Tidbits, Iran & China, Biofuel, Labor, Phosphates, Weather, Export Sales 8/28/26
- Wright team
- 11 minutes ago
- 4 min read
Tidbits
Iran & China:
On Tuesday, Treasury Secretary Bessent announced new sanctions to strangle Iran economically and target countries and businesses doing business with Iran. Bessent put countries on notice that they will have to work with the United States or face losing access to the global dollar-based financial system. Late Wednesday, a Treasury spokesperson said China would be exempt, which means the soybean market dodged a bullet.
High temperatures and heavy rain have battered China's key corn, soybean and cotton-growing regions since mid-July, threatening crop quality and yield losses that could boost imports of feed grains and cotton, including from the United States.
Biofuel: The EPA said on Tuesday it planned to approve all refinery applications for ethanol and RIN waivers to ease gasoline prices at the pump as urged by the White House. Soybean oil dropped 2.2¢ per pound (3.1%) on Tuesday. White House sources announced yesterday there is a plan to shield farmers from the price impact if the waivers are approved, but no details were given.
Labor: A federal judge has ruled that Trump's administration violated federal law by lowering the wages of foreign farmworkers with temporary H-2A work visas and ordered the Labor Department to promptly revisit recent changes to the program.
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