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China Retires Meat Export Licenses 🚫🥩
Hundreds of U.S. meat exporters have lost their authorization to send beef, pork, and poultry to China, potentially costing the beef industry $4.1 billion and the pork industry $1.3 billion. This move comes amid trade tensions, with speculations about a shift in China’s trade policies, including increasing inquiries for Australian beef. Despite the challenges, U.S. exporters still have significant unshipped soybean sales to China. 🌏💸

Wheat Futures Soar 🌾📈
Wheat futures are trading sharply higher, especially HRW contracts, following news that Russian wheat export forecasts were trimmed. This has led to increased export demand for U.S. wheat. Weather forecasts show minimal rain for U.S. HRW wheat regions but slightly better rainfall for SRW wheat areas. The strong export sales last week further support the positive market movement. 🌾🌧

Brazil's Soybean Harvest Ahead of Last Year’s Pace 🇧🇷🌱
Brazil's soybean harvest is progressing faster than last year, with 66% of the crop harvested compared to 62% at the same time last year. Despite hot and dry conditions in some southern regions, the national crop is expected to set a record. However, U.S. soybeans are still non-competitive against Brazil's exports, especially with pricing data showing a premium for U.S. soybeans. 🌞📊

Funds Trim Their Corn Positions 📉🌽
The funds significantly reduced their net-long position in the corn market, selling 74,000 contracts. Over the past three weeks, the funds have slashed their positions by 227,000 contracts. They were net buyers of soybeans and SRW wheat, signaling a shift in market focus. 📉💼

Tax Cuts and Budget Balancing Plan 💰📊
President Trump’s administration plans to cut federal income taxes for individuals earning less than $150,000 annually. The strategy to balance the budget includes reallocating $1 trillion from wasteful spending and generating an additional $1 trillion through the sale of a "gold card." While tax cuts may be beneficial, the focus remains on the long-term fiscal health of the country. 💵⚖️

Flash Sales for U.S. Exports 🌾🚢
USDA reported two flash sales on Friday, with U.S. exporters selling 218,604 metric tons of corn and 20,000 metric tons of soybean oil to unknown destinations for the 2024/2025 marketing year. These sales provide a positive signal for U.S. agricultural exports despite current uncertainties. 📦🚜