Global Ag News For Nov 25.2025

TOP HEADLINES

Three vessels bound for US Gulf Coast terminals to load soybeans, sorghum for China

Two cargo vessels were headed for grain port terminals near New Orleans on Monday to load with the first U.S. soybean shipments to China since May, according to a shipping schedule seen by Reuters.

A third vessel was en route to a Texas Gulf Coast grain terminal to be loaded with China-bound U.S. sorghum in the coming days in what will be the first American shipment of the feed grain to China since mid-March, the shipping schedule showed.

U.S. farmers and grain traders have been awaiting shipments to China to resume after Beijing shunned U.S. crops for months due to a trade war with Washington, costing U.S. farmers billions on lost trade.

China has booked nearly 2 million metric tons of U.S. soybeans and a smaller volume of wheat since a meeting between presidents Donald Trump and Xi Jinping in South Korea in late October, when the White House said Beijing agreed to buy 12 million tons of soybeans by the end of the year. China has not confirmed the deal and questions about the agreement or when any sales would ship have fueled uncertainty in grain markets.

U.S. Agriculture Secretary Brooke Rollins said Monday that the Trump Administration expects to sign a deal within two weeks.

The vessel Ocean Harvest is due to arrive at Cargill’s Reserve, Louisiana, terminal and the vessel Tokugawa is scheduled to arrive at a Convent, Louisiana, terminal owned by Zen-Noh Grain this week, both to be loaded with U.S. soybeans, the shipping schedule showed. A third vessel, Bungo Queen, is due to arrive for loading with U.S. sorghum at the Archer-Daniels-Midland terminal in Corpus Christi, Texas, in the next week.

Cargill, ADM and Zen-Noh did not immediately respond to requests for comment.

 

FUTURES & WEATHER

Wheat prices overnight are up 2 1/4 in SRW, up 2 1/2 in HRW, down 0 in HRS; Corn is up 2; Soybeans up 2 1/4; Soymeal up $3.70; Soyoil down 0.28.

For the week so far wheat prices are down 2 3/4 in SRW, down 1 in HRW, unchanged in HRS; Corn is up 1; Soybeans up 3/4; Soymeal up $2.80; Soyoil down 0.33.

For the month to date wheat prices are down 11 1/2 in SRW, down 11 3/4 in HRW, up 0 in HRS; Corn is down 5 1/4; Soybeans up 10 1/4; Soymeal down $1.50; Soyoil up 1.17.

Year-To-Date nearby futures are down 4.9% in SRW, down 8.7% in HRW, down 4.2% in HRS; Corn is down 7.3%; Soybeans up 12.8%; Soymeal up 3.5%; Soyoil up 25.5%.

Chinese Ag futures (JAN 26) Soybeans down 22 yuan; Soymeal up 4; Soyoil down 14; Palm oil down 82; Corn up 24 — Malaysian Palm is down 65.

Malaysian palm oil prices overnight were down 65 ringgit (-1.60%) at 3990.

There were changes in registrations (-152 HRW Wheat). Registration total: 34 SRW Wheat contracts; 124 Oats; 80 Corn; 1,131 Soybeans; 765 Soyoil; 338 Soymeal; 176 HRW Wheat.

Preliminary changes in futures Open Interest as of November 24 were: SRW Wheat down 1,896 contracts, HRW Wheat down 856, Corn down 26,666, Soybeans up 379, Soymeal down 182, Soyoil down 4,547.

 

RAINS WILL CONTINUE ALONG CENTRAL/NORTHERN BRAZIL FOR THE NEXT COUPLE WEEKS, INCLUDING LOCALIZED FLOODING RISKS

What to Watch:

• Argentina will experience oscillating temperatures through early December, but persistent dryness will be the main concern for corn/soybeans
• Upcoming Brazil rains will benefit coffee/sugarcane and northern corn/soybean areas, while drought risks will continue to build in Southern Brazil
• Dry weather will intensify over Paraguay through the next couple weeks, which will represent a downside risk to corn/soybeans

Brazil – Rio Grande do Sul and Parana: Mostly dry Tuesday-Friday. Temperatures near to below normal Monday-Tuesday, near to above normal Wednesday-Thursday, above normal Friday.

Brazil – Mato Grosso, MGDS and southern Goias: Scattered showers through Friday. Temperatures near normal through Friday.  

Argentina – Cordoba, Santa Fe, Northern Buenos Aires: Mostly dry through Wednesday. Isolated showers Thursday. Scattered showers Friday. Temperatures above normal Tuesday-Thursday, near normal Friday.

Argentina – La Pampa, Southern Buenos Aires: Mostly dry through Wednesday. Isolated showers Thursday. Scattered showers Friday. Temperatures above normal Tuesday-Thursday, below normal Friday.

