Global Ag News For Nov 7.2025

TOP HEADLINES

Global Food Price Index Drops, Led by Sugar and Dairy: UN’s FAO

Global food prices declined in October, driven by improvements in supply, according to an report from the United Nations’ Food and Agriculture Organization.

• The FAO food index fell 1.6% from a month earlier
• Grains prices dropped by about 1%
• Meat index declined by 2%, led by drops in pig and poultry prices
  • Bovine meat prices continue to rise, driven by higher prices from Australia
• Dairy prices also fell by 3.4% fueled by bigger exports from the EU and New Zealand
• Sugar index slumped 5.3% to its lowest level since December 2020 because of strong output in Brazil, Thailand and India
  • Lower crude oil prices also weighed on demand as it curbs usage from the biofuel sector

 

FUTURES & WEATHER

Wheat prices overnight are down 2 3/4 in SRW, down 2 in HRW, down 1 in HRS; Corn is down 3/4; Soybeans up 4; Soymeal up $0.10; Soyoil up 0.11.

For the week so far wheat prices are down 1 1/4 in SRW, down 4 1/4 in HRW, unchanged in HRS; Corn is down 3 1/2; Soybeans down 3 3/4; Soymeal down $8.80; Soyoil up 0.77.

Year-To-Date nearby futures are down 3.4% in SRW, down 7.0% in HRW, down 6.5% in HRS; Corn is down 6.7%; Soybeans up 9.5%; Soymeal up 1.7%; Soyoil up 24.3%.

Chinese Ag futures (JAN 26) Soybeans down 16 yuan; Soymeal down 19; Soyoil up 10; Palm oil up 20; Corn up 9 — Malaysian Palm is down 40.

Malaysian palm oil prices overnight were down 40 ringgit (-0.96%) at 4109.

There were no changes in registrations. Registration total: 34 SRW Wheat contracts; 124 Oats; 80 Corn; 1,072 Soybeans; 765 Soyoil; 338 Soymeal; 470 HRW Wheat.

Preliminary changes in futures Open Interest as of November 6 were: SRW Wheat down 17,757 contracts, HRW Wheat down 3,873, Corn down 4,160, Soybeans down 10,834, Soymeal up 6,880, Soyoil up 6,368.

 

DAILY WEATHER HEADLINES: 07 NOV 2025

• NORTH AMERICA: Warm weather will persist across the U.S. over the next 15 days. Southern parts of the West are expected to receive above-normal rainfall, while most other regions may experience below-normal precipitation.
• SOUTH AMERICA: Pampas stays cool with below-normal rainfall, while Brazil experiences wet conditions and cooler temperatures.
• EUROPE: Europe will experience warm weather next week, with wet spells expected across Central Europe over the next 15 days.
• ASIA: Asia will be mostly near-normal to cool over the next 15 days except north/central China. Moderate to heavy rain is likely in Vietnam/Thailand and south China during the next 15-day period.
• TROPICS: Typhoon Kalmaegi landfall in Vietnam Coast/Eastern Thailand; Tropical Storm Fung-Wong to make landfall in Luzon, Philippines

Wet spells expected across Europe and the Black Sea region

What to Watch:

• Isolated wet spells across Europe and the Black Sea region
• Warm temperatures across Europe and the Black Sea region

 

Northern Plains: A couple of clippers will move through that should bring some limited precipitation through Saturday. That may include some snow on Saturday as well. Temperatures will fall drastically with that system, but only briefly as temperatures rise next week. Breezy winds may also be an issue, which would be more of a concern for combine fires when the humidity is too low.

Central/Southern Plains: The storm track continues to be well to the north, which should leave the region drier despite some fronts moving into or through the region. One of those fronts will bring down some cold air for Sunday and Monday, but temperatures will quickly rise afterward. The dryness is not a major concern in November as falling temperatures throughout the month will eventually get wheat into more of a dormant state. It will help with harvest and fieldwork, instead.

Midwest: The region continues to be under the gun from multiple clipper systems that will move through the region. One of them moving through this weekend will bring down some colder air for a couple of days. That cold air moving over the warm Great Lakes could add up to some significant lake-effect snow in some prone areas. Winds should be breezy with all the clippers moving through, but precipitation should be rather limited outside of the lake-effect. Overall, conditions are still favorable for the remaining harvest and other fieldwork.

