China, U.S. Agree to $60 Billion in Tariff Cuts, Including Agriculture

The United States and China have agreed to reduce tariffs on $60 billion worth of goods traded between the two countries, including several major U.S. agricultural commodities. Under the U.S.-China Board of Trade, each country recommended $30 billion in non-sensitive goods for more favorable tariff treatment. U.S. Trade Representative Jamieson Greer says the move would improve market access for about 30 percent of U.S. exports to China. Reuters said China’s list includes U.S. corn, wheat, sorghum, meat, dairy, vegetable oils, and meals. However, soybeans were excluded from the tariff-cut list. China also plans to reduce tariffs on U.S. fish and seafood, logs, wood products, cosmetics, and medical devices. The agreement came during President Donald Trump’s September 24 meeting with Chinese President Xi Jinping in Washington.  The countries also agreed to extend their broader trade truce.

Ethanol Could Open New Market In Marine Shipping

A new report is examining the potential for ethanol to become a low-carbon fuel for ocean-going ships, potentially creating another market for U.S. corn-based ethanol. The National Lab of the Rockies report, “Evaluation of Ethanol Use in Marine Shipping,” examines ethanol's technical, economic, and environmental potential in the maritime sector. Researchers say ethanol's compatibility with existing methanol engine technology, scalability, and environmental characteristics could make it an option for marine fuel. The report estimates the currently operating fleet of methanol dual-fuel ships could consume roughly two billion gallons of ethanol annually under high-substitution scenarios. Ryan LeGrand, president and CEO of the U.S. Grains and BioProducts Council, says even modest adoption could create billions of gallons of new ethanol demand and provide another long-term market for corn growers. Growth Energy CEO Emily Skor says the report highlights ethanol's potential to expand beyond traditional transportation markets. The U.S. currently has two million gallons of idle ethanol production.

USDA Data Provides Closer Look At Foreign Farmland Holdings

New USDA data is providing a more detailed look at foreign interests in U.S. agricultural land, amid increased attention to foreign farmland investment. The Agricultural Foreign Investment Disclosure Act requires foreign persons to report interests in U.S. agricultural land. USDA's latest report shows 46.3 million acres of agricultural land had a reported foreign interest as of December 31, 2024, up 1.3 million acres from the previous year. The acreage figure includes more than outright foreign ownership. AFIDA also counts qualifying long-term leases, partial ownership interests, and other forms of control. USDA data shows long-term leases account for a substantial share of reported foreign-held acreage. Forestland also represents a large portion of the total, while renewable-energy projects account for much of the acreage associated with foreign-held leases. USDA researchers found foreign leases are much more likely than foreign-owned land to involve renewable energy development. USDA released the 2024 report in January.

Brazil Farmland Advantage Narrows Compared With the U.S.

Brazil's farmland-cost advantage over the United States has narrowed substantially, according to a new comparison from Purdue University's Center for Commercial Agriculture. Researchers compared farmland values in Iowa and Mato Grosso, Brazil, two major soybean and corn-producing regions, from 2002 through 2025. Iowa farmland values increased from $2,083 per acre in 2002 to $11,549 in 2025. Mato Grosso values rose from substantially lower levels but reached $11,145 per acre in 2022 before falling to $9,066 in 2025. Over the full period, farmland values increased at an annual compound rate of 7.7 percent in Iowa and 8.7 percent in Mato Grosso. By 2025, Iowa farmland values were 27 percent higher. Researchers say strong farm profits and commodity prices drove land values higher in both countries, while more recent declines in crop prices, rising input costs, and tighter credit have pressured Brazilian producers. The study says high Brazilian land values and interest rates have extended payback periods for farmers.

Red Meat Supplies in Storage Rise Eight Percent Year Over Year

Red meat in storage rose as pork supplies surged, USDA said in a monthly Cold Storage report. Meat in freezers on Aug. 31 rose eight percent from the same date last year to 862.1 million pounds. That was also up one percent month over month. Beef supplies increased by five percent annually, and two percent monthly to 407.1 million pounds as boneless cuts rose six percent year over year and three percent month to month, USDA said. Pork inventories jumped 12 percent from the end of August 2025 but were down one percent on a monthly basis. Ham supplies rose 26 percent from a year earlier and three percent monthly. Stocks of other red meat, including veal and lamb, plunged 15 percent year over year but rose eight percent monthly. Total frozen poultry stockpiles at the end of August, meanwhile, fell four percent annually. Chicken supplies fell five percent yearly while turkey inventories dropped two percent yearly.

FFA Next Gen Conference Highlights Animal Agriculture Careers

The National FFA Organization recently hosted its third Next Gen Conference of the year, bringing 72 FFA members from 23 states to Kansas City for a closer look at careers in animal agriculture. The September 15th through 19th conference brought together high school sophomores, juniors, and seniors for career exploration sessions, industry roundtables, hands-on activities, and tours. Students visited a Smithfield Foods hog production farm, Cargill Pet and Cargill Feed manufacturing facilities, and the American Royal. They also took part in hands-on activities with Cargill, Merck Animal Health, and Agriculture Teacher. National FFA says the conferences are designed to help students picture themselves working in agriculture while connecting them with industry professionals and career opportunities. Ashli Weinrich with National FFA says the conference equips students with knowledge and skills to prepare for future careers in agriculture. The 72 participants were selected from a competitive applicant pool.

Tuesday Watch List

Markets

On Tuesday, the Bureau of Labor Statistics will release the August Job Openings and Labor Turnover survey at 9 a.m. CDT, with September Consumer Confidence being released at the same time. There are no major Ag reports scheduled to be released, but as always traders will be in tune to updates regarding the war in the Middle East as well as in the Black Sea.

Weather

A cold front is found across the Northern and Central Plains early Tuesday. The front is producing batches of showers and thunderstorms which will grow throughout the day as it drifts southeast, ingesting tropical moisture coming from Hurricane Polo. The hurricane will be crossing over northern Mexico Tuesday on its way into the Central and Southern Plains for Tuesday night and Wednesday, bringing areas of heavy rain into the middle of the country.