Tidbits, China, Russia, Fertilizer & Inputs, Biofuel, Cattle, Tractors 9/19/26
Tidbits
Flash Sales: USDA announced yesterday the sale of 111,000 mts of old crop soybeans to China.
China, Reuters reports:
China agreed to purchase 25 million mts of U.S. soybeans annually through 2028 at the Busan summit in South Korea last year. U.S. officials say China then agreed to add on another $17 billion in other agricultural product purchases during Trump's visit to Beijing in May.
China has never acknowledged those agreements but is nonetheless on track to meet the soybean commitment. Hitting the other will probably require exempting agricultural imports from a final 10% tariff from the trade war.
Analysts expect some waivers after The U.S. Trade Representative said on September 3 there could be announcements to incentivize U.S. agricultural sales to China. Sorghum and corn are candidates as historically they were the largest exports apart from soybeans.
China has historically been among the largest buyers of Iranian and Russian crude oil and the U.S. has sanctioned refiners and other entities for the trade over the years. Ahead of the summit this coming week, the U.S. has raised the possibility of ending some sanctions while also threatening to impose others.
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