Global Ag News For July 24.2025

TOP HEADLINES

Australia lifts biosecurity curbs on US beef amid tariff talks

• Australia satisfied with US measures, minister says
• Curbs lifted after extensive risk review
• Trump in April singled out trade disparity with Australian beef

Australia lifted on Thursday strict biosecurity restrictions on beef imports from the U.S. after an extensive scientific and risk review, likely removing a key concern for U.S. President Donald Trump’s administration over bilateral trade.

Agriculture Minister Julie Collins said Australia was satisfied with the measures put in place by the United States to effectively manage biosecurity risks.

“The U.S. Beef Imports Review has undergone a rigorous science and risk-based assessment over the past decade,” Collins said in a statement.

“The … government will never compromise on biosecurity.”

News of Australia lifting the curbs was first reported by the Australian Financial Review. The report said Australia will use the easing of rules to argue its case for the United States to wind back 50% tariffs on steel and aluminium and Trump’s threat to impose a 200% tariff on pharmaceuticals.

Trump in April singled out the beef trade disparity after Australia’s beef exports to the United States surged last year, reaching A$4 billion ($2.64 billion) amid a slump in U.S. beef production.

Prime Minister Anthony Albanese in April had ruled out relaxing Australia’s strict biosecurity rules during tariff talks with the United States.

Since 2003, Australia has curbed entry of U.S. beef after detecting bovine spongiform encephalopathy, or mad cow disease. It lifted some restrictions in 2019.

Australia allows entry if the cattle were born, raised, and slaughtered in the United States, though few shippers can prove these requirements, as cattle frequently move between the United States, Canada, and Mexico.

The United States has introduced more tracking methods since last year to identify and trace all cattle from Mexico and Canada to the farm and through the supply chain.

Australia views its strict biosecurity rules as safeguarding its disease-free cattle, helping it preserve access to lucrative markets such as Japan and South Korea, while Australian beef is prized by U.S. fast-food chains for its lower fat content and competitive prices.

 

FUTURES & WEATHER

Wheat prices overnight are up 4 1/2 in SRW, up 5 in HRW, up 3 1/4 in HRS; Corn is up 3; Soybeans up 4 1/2; Soymeal up $0.60; Soyoil up 0.30.

For the week so far wheat prices are down 1 1/4 in SRW, down 1/2 in HRW, down 4 1/4 in HRS; Corn is down 7 1/4; Soybeans down 8 1/2; Soymeal down $2.60; Soyoil up 0.57.

For the month to date wheat prices are up 6 3/4 in SRW, up 1 3/4 in HRW, down 29 1/2 in HRS; Corn is down 5; Soybeans up 1/4; Soymeal down $3.10; Soyoil up 3.41.

Year-To-Date nearby futures are down 1.2% in SRW, down 5.5% in HRW, down 0.8% in HRS; Corn is down 12.3%; Soybeans up 1.1%; Soymeal down 11.4%; Soyoil up 42.0%.

Chinese Ag futures (SEP 25) Soybeans down 23 yuan; Soymeal down 55; Soyoil up 40; Palm oil up 38; Corn up 7 — Malaysian Palm is up 15.

Malaysian palm oil prices overnight were up 15 ringgit (+0.35%) at 4330.

 

There were no changes in registrations. Registration total: 34 SRW Wheat contracts; 4 Oats; 0 Corn; 651 Soybeans; 780 Soyoil; 1,876 Soymeal; 419 HRW Wheat.

Preliminary changes in futures Open Interest as of July 23 were: SRW Wheat up 1,112 contracts, HRW Wheat down 189, Corn up 13,678, Soybeans down 948, Soymeal up 5,326, Soyoil up 780.

 

DAILY WEATHER HEADLINES: 24 JULY 2025

• NORTH AMERICA: Mixed temperatures persist in the U.S., with rainfall limited to the Central and Florida region over the next two weeks
• SOUTH AMERICA: Argentina’s northern Pampas and Southern Brazil are expected to wet over the next two weeks.
• EUROPE: Cool and wet conditions are expected in Central Europe, while Scandinavia will see warm and wet weather the next 10-days
• ASIA: Cool in the South and Warmth in the Southeast, While East Asia sees mixed temperatures and mixed rainfalls over most of the Asia except East in the next 15-day period

 

Northern Plains: Multiple rounds of showers and thunderstorms have been and continue to move through the region for the rest of this week and probably next week as well. A ridge to the south may increase with time and may force the rainfall to push farther north and east and temperatures to increase. But for now, good growing conditions are expected going into early August.

