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🤝 The US and China agreed to extend their trade-war truce by two months to January 10, giving both sides more time to reach a broader deal. 🇨🇳 Treasury Secretary Bessent said this week's Trump-Xi meeting could bring announcements on ag purchases, along with a plan to set aside $30 billion each in US and Chinese exports for tariff relief.

🌽 Grain and oilseed prices slipped ahead of Thursday's Trump-Xi summit, with Dec26 corn dropping nearly 8 cents and Dec26 HRW wheat hitting its lowest trade since late August. 🫘 China is likely more than halfway to its 25 million-ton US soybean pledge, but its separate $17 billion ag purchase commitment has largely stalled.

⛽ The Trump administration is reportedly preparing a 90-day ban on diesel exports as the national average hits $6.52 per gallon, up $2.83 from last year. ⚠️ Energy Secretary Chris Wright denied the plan, and critics warn a ban could force refiners to cut output and drive fuel prices even higher.

🚜 Some farmers are locking in diesel prices through year-end, with some expecting another $1 to $2 per gallon jump if the US-Iran war drags on. 💸 Higher fuel costs could also push fertilizer up another $100 to $200 per ton, prompting early spring fertilizer purchases.

🌾 Chicago wheat futures have surged 40% from June lows to a 3.5-year high as the Russia-Ukraine war brings Black Sea shipments to a near standstill. 🚢 Buyers are turning to Australia and Argentina, paying roughly 25% more than they did for Black Sea wheat.

💵 The US dollar climbed to its highest level since late July as markets bet on more Fed rate hikes. 📈 Money markets are pricing in a 55% chance of another quarter-point hike in October, with Brent crude back above $100 per barrel.

🏭 US ethanol production fell to a 20-week low of 1.028 million barrels per day, down 6.5% from the prior week. 📊 Stocks dipped to a 6-week low but remain a record for the week at 24.68 million barrels, while Corn Belt margins stay strong.