By Tony Dreibus Updated on October 30, 2025

1. Soybean, Grain Futures Plunge on Deal Uncertainty

Soybean and grain futures plunged in overnight trading on concerns about the lack of details regarding agricultural purchases from China after a meeting between Presidents Donald Trump and Xi Jinping. 

The leaders of the world’s two largest economies met on the sidelines of an economic forum in South Korea in a much-anticipated meeting to finalize a trade deal hammered out by negotiators last week. 

Trump said the meeting went well and that China would restart soybean purchases and pause rare-earth licensing for a year, while the U.S. agreed to reduce fentanyl tariffs to 10% from 20%. 

China will buy a “tremendous” amount of soybeans, Trump said, without indicating how much or when the Asian nation will make purchases. 

Discussions about the rollout of higher U.S. port fees on ships from China will be postponed as negotiations continue, U.S. Trade Representative Jamieson Greer said. 

Still, few details of the deal were released, and media reports indicate it wouldn’t amount to a sweeping trade agreement. China hasn’t yet commented on the talks. 

The uncertainty over what’s contained in the agreement led to not only declines in agricultural prices but also general equities. The Dow Jones Industrial Average was down 0.3%, S&P futures declined 0.1% and the tech-heavy Nasdaq lost 0.1%.

Soybean futures for November delivery plunged 18¢ to $10.76½ a bushel overnight on the Chicago Board of Trade. Soy meal was down $1.60 to $307.10 a short ton and soybean oil futures fell 0.67¢ to 49.49¢ a pound. 

Corn futures for December delivery lost 5¢ to $4.29 a bushel. 

Wheat futures for December delivery dropped 9¢ to $5.23¼ a bushel, and Kansas City futures were down 10¢ to $5.12¾ a bushel. 

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2. Weekly Ethanol Production Drops, Inventories Rise

Ethanol output fell week to week while inventories increased, according to data from the Energy Information Administration. 

Production of the biofuel declined to an average of 1.036 million barrels a day in the week that ended on Oct. 24, the agency said in a weekly report that thus far has been unaffected by the ongoing government shutdown that started on Oct. 1. 

In the Midwest, by far the biggest producing region, output dropped to 1.036 million barrels a day, on average, from 1.051 million barrels the week prior. 

Gulf Coast production fell to 1.036 million barrels, EIA said. 

That was the entirety of the losses as East Coast production was unchanged at 12,000 barrels and Rocky Mountain output was steady at 10,000 barrels a day. 

The West Coast was the lone gainer for the week, rising to an average of 10,000 barrels a day from 8,000 a week earlier, the agency said. 

Ethanol inventories in the week through Oct. 24 improved to 22.367 million barrels. That’s up from 21.919 million barrels the previous week, EIA said in its report. 

3. Freeze Warnings Issued From Nebraska to Texas

Freeze warnings have been issued from central Nebraska into central Texas as signs of winter make an appearance, according to National Weather Service maps. 

Temperatures in southern Nebraska and northern Kansas fell to around 24°F overnight, the agency said. This will be the last freeze and frost warning of the season as the area is already well past its average first-freeze date. 

Values in central Oklahoma were forecast to fall as low as 26°F overnight, NWS said. 

Frost advisories have been issued from northern Missouri into Texas, maps show.

In northwest Missouri, overnight temperatures dropped to about 32°F, potentially resulting in frost formation, the agency said. 

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