Central/Southern Plains: Disturbances should move through the north while the south gets largely hot and dry going into next week. A front may be strong enough to bring in some milder air and showers later next week, though that is uncertain. A ridge in the region may deflect the effects of that front farther to the east, which would be more harmful. Flash drought will also be possible across the south should showers be absent.

Midwest: A front continues to slowly move through the region this week, with multiple disturbances bringing showers and thunderstorms, especially to the northwest. Temperatures south of the front are very hot and could cause stress to the areas that are a bit drier. The front will likely stall in the east this weekend with showers continuing there and helping to relieve some of the heat stress. Another system is likely to bring more showers through next week and bring through a round of much milder air that would be the end of the heatwave.

Delta/Lower Mississippi: Isolated showers will remain possible through next week. Rainfall amounts are forecast to be below-normal, but the continued showers may bring enough timely rainfall as more of the crops get through reproductive stages and concentrate on filling. Temperatures will continue to be stressfully hot if rain is too sporadic and light. Another small disturbance moving westward through the Gulf of America this week could become tropical, which could increase the rainfall across the south.

Canadian Prairies: The pattern is very active and almost daily showers and thunderstorms are forecast through next week. That may be too late for some areas, but very helpful for others as spring wheat and canola continue into their reproductive stages. Drier areas in Manitoba really need the rain, but some of Alberta and Saskatchewan are in really good shape right now.

Europe: Scattered showers will continue across central and eastern Europe into next week and even western areas will see some occasional showers, too. The rainfall would be beneficial for developing summer crops, but not winter wheat harvest. Temperatures are also trending milder going into the weekend, which will relieve some of the heat stress.

Black Sea: Isolated showers continue across the north and far west for the rest of this week and shift mainly to the far west for next week, largely favorable for the wheat harvest in the south, but not developing corn, which needs rain. Temperatures continue to be above normal, which is also causing stress.

 

The player sheet for 7/23 had funds: net sellers of 2,000 contracts of SRW wheat, sellers of 1,000 corn, sellers of 6,000 soybeans, sellers of 2,500 soymeal, and buyers of 3,000 soyoil.

TENDERS

• CORN PURCHASE: South Korea’s Major Feedmill Group (MFG) purchased up to 140,000 metric tons of animal feed corn in an international tender
• CORN PURCHASES: The Incheon section of the Korea Feed Association (KFA) in South Korea purchased up to 67,000 metric tons of animal feed corn to be sourced from optional origins in a private deal on Wednesday without issuing an international tender
• WHEAT PURCHASE: Tunisia’s state grains agency is believed to have purchased about 100,000 metric tons of soft wheat to be sourced from optional origins in an international tender.
• WHEAT TENDER: Jordan’s state grain buyer issued an international tender to buy up to 120,000 metric tons of milling wheat that can be sourced from optional origins
• BARLEY TENDER: Jordan’s state grains buyer has issued an international tender to purchase up to 120,000 metric tons of animal feed barley. A new announcement had been expected by traders after Jordan made no purchase in its previous tender for 120,000 tons of barley on Wednesday.

 

 

 

 

TODAY

DOE: US Ethanol Stocks Rise 3.4% to 24.444M Bbl

According to the US Department of Energy’s weekly petroleum report.

• Analysts were expecting 23.688 mln bbl
• Plant production at 1.078m b/d, compared to survey avg of 1.082m

 

GRAIN EXPORT SURVEY: Corn, Soy, Wheat Sales Before USDA Report

Estimate ranges are based on a Bloomberg survey of three analysts; the USDA is scheduled to release its export sales report on Thursday for week ending July 17.

• Corn est. range 600k – 1,400k tons, with avg of 975k
• Soybean est. range 400k – 800k tons, with avg of 600k

 

CROP TOUR: North Dakota Wheat Yields Lag Last Year on Second Day

Yield potential for spring wheat in North Dakota dipped below a year ago in the central and northern parts of the key US grain-producing state, according to scouts on the second day of the annual Wheat Quality Council’s three-day crop tour.