Midwest West: Snow north Tuesday into Wednesday. Mostly dry Thursday. Scattered rain and snow Friday. Temperatures falling Tuesday, below normal Wednesday-Friday.

Midwest East: Scattered showers Monday-Tuesday. Lake-effect snow Wednesday-Thursday. Scattered rain and snow Friday night. Temperatures above normal Monday-Tuesday, near to below normal Wednesday, below normal Thursday-Friday. Outlook: Isolated to scattered showers Saturday-Wednesday. Temperatures below normal Saturday, below normal west and above normal east Sunday-Monday, below to well below normal Tuesday-Wednesday.

Northern Plains: Scattered showers Monday-Tuesday. Mostly dry Wednesday-Thursday. Scattered showers Friday. Temperatures falling Tuesday, below normal Wednesday-Friday. Outlook: Isolated to scattered showers Saturday-Wednesday. Temperatures below to well below normal Saturday-Wednesday.

Central and Southern Plains: Mostly dry Tuesday-Thursday. Isolated to scattered showers Friday. Temperatures falling Tuesday, below normal Wednesday-Thursday, below normal north and above normal south Friday. Outlook: Isolated to scattered showers Saturday-Wednesday. Temperatures below normal north and above normal south Saturday, below to well below normal Sunday-Wednesday.

 

The player sheet for 11/24 had funds: net sellers of 2,000 contracts of SRW wheat, sellers of 1,000 corn, sellers of 3,500 soybeans, sellers of 500 soymeal, and buyers of 500 soyoil.

TENDERS

• SOYBEAN SALE: The U.S. Department of Agriculture confirmed private sales of 123,000 metric tons of U.S. soybeans for shipment in the 2025/26 marketing year.
• WHEAT SALES: Saudi Arabia’s main state wheat buying agency, the General Food Security Authority (GFSA), said on Monday it has purchased 300,000 metric tons of wheat in a tender.
• CORN PURCHASE: South Korea’s Feed Leaders Committee (FLC) purchased at least 130,000 metric tons of animal feed corn to be sourced from optional origins in an international tender seeking up to 138,000 tons on Tuesday
• CORN PURCHASE: South Korea’s Major Feedmill Group (MFG) purchased around 68,000 metric tons of animal feed corn expected to be sourced from the United States in a private deal on Tuesday without issuing an international tender
• RICE TENDER: The Trading Corporation of Pakistan (TCP), Pakistan’s state agency, has issued a tender to purchase 100,000 metric tons of rice for supply to Bangladesh.
• RICE TENDER: Bangladesh’s state grains buyer has issued another international tender to purchase 50,000 metric tons of rice.

PENDING TENDERS

• RICE TENDER: South Korea’s state-backed Agro-Fisheries & Food Trade Corp issued international tenders to purchase an estimated 78,744 tons of rice to be sourced from China, Thailand and also from unrestricted optional origins.
• RICE TENDER: Bangladesh’s state grains buyer issued an international tender to purchase 50,000 tons of rice.
• WHEAT TENDER: Jordan’s state grain buyer issued an international tender to buy up to 120,000 metric tons of milling wheat which 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.
• RICE TENDER: Bangladesh’s state grains buyer issued another international tender to purchase 50,000 metric tons of rice.

 

 

 

TODAY

US Inspected 1.632m Tons of Corn for Export, 799k of Soybeans

In week ending Nov. 20, according to the USDA’s weekly inspections report.

• Wheat: 475k tons vs 247k the previous wk, 366k a yr ago
• Soybeans: 799k tons vs 1,205k the previous wk, 2,120k a yr ago
• Corn: 1,632k tons vs 2,066k the previous wk, 1,009k a yr ago

 

US Corn, Soybean, Wheat Inspections by Country: Nov. 20

Following is a summary of USDA inspections for week ending Nov. 20 of corn, soybeans and wheat for export, from the Grain Inspection, Packers and Stockyards Administration, known as GIPSA.

• Soybeans for Bangladesh-bound shipments made up 153k tons of the 799k total inspected
• Mexico was the top destination for corn inspections; Philippines led in wheat

 

Brazil Soybean Planting 81% Done as of Nov. 20: AgRural

Planting of Brazil’s 2025/26 soybean crop reached 81% of the estimated area as of Nov. 20, compared with 71% a week earlier and 86% a year ago, according to an emailed report from consulting firm AgRural.

• Main concern remains in Mato Grosso and Goiás states, where irregular rainfall has caused delays in planting
• Planting of the summer corn crop in Brazil’s Center-South region is 93% completed, compared with 85% a week earlier and 95% a year ago

China’s Soy Glut Spurs Surge in Cooking Oil Exports to India

China’s exports of soybean oil to India are surging as weak domestic demand for the cooking ingredient coincides with robust imports of soybeans from South America and, more recently, the US.

