩 Several southwest Kansas plants halted operations last week, which could tighten beef supplies and push already-high prices even higher.

Joe's Premium Subscription: www.standardgrain.com Grain Markets and Other Stuff Links — Apple Podcasts Spotify TikTok YouTube Futures and options trading involves risk of loss and is not suitable for everyone. 🤝 US-China Talks: Xi Jinping and President Trump met in Washington, but the meeting produced no major breakthroughs on tariffs, AI, or ag trade. Hopes for China dropping its 10% retaliatory soybean tariff or new details on its $17 billion ag purchase commitment went unmet, and grains are trading lower. 📉 🚢 Black Sea Shipping: Zelenskiy says India, Turkey, Egypt, and other Middle Eastern nations are joining talks to reopen Black Sea shipping, which has been near a standstill since July. Wheat futures slipped on the news as top buyers like Egypt and Indonesia shift purchases to France, Argentina, and Australia. 🌾 🌧️ Drought Monitor: Heavy rains improved drought conditions across much of the northern Corn Belt, though southern Missouri got drier. The High Plains saw some relief too, but winter wheat areas remain 58% in drought. 🏜️ 📦 Export Sales: Soybean sales disappointed at just 21 million bushels, down 66% from the prior week, with China as the top buyer. Corn came in at 33 million bushels and wheat at 10 million, both below expectations. 📊 🇨🇳 Flash Sale: USDA confirmed a flash sale of 120,000mt of soybeans to China for 2026/27 delivery. It's a small but welcome sign of continued Chinese buying. 🫘 ⛽ Diesel Exports: The Trump administration is exploring limits on diesel exports to bring down prices, with Energy Secretary Chris Wright sounding out refiners. The industry is pushing back hard, warning restrictions could force refiners to cut production of all fuels. 🏭 🛢️ US-Iran & Hormuz: The US and Iran are weighing a phased deal that could reopen the Strait of Hormuz within seven days if Iran's conditions are met. News of the potential agreement pushed WTI crude down about 1.7% to around $93 per barrel. 💰