Global Ag News For Sept 23.2025

TOP HEADLINES

Argentina suspends agro-export taxes to scoop up dollars

• Measure meant to build up needed foreign reserves
• Suspension to last through end-October or $7 billion cap reached
• Exporters groups warn of supply glut
• Markets rally on tax cut, U.S. support pledge

Argentina’s government on Monday temporarily eliminated export taxes on grains and their by-products, as well as on beef and poultry, in a bid to speed up sales abroad and rake in much-needed dollars to prop up the flagging peso currency.

Just over a month ahead of congressional elections, President Javier Milei’s government has faced setbacks in the legislature which have caused nervous investors to turn to the safe-haven dollar and forced the central bank to dip into its dwindling reserves.

The decree published Monday suspends export taxes on soy, corn, wheat and their by-products, including biodiesel. It will last through the end of October, or until declared exports reach $7 billion.

This significantly eases the tax burden for exports from the key sector, from a prior level of 26% on soybeans, 24.5% on soybean oil and meal and 9.5% on corn.

Argentina is one of the world’s top grains suppliers, and the sector is key to funneling in foreign currency.

Presidential spokesperson Manuel Adorni later said that beef and poultry exports would also be tax-exempt through the end of October.

 

FUTURES & WEATHER

Wheat prices overnight are down 1 1/2 in SRW, down 2 1/4 in HRW, up 1/4 in HRS; Corn is down 1 1/4; Soybeans down 5 1/2; Soymeal down $2.70; Soyoil down 0.27.

For the week so far wheat prices are down 14 in SRW, down 7 1/4 in HRW, down 3 1/2 in HRS; Corn is down 4; Soybeans down 19 1/4; Soymeal down $6.60; Soyoil down 1.12.

For the month to date wheat prices are down 25 in SRW, down 19 3/4 in HRW, down 15 3/4 in HRS; Corn is up 1/4; Soybeans down 49; Soymeal down $11.60; Soyoil down 2.72.

Year-To-Date nearby futures are down 7.8% in SRW, down 10.6% in HRW, down 5.3% in HRS; Corn is down 8.4%; Soybeans up 0.8%; Soymeal down 10.1%; Soyoil up 23.1%.

Chinese Ag futures (NOV 25) Soybeans down 35 yuan; Soymeal down 76; Soyoil down 212; Palm oil down 240; Corn down 12 — Malaysian Palm is down 99.

Malaysian palm oil prices overnight were down 99 ringgit (-2.23%) at 4344.

There were no changes in registrations. Registration total: 34 SRW Wheat contracts; 140 Oats; 91 Corn; 153 Soybeans; 707 Soyoil; 45 Soymeal; 419 HRW Wheat.

Preliminary changes in futures Open Interest as of September 22 were: SRW Wheat up 7,592 contracts, HRW Wheat up 1,398, Corn down 8,423, Soybeans up 5,300, Soymeal up 14,710, Soyoil down 2,596.

 

Brazil Rio Grande do Sul and Parana: Scattered showers Monday. Mostly dry Tuesday-Friday. Temperatures below normal through Thursday, near to below normal Friday.

Brazil Mato Grosso, MGDS and southern Goias: Scattered showers Monday, north Tuesday-Friday. Temperatures near below normal through Friday.

Central/Southern Plains: Isolated to scattered showers through Wednesday. Mostly dry Thursday-Friday. Temperatures near to above normal through Friday. Outlook: Mostly dry Saturday-Wednesday. Temperatures near to above normal Saturday-Wednesday.

Midwest West: Isolated to scattered showers Monday, south Tuesday-Wednesday. Mostly dry Thursday-Friday. Temperatures above normal through Wednesday, near to above normal Thursday-Friday.

Midwest East: Isolated to scattered showers through Friday. Temperatures above normal through Friday. Outlook: Mostly dry Saturday-Wednesday. Temperatures above normal Saturday-Wednesday.

 

The player sheet for 9/22 had funds: net sellers of 5,500 contracts of SRW wheat, sellers of 9,000 corn, sellers of 11,500 soybeans, sellers of 4,500 soymeal, and sellers of 6,250 soyoil.

TENDERS

• CORN SALE: Exporters sold 320,068 metric tons of U.S. corn to Mexico for 2025/2026 delivery, the U.S. Department of Agriculture said Monday.
• SOFT MILLING WHEAT TENDER: Algeria’s state grains agency OAIC has issued an international tender to buy a nominal 50,000 metric tons of soft milling wheat to be sourced from optional origins.
• RICE TENDER: South Korea’s state-backed Agro-Fisheries & Food Trade Corp. has issued an international tender to purchase an estimated 157,000 metric tons of rice to be sourced from China and the United States.
• SOYMEAL PURCHASE: South Korea’s Major Feedmill Group purchased about 63,000 metric tons of soymeal expected to be sourced from South America in a private deal on Monday without an international tender being issued.