Delta: Water levels are falling on the Mississippi River. Very little precipitation from a couple of fronts this week and complete dryness next week will mean that water levels will return to some hazardous levels for the second half of November if the pattern doesn’t change to bring more systems through the middle of the country. That pattern may be coming, but it does not guarantee improved precipitation chances.

Brazil: A front remains active with showers in central and northern Brazil through next week as it continually gets reinforced by fronts moving up from Argentina. Producers may have been worried about soil moisture for germination and early growth on soybeans, but showers may be heavier into next week and be more beneficial.

Argentina: Soil moisture is still rather good for early growth on corn and sunflowers. Soils are primed for soybean planting which will be increasing this month. Winter wheat has been in really good shape, though consistent rainfall has increased disease pressure. Two more fronts will move through over the next couple of days and again next week, which keep conditions overall favorable. However, longer-range models indicate that the weather pattern may turn drier afterward, a possible turning point in the overall weather conditions.

Europe: Drier weather is in place for the eastern half of the continent for the rest of this week and weekend, but systems moving through the Atlantic will produce some additional rain from the UK down through Spain. One of those systems will likely move through the Mediterranean with beneficial showers this weekend and early next week, catching southeastern Europe with showers as well. Weather conditions are still overall favorable for winter wheat establishment in most areas.

Black Sea: Showers in October have improved soil moisture somewhat throughout the region, but eastern areas are still dealing with deficits and drought for winter wheat establishment. A stretch of drier weather continues through the weekend. Some showers may be possible next week which may be helpful for some areas. Temperatures are still above normal, delaying dormancy for northern areas. If showers do not come with the warmth, wheat plants will continue growing in some fairly insufficient soil moisture. The region will need an active winter to have good wheat prospects for next year.

 

The player sheet for 11/6 had funds: net sellers of 8,500 contracts of SRW wheat, sellers of 15,000 corn, sellers of 18,000 soybeans, sellers of 9,000 soymeal, and sellers of 2,000 soyoil.

TENDERS

• FEED WHEAT SALE: South Korea’s Feed Leaders Committee (FLC) purchased around 60,000 metric tons of animal feed wheat in an international tender seeking up to 130,000 tons on Thursday
• WHEAT PURCHASE: A South Korean flour mill group bought an estimated 50,000 metric tons of milling wheat to be sourced from the United States in an international tender on Friday
• BARLEY TENDER: Tunisia’s state grains agency issued an international tender to purchase an estimated 75,000 metric tons of animal feed barley
• 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 UPDATE: The lowest price offered in the tender from Bangladesh’s state grains buyer to purchase 50,000 metric tons of rice, which closed on Thursday, was estimated at $355.59 a metric ton CIF liner out.

PENDING TENDERS

• RICE TENDERS: Bangladesh’s state grains buyer issued an international tender seeking 50,000 tons of rice with price offers to be submitted on November 3.
• RICE TENDER: South Korea’s state-backed Agro-Fisheries & Food Trade Corp issued international tenders to purchase an estimated 78,744 metric tons of rice to be sourced from China, Thailand and also from unrestricted optional origins
• MILLING 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
• RICE TENDER: Bangladesh’s state grains buyer issued an international tender to purchase 50,000 metric tons of rice.
• RICE TENDER: Bangladesh’s state grains buyer issued another international tender to purchase 50,000 metric tons of rice.

 

 

 

TODAY

China soybean imports hit record October high on strong South American supply

• China’s soybean imports hit record highs for six consecutive months
• October imports fell 26% from September, following seasonal patterns
• Recasts; adds analyst comment in paragraph 4,7-8, details, background throughout

China’s soybean imports reached a record level for the month of October, a Reuters calculation of customs data showed on Friday, as buyers ramped up purchases from South America, while Beijing and Washington were mired in a trade war.

The world’s top soybean buyer brought in 9.48 million metric tons in October, the General Administration of Customs said, up 17.2% from 8.09 million tons a year earlier.

China’s soybean imports have set records from May through October of this year.

“October soybean imports reached a record high for the month as crushers rushed to buy as much as they could, aiming to secure steady production and avoid possible price spikes in Brazil caused by missed China–U.S. shipments,” said Wang Wenshen, an analyst at Sublime China Information.

