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China significantly ramped up its buying of soybeans from Argentina this week.
With New World screwworm within 70 miles of the U.S.-Mexico border, the livestock industry is on high alert. USDA continues to fight the northward spread of the parasite while debate continues on the border closure.
Mark Schultz, Northstar Commodity, says soybeans ended lower in tandem with lower soybean meal as China reportedly bought another 10 plus cargoes of lower priced Argentine soybeans after they dropped their export tax.
Ag-state senators have asked to meet with President Trump on China’s trade retaliation against U.S. soybeans.
Kent Beadle with Paradigm Futures says the soybean market saw a bit of recovery on Tuesday and was trying to hold Wednesday morning with news that China has purchased more Argentina soybeans.
Corn harvest is just getting started for Rod Parkinson in Wataga, Ill., but early indications show fungicides kept disease pressure down and yields are holding steady.