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🚢 Mexico's Bold Port Expansion Despite Trade Concerns 🌎

Mexico is moving forward with a $2.7 billion port expansion at the Port of Manzanillo, aiming to more than double its capacity 🚢. This expansion will place it among the top 20 container ports globally 🌍. The port handles goods from over 140 countries, focusing on automotive, agricultural, and steel products. However, there are concerns from the US and Canada that Mexico could become a conduit for China to bypass trade restrictions and enter North America 🚫🇨🇳. Donald Trump has indicated that he plans to impose tariffs on imports from China and Mexico, including a 20% tariff on all goods and a 60% tariff on Chinese imports 📉. Trump has also suggested tariffs of over 200% on imported cars from Mexico 🚗.

🌱 Trump Appoints Brooke Rollins to Lead USDA 🌾

Brooke Rollins has been appointed by Donald Trump to lead the USDA. This surprise choice comes after significant debates among Trump's advisors and agricultural groups 🏛️. Although Rollins has deep ties to Trump and grew up on a farm, she has less agricultural policy experience compared to other candidates. As Secretary of Agriculture, Rollins will play a critical role in shaping agricultural policy, farm subsidies, and trade decisions, including Trump’s proposed tariffs 🏞️🍽️.

🌽 Funds Increase Net-Long Position in Corn Market 💼

"The Funds" have ramped up their net-long position in the corn market, as large money managers bought 7,000 corn contracts last week 📈. This brings their total net purchases to 463,000 contracts since July. The corn market remains strong amid solid demand, and fund managers continue to stay bullish 🌽. On the other hand, soybeans and SRW wheat saw net selling activity last week 📉.

🌱 Brazil’s Soybean Planting Surges Ahead 🌾

Brazilian soybean planting has made rapid progress, with 83.3% of the expected area already planted 🧑‍🌾, compared to 74.7% last year at this time. Adequate rainfall in recent weeks has accelerated planting, alleviating earlier concerns about dryness 🌧️. With planting well ahead of schedule, Brazil is on track to produce another bumper soybean crop 📊.

🐄 High Cattle On-Feed Numbers Reported 🐄

Cattle on feed in the US remains high, with 12 million head as of November 1, matching pre-report expectations 📉. Placements in October were 105.3% of year-ago levels, reflecting higher placements due to ongoing drought conditions in cattle regions 🐂. Despite this, marketings were lower than expected, with 104.7% of year-ago levels, indicating market stability in the face of strong demand.

🌾 USDA Flash Sale of Soybeans 📦

On Friday, the USDA reported a flash sale of 198,000 metric tons (7 million bushels) of soybeans to unknown destinations for delivery in the 2024/2025 marketing year 🌍. Since November, unknown destinations have bought 1.2 million metric tons (44 million bushels) of US soybeans through flash sales, indicating continued strong demand for US agricultural exports 🌾📦.