• Yields averaged about 36 bushels per acre after six field stops on one route that drove through Oliver, McClean, Ward, Renville and Bottineau counties
  • That’s down from 59.4 bushels per acre on the same route last year, and also lags the overall finding of 50 bushels from the first day of the tour
  • NOTE: The US Department of Agriculture estimated wheat yields across the state at 59 bushels, which would match the record from last year, even though production will ease after farmers planted fewer acres
• Scouts on Wednesday surveyed mostly healthy fields, with minimal instances of aphids and grasshoppers in chewing on plants, while scattered rains throughout the week added soil moisture
• Still, wider row spacing in some fields limited the amount of plants producing grain, capping yield potential
• The tour will release full estimates for the second day of scouting later Wednesday, with results from the entire tour due Thursday

 

CROP TOUR: North Dakota Spring Wheat Yield Off 12% From 2024

North Dakota’s hard red spring wheat yields averaged 47.1 bushels per acre on the second day of the Wheat Quality Council’s annual crop tour.

• That’s down 12% from the second day’s average of 53.7 bushels a year ago
  • It’s also below the US Department of Agriculture’s estimate for 59 bushels per acre for the state’s yield
  • Crop scouts sampled wheat in 139 hard red spring wheat fields
• Durum wheat yields were estimated at 33.9 bushels acre on 11 fields
  • That’s down from 45.6 bushels per acre last year
• NOTE: Final estimates from the three-day crop tour will be made on Thursday

 

Philippines says U.S. will still pay tariffs on rice, corn and other farm products

The Philippines has not removed tariffs on imports from the United States of corn, rice, sugar, fish, pork, and chicken, a senior economic and trade adviser to President Ferdinand Marcos Jr. said on Thursday.

Frederick Go, Special Assistant to the President for Investment and Economic Affairs, said in a briefing that the details of a deal with the United States are still being finalised by a technical working group.

U.S. President Donald Trump announced a new 19% tariff rate for goods from the Philippines on Tuesday after what he called a “beautiful visit” to the White House by Philippine President Ferdinand Marcos Jr., and said U.S. goods shipped into the Philippines would pay zero tariffs.

 

Chinese buyers ink second bulk soymeal deal with Argentina, sources say

A Chinese buyer has signed a deal this week to import 30,000 metric tons of Argentine soymeal, as animal feed producers ramp up purchases to take advantage of softer prices in the South American market, three trade sources told Reuters on Thursday.

This marks the second such deal since Beijing approved Argentine soymeal imports in 2019, following the initial purchase by Chinese buyers in June.

“It is attractive to import soymeal from Argentina,” said one Singapore-based trader at an international trading company. “Feed makers can make some profit by importing Argentinian soymeal.”

Argentine soymeal is currently priced lower than domestically produced soymeal from local crushers, sources said.

The interest reflects the efforts by China’s feed industry to diversify supply sources and reduce the risk of disruptions amid the ongoing Sino-U.S. trade tensions.

The latest cargo for September shipment was sold at $365 per metric ton, including freight, with a protein content of 46.5%, the sources added.

The deal comes as China faces a soybean meal supply glut due to an influx of South American soybeans, with crushers urging buyers to speed up pickups to clear space, two traders and two analysts told Reuters.

“It’s a case of panic buying. Despite the current oversupply in the soymeal market, some buyers are still concerned about potential supply tightness down the line, driven by ongoing uncertainty surrounding U.S.-China trade negotiations,” said Johnny Xiang, founder of Beijing-based AgRadar Consulting.

Soybean imports into China hit an all-time high in May and reached a record level for the month of June.

Imports are expected to remain elevated in the third quarter, while fourth-quarter shipments will depend on the progress of China-U.S. trade talks.

China, the world’s largest consumer of the protein-rich feed ingredient, typically produces it by crushing soybeans imported primarily from Brazil and the United States. Argentina, meanwhile, is the world’s top exporter of soymeal and soy oil.

 

India Wheat Prices and Supplies Comfortable, Food Secretary Says

Domestic prices and supplies of wheat are at comfortable levels in India, Food Secretary Sanjeev Chopra said on Thursday.

• There is no need to sell the grain from state reserves in the open market, he said in New Delhi
• It’s too early to talk about sugar exports for the next season, Chopra said

 

India’s Edible Oil Imports Seen Steady in 2024-25, Group Says

India, the world’s largest edible oil buyer, is expected to import 16 million tons in the year ending Oct. 31, according to Sudhakar Desai, president of the Indian Vegetable Oil Producers’ Association.