Asia’s largest economy shipped a record 70,877 tons of the cooking oil in October, according to customs data, most of which went to India. Exports in the first 10 months of the year have reached 329,000 tons, almost triple what they were for the whole of 2024.

Beijing has long viewed its dependence on foreign soybeans, which are processed into animal feed and cooking oil, as a vulnerability in a world where geopolitics and viruses can quickly disrupt commodity flows. However, robust imports from South America are hitting a fairly tepid local economy, forcing Chinese soyoil processors to seek new markets.

It’s another example of flagging consumption in China resulting in a surplus, with the excess flooding into global markets. In this case it’s a development that’s welcome in India, the world’s biggest importer of soybean oil. This newly forged trade route is likely to become busier, as China returns to buying US soybeans after last month’s trade truce, and relations between Beijing and New Delhi improve.

The trade makes logistical sense for India, said Aashish Acharya, a vice president at Patanjali Foods Ltd., one of the country’s top vegetable-oil buyers. “Quality is comparable with South American supplies, prices are competitive and Chinese exporters are seeking reliable buyers.”

Chinese soybean oil is trading at a discount of $10 to $15 a ton to that from South America, and can reach India’s east coast in about 10 to 12 days, compared with the 50- to 60-day journey from Brazil and Argentina, Acharya said.

Imports from China are at about 70,000 tons so far in November and could increase by another 12,000 tons by month-end, he said. They are expected to reach about 350,000 tons in the six months through April, making the country the third-largest supplier to India over the period, Acharya said.

China is the world’s biggest producer of soybean oil, churning out around 20 million tons a year. It used to consume nearly all of that output at home, often having to resort to imports to meet local demand. But as the economy has cooled, people have cut back on eating out, damping soyoil consumption from restaurants.

The trade is being abetted by a glut of soybean oil that’s built up in China. Commercial stockpiles were at more than 1 million tons in mid-November, a seven-year high for that time of year, commodities consultancy Mysteel said in a note. Chinese crushers are expected to maintain a high level of activity and it will take time for local demand to recover, it said.

 

Deals on farmer aid, Chinese soy purchases coming within weeks, USDA chief says

• USDA head Rollins expects farmer aid package announcement within two weeks
• American Farm Bureau Federation says aid ‘urgently needed’
• Rollins confident in China’s commitment to soybean purchases

The Trump administration expects to announce an aid package for U.S. farmers within two weeks and a deal on Chinese soybean purchases, U.S. Agriculture Secretary Brooke Rollins said on Monday without providing further details.

The administration of President Donald Trump has said for months that it would issue aid for farmers hit by low crop prices and trade disputes, but has not yet issued any plan or amount for the aid. U.S. farmers lost billions in soybean sales this year as top buyer China turned to Brazil and Argentina amid tense trade talks with Washington.

“We’ll have an announcement probably in the next week or two on what that’s going to look like,” Rollins, the head of the U.S. Department of Agriculture, told CNBC of the farmer aid.

The American Farm Bureau Federation said on Monday that the aid is “urgently needed” as farmers face the compounding pressures of higher input costs and lower crop prices.

In October, after Trump met with Chinese President Xi Jinping in South Korea, China agreed to buy 12 million metric tons of American soybeans through January, according to the Trump administration. China purchased nearly 1.6 million metric tons of soybeans over three days last week, its largest single-week tally in two years, buoying crop prices.

Two cargo vessels were en route to grain terminals near New Orleans on Monday to load with China’s first U.S. soybean shipments since May, according to a shipping schedule seen by Reuters.

Asked about China’s commitments to buy U.S. soybeans, Rollins said: “We’ve got a significant way to go.”

“I know they are inking the deal this week or next week,” Rollins said, adding that she was confident China would honor its purchase commitments.

“Every sign is their commitment remains true that they will indeed buy, or purchase, 12 million metric tons or put the order in,” she said.

“Even if the purchase order comes in before the end of December, those will move early next year,” she added.

Trump said in a Monday post on Truth Social that he and Xi had discussed soybeans and other farm products in a phone call and that they had “done a good, and very important, deal for our Great Farmers.”

The Chinese embassy did not immediately respond to a request for comment.

 

Ukraine’s 2026 winter sowing 98.1% complete, economy ministry says

Ukrainian farmers had sown 6.4 million hectares of winter crops for the 2026 harvest as of November 25, equating to about 98.1% of the expected area, the economy ministry said on Tuesday.

The ministry has said that farmers plan to increase the 2026 winter grain sowing area to at least 5.43 million hectares from 5.24 million hectares in 2025.

Ukraine traditionally sows winter wheat, winter barley and winter rapeseed.

Ukrainian forecasters said in a report that November weather conditions were favourable for winter crops.

