Overview

• USDA data as of Sept. 11 show zero Chinese bookings for 2025–26, the first such start since records began in 1999.
• Chinese importers and crushers have secured months of cargoes from Brazil and built inventories viewed as sufficient through late 2025.
• U.S. soybean futures hover near multi-year lows as growers warn of severe financial strain and urge a deal or government relief.
• A call between Xi Jinping and President Trump was scheduled for Sept. 19, with trade disputes, including agriculture, in focus according to reporting.
• China has also pared back new-season purchases of U.S. corn, wheat and sorghum while sourcing from Brazil, Canada and Australia.