In the first 10 months of the year, China’s soybean imports rose 6.4% from a year earlier to 95.68 million tons, the customs data showed.

But October imports were down 26.3% from September, reflecting typical seasonal patterns.

“In September, the concentrated arrivals of Brazil’s old-crop soybeans reached their final stage, resulting in a high comparison base,” said Liu Jinlu, an agricultural researcher at Guoyuan Futures.

“October typically marks the start of the U.S. soybean harvest, but due to the earlier suspension of China-U.S. soybean trade, shipments of new-crop U.S. beans were almost nonexistent,” she added.

Beijing initiated modest purchases of American farm products after the leaders of China and the U.S. met last week. But traders were still awaiting significant purchases of soybeans after the White House said Beijing pledged to buy 12 million tons by the end of the year.

Traders and analysts said China’s decision to maintain a 13% tariff on soybeans made U.S. shipments too expensive for commercial buyers, when compared with Brazilian cargoes.

Recently, Chinese importers bought 20 cargoes of cheaper Brazilian soybeans as South American prices eased on expectations that U.S. sales would resume, while COFCO took three U.S. cargoes ahead of the U.S.-China leaders’ meeting.

 

Chinese firm signs $5.2 billion of agricultural deals with traders including Cargill, LDC

Chinese supply chain operator and property developer Xiamen C&D said on Thursday it had signed contracts totalling over $5.2 billion with seven agribusinesses and trading houses including Cargill and Louis Dreyfus Company in Shanghai.

The contracts signed covered soybeans, corn and cotton among other goods, the Xiamen-based company said in statements released on its Chinese social media account.

Xiamen C&D’s deal with Cargill, a U.S. firm, would supply the Chinese company’s animal feed and food processing businesses, according to one of the statements.

It was not immediately clear if the Cargill deal touches on soybeans, a highly watched commodity after Washington said China would resume purchases of U.S. soybeans as part of a trade truce reached last month.

The Chinese firm’s $2.5 billion deal with agricultural commodity merchant Louis Dreyfus Company would help establish a stable global agricultural supply network, it said in a statement published on Wednesday.

Xiamen C&D’s other contracts were signed with Swiss-based Syngenta and U.S.-based CHS, as well as Olam, BTG Pactual and Cutrale.

 

Brazil October Agriculture, Mining Exports by Volume: MDIC

Following is a summary of key Brazilian agriculture and mining exports by volume, from the Brazilian Trade Ministry.

• Soybean exports rose 43% in October from a year ago
• Beef exports rose 19% y/y
• Coffee exports fell 17% y/y

 

Argentina’s soy planting begins with ‘optimal’ moisture, exchange says

Argentine farmers began planting their fields with soy for the 2025/26 season in recent days, the Buenos Aires grains exchange said on Thursday, noting most fields benefited from “optimal” surface moisture conditions.

Argentina is the world’s largest exporter of soybean oil and meal, and the exchange expects this season to yield some 48.5 million metric tons of crop.

Farmers have planted 4.4% of the 17.6 million hectares it expects will be sown with soy, it added.

Corn farmers are waiting for optimal conditions to begin planting the late-maturing crop for the 2025/26 season, it added, which usually begins at the end of November.

Farmers have so far planted 36% of the 7.8 million hectares the exchange predicts will be planted with corn, and which it expects to produce some 58 million tons.

Argentina’s 2025/26 wheat output is forecast at 22 million tons and farmers have so far harvested some 11.6% of fields they planted, it added.

The exchange said it has not finished assessing the impact of late-season frosts that hit crops in the southern part of the country’s agricultural heartlands.

 

Argentine Soy, Corn, Wheat Estimates Nov. 6: Exchange

The Buenos Aires Grain Exchange releases weekly report on website.

