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🌎 Welcome back to Grain Markets & Other Stuff!
Today we’re breaking down new US ship fees on Chinese vessels, grain market moves, export sales, and fresh drought data. Let’s dive in 👇

🚢 US Ship Fees & Grain Impact
The US will impose new fees on Chinese-built and Chinese-operated ships starting October 14.
Ships both built and operated by Chinese companies will face the highest costs.
Foreign-operated ships built in China will pay lower fees.
Bulk carriers like Panamax vessels (65,000–80,000 DWT)—which move most grain exports—are exempt, after pushback from farm groups earlier this year.
👉 Grain exports are unlikely to see major disruption.

📉 Grain Futures
Corn (Dec25) slipped to $4.24/bu.
Soybeans (Nov25) dropped to $10.38/bu.
Wheat followed lower.
Weakness tied to harvest progress, a stronger US dollar, and softer biofuel demand.

📦 Export Sales Update
Corn: 1.2 mmt (48 mbu), up 128% vs last week. Mexico led for 4th week in a row.
Soybeans: 923k mt (34 mbu), up 71%. Egypt the top buyer. Still no China purchases yet.
Wheat: 377k mt (14 mbu), near low end of expectations. Philippines the largest buyer.

🇧🇷 Brazil’s Record Crop Outlook
Soybeans: 177.7 mmt (+3.6%), acreage up 3.7%, exports up 5.1% to 112.1 mmt.
Corn: 138.3 mmt, exports up 16% to 46.5 mmt.

🌾 Drought Monitor
Corn Belt drought worsening: 37% affected, up 17% from last week.
Extreme drought in eastern Ohio & SE Missouri.
High Plains saw slight improvement in ND, SD, and KS.
USDA drought data shows:
Corn: 25%
Soybeans: 36%
Winter Wheat: 44%
Spring Wheat: 13%
Cattle: 23%

🚨 Flash Sale to Mexico
US sold 110,000 mt (4 mbu) corn for 2025/26 delivery. Corn sales are now running 68% above last year’s pace.