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China, the top food importer on the planet and biggest buyer in history, is entangled in a potentially devastating population crash and the effect could be massive for U.S. agriculture.

AgDay TV Markets Now: Jim McCormick of AgMarket.Net talks about the reasons for the selloff in the grains on Wednesday including profit taking and traders removing weather premium.

Cargill and Viterra appear as charterers of two vessels to be loaded with Brazilian soybeans for delivery in Argentina over coming weeks, according to shipping data, Reuters reported.

Grains ended lower on profit taking, removing weather premium. Jim McCormick of AgMarket.Net says cattle saw short covering, but weather and report positioning were also factors. Hogs continued to slide with cash.

Speaker McCarthy agreed that the House wouldn’t lift the debt ceiling unless Congress slashes federal spending next fiscal year. Because of this, Bank of America is telling clients to expect a debt default this fall.

USDA’s January reports last week sent some supply shocks to the market. The agency penciled in a 1.6 million-acre-drop to U.S. unharvested corn acres, but the bigger concern may be the trend of dropping demand.

Cattle futures higher on short covering, ahead of cash and reports, plus putting in weather premium. Hogs lower on China news, lower cash. Grains futures lower on profit taking. Brad Kooima of Kooima Kooima Varilek.

The study of animal disease emerged as a systematic science in the 18th century, and USDA first engaged in such work in 1883. USDA’s new National Bio- and AgroDefense Facility is on the verge of opening in Kansas.

Soybeans see profit taking, with Argentina rain chances, but follow through buying in wheat pulls corn back up. Cattle seeing short covering, while hogs await a cash bottom. Randy Martinson of Martinson Ag has more.

Sustainable Beef LLC. isn’t the first regional packing plant to be proposed or built in cattle country, but the unique business model may help it to succeed where others have failed.