Tidbits, Red Fuel, Sentiment, China Grains, Middle East and Black Sea Shipments 10/7/26
Tidbits
Prices surged in the 2nd half of the session for corn, soybean and wheat mostly because of lower U.S. crop ratings. The additional rise in soybean prices was driven by statements from President Trump regarding China's purchases of U.S. agricultural products. Reportedly, China requested offers for soybean shipments from Gulf of Mexico and Pacific Northwest (PNW) ports.
Fuel: President Trump signed an executive order allowing farmers and other qualifying users to temporarily use red-dyed diesel on public highways through December 31 without the normal federal penalties. The administration is also considering delaying or potentially forgiving the 24.4¢ federal diesel tax on that fuel. State fuel taxes are separate, so the final savings will depend on whether individual states follow the federal government's lead.
Farmer sentiment fell in September, with the Purdue University-CME Group Ag Economy Barometer sliding to 123 points from 135 in August, as a record percentage of respondents cited high input costs as their top worry and less than half said the U.S. was on the “right track.” 22% of producers said they expect their operation to be better off financially, while 35% expected worse off a year from now.
Want to read more?
Subscribe to wrightonthemarket.com to keep reading this exclusive post.