PENDING TENDERS

• WHEAT TENDER: A state grains buyer in Syria was still considering price offers in an international tender to buy about 200,000 metric tons of soft milling wheat which closed this week with no purchase yet made
• 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.
• FEED BARLEY TENDER: Jordan’s state grains buyer issued an international tender to purchase up to 120,000 metric tons of animal feed barley.

 

 

 

 

TODAY

USDA CROP PROGRESS: Corn 11% Harvested, Soybeans 9% Harvested

Highlights from the report:

• Corn 66% G/E vs 67% last week, and 65% a year ago
• Winter wheat planted 20% vs 11% last week, and 23% a year ago
• Corn harvest 11% vs 7% last week, and 13% a year ago
• Soybeans 61% G/E vs 63% last week, and 64% a year ago
• Soybeans harvested 9% vs 5% last week, and 12% a year ago
• Spring wheat harvest 96% G/E vs 94% last week, and 95% a year ago
• Cotton 47% G/E vs 52% last week, and 37% a year ago
• Cotton harvested 12% vs 9% last week, and 13% a year ago

 

US Inspected 1.329m Tons of Corn for Export, 484k of Soybeans

In week ending Sept. 18, according to the USDA’s weekly inspections report.

• Soybeans: 484k tons vs 822k the previous wk, 499k a yr ago
• Corn: 1,329k tons vs 1,513k the previous wk, 1,150k a yr ago
• Wheat: 854k tons vs 756k the previous wk, 725k a yr ago

 

US Corn, Soybean, Wheat Inspections by Country: Sept. 18

Following is a summary of USDA inspections for week ending Sept. 18 of corn, soybeans and wheat for export, from the Grain Inspection, Packers and Stockyards Administration, known as GIPSA.

• Soybeans for Egypt-bound shipments made up 141k tons of the 484k total inspected
• Mexico was the top destination for corn inspections, Philippines led in wheat

 

China buys Argentine soybeans after tax drop, leaving US farmers sidelined

• China buys at least 10 Argentine soybean cargoes after tax drop
• Cargoes for delivery in key period typically dominated by U.S.
• Move piles pressure on U.S. as China skips new-crop beans

Chinese buyers booked at least 10 cargoes of Argentine soybeans after Buenos Aires on Monday scrapped grain export taxes, three traders said on Tuesday, dealing another setback to U.S. farmers already shut out of their top market and hit by low prices.

Argentina’s temporary tax move boosts the competitiveness of its soybeans, prompting traders to secure cargoes for fourth-quarter inventories in China, a period usually dominated by U.S. shipments but now clouded by Washington’s trade war with Beijing.

The Panamax-sized shipments of 65,000 metric tons each are scheduled for November, with CNF (cost and freight) prices quoted at a premium of $2.15-$2.30 per bushel to the Chicago Board of Trade (CBOT) November soybean contract, two traders with direct knowledge of the matter said.

One of the traders said Chinese buyers had booked 15 cargoes.

The deals are a fresh blow for U.S. farmers, who are missing out on billions of dollars of soybean sales to China halfway through their prime marketing season as unresolved trade talks freeze exports and rival South American suppliers led by Brazil step in to fill the gap, traders and analysts have said.

“These deals were done last night after Argentina’s decision on export tax,” said one of the traders, declining to be identified as they were not authorized to speak with media. “It clearly means that China doesn’t need U.S. beans.”

China, the world’s biggest buyer of soybeans, has yet to purchase any U.S. soybean cargoes from its autumn harvest, traders have said.

On Friday, Chinese President Xi Jinping and U.S. President Donald Trump held a phone call but neither side reported any update on agriculture, further squeezing Chicago soybean futures already near 5-year lows.

Earlier this month, Reuters reported that China had nearly completed soybean purchases for October shipment and booked around 15% of its November needs, all from South America. By that time in previous years, traders said, China would have bought 12-13 million tons from the U.S. for Sept-Nov shipment.

 

Argentina Scraps Tax on Grains Exports Through Oct. 31: Adorni

Goal is to generate higher USD supply during this period, presidential spokesman Manual Adorni said on an X post.

• Old politics tries to cause uncertainty to boycot the government’s program, Adorni said
• “By doing so, they are punishing the Argentines: we will not allow it.

