Argentina Rains + China Files WTO Complaint Against the US
Argentina Rains + China Files WTO Complaint Against the US  
Podcast: Grain Markets and Other Stuff
Published On: Thu Feb 06 2025
Description: Joe's Premium Subscription: www.standardgrain.comGrain Markets and Other Stuff Links-Apple PodcastsSpotifyTikTokYouTubeFutures and options trading involves risk of loss and is not suitable for everyone.0:00 Argentina Rainfall2:00 China WTO Complaint3:06 China Wheat Situation6:15 End to Russia/Ukraine War?7:41 US Dollar and Brazil Currency9:11 Bunge Profits Drop9:59 Ethanol Production10:54 Corn Flash to MexicoRainfall Brings Relief to Argentina's Soybean Crop 🌧️🌱Argentina’s key farming areas received beneficial rainfall this week, especially helping the soybean crop that had been struggling with hot, dry conditions. Some areas saw more than 3 inches of rain. Continued rainfall will be needed to prevent further crop losses. 🌾China Files WTO Complaint Against US Tariffs ⚖️🇨🇳China has filed a complaint with the WTO over Trump's new 10% tariffs, claiming they are based on unfounded allegations. This move follows China's retaliation with its own tariffs on US imports, including energy products and agricultural equipment. 🛢️⚙️China Delays Wheat Imports Due to Ample Domestic Supply 🌾🇨🇳China has postponed imports of 600,000mt of wheat due to an abundant domestic supply from last year’s bumper crop. As domestic wheat prices have dropped, China has redirected imports, potentially adding pressure to the already struggling wheat market. ⏳Trump Administration to Reveal Ukraine Peace Plan 🕊️🇺🇦The Trump administration is expected to unveil a plan to end the war in Ukraine next week. The plan proposes security guarantees for Ukraine and access to its rare earth minerals in exchange for US support. Long-term, Ukraine hopes for NATO membership. 🤝US Dollar Declines Amid Trade War Uncertainty 💵The US dollar fell 0.4% yesterday as concerns about a trade war subsided. The shift came after Trump's tariff delay on Canada and Mexico and weaker-than-expected US job data, which increased speculation about potential interest rate cuts. 📉Bunge's Profits Expected to Decline 📉Bunge anticipates a profit drop to the lowest level since 2019 due to tariff concerns, abundant soybean supplies, and uncertainty over renewable diesel tax credits. The news caused a nearly 7% drop in the company’s shares, but its acquisition of Viterra could help mitigate trade disruptions. 📊US Ethanol Production Surges 🚗🌾US ethanol production reached 1.1 million barrels per day last week, up 9.6% from the previous week and 12% year-over-year. Ethanol stocks also rose, and gasoline demand was up slightly compared to last year. ⛽Flash Sale of Corn to Mexico 🌽🇲🇽US exporters sold 330,000mt of corn to Mexico for the 2025/2026 marketing year, shortly after Mexico agreed to a temporary suspension of tariffs with President Trump. 🌽