Argentina soybean export holiday shakes markets
On the weekly Ag Commodity Corner+ Podcast, Farms.com Risk Management Commodity Strategist Abhinesh Gopal reviewed the major market moves for the week of September 22 to 26, 2025.
Grain markets were shaken this week and closed mostly lower says Gopal. Corn slipped about two cents, soybeans dropped twelve cents, canola and wheat also fell.
A key driver for the markets was Argentina’s surprise suspension of agricultural export taxes. For three days, Argentina reduced soybean export taxes from roughly 26 percent to zero to build foreign currency reserves, raising an estimated seven billion US dollars.
Major importers, especially China, seized the opportunity and bought over 35 cargos of cheap Argentine soybeans, boosting China’s reserves to nearly six million metric tons.
This sudden supply weighed on US soybean prices and complicated ongoing US–China trade talks. The US soybean export program is off to its weakest start in recent history with no direct sales to China so far.
At the same time, China opened an anti-dumping investigation into US and Mexican pecan exports, further straining trade relations.
Meanwhile, US corn exports are strong, reaching record highs of 25.76 million metric tons year-to-date, largely supported by Mexican demand. However, drought continues to impact the US Midwest crops’ finish, with 58.57% of the region in some form of drought and private yield estimates for corn dropping toward 182 bushels per acre.
The USDA’s quarterly hogs and pigs report showed contraction rather than expansion, supporting lean hog futures higher. Average U.S. September hog prices are at record levels for the month as consumers substitute pork for expensive beef.
Beyond agriculture, a risk-aversion mood lifted safe-haven assets. Gold hit record highs and silver reached its strongest level since 2011 amid economic uncertainty, expectations of an October US interest rate cut, and ongoing global trade tensions.
The podcast concluded that these combined factors—geopolitics and trade war, persistent drought, strong corn exports, and safe haven buying—will shape market sentiment heading into October.
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