• 2025-26 soybean area estimate maintained at 17.6m ha
  • Planting at 4.4% complete

 

Brazil Soy Exports Seen At 3.77 Million Tons In November – Anec

• BRAZIL SOY EXPORTS SEEN REACHING 3.77 MILLION METRIC TNS IN NOVEMBER VERSUS 2.34 MILLION TNS IN THE SAME PERIOD LAST YEAR – ANEC
• BRAZIL SOYMEAL EXPORTS SEEN REACHING 2.23 MILLION TNS IN NOVEMBER VERSUS 1.73 MILLION TNS IN THE SAME PERIOD LAST YEAR – ANEC
• BRAZIL CORN EXPORTS SEEN REACHING 5.57 MILLION TNS IN NOVEMBER VERSUS 4.92 MILLION TNS IN THE SAME PERIOD LAST YEAR – ANEC

 

World Grains Stock-to-Use Ratio Seen Rising to 8-Year High: FAO

Global grain production and stockpiles are seen at record highs in the 2025-26 season, according to a report from the UN’s Food and Agriculture Organization.

• FAO forecasts global grain production at 2.99b tons
  • That’s up from its October estimate for 2.97b tons
  • Output of all major grains are expected to rise, led by corn
• The stock-to-use ratio is forecast to rise to 31.1%, the highest level since 2017-18
• Total grains stockpiles at the end of season are seen rising to 916.3m tons, up 16.1m tons from a October forecast
• Forecasts for rice stockpiles were revised up to a new peak of 215.4m tons

 

Kazakhstan Sees Grain Export at 13m Tons This Season: Ministry

Kazakhstan plans to keep this year’s harvest grain exports at about the same level as last season, agriculture ministry says on its website.

• The central Asian nation exported 13.4m tons last season

 

French Corn Harvest 90% Done, Wheat Sowing Progresses: AgriMer

France’s corn harvest was 90% complete as of Monday, up from 82% in the previous week, and faster than the five-year average of 83% for this time of year, FranceAgriMer said on its website.

• Some 79% of the soft-wheat crop was planted as of Monday, up from 68% the previous week
  • That’s faster than the 59% at the same time last year and the five-year average of 74%
• The winter barley crop was 87% planted, compared with 80% the previous week and a five-year average of 85%
  • 98% of the barley was rated in good or very good condition
• Some 23% of the durum wheat crop was planted as of Monday, up from 9% the previous week

 

Argentina’s oilseed industry reaches wage deal with union, avoids strike

Argentina’s oilseed workers’ union SOEA and industry chamber CIARA reached a wage increase agreement, both sides said, avoiding a strike that would have paralyzed activity at soybean crushing plants.

Argentina is the world’s largest exporter of soybean oil and meal, and unions in the sector have held a series of labor disputes with companies.

“We reached an understanding, we are signing an agreement,” SOEA’s union secretary, who was at the Argentine Labor Secretariat where the parties met to negotiate, told Reuters late Wednesday.

The conflict between the SOEA union and country’s grains processors and exporters’ chamber began last month, when SOEA announced a strike in Argentina over wage demands.

Argentina’s government then intervened and issued a “compulsory conciliation” which obliged the unions to suspend the strike and return to negotiations.

However, that measure was due to expire on Thursday and SOEA had said that without an agreement a new strike would be “imminent”.

“The wage deal reached at the end of the mandatory conciliation process will bring social peace for the rest of 2025,” CIARA said on X.

The chamber added that the agreement included SOEA and Federacion Aceitera, another union that represents a minority of the industry’s workers.

 

Export duty on Russian wheat falls 54.6% to 76 rubles/tonne – Agriculture Ministry

The export duty on Russian wheat from November 7 to November 11 is 76 rubles per tonne compared to 167.7 rubles the week before, the Agriculture Ministry said.

It has therefore fallen 54.6%.

The duties on barley and corn remain at zero.

The rates were calculated based on indicative prices of $226.5 per tonne for wheat ($225.5 for the previous period), $194.7 for barley ($191.3) and $210.2 for corn ($208.6).

The new rates will be in effect from November 7 to November 11 inclusive.

The Agriculture Ministry previously said that the rates for the period from November 12 to November 18 inclusive will be published on November 7.

Russia introduced a grain damper mechanism on June 2, 2021, which stipulates floating duties on the export of wheat, corn and barley and the return of funds received from them to subsidize agricultural producers. The duties are calculated weekly from indicators based on the prices of export contracts registered on the Moscow Exchange (MOEX: MOEX). Duty rates were initially calculated in dollars and in rubles since July 2022. The duty is 70% of the difference between the reference and indicative prices.

The base price is currently 18,000 rubles per tonne for wheat and 17,875 rubles per tonne for barley and corn.

 

 

 

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