09/24/25 China Continues Argentine Bean Buying Spree

09/24/2025 Click Above to Watch the Morning Market Talk Video China Continues Argentine Bean Buying Spree On the Grains Soybeans retreated from Tuesday’s modest corrective gains but remain above this week’s lows, which is important near-term support. December corn is modestly weaker this morning but continues to perform relatively well in the face of recent price action in soybeans and wheat. The wheat markets are trying to build on Tuesday’s gains, though the upside remains limited to corrective buying. China continued its buying spree of Argentine soybeans, with estimated volume now at 20 cargoes (1.3 MMT) or higher. My guess is higher. China will use this opportunity to get all of its soybean needs booked through at least year-end. Argentina announced Monday it would eliminate ag export taxes through Oct. 31 or until $7 billion of exports have been registered. The bulk of that is expected to be for soybeans. The surprise has been the level of new-crop soybean sales the announcement triggered, with some estimates out of Argentina signaling it could be nearly a 50/50 split with old-crop and new-crop farmer sales. China Strategically Gives Up Developing Country Benefits China will no longer claim the benefits available to developing…