 

China trade envoy meets US Midwest delegation as agriculture exports loom large in talks

Senior Chinese trade negotiator Li Chenggang met political and business leaders from the U.S. Midwest, the commerce ministry said on Tuesday, with analysts speculating the region’s food exports will be key to any U.S.-China trade deal.

U.S.-China commercial ties had featured in Monday’s talks, the ministry said in a statement, without giving details.

China, the world’s biggest buyer of soybeans, has yet to buy any U.S. soybean cargoes from its autumn harvest, traders have said, the bulk of which come from the Midwest.

Trade analysts anticipate U.S. President Donald Trump will want China to commit to buying more American agricultural goods and Boeing BA.N jet planes, among other items, as part of any deal to end the two largest economies’ current tariff war.

But Chicago soybean futures, already near 5-year lows, fell further on Friday, after neither side reported any update on agriculture, following Trump’s telephone call with Chinese President Xi Jinping.

On Tuesday, U.S. Ambassador to China David Purdue told reporters he thought negotiations over China buying more Boeing aircraft had entered their last days or weeks.

 

Top US Diplomat in Brazil Plans Amazon Visit Amid Trade Rift

The top US diplomat in Brazil is set to travel to the Amazon this week to discuss deforestation and organized crime in the region, according to two people familiar with the plans.

US Chargé d’Affaires Gabriel Escobar is due to visit the city of Belem, which will host the United Nations’ COP30 climate summit in November. The trip comes amid high tensions between the two countries. In July, President Donald Trump imposed a 50% tariff on many Brazilian goods and launched a trade probe of Brazil that will scrutinize deforestation, among other practices.

The Trump administration has also vowed to respond after the Brazilian Supreme Court this month convicted former President Jair Bolsonaro, a Trump ally, for attempting a coup to stay in power. On Monday, the US sanctioned the wife of Brazilian Supreme Court Justice Alexandre de Moraes and revoked the visas of six former and current Brazilian judicial officials.

Escobar plans to meet in Belem with non-government researchers who study the Amazon, said the people, who didn’t want to be named discussing the schedule. The US Embassy in Brasilia didn’t respond to a request for comment on the diplomat’s trip.

According to the Office of the US Trade Representative, weak law enforcement has contributed to illegal deforestation in Brazil. The agency claims that unauthorized clearing of forest for pasture or cropland “provides an unfair competitive advantage to agricultural exports” by lowering costs and freeing up more area for farming. The investigation, initiated under Section 301 of the 1974 Trade Act, adds that Brazil is a major competitor of the United States in beef, corn and soybean production.

The USTR also argues that illegal logging in Brazil is widespread, with more than one-third of Amazonian timber estimated to come from unlawful sources. In 2021, the environment minister of then-President Bolsonaro, Ricardo Salles, resigned amid an investigation launched after a US embassy official reported irregularities in timber export paperwork he had approved.

According to satellite monitoring by the Brazilian government, Amazon deforestation has dropped by nearly 50% since President Luiz Inácio Lula da Silva returned to office in 2023. Rainforest clearing reached a 15-year high under Bolsonaro’s rule, from 2019 to 2022.

Washington has yet to say whether it will send a delegation to attend COP30. One of Trump’s first actions in his second term was to withdraw the US from the Paris climate accord.

 

Brazil 2025/26 Soy Sowing 0.9% Done as of Sept. 18: AgRural

Sowing of Brazil’s soybean harvest reached 0.9% of the estimated area, compared to 0.1% a week earlier and repeating the pace seen in the same period last year, according to an emailed report by consultancy AgRural.

• “Although low humidity is still limiting the progress of machinery, the forecast for good rainfall in several areas of the country should give momentum to works this week,” AgRural said
• 2025/26 summer corn sowing reached 25% of the estimated area for the Center-South of Brazil, from 17% a week earlier and 26% in the same period last year

 

Brazil’s Oilseed Crushing Capacity Rises 5.7% Y/y: Abiove

Industries that process soybeans and other oilseeds in Brazil have reached enough installed capacity to crush 76.4 million tons a year in 2025, a 5.7% annual increase, industry group Abiove says in report.

• A total of 127 plants are actively operating in the country, most crushing soybeans with some also processing other materials such as cottonseed
  • That compares with 113 active plants in 2024
  • As many as 17 plants aren’t actively producing, a reduction from 19 last year
• Greater biodiesel demand has driven investment in new plants and allowed crushers to reactivate previously idled units, Abiove’s Director of Economics and Regulatory Affairs Daniel Furlan Amaral says
• Investments planned for the next 12 months to total 5.9 billion Brazilian reais ($1.1 billion)
  • That should generate an estimated expansion of 18,850 tons per day in installed capacity

 

WHEAT/CEPEA: Harvesting in Brazil and decreases abroad and of dollar press down values

As the harvesting of the new crop progresses in Brazil, increasing the domestic supply, quotations move down. Besides this scenario, decreases in the international market and of dollar values over the last days have reinforced the downward trend.