“In the southern, central and eastern regions, where effective precipitation occurred, soil moisture conditions improved significantly,” forecasters said.

“Predominantly warm weather with fog and drizzle was favourable for the growth and development of winter crops, especially late crops,” they noted.

 

Russian Grain Selling at Record Pace Amid Cash Crunch: SovEcon

Russian farmers sold grain at record speed over the past two months as mounting financial pressure forced them to liquidate stocks to repay loans and cover winter planting costs, agriculture consultancy SovEcon said in a note.

• With profits sharply down and export restrictions squeezing margins, accelerated selling is weighing on domestic prices and increasing pressure on global markets
• Grain sales reached 11m tons in September, in a record monthly figure, SovEcon said, citing data from Russian statistic agency Rosstat
• October grain sales were at 9.3m tons, in highest monthly figure since 2022
• Oilseeds sales were at 1.7m tons in September, matching all time high for the month set in 2020
• October oilseed sales rose to 3m tons, just shy of the all-time monthly record in December 2023
• Pre-tax income for grain and oilseed producers fell 25% y/y to 67b rubles ($852m) in Jan–Aug 2025, according to the consultancy’s calculations
• Domestic prices continue to slip, with 12.5% pro wheat down 7% since August and sunflower seed prices 2% below early-season peak
• “We expect farmers to keep selling stocks at an accelerated pace in the coming months, adding pressure to domestic and global markets. The sector’s financial situation is likely to deteriorate further in the coming years as long as current export restrictions remain in place,” said Andrey Sizov, head of SovEcon

 

Europe’s Winter Crop Sowing Gets Delayed by Weather: MARS

Dry or overly wet conditions have delayed local sowing of winter crops in parts of Europe, the European Union’s Monitoring Agricultural Resources unit said Monday.

• Dry conditions are slowing sowing in central Italy, eastern Hungary and western Romania
• Excessive rainfall in southern Romania and northern Bulgaria has caused “major” delays
• A milder autumn means the winter hardening this year is “noticeably less advanced” than this time last year
• Areas where lower temperates are arriving, combined with delayed development, may witness increased vulnerability of crops to frost

 

WHEAT/CEPEA: Despite high supply, dollar values sustain prices in Brazil

Wheat prices remained stable last week in Rio Grande do Sul and rose in other states surveyed by Cepea. Increases are related to the dollar valuation against Real, which compensated the high domestic supply.

According to data from Cepea, between November 14 and 21, in the wholesale market (deals between processors), values remained stable in Rio Grande do Sul, but rose 0.93% in Santa Catarina, 5% in São Paulo and 0.16% in Paraná. The US dollar increased 1.85% against Real in the same period, at BRL 5.397 on November 21.

The 2025 wheat harvesting is close to the end. Conab data indicate that almost 74% of the area had been harvested up to Nov. 15.

IMPORTS – Although prices are attractive in Brazil and in spite of the higher volume available in Brazil, imports are moving at a good pace. Data from Secex indicate that purchases have totaled 277.68 thousand tons until the second week of November (10 producing days). If this pace continues up to the end of the month, Brazil is likely to import 527.6 thousand tons in November, 24% more than in November/24.

 

China extends beef import probe into 2026, giving exporters more breathing room

China has extended its investigation into beef imports by another two months, giving global suppliers a longer temporary reprieve from potential trade restrictions as the domestic industry battles a supply glut.

The investigation will now run until January 26, 2026, the commerce ministry said, citing “the complexity of the case”.

It is the second time the ministry has extended the probe since it launched the investigation last December, as slowing demand squeezes the world’s largest market for beef imports and consumption. The probe does not target any specific country.

In August, China extended the review by three months. Any trade measures to curb imports would affect major suppliers such as Argentina, Australia and Brazil.

“The short extension of just two months is unusual – it suggests officials are not as close to reaching a conclusion as some of the industry rumours have suggested,” said Even Rogers Pay, a director at Beijing-based Trivium China.

“The next few weeks are a busy political period in China, and many major beef trade partners will also be observing major holidays in December, so it could be that everyone needs the extra weeks for finalising the conclusions,” she added.

Chinese authorities have stepped up policy support for the sector this year. In July, an agriculture ministry official said that beef cattle farming had been “generally profitable” for three consecutive months.

Last Friday, the ministry said it aims to consolidate and expand the effects of support measures for beef cattle while promoting a rapid recovery in dairy cow production.

Cattle prices held steady at 25.6 yuan per kilogram this week, up from 23.7 yuan per kilogram during the same period last year, according to data from consultancy Mysteel.

China imported a record 2.87 million metric tons of beef in 2024. Imports for January-October 2025 rose 2.8% year-on-year to 2.41 million tons.

 

 

 

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