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🏛️ USDA Workforce Cuts & Data Quality
The US Department of Agriculture saw a massive workforce reduction in the first half of the year. Between January and June, more than 20,000 employees left the agency—about 18% of total staff.
Most departures were tied to the Trump administration’s voluntary resignation program, which offered up to six months’ pay. Over 15,000 employees accepted the program, while roughly 2,000 resigned and about 1,300 retired.
The National Agricultural Statistics Service was hit especially hard, losing more than one-third of its workforce. DTN reported that NASS alone lost 275 employees—about 34% of staff—during the first six months of the year.
A USDA Office of Inspector General report shows that another 4,200 employees left between June and October. While USDA says it continues to hire for critical roles and refocus on a “farmer-first” mission, some recent USDA data issues are likely tied to severe understaffing.

🚢 Weekly Export Inspections
US soybean shipments were weak last week, landing near the low end of expectations. USDA reported soybean inspections at 870,199 mt, up from the prior week but sharply lower versus last year. About 44% of shipments were headed to China.
Corn shipments were strong, coming in at 1.7 mmt, well above last year. Wheat shipments also beat expectations at 627,443 mt.
Soybean shipments to China totaled 386,010 mt. Only one cargo moved through the PNW, with the rest shipped out of the Gulf.

🌱 Brazil Soybean Crop Outlook
AgRural raised its estimate for Brazil’s soybean crop to a record 180.4 mmt, well above last season and above USDA’s forecast. Crop conditions have been favorable so far, and harvest has begun in parts of Parana and Mato Grosso.
Conab is forecasting production slightly lower, but still historically large. Yield potential will depend heavily on weather in the months ahead.

🌍 Wheat Market & Black Sea Tensions
Wheat futures moved higher amid escalating Black Sea tensions. Russia increased attacks near Ukraine’s Odesa region, while Ukraine struck Russia’s port of Taman. The disruption risks pushed Chicago wheat futures higher on the session.

📢 USDA Flash Sales & Export Sales
USDA reported another flash sale of soybeans to China, with most of the volume booked for the 2025/26 marketing year.
Export sales data showed strong soybean sales, led by China, while corn and wheat sales came in lower week-to-week. The report was part of USDA’s ongoing catch-up releases.

💰 Gold & Macro Markets
Gold surged to a new record above $4,400 per ounce, supported by geopolitical risk and expectations for interest rate cuts next year. Rising global tensions and uncertainty continue to drive safe-haven demand. Silver prices also moved sharply higher.

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🌾 Staying informed matters—especially right now.