According to data from Cepea, between September 12 and 19, in the wholesale market (deals between processors), values moved down 1.23% in Rio Grande do Sul, 1.02% in São Paulo, 5.7% in Paraná and 0.93% in Santa Catarina. The prices paid to wheat farmers (over-the-counter market) moved down 4.4% in Santa Catarina, 1.85% in Rio Grande do Sul and 4.08% in Paraná. The US dollar dropped 0.65% against Real in the same period, at BRL 5.32 on Sept. 19.

2025 CROP – Conab reports that 13.8% of the area had been harvested in Brazil up to September 13. In Paraná, data from Seab/Deral indicate that 25% of the total had been harvested until Sept. 16.

 

Russia maintains 2025 grain crop forecast at 135 million metric tons

Russia’s agriculture ministry maintained the 2025 grain crop forecast at 135 million metric tons, Interfax reported on Tuesday.

Interfax cited the ministry as saying that 119 million tons have been harvested so far.

 

Ukraine Starts Sowing Winter Grains in All Regions: Ministry

Ukrainian farmers have started their winter sowing campaign, planting 1.6 million hectares of crops as of Sept. 23, according to information posted on the website of the economy ministry.

• That compares with 1.8m hectares in the same period last year
• The 2025 figures include:
  • 672,000 hectares of winter wheat vs 878,800 hectares last year
  • 37,700 hectares of winter barley vs 45,000 hectares last year

 

Ukraine’s Grain Exports Fall About 40% Y/y So Far This Season

Ukraine has exported 5.82m tons of grain and legumes since the season started on July 1, compared with almost 9.8m tons at a similar time last year, the agriculture ministry said on its website.

• Total includes:
  • 4m tons of wheat, down 28% y/y
  • 791,000 tons of barley, down 36% y/y
  • 893,000 tons of corn, down 66% y/y
• Ukrainian farmers have harvested almost 29.8m tons of grains and legumes so far, according to a statement on the economy ministry’s website
• NOTE: The grain harvest reached 32m tons at a similar time last year
• Grain has been collected from 7m hectares, or 62% of the total area
• The total includes 22.5m tons of wheat, similar to last year’s level
• Sunflower seed harvest has reached 2.4m tons vs almost 4.9m tons in the same period last year

 

EU Further Cuts Corn, Sunflower Yield Outlooks on Drought: MARS

Drought and repeated summer heat waves in southeast Europe led to irreversible crop yield losses in some nations, the European Union’s Monitoring Agricultural Resources unit said in a report Monday.

• Corn and sunflower crops were most affected
• Conditions elsewhere in the region were more favorable, with northern Europe expected to see above-average harvests and western and central areas seeing stable yields

 

Kazakhstan May See Grains Harvest of 24m Tons This Year

Kazakhstan may harvest 24m tons of grains this year, Deputy Prime Minister and National Economy Minister Serik Zhumangarin said in an interview.

• That compares with a record 26.7m tons harvested in 2024, government data show
• Although Kazakhstan planted a larger area of oil seeds, it reduced the total area for grains by 1m hectares: Zhumangarin

 

USDA attaché sees Mexico’s 2025/26 corn crop rising 8%

Following are selected highlights from a report issued on Monday by the U.S. Department of Agriculture’s Foreign Agricultural Service post in Mexico City:

“Improved dam levels and increased demand for local white corn and rice are expected to drive up production in marketing year 2025/2026. Sorghum and wheat production are projected to decline due to weaker price expectations. Higher corn production is likely to stabilize imports, even as domestic demand remains robust. Imports of wheat, rice, and sorghum are forecast to increase, as production is unable to meet rising consumption…. Mexico’s corn production is forecast to recover by 8% to 25.0 million metric tons (MMT), driven by higher local white corn prices compared to other grains, favorable weather, and gradual recovery of reservoirs following drought conditions in Sinaloa for two consecutive years. However, forecast production remains 3% below the five-year average as major producing states work to restore planted areas and improve yields. Higher domestic output is expected to keep imports steady at 25.0 MMT.”

 

Canadian durum samples show damage from wet weather

Canada’s durum crop has been damaged from rainy, damp conditions, with some farmers holding off on harvesting crops in the hopes of drier weather, according to the country’s grain quality agency.