• NOTE: The most populous nation bought 15.96 million tons from overseas markets in 2023-24
• Palm oil imports seen at 9m tons in 2024-25, Desai told reporters in New Delhi on Thursday
  • Palm oil is becoming cheaper and that will boost imports in the coming months, Desai said, adding that festive buying will peak in early August
• NOTE: Edible oil consumption in India generally rises during the months-long festival season, which ends with Deepawali festival in October or November
• Soybean oil purchases may total 4.5m tons, while sunflower oil imports seen at 2.5m tons, he said

 

PBOC to Boost Financial Support for Grain Output, Rural Areas

China’s central bank and the agriculture ministry vow to strengthen financial support in major sectors for rural revitalization, according to a statement from PBOC.

• To boost loans to grain and soybean production, construction of farmland and water conservancy facilities
• To encourage financial institutions to sell special bonds for agriculture, small firms and the green sector
• To support qualified enterprises in selling rural revitalization bonds

 

Late July rainfall maintains Canada wheat production outlook

2025/26 CANADA WHEAT PRODUCTION: 35.0 [33.9–36.8] MILLION TONS, UNCHANGED FROM LAST UPDATE

2025/26 Canada wheat production is unchanged from our previous estimate of 35.0 [33.9-36.8] million tons. Over the past two weeks, the southern prairies received between ~22-60 mm of rainfall, alleviating crop stress from early season dryness. Looking ahead, precipitation and temperatures are expected to be near-normal level through the end of July, supporting crop development during the critical yield formation period for Canada wheat.

We will closely monitor precipitation patterns and the impact on crop vegetation densities (NDVI) in the coming weeks.

 

Improved soil moisture conditions raise Argentina wheat production

2025/26 ARGENTINA WHEAT PRODUCTION: 20.2 [18.6–21.7] MILLION TONS, UP 1% FROM LAST UPDATE

2025/26 Argentina wheat production is increased by 1% to 20.2 [18.6–21.7] million tons, thanks to improved soil moisture conditions across core producing areas of the eastern Pampas, as the sowing season comes to a close on schedule. In July’s WASDE (released on 11 July) USDA placed Argentina wheat production at 20 million tons, unchanged from its June forecast. Our current estimate puts planted area at 6.88 million hectares, up 5% from last season and above Bolsa de Cereales in Buenos Aires’ 6.7 million hectares, but slightly below 6.9 million hectares reported by Bolsa de Comercio in Rosario. Plantings are nationally 92% complete so far according to the Ministry of Agriculture, and 92.8% complete according to Bolsa de Cereales in Buenos Aires, largely on par with last year’s 93%. The country’s top producing province Buenos Aires received widespread precipitation over the past two weeks, up to 50 mm above normal. The current soil moisture conditions are relatively healthy throughout the eastern Pampas (including Buenos Aires), hinting a positive yield potential early in the season.

 

China Minister Urges Top Hog Breeders to Prevent Price Plunge

Minister of Agriculture and Rural Affairs Han Jun hosted a meeting with executives from Muyuan Foods Co., CP Investment Co. and Wens Foodstuff Group on pork capacity controls, according to a ministry statement.

Han requires improvement in policies, preventing hog production fluctuations and sharp price declines, as well as boosting competitiveness of the industry

 

China-aided railway to help South American economy

The Bi-Oceanic Railway connecting the Pacific and Atlantic oceans across South America is about to become a reality.

Brazil and China recently signed a memorandum to connect the ports of Chancay in Peru and Ilheus in Brazil with at least five stops at dry ports along the way.

Signed between Infra S/A, a Brazilian state-owned company, and China Railway Economic and Planning Research Institute, the project will take advantage of existing tracks and connect them to new ones, forming a complete 5,000-kilometer route across the northern part of the subcontinent.

The area set to benefit most is the “soy belt” in Brazil, which will then have the option of exporting directly to China from Chancay. Mauricio Buff on, president of the Association of the Producers of Soy, said the freight cost is the first consideration when it comes to distribution.

“The logistics of agricultural products, from farming crops to transporting the final product, has a heavy impact in our value chain. This project will generate profits for producers and improve the economy of the region and country,” Buffon said.

Brazil exports 73 percent of its soy to China, according to the association. In 2024, the export of 98.81 million tons of soybean resulted in $42.9 billion in revenue, accounting for 12.7 percent of Brazil’s exports.

Buffon argues that this new railroad would be an efficient tool in the competition against soy from the United States.

“There are also new expected places of soy exportation, as Argentina has good quality soy and invests a lot in it, or Africa is growing in infrastructure and will soon be competing in the highest shelf of the area. Nowadays, Brazil and United States dominate the market, but we have to be prepared for a harder competition in a few decades,” Buffon said.

Peruvian producers of fruits and vegetables are very interested in the Bi-Oceanic Railroad.

Elkin Vanegas, president of the Fruits and Vegetables Committee of Peruvian Exporters Association, said, “In Peru, we have a high cost for fuel and highways that subtracts a high amount of profit of the exporters. So, any kind of infrastructure initiative is welcome. A railroad like that would reduce the cost by about 25 to 30 percent.”

According to the committee, Peru earned $12.7 billion from exporting 611 products to 142 destinations. Blueberries, grapes, avocados, cocoa and coffee are the most exported goods, all of them produced in the northern territory.

Around 56 percent of these products go to the US, and 13 percent to China.

“For us producers of perishable cargo, time is essential, especially when it is destined to Asia. With road transport, we take at most 60 days to make their way to Chancay. With train terminals in dry ports, we could send the fruits and vegetables in maybe 25 days,” Vanegas said.

 

US EPA moves to approve dicamba weedkiller use on cotton, soybeans

• Dicamba use was halted in 2024 by federal court
• EPA says chemical poses no significant human health or environmental risk
• Dicamba can drift and cause damage to nearby plants

The U.S. Environmental Protection Agency on Wednesday proposed approvals for three products containing the weedkiller dicamba, whose use was halted by a federal court in 2024, arguing it does not pose a significant human health or environmental risk.

Cotton and soybean farmers had sprayed dicamba on crops that were genetically engineered to resist the herbicide, which controls tough weeds. Environmental groups have criticized the chemical because it can drift from where it is sprayed and damage neighboring plants.

A 2024 U.S. District Court ruling found the EPA previously violated public input procedures in its approval of three dicamba products, and vacated the product registrations. As a result, farmers were unable to spray dicamba on crops this year.

The EPA has received applications from Bayer AG BAYGn.DE, BASF and Syngenta for new approvals, the agency said in regulatory documents.

Bayer, which sold the dicamba herbicide XtendiMax, said it was pleased the EPA opened a public comment period on its proposal to approve dicamba usage.

“We are confident that low-volatility dicamba herbicides, when used according to the label, can be used safely and successfully on-target,” Bayer said.

BASF said it would work with regulators to ensure farmers can use dicamba. Syngenta did not immediately respond to a request for comment.

An EPA review found no risk to human health from the products, but some risk to certain plants, it said in a release. To mitigate that risk, the agency is proposing restrictions on how much of the chemical can be applied and when, the release said.

The top pesticides official at the EPA’s Office of Chemical Safety and Pollution Prevention, Kyle Kunkler, previously worked as a lobbyist for the American Soybean Association, which has supported allowing farmers to spray dicamba on soybeans.

The association said it was reviewing the EPA’s proposal and that dicamba is a critical tool for farmers.

 

USDA plans to launch updated export sales reporting system in October

The U.S. Department of Agriculture plans to roll out an upgraded system for its weekly export sales reporting program in October, with the specific date still to be determined, an agency official said on Wednesday during an online presentation.

Exporters are required by law to report sales of U.S. agricultural commodities to the USDA’s Foreign Agricultural Service, which reports weekly export sales each Thursday. The reports are closely watched by grain and livestock traders.

The USDA has forecast that U.S. corn exports will hit a record high in the 2024/25 marketing year that ends August 31, 2025, while soybean exports have stalled amid trade tensions with China, by far the world’s largest buyer of the oilseed.

The launch of the new system, called the Export Sales Reporting and Query System (ESRQS), follows a failed rollout in 2022 that sent traders scrambling and delayed export sales reports for three weeks.

The agency offered an overview of the new system during a webinar and has scheduled two similar events for August 20 and September 24. The USDA has also been holding training sessions with exporters who will use the new system to report export sales to the government.

 

 

 

 

Interested in more futures markets?  Explore our Market Dashboards here.