Mildew and sprouting damage has appeared in some early crop samples arriving at the Canadian Grain Commission, inspectors said to reporters at its headquarters on Friday.

CGC grain inspector Chris Fleury said that durum wheat appears to be particularly affected by the wet conditions.

Sprouting in durum wheat kernels lowers the quality of the grain for pasta and couscous makers, who are major customers in North America, Italy and North Africa. Mildew can also lower quality.

More than half of the world’s durum exports come from Canada.

Statistics Canada on September 17predicted a Canadian durum crop of 6.53 million metric tons, which would be the largest since 2020’s 6.57 million.

“We almost had perfect harvest conditions” since 2020 until this year, Fleury said.

Late season rainfall has boosted production but may have impacted quality.

Dry summers from 2020 through 2024 have resulted in smaller crops, with 2021’s 3 million tons the smallest since 2010. However, dry conditions have also meant a high quality crop, with limited damage from the wetness that can result in sprouting and mildew.

Thousands of farmer-supplied samples of crops have started arriving at the Canadian Grain Commission, which analyzes the quality of Canada’s major crops. It is early in that process and will take weeks to get a full sense of what is coming off prairie fields.

While about two-thirds of the prairies have not had major harvest delays due to rain, farmers in areas including southeastern Saskatchewan, which produce millions of tons of cereal grains like spring wheat, durum, oats and barley, have often had to postpone harvesting their crops in September, hoping drier weather will soak up some of the wetness in the crop.

Spring wheat in eastern Saskatchewan and most of Manitoba could also be affected by the damp conditions, Fleury said. Millions of acres of crops on the eastern third of the prairies are still standing uncut or lying in swaths due to frequent rains from late August through September.

 

Cattle Futures Gain With Deadly Pest Detected Near US Border

Cattle futures prices rose to the highest in more than three weeks after a deadly pest was detected in Mexico just 70 miles away from the US border.

The New World screwworm was found in the Mexican state of Nuevo León, marking the northernmost detection of a deadly parasite that is fatal to cattle, the US Department of Agriculture said on Sunday. Mexico’s Agriculture Ministry said in a statement that the case was detected with the larvae in an early phase, before it could grow into a fly.

The most-active live cattle futures contract in Chicago rose as much as 2.4% on Monday to the highest level since an Aug. 27 record. Prices for the feed cattle that move into feedlots climbed by their daily price limit.

The case is near a major highway from Monterrey to Laredo, Texas, and is much closer than the prior northernmost detection in Veracruz about 370 miles farther south, according to the USDA. The ill animal in Nuevo León had been moved from a southern Mexican region with active screwworm cases.

The National Cattlemen’s Beef Association said the spread is “extremely concerning” and called for additional government actions to combat the parasite, including the faster construction of a planned sterile fly facility and the authorization of new pesticides.

US imports of cattle, bison and horses from Mexico have been on pause since July, after the parasite’s continued spread halted a short-lived restart of such shipments. The disruption comes as US prices for cattle — and in turn, beef — have surged due to a shrinking domestic herd and tariffs on Brazilian supplies.

 

Ukrainian Railways plans freight tariff increase to tackle debt

• Ukrainian Railways spends heavily to keep running
• Recovery plan drawn up, envisages hiking freight rates
• Recovery plan is under government review
• It not approved, deficit in 2026 could hit $728 million

State-owned Ukrainian Railways has prepared a recovery plan that includes raising freight tariffs to help control its debt amid intensified Russian attacks and falling cargo deliveries, CEO Oleksandr Pertsovskyi said in an interview.

The company, which employs 170,000 people and dominates freight and passenger transport in Ukraine, has seen cargo traffic almost halved since early 2022, while operation costs are rising because of war damage.

If the recovery plan, which is under government review, is not approved, the company will need a 30-billion-hryvnia ($728-million) injection from the state budget to cover low tariffs, repairs and debt payments next year, Pertsovskyi said.

He said Ukrzaliznytsia had spent up to 10 billion hryvnia ($242 million) during Russia’s war on Ukraine just to keep the company running after persistent and escalating attacks, and the figure to properly repair the damage would be far higher.

The potential arrears and maintenance spending have not previously been reported.

 

US Milk Production Rose 3.3% Y/y in August, USDA Says

Agency releases report on website.

• Output for the 24 major-producing states was 18.77b lbs, 604m more than in August of last year
• Milk per cow averaged 2,068 lbs, a 1.4% increase from last year
• Estimated output for all the US rose 3.2% y/y to 19.52b lbs

 

 

 

 

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